Do Global Banks Spread Global Imbalances? The Case of Asset-Backed Commercial Paper During the Financial Crisis of 2007-09
---- Acknowledgments ----
Authors are grateful to Adam Ashcraft, Dave Backus, Christa Bouwman, Florian Heider, Pierre-Olivier Gourinchas, Ayhan Kose, Gustavo Suarez, Amit Seru and faculty members at Stern School of Business, New York University for discussions on the topic. We thank seminar participants at the Federal Reserve Bank of New York, IMF Annual Research Conference and the 9th Annual Darden International Finance Conference for helpful comments. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.