NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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International Spillovers and Local Credit Cycles

Julian di Giovanni, Sebnem Kalemli-Ozcan, Mehmet Fatih Ulu, Yusuf Soner Baskaya

NBER Working Paper No. 23149
Issued in February 2017, Revised in October 2019

---- Acknowledgments ----

We thank the editor Veronica Guerrieri and four anonymous referees for their helpful comments. Mark Aguiar, Koray Alper, Olivier Blanchard, Anusha Chari, Stijn Claessens, Gita Gopinath, Pierre-Olivier Gourinchas, Kinda Hachem, Nobu Kiyotaki, Alberto Martin, Arnauld Mehl, Benoit Mojon, Romain Rancière, Hélène Rey, Jesse Schreger, Hyun Song Shin and participants at numerous conferences and seminars for their helpful comments. We thank Eda Gulsen who provided phenomenal research assistance. We also thank Galina Hale and Camille Minoau for the data on syndicated loans. The views expressed herein are those of the authors and not necessarily those of the Central Bank of the Republic of Turkey, the Federal Reserve Bank of New York, or the National Bureau of Economic Research. Di Giovanni gratefully acknowledges the Spanish Ministry of Economy and Competitiveness, through the Severo Ochoa Programme for Centres of Excellence in R&D (SEV-2015-0563) for financial support.

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