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Title: How has the global financial crisis affected syndicated loan terms in emerging markets? Evidence from China
Authors: Caporale, GM
Lodh, S
Nandy, M
Keywords: Loan Spread;Loan Amount;Loan Maturity;China
Issue Date: 2018
Publisher: Wiley
Citation: International Journal of Finance and Economics, 2018
Abstract: This paper examines the impact of the recent global financial crisis on the cost of debt capital (syndicated loans) in a leading emerging market, namely China, using the difference-in-differences approach. Before the crisis China adopted banking reforms allowing the entry of foreign banks and more domestic participation in the syndicated loan market. As a result, during the crisis the volume of syndicated loans grew steadily, in contrast to other countries. In addition, the amount of foreign syndicated loans decreased and average maturity increased compared to the pre-crisis period. Our findings provide useful information to policy makers for devising effective responses to financial crises.
ISSN: 1076-9307
Appears in Collections:Dept of Economics and Finance Research Papers

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