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We acknowledge financial support from the Centre for International Finance and Regulation (CIFR) for this research. We are grateful to the Bank for International Settlements (BIS) for providing historical data on bilateral cross-border exposures at the sectorial level. We thank Eugenio Cerutti, Stijn Claessens, Mark Flannery, Patrick McGuire, Yihui Wang and participants in the CIFR Symposium on Financial Market Developments, the 2014 Financial Engineering and Banking Society Conference, FIRN Conference, Auckland Finance Meeting as well as seminar participants at Bangor University, Fordham University, University of Adelaide, University of Sydney, University of Technology Sydney, Yonsei University and the International Monetary Fund for useful comments that have improved this paper. All errors remain our own. |
