Bulletin n. 2-3/2012
October 2012-February 2013
CONTENTS
  • Section A) The theory and practise of the federal states and multi-level systems of government
  • Section B) Global governance and international organizations
  • Section C) Regional integration processes
  • Section D) Federalism as a political idea
    • Giannetti Mariassunta, Laeven Luc
    Flight Home, Flight Abroad, and International Credit Cycles
    in American Economic Review , Vol. 102, No. 3, May 2012 ,  2012 ,  219–24
    This paper shows that banks exhibit a weaker (stronger) home bias in the extension of new loans when funding conditions in their home country improve (deteriorate). We refer to these changes in home bias as flight abroad and flight home effects, respectively, and show that they are unrelated to the better known flight to quality effect that arises during periods of market turmoil. Our results also indicate that global banks amplify the effect of homegrown shocks on foreign countries while they are a stabilizing factor for the supply of credit in their home countries.
    ©2001 - 2020 - Centro Studi sul Federalismo - P. IVA 94067130016