This study investigates what drives the credit cycle, focusing on the role of foreign-funded bank credit (FFC). Considering credit cycles in 41 countries over the period 1985–2015, this study finds that credit booms are associated with an increase in the share of FFC in an economy. This especially holds for emerging economies and for credit provided to nonfinancial corporations. The increased credit needs during a boom may cause the substitution of domestically funded credit by FFC, as the growth in FFC is less restricted than domestically funded credit, such as the domestic deposit base.

中文翻译：

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外资信贷：为信贷周期融资？

本研究调查了推动信贷周期的因素，重点关注外资银行信贷 (FFC) 的作用。考虑到 1985 年至 2015 年期间 41 个国家的信贷周期，本研究发现，信贷繁荣与 FFC 在经济中的份额增加有关。这尤其适用于新兴经济体和向非金融公司提供的信贷。繁荣时期增加的信贷需求可能会导致 FFC 替代内资信贷，因为 FFC 的增长比内资信贷（如国内存款基础）受到的限制更少。