Multinational banks and the global financial crisis: Weathering the perfect storm?

R. de Haas, I. van Lelyveld

Research output: Contribution to journalArticleScientificpeer-review

193 Citations (Scopus)


We use data on the 48 largest multinational banking groups to compare the lending of their 199 foreign subsidiaries during the Great Recession with lending by a benchmark of 202 domestic banks. Contrary to earlier and more contained crises, parent banks were not a significant source of strength to their subsidiaries during 2008–09. When controlling for other bank characteristics, multinational bank subsidiaries had to slow down credit growth almost three times as fast as domestic banks. This was in particular the case for subsidiaries of banking groups that relied more on wholesale funding.
Original languageEnglish
Pages (from-to)333-364
JournalJournal of Money Credit and Banking
Issue numbers1
Early online date27 Jan 2014
Publication statusPublished - Feb 2014


  • multinational banks
  • financial stability
  • crisis transmission
  • bank funding


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