ABSTRACT. Hänsel and Krahnen analyze whether the use of credit risk transfer instruments affects the risk taking of large, international banks. Gruben et al. maintain that some financial crises are creatures of bad macroeconomic or fiscal outcomes whose links to risky lending in the traditional sense are tenuous. Kinnunen and Vehviläinen present evidence of a peso problem in bank risk-taking: an increase in devaluation or depreciation expectations of the domestic currency results in a short run increase in the share of loans with a risky security collateral, and vice versa.



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