Abstract
We analyze the heterogeneity of bank loans in a newly constructed global dataset that explicitly distinguishes in a disaggregated loan-bank-firm setting between domestic loans and three categories of loans: loans by subsidiaries of banks, loans by bank branches, and direct cross-border loans. We find that borrower characteristics and loan conditions often significantly differ across different loan categories, with loans by bank subsidiaries in many respects resembling domestic loans rather than other loan categories. We also find pronounced non-monotonicities in loan conditions and borrower characteristics when moving from less foreign to more foreign bank loans.
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