THE MIX OF INTERNATIONAL BANKS ’ FOREIGN CLAIMS: DETERMINANTS AND IMPLICATIONS FOR FINANCIAL STABILITY THE MIX OF INTERNATIONAL BANKS ’ FOREIGN CLAIMS: DETERMINANTS AND IMPLICATIONS FOR FINANCIAL STABILITY

(*) We thank Cristina Luna for her valuable assistance in obtaining and interpreting data from Bank of Spain and Bank of Italy on the Spanish and Italian banks ’ foreign claims, respectively. We also thank both central banks for access to these data. We are grateful to María del Pilar Casal and Sarojini Hirshleifer for excellent research assistance and to Harald Anderson for providing us data. We received useful comments and suggestions from Gerard Caprio