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What considerations motivate credit reallocation following funding shocks and financial crises? New research reveals three elements that drive the nature and timing of the restructuring of domestic credit portfolios. The collapse of Lehman Brothers in September 2008 was an unprecedented shock to Western banks' funding opportunities and the academic literature shows that banks transmitted this funding shock to both their domestic and their foreign borrowers. However, recent evidence alsodoi:10.5167/uzh-130995 fatcat:oqibvt766fbdfc6yoekmnec4w4