Major emerging markets have become less reliant on foreign bank capital since the global financial crisis, reducing the risk of contagion from credit crises elsewhere.
However the remaining foreign bank credit tends to be sourced from a narrower range of countries, raising a red flag for some economies, particularly in Latin America, according to new research from the Bank for International Settlements.
The findings are important given the role foreign banks played in helping to power the pre-financial crisis credit booms and post-crisis busts seen in some emerging economies.
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