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   "estimand": "Effect of the host-home interest rate differential (IOER rates) on a global bank's foreign-currency loan supply",
   "strategy": "Within-borrower and within-syndicate comparison across banks from different currency areas. Borrower-quarter and lender-quarter fixed effects isolate supply responses to IOER differentials. This is complemented by firm-level exposure analysis based on the past share of foreign banks.",
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    "Borrower-quarter fixed effects absorb time-varying loan demand",
    "Lender-quarter fixed effects absorb home-country shocks to banks",
    "Changes in IOER differentials are not driven by borrower-specific credit conditions"
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   "threats_addressed": [
    "Loan demand confounding",
    "Home-country shocks to bank health (e.g., Japanese banking crisis)"
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   "convention_notes": "Table notes define dependent variables, units of observation (bank×currency×quarter, borrower-lender), and units (USD billions, percentage points, percent). The first table lists IOER rate changes by currency area.",
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    "claim": "With limited equity, lower domestic rates raise domestic lending and reduce foreign lending",
    "evidence_type": "equation_or_proof",
    "evidence_ref": "Section I model"
   },
   {
    "claim": "Introduction of IOER led to a large rise in foreign banks' Fed reserve holdings",
    "evidence_type": "figure",
    "evidence_ref": "Figure 1"
   },
   {
    "claim": "A 25bp IOER differential lowers foreign-bank lending probability ~1.6% and volume ~3.6%",
    "evidence_type": "table",
    "evidence_ref": "Table VII"
   },
   {
    "claim": "Firms with a larger past share of foreign banks get fewer and smaller loans after home-country easing",
    "evidence_type": "table",
    "evidence_ref": "Table VIII"
   },
   {
    "claim": "Bank-level foreign currency lending share responds to the IOER difference",
    "evidence_type": "table",
    "evidence_ref": "Table VI"
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  "structural_summary": "The introduction motivates the paper with the scale of global bank activity, then claims a first framework linking monetary policy to loan supply across currencies via capital constraints. It previews bank-firm and firm-level results with magnitudes and defends identification through fixed effects. It positions the paper against the internal capital markets literature and closes with a roadmap. A simple analytical model derives testable hypotheses. Data from Call Reports, BIS and DealScan feed results that move from aggregate US and cross-country evidence to bank-, loan- and borrower-level regressions. The conclusion restates that spillovers run opposite to the internal markets view.",
  "writing_profile_keywords": [
   "model-then-test",
   "capital constraint mechanism",
   "syndicated loans",
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   "cross-border spillovers",
   "contrarian to existing view"
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  "confidence": 0.8,
  "notes": "Standard error treatment and robustness checks are not visible in the excerpts. Significance conventions are unclear."
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