Published Classic Review of Economic Studies Online 12 Oct 2021 Published Mar 2022International Spillovers and Local Credit CyclesJulian di Giovanni · Şebnem Kalemli-Özcan · Mehmet Fatih Ulu · Yusuf Soner BaskayaUsing the universe of Turkish corporate credit transactions matched to bank balance sheets over 2003-13, this paper shows that an easing of global financial conditions lowers domestic borrowing costs …