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Bertay, A. C., Demirgüç-Kunt, A., & Huizinga, H. (2015). Bank Ownership and Credit over the Business Cycle: Is Lending by State Banks Less Procyclical? Journal of Banking and Finance, 50, 326-339.
https://doi.org/10.1016/j.jbankfin.2014.03.012

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