Global banks were a big part of spreading the 2007-2009 crisis to emerging markets. The study looked at how bad liquidity problems in big banks affected lending in Europe, Asia, and Latin America. They found that foreign banks cut back on lending directly and through their local branches in emerging markets. Also, domestic banks in these countries had less money to lend because of problems with getting loans from other banks. Policies like the Vienna Initiative in Europe helped lessen the impact of these problems on emerging markets.