The April issue of RFS has published! The Editor’s Choice paper is: “Nonbank Lending and Credit Cyclicality” by Quirin Fleckenstein, Manasa Gopal, Germán Gutiérrez, and Sebastian Hillenbrand

“Broken Relationships: De-Risking by Correspondent Banks and International Trade”  by Lea Borchert, Ralph De Haas, Karolin Kirschenmann, and Alison Schultz