We document a 24% decline in loan issuances in the UK syndicated loan market after the Brexit vote relative to a set of comparable loan markets. The decline in lending is driven by a pervasive reduction in demand by UK firms. Changes in GDP forecast around the Brexit vote explain about 61% of the decline in lending. We do not find evidence, however, that the United Kingdom loses its attractiveness as a financial center for cross-border lending. Our results point to the resilience of global financial centers in the face of large unexpected shocks.

中文翻译：

---

英国脱欧与银团贷款的收缩

我们记录到英国脱欧公投后，英国银团贷款市场的贷款发行量相对于一系列可比较的贷款市场下降了24％。贷款减少的原因是英国公司的需求普遍减少。英国脱欧公投前后的国内生产总值预测变化将解释约61％的贷款下降。但是，我们没有证据表明联合王国失去了作为跨境贷款金融中心的吸引力。我们的结果表明，面对巨大的意外冲击，全球金融中心的应变能力。