As discussed above in the context of the Asian financial crisis, capital controls and bank regulation in a particular country can dampen international credit flows or, depending on the type of regulation, they can favour one form of international credit over another. That is, international credit can flow both directly and indirectly, with the particular mix affected by policy and the organisation of globally active banks. Thus, focusing on only one type of international credit (eg direct cross-border) runs the risk of missing important developments in other forms (eg indirect cross-border)
