• international financial network
• centrality
• network analysis
• crisis

In this research we explore the impact of the financial crisis over the network of cross-border bank loans. Specifically, we employ the network analysis over the Bank for International Settlements database of Locational and Consolidated cross-border bilateral expositions. These data allow us to deal with two different issues. With Locational data, we study the evolution of the financial centers centrality and we assess the major changes that have occurred during crisis. With Consolidated data, we investigate lending patterns and trends in concentration. We document a relatively stability of the major financial centers centrality with most important changes having occurred at the level of developing countries and offshore centers. Moreover, the 2008–09 global financial crisis, and the following sovereign debt crisis, have determined a large re-positioning of countries international lending with important spillovers on concentration and systemic risk.