The euro area continues to suffer from critical weaknesses that are the result of a poorly designed fiscal and financial architecture, but its members are divided on how to address …
Exploiting confidential data from the euro area, we show that sound banks pass negative rates on to their corporate depositors and that pass-through is not impaired when policy …
M Rostagno, C Altavilla, G Carboni, W Lemke, R Motto… - 2019 - papers.ssrn.com
The 20th anniversary of Economic and Monetary Union (EMU) offers an opportunity to look back on the ECB's record and learn lessons that can improve the conduct of policy in the …
We quantify the role of financial leverage behind the sluggish post-crisis investment performance of European firms. We use a cross-country firm-bank matched database to …
Y Huang, M Pagano, U Panizza - The Journal of Finance, 2020 - Wiley Online Library
ABSTRACT In China, between 2006 and 2013, local public debt crowded out the investment of private firms by tightening their funding constraints while leaving state‐owned firms' …
We propose a simple model of the sovereign-bank diabolic loop, and establish four results. First, the diabolic loop can be avoided by restricting banks' domestic sovereign exposures …
X Gabaix, RSJ Koijen - Journal of Political Economy, 2024 - journals.uchicago.edu
We develop a new method to construct instruments in a broad class of economic environments. In the economies we study, a few large firms, industries, or countries account …
This paper examines the relationship between news coverage and Bitcoin returns. Previous studies have provided evidence to suggest that macroeconomic news affects stock returns …
At the end of 2013, the share of domestic government debt held by the banking sectors of Eurozone countries was more than twice the amount held in 2007. We show that these …