a source of shocks and as something central banks have a responsibility for. These developments have been further … risks associated with the choice can be seen through the lens of aggregates based on central bank balance sheets. The size … and growth of central bank balance sheets suggest an ongoing build-up in risks. All this points to the need to consider …

We study empirically the effect of focus (specialization) vs. diversification on the return and the risk of banks using …) focus and diversification using a unique data set that is able to identify individual bank loan exposures to different … bank return while endogenously producing riskier loans for all banks in our sample (this effect being most powerful for …