differences in financial factors, which may reflect differences in country risk and the legal and regulatory framework that banks …

uncertainty. This proposition is tested using a panel of Ukrainian banks collected from NBU and covering the period 2003q1-2005q3 …. The results indicate that banks increase their lending ratios when macroeconomic uncertainty decreases. We demonstrate … that our results are robust with respect to the measurement of macroeconomic uncertainty. The reaction of banks to changes …

significant differences between the investors which are linked to banks and those financiers which are not. Although, the …

and banks. Finally, we find spillover effects in particular from sovereigns in the euro area periphery to the core …