credit offered to firms, and requiring the intermediaries to raise further funds by paying the cost to issue equity. This … are characteristic of the credit crunches observed in the data. …

that see banking crises originating from either domestic credit booms or from cross-border borrowing. I propose a combined …This paper introduces a new transmission channel of banking crises where sizable cross-border bank claims on foreign … model that predicts banking crises using both domestic and foreign factors. For developed economies, the channel is …

In the presence of financial frictions, banks' capital position may constrain their ability to provide loans. The … banking sector may thus have important feedback effects on the macroeconomy. To shed new light on this issue, we combine two … approaches. First, we use microeconomic balance sheet data from Germany and estimate banks' loan supply response to capital …

-warning indicator historically. The fact that equity issuance reversals predict banking crises without elevated private credit levels …Using new quarterly U.S. data for the past 120 years, I show that sudden reversals in equity and credit market … sentiment approximated by several measures of corporate securities issuance are highly predictive of banking crises and …

We show that credit supply shocks have a strong impact on firm-level as well as aggregate investment by applying the … one banking relationship as long as they account for only a small share of the total loan volume of their banks. The … access to alternative financing sources. For the economy as a whole, granular shocks in the banking system account for around …

banking system runnable, thereby raising the vulnerability of the economy to future financial crises. The model is taken to U …

leverage constraints both in the banking and in the non-financial firm sector. I calibrate this "full model" to US data. In a …) observed during the "Great Recession". …

proposed by Hasenzagl et al. (2018). We distinguish between price variables such as credit spreads and stock variables such as … the left quantile of the GDP growth distribution in the 2008 recession; (iii) measures of excess leverage conceptually …

lending can be explained by a shift in credit towards both export-intensive firms and small banks without foreign asset … exposure that have a higher share of exporting firms in their credit portfolio. We also find that German regions where these …