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Financial Reforms and Innovation : A Micro-Macro Perspective
Boikos, Spyridon; Bournakis, Ioannis; Christopoulos, … - 2021
We develop a horizontal R&D growth model that allows us to investigate the different channels through which financial reforms affect R&D investment and patent activity. First, a “micro” reform that abolishes barriers to entry in the banking sector produces a straightforward result: a...
Persistent link: https://www.econbiz.de/10013229692
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Are Universal Banks Better Underwriters? Evidence From the Last Days of the Glass-Steagall Act
Focarelli, Dario; Marques-Ibanez, David; Pozzolo, Alberto F. - 2021
the first years of bank securities’ subsidiaries’ entry into the market. Based on our results, it is not possible to …
Persistent link: https://www.econbiz.de/10013316115
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The Determinants of Bank Capital Structure
Gropp, Reint - 2009
deposits towards non-deposit liabilities. We find that unobserved time-invariant bank fixed effects are ultimately the most … important determinant of banks' capital structures and that banks' leverage converges to bank specific, time invariant targets …
Persistent link: https://www.econbiz.de/10013156092
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Breaking the Shackles : Zombie Firms, Weak Banks and Depressed Restructuring in Europe
Andrews, Dan - 2019
bank health and the consequences for aggregate productivity in 11 European countries. Controlling for cyclical effects, the … Europe may at least partly stem from bank forbearance. The increasing survival of zombie firms congests markets and … around one-third of the impact of zombie congestion on capital misallocation can be directly attributed to bank health and …
Persistent link: https://www.econbiz.de/10012892781
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Bank Bias in Europe : Effects on Systemic Risk and Growth
Langfield, Sam - 2015
Europe's financial structure has become strongly bank-based – far more so than in other economies. We document that an … paper concludes by discussing policy solutions to Europe's “bank bias”, which include reducing regulatory favouritism …
Persistent link: https://www.econbiz.de/10013020657
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Breaking the Shackles : Zombie Firms, Weak Banks and Depressed Restructuring in Europe
Andrews, Dan - 2022
bank health and the consequences for aggregate productivity in 11 European countries. Controlling for cyclical effects, the … Europe may at least partly stem from bank forbearance. The increasing survival of zombie firms congests markets and … around one-third of the impact of zombie congestion on capital misallocation can be directly attributed to bank health and …
Persistent link: https://www.econbiz.de/10013322215
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How Do Banks Manage Liquidity? Evidence from the ECB's Tiering Experiment
Baldo, Luca; Heider, Florian; Hoffmann, Peter; Sigaux, … - 2022
We study how banks manage their liquidity among the various assets at their disposal. We exploit the introduction of the ECB’s two-tier system which heterogeneously reduced the cost of additional reserves holdings. We find that the treated banks increase reserve holdings by borrowing on the...
Persistent link: https://www.econbiz.de/10014239530
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On the Credit and Exchange Rate Channels of Central Bank Asset Purchases in a Monetary Union
Darracq Paries, Matthieu - 2019
central bank asset purchases. The portfolio rebalancing frictions are calibrated to match the sovereign yield and exchange …
Persistent link: https://www.econbiz.de/10012889467
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Mutual Assistance between Federal Reserve Banks, 1913-1960 as Prolegomena to the TARGET2 Debate
Eichengreen, Barry - 2014
liquidity crises and bank runs. Cooperation among reserve banks was essential for the cohesion and stability of the US monetary …
Persistent link: https://www.econbiz.de/10013053813
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Coordinating Monetary and Financial Regulatory Policies
Van der Ghote, Alejandro - 2018
How to conduct macro-prudential regulation? How to coordinate monetary policy and macro-prudential policy? To address these questions, I develop a continuous-time New Keynesian economy in which a financial intermediary sector is subject to a leverage constraint. Coordination between monetary and...
Persistent link: https://www.econbiz.de/10012917168