Purpose: The purpose of this paper is to explore the impact of regulation on previously unregulated banks’ balance-sheet growth using the 1880 Danish Savings Bank Act as a natural experiment. With the Act, Danish savings banks became, for the first time, subject to regulation and supervision...

Purpose The recent international financial crisis and the subsequent Great Recession has underlined the need to gain a better understanding of the linkages between financial factors and the real economy. The purpose of this paper is to explore the contributions of financial shocks to...