country banks through its positive impact on the value of sovereign bonds. However, the regained stability of the European … banking sector has not fully transferred into economic growth. We show that zombie lending behavior of banks that still …

Launched in Summer 2012, the European Central Bank (ECB)'s Outright Monetary Transactions (OMT) program indirectly … recapitalized European banks through its positive impact on periphery sovereign bonds. However, the stability reestablished in the … banking sector did not fully translate into economic growth. We document zombie lending by banks that remained …

macroeconomic risk, investors reduce direct investment and hold more bank deposits. This ‘flight to quality’ leaves banks flush with … liquidity. Inside banks, given lack of observability of effort, loan officers (or risk takers) are compensated based on the … volume of loans but are penalized if banks suffer a high enough liquidity shortfall. Outside banks, when there is heightened …

suggest that improving bank access to branching affects the sectoral specialization (or diversification) of output, in a …We document that the deregulation of bank branching restrictions in the United States triggered a reallocation across …