local bank. We evaluate the impact of a large number of branch closures on firm operations, wages and employment, and …, employing both two-way fixed effects and Callaway-Sant'Anna estimators. Our study finds that bank branch closures result in a … agricultural firms are found to be the most vulnerable. Our study highlights the importance of physical bank branches that provide …

The design of lender-of-last-resort interventions can exacerbate the bank-sovereign nexus. During sovereign crises …, central bank provision of long-term liquidity incentivizes banks to purchase high yield eligible collateral securities … matching the maturity of the central bank loans. Using unique security level data, we find that the European Central Bank's 3 …