of banking sector concentration. Using a local projections framework with 2003-2023 country-level and bank-level data for …

how the transmission depends on bank balance sheets, and how this changes once policy rates become negative. We review the …

-run supply of bank credit. As U.S. bond rates have fallen, the pass-through of monetary shocks to loan and deposit rates has … weakened while the spread on U.S. bank loans has risen. I build a model in which banks earn deposit and loan spreads, deposits … dampened at low rates, because deposit spreads act as a better hedge for bank equity against unexpected monetary shocks. In the …

Markets Programme (SMP). Using detailed security holdings data at the bank level, we show that banks exposed to this …

This paper analyzes the effects of bank mergers on bank-firm relationships. Using matched bank-firm level data, I find … positive effects of mergers for borrowers that continue the lending relationship with the consolidated bank. On average …

all loans granted in Spain. We find that during the period analyzed both worse economic and tighter monetary conditions … resultant credit restriction by turning to other banks. Importantly the bank-lending channel is notably stronger when we account …

We model the impact of bank mergers on loan competition, banks' reserve holdings and aggregate liquidity. Banks compete … in liquidity risk and expected liquidity needs for each bank and for the banking system. Large mergers tend to increase … expected aggregate liquidity needs, and thus the liquidity provision by the central bank. Comparative statics suggest that a …

A growing body of literature indicates that competition increases bank soundness. Applying an industrial organization … bank soundness. We find evidence that competition robustly increases bank soundness, via the efficiency channel … role in the transmission from competition to soundness. We use a twopronged approach. First, we employ Granger causality …