A large theoretical literature emphasizes financial networks, but empirical studies remain scarce. We exploit the overlapping bank portfolio structure of syndicated loans to construct a financial network and characterize quantitatively its evolution over time. We use the network to estimate a...

From the late 1980s, many countries have reformed the institutional framework governing their central banks to increase operational independence. Collecting systematic biographical information, international press coverage, and independent expert opinions, we find that over the same period...

his paper highlights the dual facets of bank specialization. After negative industry-specific shocks, banks specializing in an affected-sector act as shock absorbers, by increasing their lending to firms in that sector at lower interest rates than non-specialized banks. This lending is to firms...