While banks may change their credit supply due to bank balance-sheet shocks (the local lending channel), firms can … dynamics nullify the strong local (bank-level) lending channel of securitization on credit quantity for firms with multiple … expansion on the extensive margin towards first-time bank clients, which are more likely to default. Finally, the 2008 …

bank lending and risk-taking channels of monetary policy by exploiting – Italian's unique – credit and security registers …

the security level for each bank in each period, we find that during the crisis, banks with higher trading expertise …

-regulated, more fragile nonbanks. The bank-to-nonbank shift largely neutralizes total credit and associated consumption effects for …

We analyze the root causes of the current crisis by studying the determinants of bank lending standards in the Euro … Area using the answers from the confidential Bank Lending Survey, where national central banks request quarterly …-term interest rates on bank risk-taking, even when we instrument securitization. Moreover, short-term rates – directly and in …

While banks may change their credit supply due to bank balance-sheet shocks (the local lending channel), firms can … dynamics nullify the strong local (bank-level) lending channel of securitization on credit quantity for firms with multiple … expansion on the extensive margin towards first-time bank clients, which are more likely to default. Finally, the 2008 …

, we exploit different crisis shocks and supervisory ISIN-bank-month-level data. Less capitalized banks take relatively … different crisis shocks since 2007/08, including the COVID-19 one. A model of bank behavior rationalizes our findings. …

exploit the 2008 Global Financial Crisis and merge unique supervisory data from the German credit register on individual bank …-ante persistent equity position held by a bank in a firm is associated with a larger credit provision from the respective bank to that … weak banks. This ex-ante risk-taking may be due to better (insider) information by the bank, including a traditional …

, and modified in 2005 and 2008. The resultant bank-specific shocks to capital buffers, combined with the financial crisis … from comprehensive bank-, firm-, loan-, and loan application-level data suggest that countercyclical capital buffers help …