We document that a large yield spread, a basis, developed between USD- and EUR-denominated comparable bonds issued by the same euro area country over the 2008 – 2013 period. We find evidence that the basis varies over time, depending on liquidity withdrawn by strongly-constrained banks from...

Using data for a large sample of banks from 31 OECD countries over 1995–2018, we analyze the impact of belonging to a banking group on banks' net interest margins. Our results confirm a positive relationship between interest rates and interest margins, which is stronger in a low-interest rate...