results highlight the importance of the starting level of bank capital, bank asset quality, and banks' adjustments for the … largest euro area credit institutions across 19 countries. The approach involves modelling banks'reactions to changing … acknowledging a broad set of interactions and interdependencies between banks, other market participants, and the real economy. Our …

area banks with that of the euro area economies. It reflects banks' heterogeneity by replicating the structure of their … balance sheets and profit and loss accounts. In the model, banks adjust their assets, interest rates, and profit distribution … in line with the economic conditions they face. Bank responses feed back to the macroeconomic environment affecting …

place in Europe, particularly since the last financial crisis. Firstly, we present the evolution of bank and capital markets …Dieser Beitrag setzt sich mit den Ursachen und Konsequenzen von Disintermediation im Finanzsektor auseinander. Der seit … untersuchen wir, welche Entwicklung die Bank- und Kapitalmarktfinanzierung seit 2008 genommen hat. Anschließend befassen wir uns …