lending can be explained by a shift in credit towards both export-intensive firms and small banks without foreign asset … exposure that have a higher share of exporting firms in their credit portfolio. We also find that German regions where these …

and by the central institutions of savings banks and credit unions. Third, for the banks affected by the levy, we find …

savings banks and credit unions. Third, the levy had no effect on the volume of loans or interest rates for the average German …