, not defined in a market, but by the collateral frameworks and interest rate policies of central banks. Using the …

trillion in response to the COVID-19 pandemic. However, whereas banks' reserves at the Federal Reserve have decreased, the … diff-in-diff approach. By exploiting a temporary change in the computation of banks' Supplementary Leverage Ratio (SLR …) implemented in 2020-21, we show that banks' balance sheet costs incentivize them to push deposits toward MMFs and to reduce their …

to commercial banks. During the crisis, however, the Federal Reserve created a number of facilities to support brokers … banks to nonbank financial institutions. In a specialized financial system, which the GSA had helped create, the use of the … lender-of-last-resort safety net could be more comfortably limited to commercial banks. However, the elimination of GSA …

and banks. Finally, we find spillover effects in particular from sovereigns in the euro area periphery to the core …

and banks. Finally, we find spillover effects in particular from sovereigns in the euro area periphery to the core …

How a historic drop in bank deposits shapes banks' loan supply? We exploit the effects of a large, and unexpected … includes all bank-firm lending relationships in all euro area countries. We find that banks experiencing large deposit outflows … is stronger for fixed rate and longer maturity loans, but not for riskier borrowers. The effect is mostly driven by banks …