We exploit variation in the share of seniors across European banking markets to construct an IV for banks' dependence … funding via targeted longer-term refinancing operations (TLTRO). This effect is stronger when banks face less competition …. Long-term central bank funding further motivates banks to reduce their dependence on debt issuance and increase their money …

of policymakers assigning banking supervision to central banks. Our empirical analysis shows that, assuming a benevolent … independence – central banks are more involved in supervision when they pursue tighter monetary policy goals (a specific aspect of … political independence). Our interpretation is that the latter may represent a commitment to mitigate central banks’ discretion …

entails enhanced accountability. To this end, the paper provides a selected overview of legal protection for central banks and …

influence the likelihood that policymakers assign banking supervision to central banks. We find that, conditional on the …

central bank. Research hypothesis: The central banks of 27 EU countries are characterized by strong differences in their … degree of involvement in safeguarding financial stability, because central banks in the euro zone are more involved in … safeguarding financial stability than non-EMU central banks in the EU. Using a novel methodology developed by the author, a …