, which may be related to too-big-to-fail issues. Moreover, we provide evidence that: (i) Central Bank supervision exerts … positive pressure on bank's decision; (ii) market discipline may play a minor role in driving capital ratios; and (iii) the … business cycle has a negative impact on bank's capital cushion, suggesting a pro-cyclical capital management. The results …

the Central Bank of Brazil. On the other hand, it notices that the correspondent agreement is strongly influenced by the …

changes in benchmark interest rates impact those charged on short-term loans in Brazil. Our analysis focuses on four large …

, which may be related to too-big-to-fail issues. Moreover, we provide evidence that: (i) Central Bank supervision exerts … positive pressure on bank's decision; (ii) market discipline may play a minor role in driving capital ratios; and (iii) the … business cycle has a negative impact on bank's capital cushion, suggesting a pro-cyclical capital management. The results …