The offerings of financial products to investors have evolved considerably over the last decades. This study was undertaken to understand the importance of financial products in Portugal for banks and private clients. Different financial products can provide to banks an important role on their...

Credit spreads display occasional spikes and are more strongly countercyclical in times of financial stress. Financial crises are extreme cases of this nonlinear behavior, featuring skyrocketing credit spreads, sharp losses in bank equity, and deep recessions. We develop a macroeconomic model...

Digital transformation is changing how and by whom financial services are provided, how payments are made within an economy and across borders, and how and where goods and services are produced in a globalized economy. These transformations bring significant benefits in the form of greater...