factors (uncertainty caused by the Global Financial Crisis and the Pandemic Crisis) on transaction and precautionary demand … has been on the rise as well and we can observe a particularly high level of growth demand for banknotes during crisis …

experience of central banks during the recent global financial crisis confirms that such risks are not purely hypothetical …

Throughout the crisis, the ECB implemented a number of unprecedented measures with a wider and wider reach. These …

experience of central banks during the recent global financial crisis confirms that such risks are not purely hypothetical. …

crisis, and of the provision of central bank liquidity during the crisis. Exploiting the euro area institutional setting for … monetary and prudential policy and using the Bank Lending Survey, we show that in the period prior to the crisis, in an … policies on either bank capital or loan-to-value ratios. After the start of the 2008 crisis, we find that low monetary rates …