Analyses of zombie firms have emphasised the role of bank financing as the reason for zombie survival. This conclusion was made despite no comparative analysis of the sources of external finance for zombie firms. This paper provides the first analysis of that sort using Finnish data....

In this article, we use a simple stylized model of collateralized lending to analyze the value proposition and limitations of decentralized finance (DeFi). DeFi uses a decentralized ledger to run smart contracts that automatically enforce the terms of a lending contract and safeguard the...

This paper explores whether foreign banks stabilise or destabilise lending to the real economy in the presence of sovereign stress in the domestic economy and abroad. In this context, the presence of foreign intermediaries poses a fundamental, yet unexplored, trade-off. On the one hand, domestic...

Using lenders becoming members of the Task Force on Climate-Related Financial Disclosures (TCFD) as a plausible exogeneous shock, we examine whether and how lenders' commitment to transparent climate-related disclosures affects borrower firms' environmental performance. We find that client firms...

We examine Russian imports since a coalition of countries imposed sanctions on exports to Russia. As Russia no longer publishes detailed statistics on foreign trade, we rely on export data from its largest trading partners (mirror statistics). We are particularly interested in trade diversion,...

We construct a proxy for Russia's war-related output to evaluate the macroeconomic importance of war-related branches for Russia since the 2022 invasion of Ukraine. Our results suggest that warrelated branches contributed significantly to Russia's economic recovery after the sharp decline of GDP...

This brief examines the latest developments in Russian imports on the basis of mirror statistics. We focus particularly on technology products subject to export restrictions imposed by sanctioning coalition countries. While most Russian imports of technology products subject to sanctions fell...

This note examines changes in Russia's foreign trade during the past year. We discuss general trends in Russia's trade based on estimates constructed from mirror statistics and developments in EU-Russia trade. The detailed analysis of Russia's technology imports includes a selection of goods...