When banks are faced with a funding shortage in money market wholesale funding, they partly substitute by tapping other wholesale funding sources. Using auction-level data on large corporate deposits, we trace these substitution effects and their implications, which go beyond the balance sheets...

Over the last twenty years, the Spanish banking industry has been deeply reshaped in several respects. One of the features that has allowed for it has been the geographic expansion of most savings banks, which could not enter other markets different from their natural market before 1989. Since...