We analyze the inward and outward transmission of regulatory changes through German banks' (international) loan portfolio. Overall, our results provide evidence for international spillovers of prudential instruments, these spillovers are however quite heterogeneous between types of banks and can...

We present a model in which banks and other financial intermediaries face both occasionally binding borrowing constraints, and costs of equity issuance. Near the steady state, these intermediaries can raise equity finance at no cost through retained earnings. However, even moderately large...

The limited partnership emerged as a key societal innovation during the early modern age. It allowed an effective separation between partners - those acting and those conferring capital - and it granted limited liability to partners in case of insolvency. The diffusion of limited partnership -...