Switzerland. For identification, we compare changes in the behavior of banks that had different fractions of their central bank … margins, but credit and interest rate risk increase. Portfolio rebalancing implies relatively more lending, also compared to …

As the euro area has a predominantly bank-based financial system, changes in the composition and strength of banks … crisis, in a context of financial market stress and weak bank balance sheets, unconventional monetary policy measures have … non-standard measures were successful in stimulating lending and which bank business models were more strongly affected …