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Monetary Policy and Inequality
In: Univ. of Copenhagen Dept. of Economics Discussion Paper
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Public Guarantees, Relationship Lending and Bank Credit: Evidence from the COVID-19 Crisis
In: CEPR Discussion Paper No. DP17110
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Nonbanks, Banks, and Monetary Policy: U.S. Loan-Level Evidence since the 1990s
In: FRB of Chicago Working Paper No. 2022-27
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Carbon Emissions and the Bank-Lending Channel
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Carbon Emissions and the Bank-Lending Channel
In: CEPR Discussion Paper No. DP16778
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Media Capture by Banks
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The rise of shadow banking: Evidence from capital regulation
We investigate the connections between bank capital regulation and the prevalence of lightly regulated nonbanks (shadow banks) in the U.S. corporate loan market. For identification, we exploit a supervisory credit register of syndicated loans, loan-time fixed effects, and shocks to capital requirements arising from surprise features of the U.S. implementation of Basel III. We find that less-capitalized banks reduce loan retention, particularly among loans with higher capital requirements and at times when capital is scarce, and nonbanks step in. This reallocation is associated with important adverse effects during the 2008 crisis: loans funded by nonbanks with fragile liabilities are less likely to be rolled over and experience greater price volatility.
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Hedger of Last Resort: Evidence from Brazilian FX Interventions, Local Credit, and Global Financial Cycles
In: Banco de Espana Working Paper No. 2014
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Working paper
Financial crises and political radicalization: How failing banks paved Hitler's path to power
In: Journal of Finance, Forthcoming
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Working paper
Banks' Equity Stakes in Firms: A Blessing or Curse in Credit Markets?
In: CEPR Discussion Paper No. DP16594
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Expansionary Austerity: Reallocating Credit Amid Fiscal Consolidation
In: CEPR Discussion Paper No. DP16511
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Capital Controls, Domestic Macroprudential Policy and the Bank Lending Channel of Monetary Policy
In: CEPR Discussion Paper No. DP16510
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