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Credit Circulation, Bank Liquidity and Steady-State Non-Neutrality
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Bank Credit Circulation, Interbank Networks and Lending Efficiency
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The Liquidity Constraint of Banks and Monetary Non-Neutrality in the Steady State
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Liquidity Constraint of Banks and Non-Neutrality of Monetary Policy
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Working paper
Money Creation, Bank Liquidity and Non-neutrality of Monetary Policy
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Working paper
Banks' Wealth, Banks Creation of Money, and Central Banking
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Working paper
Competition and Increasing Returns to Scale: A Model of Bank Size
In: The Economic Journal, Band 125, Heft 585, S. 989-1014
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Working paper
Designing Financial Support for SMEs during Crises: the Role of Bank Lending
In: Tinbergen Institute Discussion Paper 2021-097/IV
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Designing financial support for SMEs during crises: The role of bank lending
When designing schemes to help SMEs survive crises, the government typically faces asymmetric information, so that it cannot target the SMEs most worth saving. We show that the government can exploit the information in the borrower loan demand to improve policy targets compared with existing programmes. If the aim is employment protection, optimal policy should fully subsidise the funding cost of only those SMEs whose loan size is below a threshold. If the aim is economic efficiency, the government should target SMEs whose loan size is above a threshold. In general, public policy should utilise private sectors' information and expertise.
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A Theory of Outside Equity: Financing Multiple Projects
In: CESifo Working Paper No. 7466
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Working paper
Optimal Organization of Financial Intermediaries
In: CESifo Working Paper Series No. 5452
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