restrictive bank loan supply shock has a strong and persistent negative impact on real GDP and the GDP deflator. This result comes … "spare tire" for the reduction in bank loans. We show that this result can be rationalized by a recently revived view of … the act of lending. Consequently, our findings indicate that a substitution of bank loans by other sources of financing …

We study the implications of the Eurosystem's expanded Asset Purchase Programme (APP) for the bank lending business of … confidential bank-level data on quantitative balance sheet items and interest rates as well as on qualitative survey responses to … the Eurosystem's Bank Lending Survey, we identify the exposure of banks to the APP and corresponding effects on loan …

addition, changes in sovereign and bank risk are believed to have had strong effects on world-wide exchange rates. This paper …

Europe and Russia. Notably, bilateral integration with the eurozone is a key determinant of the strength of spillovers, with …

We analyse the macroeconomic effects of exogenous contractions in bank lending to non-financial corporations in the … to bank loans, such as financing via equity, debt securities, trade credit and lending from non-banks. We investigate … whether these alternative financing sources are complements to or substitutes for bank lending using the joint posterior …

the proprietary bank-to-bank European interbank dataset extracted from Target2 and also exploit the Lehman and sovereign …