We study the impact of higher capital requirements on banks' balance sheets and its transmission to the real economy. The 2011 EBA capital exercise provides an almost ideal quasi-natural experiment, which allows us to identify the effect of higher capital requirements using a...

I find that corporate European leverage variation between 2007 and 2015 is largely driven by firm and industry characteristics. Conventional, time-varying firm characteristics explain as much leverage variation as country and industry fixed effects combined. Cross-sectional leverage disparities...

Monetary policy transmission -- A new view: Implications of financial innovation for the bank lending channel -- Bank lending against the background of the recent crisis -- Empirical analysis: Determinants of bank lending during normal and crisis periods.

The paper presents results of an ongoing research project on corporate financing patterns in Central and Eastern Europe (CEE) since 1999. It addresses three broad issues. Which are the specifics of corporate financing in CEE compared to countries in Western Europe? Which country institutional...