This study investigates the determinants of corporate lending in Ukraine with a focus on distinguishing between supply and demand factors. I use a two-step process to build a credit standards index (CSI) based on disaggregated data from the Ukrainian bank lending survey (BLS). This paper...

In this paper we investigate the impact of cyclical systemic risk on future bank profitability for a large representative panel of Ukrainian banks between 2001 and 2023. Our framework relies on two general methods. The first method is based on linear local projections which allows us to study...

Amid the global COVID-19 crisis, governments worldwide introduced measures to support private enterprises. This study utilizes a newly curated panel database, encompassing the financial records of firms in Peru, to investigate the impact of a substantial governmentbacked loan guarantee program,...

This paper studies how the presence of foreign investors in local currency sovereign debt markets contributes to the transmission of global financial conditions to emerging market economies. My estimations indicate that the higher the share of local currency government bonds held by foreign...

This paper develops an estimated New Keynesian model of a commodity-exporting economy for an integrated policy framework, integrating the full range of policies used in practice and featuring a range of nominal and real rigidities, macro-financial linkages, and transmission channels of external...

This study investigates the causal effects of the banking sector cleanup on lending conditions. To overcome the banking crisis consequences of 2014-2016, the National Bank of Ukraine changed its regulation approach to strict intolerance towards financially weak and opaque banks and launched the...

This paper builds a dataset on bank ownership that covers more than 6,500 banks in 181 countries (59 low-income economies, 72 middle-income economies, and 50 high-income economies) over 1995-2020. I show that until 2010, there was a reduction in state-ownership of banks and an increase foreign...

This paper estimates the social costs and benefits of the Basel III banking regulation application to Moroccan banks, which, inter alia, imposed higher capital requirements. The paper quantifies the impact of higher capital requirements on (i) lending rates, (ii) bank refinancing costs, and...

We show that inequality triggers social unrest in rural India. We develop a theoretical framework where social unrest is rationally used by civilians to oppose (unfair) surplus sharing by the elite. We predict that the probability of observing social unrest in a village increases with the sum of...

Should a government have more than one fiscal rule constraining fiscal aggregates? If so, why? In this paper, we present a dynamic general equilibrium model of a small open economy featuring an incumbent government to assess how and why implementing a budget balance rule and a debt anchor rule...