This paper provides novel microlevel evidence that cross-border bank flows are an important means for households to access credit, not only in emerging markets but also in advanced economies. Using supervisory bank-level data alongside household credit and consumption data from Germany, we study...

This paper provides novel micro-level evidence that cross-border bank flows are important for households' access to credit not only in emerging markets but also in advanced economies. These foreign bank flows can drive local credit credit booms that increase bank risk. We study how the influx of...

Industrial policies greening the economy aim to accelerate the transition to net zero. We show that the United States (US) Inflation Reduction Act improved the supply of climate finance globally. Using granular data on global investment funds, we identify a novel international spillover channel...

We study how an aggregate bank flow shock impacts German cities' GDP growth depending on the state of their local real estate markets. Identification exploits a policy framework assigning refugees to cities on a quasi-random basis and variation in non-developable area for the construction of a...

This paper uses matched bank-firm-level data and the 2014 depreciation of the euro to show that exchange rate depreciations lead to increased bank loan supply of large banks with significant net foreign asset exposure. This increase in lending can be explained by a shift in credit towards both...

In this paper, we show that cross-border portfolio flows around the peak of the European Crisis induced households to rebalance their portfolios toward housing. Estimating difference-in-differences regressions around Draghi's "Whatever It Take" speech in July 2012 with household data from the...

We document a housing portfolio channel of quantitative easing (QE) transmission exploiting variation in German household data in a difference-in-differences setting around QE adoption in 2015. We find that QE encourages households with larger initial bond positions to rebalance more toward...

We document a housing portfolio channel of quantitative easing (QE) transmission exploiting variation in German household data in a difference-in-differences setting around QE adoption in 2015. We find that QE encourages households with larger initial bond positions to rebalance more toward...

In this paper, we show that cross-border portfolio flows around the peak of the European Crisis induced households to rebalance their portfolios toward housing. Estimating difference-in-differences regressions around Draghi's ``Whatever It Takes" speech in July 2012 estimated with household data...

This paper uses matched bank-firm-level data and the 2014 depreciation of the euro to show that exchange rate depreciations lead to increased bank loan supply of large banks with significant net foreign asset exposure. This increase in lending can be explained by a shift in credit towards both...