We test whether firms with a single bank are better shielded from loss of credit and investment cutsin periods of adverse cash flow shocks than firms with multiple bank relationships. Our estimatesof the cash flow sensitivity of investment show that both types of firms are equally subject...

In order to obtain a better understanding of the transmission channels for monetary policy, this paper assesses the importance of the interest rate and credit channels on business fixed investment in Germany. Our unbalanced panel of financial statements contains 44,345 firm/year observations for...

Ireland's economic rebound is remarkably strong, underpinned by an ongoing successful macroeconomic adjustment and a supportive external environment. In terms of real gross domestic product (GDP), Ireland was the fastest growing economy in the euro area in 2014 and is set to top the euro-area...

Ireland's economic rebound is remarkably strong, underpinned by an ongoing successful macroeconomic adjustment and a supportive external environment. In terms of real gross domestic product (GDP), Ireland was the fastest growing economy in the euro area in 2014 and is set to top the euro-area...

This report presents the findings of the first post-programme surveillance (PPS) mission of Commission staff, in liaison with staff from the European Central Bank (ECB), which took place in Cyprus from 26 to 30 September 2016. PPS aims at a broad monitoring of economic, fiscal and financial...

This report presents the findings of the first post-programme surveillance (PPS) mission of Commission staff, in liaison with staff from the European Central Bank (ECB), which took place in Cyprus from 26 to 30 September 2016. PPS aims at a broad monitoring of economic, fiscal and financial...

This report presents the findings of the fourth post-programme surveillance (PPS) mission of Commission staff, in liaison with ECB staff, which took place in Lisbon between 15 June and 22 June 2016. The economic recovery is set to continue its moderate pace, mostly driven by domestic demand with...