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Corporate debt structure and the financial crisis

De Fiore, Fiorella (contributor); Uhlig, Harald (contributor) - European Central Bank - 2015

We present a DSGE model where firms optimally choose among alternative instruments of external finance. The model is used to explain the evolving composition of corporate debt during the financial crisis of 2008-09, namely the observed shift from bank finance to bond finance, at a time when the...

Persistent link: https://www.econbiz.de/10015298753

Changes in bank financing patterns : April 2012

European Central Bank - 2012

The recent financial crisis has led to changes in banks' funding patterns at the global level which have been widely discussed in policy and academic fora. This report aims at identifying and documenting the main changes in the funding patterns of euro area banks. Using statistics for monetary...

Persistent link: https://www.econbiz.de/10015307491

Does a leverage ratio requirement increase bank stability? : N°1676, May 2014

Kiema, Ilkka (contributor); Jokivuolle, Esa (contributor) - European Central Bank - 2014

Basel III has introduced a non-risk-weighted leverage ratio requirement (LRR) which complements the internal ratings based (IRB) capital requirements. It provides a backstop against model risk which arises if some loans get incorrectly rated and become toxic. We study the effects of the LRR on...

Persistent link: https://www.econbiz.de/10015301902

Leverage actually : the impact on banks' borrowing costs in euro area money markets

Andreeva, Desislava Č. (contributor); … - European Central Bank - 2025

This paper explores the impact of the regulatory leverage ratio (LR) on banks' demand for reserves and thus the pricing of overnight liquidity in the euro area money markets. We use daily transaction-level money market data during the period between January 2017 February 2023 and examine the two...

Persistent link: https://www.econbiz.de/10015322707

Bank bias in Europe : effects on systemic risk and growth

Langfield, Sam (contributor); Pagano, Marco (contributor) - European Central Bank - 2015

Europe's financial structure has become strongly bank-based - far more so than in other economies. We document that an increase in the size of the banking system relative to equity and private bond markets is associated with more systemic risk and lower economic growth, particularly during...

Persistent link: https://www.econbiz.de/10015299047

Identifying excessive credit growth and leverage : N°1723, August 2014

Alessi, Lucia (contributor); Detken, Carsten (contributor) - European Central Bank - 2014

Persistent link: https://www.econbiz.de/10015301806

Firms' heterogeneous (and unintended) investment response to carbon price increases

Matzner, Anna (contributor); Steininger, Lea (contributor) - European Central Bank - 2024

We study the heterogeneous pass-through of carbon pricing on investment across firms. Using balance sheet data of 1 ….2 million European firms and identified carbon policy shocks, we find that higher carbon prices reduce investment, on average …. However, less carbon-intensive firms and sectors reduce their investment relatively more compared to otherwise similar firms …

Persistent link: https://www.econbiz.de/10015278012

Corporate investment and bankdependent borrowers during the recent financial crisis : 1859, October 2015

Buca, Andra (contributor); Vermeulen, Philip (contributor) - European Central Bank - 2015

We use the recent financial crisis period to analyse the effect of bank credit tightening on real firm investment. We …, investment falls substantially more in bank-dependent industries. …

Persistent link: https://www.econbiz.de/10015296807

Monetary and fiscal policy interactions : risks to price stability in times of high government debt

Checherita-Westphal, Cristina (contributor); … - European Central Bank - 2024

The change in macroeconomic conditions since the ECB's strategy review in 2021 towards an environment characterised by above-target inflation, high interest rates, and renewed concerns about elevated government debt has been a vocal reminder of the intricate interdependencies between monetary...

Persistent link: https://www.econbiz.de/10015321150

Credit risk SREP methodology

European Central Bank - 2024

Persistent link: https://www.econbiz.de/10015322150