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...

The ECB Forum on Central Banking is an annual event organised by the European Central Bank which has been held in the beautiful surroundings of Sintra, Portugal, since 2014. It provides a unique opportunity for central bank governors, academics, high-level financial market representatives,...

This 23rd annual review of the international role of the euro presents an overview of developments in the use of the euro by non-euro area residents in 2023. This was a year that saw continuing geopolitical tensions, increases in policy interest rates and inflation declining from high levels in...

This 23rd annual review of the international role of the euro presents an overview of developments in the use of the euro by non-euro area residents in 2023. This was a year that saw continuing geopolitical tensions, increases in policy interest rates and inflation declining from high levels in...

This report reviews developments in the international role of the euro in 2014 and early 2015, tracking a comprehensive set of indicators that cover a number of different market segments. The first part of the review continues to provide high-quality and timely data, as well as an analysis of...

This is the 13th annual review of the international role of the euro published by the ECB. It presents the main findings of the continued monitoring and analysis conducted by the ECB and the Eurosystem as regards the development, determinants and implications of the use of the euro by non-euro...

This is the 12th annual review of the international role of the euro published by the ECB. It presents the main findings of the continued monitoring and analysis conducted by the ECB and the Eurosystem as regards the development, determinants and implications of the use of the euro by non-euro...

This is the 12th annual review of the international role of the euro published by the ECB. It presents the main findings of the continued monitoring and analysis conducted by the ECB and the Eurosystem as regards the development, determinants and implications of the use of the euro by non-euro...

We document the twin crisis that affected Spain in the mid-1860s. First, we trace back its origins to the international crisis of 1864-66. Next, we describe the particular banking sector of Spain, characterized by the coexistence of the Bank of Spain with multiple local banks of issue. We...

This paper assesses the trends of some main macroeconomic and macro-financial variables across different time horizons related to systemic banking crises. Specifically, by gradually shifting the observation horizon of the same statistical model across time, it observes how these variables are...