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...

We use an extensive data set of bilateral exposures on credit default swap (CDS) to estimate the impact on collateral demand of new margin and clearing practices and regulations. We decompose collateral demand for both customers and dealers into several key components, including the "velocity...

In this paper, we investigate the presence of non-linearities in the transmission of geopolitical risk (GPR) shocks. Our methodology involves incorporating a non-linear function of the identified shock into a VARX model and examining its impulse response functions and historical decomposition....

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...

Staff teams from the European Commission (EC) and the International Monetary Fund (IMF), in liaison with the European Central Bank (ECB), visited Nicosia from 14 July to 24 July 2015 for the seventh review of Cyprus' economic adjustment programme, which is supported by financial assistance from...

Staff teams from the European Commission (EC) and the International Monetary Fund (IMF), in liaison with the European Central Bank (ECB), visited Nicosia from 27 January to 5 February 2015 and from 28 April to 8 May 2015 for the sixth review of Cyprus' economic adjustment programme, which is...

Staff teams from the European Commission (EC) and the International Monetary Fund (IMF), in liaison with the European Central Bank (ECB), visited Nicosia from 27 January to 5 February 2015 and from 28 April to 8 May 2015 for the sixth review of Cyprus' economic adjustment programme, which is...

Staff teams from the European Commission (EC) and the International Monetary Fund (IMF), in liaison with the European Central Bank (ECB), visited Nicosia from 14 July to 24 July 2015 for the seventh review of Cyprus' economic adjustment programme, which is supported by financial assistance from...