This article begins with an analysis of banking flows in the euro zone, through a complex network, from 2006 to 2020. This analysis allows us to observe the topology of the network through different phases of the business cycle. It is obtained that there is greater fragmentation in the network...

This paper explores the heterogeneity across firms within each sector and region in the impact of and response to the COVID-19 shock. It relies on a survey conducted by Banco de España to 4,004 companies in November 2020 matched to very rich balance-sheet information on firm characteristics....

This study attempts to evaluate the impact of an increase in banks' funding stress and its transmission to the real economy, taking into account different funding sources banks can rely on. Using aggregate data from eight Euro area financial systems, we find that following a liquidity funding...