This paper defines the special characteristics of the financial cycle of Spain during the period 1995-2016 and investigates to what extend the stability of the banking system attenuates or exacerbates the financial cycle. The findings of these two empirical analyses highlight that the financial...

This paper assesses and tests the response of banks operating in financial centers to the financial crisis by investigating the actual productivity change and its components — pure efficiency change, scale efficiency change and technological change (innovation). The heterogeneity in the...

Diversified and focused business models may affect foreign bank efficiency differently. We investigate whether there is an optimal business model along three business dimensions—assets, funding and income—and which business model is optimal for foreign banks in a financial center. We apply...

In recent years, numerous countries around the globe have adopted macroprudential policies. However, the understanding of these policies and how exactly they impact the banking industry remains limited. Using a sample of 1,534 banks from 57 countries, we examine whether and how macroprudential...