Regulators of financial institutions in most parts of the globe are making impressive achievement in terms of regulating the behavior of banks on the level of risk they can take in making investment decisions. Professionals in the finance industry have made a huge impact in trying to regulate...

We show that public guaranteed loans (PGL) increase credit availability improving real effects, but private banks' incentives imply that weaker banks shift riskier corporate loans to taxpayers. We exploit credit register data during the COVID-19 shock in Spain, and a stylized model guides the...

Do business bailouts help alleviate recipient firms’ financial and economic constraints, are effects strongest for the primary targets of the bailouts, and are effects temporary or long-lasting? We address these questions for the Paycheck Protection Program (PPP) small business bailout during...

This paper analyzes the impact of public credit guarantee schemes on the allocation and performance of bank credit during the COVID-19 crisis. We exploit exhaustive loan-level data from the credit register with unique information on the provision of COVID-19 public loan guarantees in Spain. We...

This paper shows that private incentives influence the allocation of public guaranteed lending (PGL), resulting in weaker banks shifting riskier corporate loans’ risk to taxpayers. We exploit data from the Banco de España’s Central Credit Register during the COVID-19 shock in Spain, and a...

This paper studies the systemic risk contribution of a set of large publicly traded European banks. Over a sample covering the last twenty years and three di!erent crises, we "nd that all banks in our sample signi"cantly contribute to systemic risk. Moreover, larger banks and banks with a...

The Great Financial Crisis of 2007-09 confirmed the vital importance of advancing our understanding of macrofinancial linkages, the two-way interactions between the real economy and the financial sector. The crisis was a bitter reminder of how sharp fluctuations in asset prices, credit and...

The U.K.'s decision to exit the E.U. (popularly known as “Brexit”) sets the stage for a potential retaliatory trade war. Similarly, the aggressive nationalism of U.S. President Donald Trump does also. In both cases, game theory suggests how such a conflict might be resolved. This paper first...

This study analyzes the trends in the financial sector over the past 30 years, and argues that unsupervised financial innovations and lenient government regulation are at the root of the current financial crisis and recession. Combined with a long period of economic expansion during which...

This paper will try to find the effects of fiscal policy of Government in taxation constraint in Cambodia by using the econometric model as CGE model. In addition, this compiled to broaden more the crossectional effects due to dimensions of Cambodia's economy with the main variables. By this...