How do violent conflicts shape cross-border lending? Using data on syndicated loans by 14,021 creditors to firms in 179 countries (1989-2020), we document a dual effect: foreign banks reduce overall lending relative to domestic banks but significantly increase financing to military and dual-use...

How large are the macroeconomic effects of financial sanctions and how one can distinguish the sanction shocks from other aggregate shocks affecting the economy at the same time? We employ a Bayesian (S)VAR model to estimate the effects of the Western financial sanctions imposed on the Russian...

This paper suggests a novel approach to measuring fraud in banking. It explores a unique evidence of declining regulatory forbearance in the Russian banking system in the 2010s and its implications for the performance of weak but not yet detected private banks. Using the data on bank closure...