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Informes (Departament d'Economia i Empresa)
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Recent Submissions
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(2021-12)We identify the relative importance for bank lending of borrower (demand-side) versus bank (supply-side) factors. We submit thousands of fictitious mortgage applications, changing one borrower-level factor at time, to the ...
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(2021-09)Non-US firms have massively borrowed dollars (foreign currency, FX), which may lead to booms and crises. We show the real effects of capital controls, including prudential benefits, through a firm-debt mechanism. Our ...
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(2021-09-12)This paper documents the redistributive effects of monetary policy on labor market outcomes via the credit channel. For identification, we exploit matched administrative datasets in Portugal - employee-employer and credit ...
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(2021-12)We show that loan origination time is crucial for bank lending standards over the credit cycle, as well as for ex-post loan-level defaults and bank-level failures. We use the credit register in Spain for the business loans ...
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(2022-03)Do media slant news in favor of the banks they borrow from? We study how lending connections affect news coverage of banks earnings reports and of the Eurozone sovereign debt crisis on major European newspapers. We find ...
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(2021-08)We study how capital controls and domestic macroprudential policy tame credit supply booms, respectively targeting foreign and domestic bank debt. For identification, we exploit the simultaneous introduction of capital ...
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(2021-09-04)We show that macroprudential policies dampen the impact of global financial conditions on local credit cycles. For identification, we exploit exogenous variation in the U.S. VIX and household and business credit registers ...
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(2017-04-04)Background: The Results Centre (CdR) of the Integrated Public Use Healthcare System of Catalonia (SISCAT) is a comprehensive network of public information about healthcare utilization and results at all levels. The aim ...
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(2020-11-17)Do financial crises radicalize voters? We study Germany’s banking crisis of 1931, when two major banks collapsed and voting for radical parties soared. We collect new data on bank branches and firm-bank connections of over ...
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(2021-03)We analyze the distributional effects of monetary policy on income, wealth and consumption. We use administrative household-level data covering the entire population in Denmark over the period 1987-2014 and exploit a ...
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(2020-12)We show strong overall and heterogeneous economic incidence effects, as well as distortionary effects, of only shifting statutory incidence (i.e., the agent on which taxes are levied), without any tax rate change. For ...
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(2020-11)We show that risk mitigating incentives dominate risk shifting incentives in fragile banks. Risk shifting could be particularly severe in banking since it is the most opaque industry and banks are one of the most leveraged ...
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(2021-07)(July 2020) This paper identifies and quantifies –for the first time– the relative importance of borrower (credit demand) versus bank (supply) balance-sheet channels. We submit fictitious applications (varying households’ ...
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(2020-07-09)We show that bank shocks originating in the financial sector propagate upstream and downstream along the production network and triple the impact of direct bank shocks. Our identification relies on the universe of both ...
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(2020-06)Macroprudential regulators worldwide have introduced regulations to limit household leverage in light of existing evidence which suggests that high leverage is associated with household distress during crisis. We analyse ...
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(2020-08)We show corporate-level real, financial, and (bank) risk-taking effects associated with calculating loan provisions based on expected—rather than incurred—credit losses. For identification, we exploit unique features of a ...
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(2013-03)The Euro area economic activity and banking sector have shown substantial fragility over the last years with remarkable country heterogeneity. Using detailed data on lending conditions and standards, we analyse how financial ...
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(2010-10)Using a unique dataset of the Euro area and the U.S. bank lending standards, we find that low (monetary policy) short-term interest rates soften standards, for household and corporate loans. This softening – especially for ...
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(2010-06)Although recent research shows that the euro has spurred cross-border financial integration, the exact mechanisms remain unknown. We investigate the underlying channels of the euro’s effect on financial integration using ...
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(2020)The deep and prolonged recession triggered by the global financial crisis of 2007–2009 led to a large increase in the unemployment rate in most advanced economies. Ten years later, at the time of writing this paper, the ...
