in The Review of Financial Studies
July 2016; p ublished online January 2016 .
Journal Article. Subjects: Monetary Policy, Central Banking, and the Supply of Money and Credit; Banking; Investment Banking; Financial Regulation; National Budget, Deficit, and Debt. 16940 words.
We study the causal effect of bank credit rating downgrades on the supply of bank lending. The identification strategy exploits the asymmetric impact of sovereign downgrades on the ratings...
Exporting Sovereign Stress: Evidence from Syndicated Bank Lending during the Euro Area Sovereign Debt Crisis
in Review of Finance
August 2015; p ublished online November 2014 .
Journal Article. Subjects: National Budget, Deficit, and Debt; Banking; International Finance; Money and Interest Rates. 16356 words.
We show that after the start of the euro area sovereign debt crisis, lending by non-GIIPS European banks with sizeable holdings of GIIPS sovereign bonds declined relative to nonexposed...