A5024408288- Banking stability, regulation, efficiency
- Global Financial Crisis and Policies
- Corporate Finance and Governance
- Credit Risk and Financial Regulations
- Islamic Finance and Banking Studies
- Monetary Policy and Economic Impact
- European Monetary and Fiscal Policies
- Financial Distress and Bankruptcy Prediction
- Economic Theory and Policy
- Housing Market and Economics
- Italy: Economic History and Contemporary Issues
- Firm Innovation and Growth
- Digital Platforms and Economics
- Corporate Insolvency and Governance
- State Capitalism and Financial Governance
- Complex Systems and Time Series Analysis
- Insurance and Financial Risk Management
- FinTech, Crowdfunding, Digital Finance
- Economic theories and models
- Working Capital and Financial Performance
- Financial Markets and Investment Strategies
- Fiscal Policies and Political Economy
- Market Dynamics and Volatility
- Climate variability and models
- Private Equity and Venture Capital
Banco de Portugal
2014-2023
Universidade Católica Portuguesa
2011-2023
Libera Università Maria SS. Assunta
2023
University of Palermo
2023
University of Milano-Bicocca
2023
University of Siena
2023
University of Vaasa
2023
University of Rostock
2023
Kobe University
2023
University of Lisbon
2012
“Zombie lending” remains a widespread practice by banks around the world. In this paper, we exploit series of large-scale on-site inspections made on credit portfolios several Portuguese to investigate how these affect banks’ future lending decisions. We find that an inspected bank becomes 20% less likely refinance zombie firms, immediately spurring their default. Overall, seemingly reduce because incentives hold loans disappear once they are forced recognize losses. This paper was accepted...
We use variation in the access to a government credit certification program estimate financial and real effects of supporting small firms. This was first implemented during global crisis, but has remained active ever since, allowing us analyze its both recessions recoveries. Eligible firms have loan guarantees quality certification. using multidimensional regression discontinuity design. find that eligible borrow more at lower rates than non-eligible firms, them increase investment...
Sovereigns usually back up their deposit insurance arrangements to lend them credibility. When the sovereign is in distress, credibility of might be threatened, with detrimental effects financial stability. We investigate behavior depositors during euro area debt crisis understand importance find that responded foreign banks' decision convert subsidiaries into branches. By relocating deposits these newly formed branches a period became insured by scheme stronger fiscal backstop. These...
This paper presents the analysis underpinning ESRB Recommendation on guidance setting countercyclical buffer rates (ESRB 2014/1). The is designed to help authorities tasked with capital (CCB) operationalise this new macroprudential instrument. It follows from EU prudential rules for banking system that came into effect 1 January 2014.
Banks individually optimize their liquidity risk management, often neglecting the externalities generated by choices on overall of financial system. This is main argument to support regulation risk. However, banks may have incentives not strictly at individual level, but engaging instead in collective risk-taking strategies, which intensify systemic In this paper we look for evidence such behaviors, with an emphasis period preceding global crisis. We find strong and robust peer effects...
Abstract The literature on the risk‐taking channel of monetary policy grew quickly, leading to scattered evidence. We examine this through different angles, exploring detailed information loan origination and performance. Ex ante riskier borrowers receive more funding at extensive margin when interest rates are lower. post performance is independent level origination. Still, loans granted in periods very low stable show higher default once start increase. Risk‐taking stronger among banks...
Abstract We study local loan conditions when banks close branches. In places where branch closures do not take place, firms that purposely switch receive a sixty-three basis points (bps) discount. However, after the closure of nearby branches their credit-granting banks, locally and hurriedly transfer to other no such Yet, default rate for latter (more expensive) loans is on average full percentage point lower than former (cheaper) switching loans. This suggests are “better” quality firms....
Over the recent decades researchers in academia and central banks have developed early warning systems (EWS) designed to warn policy makers of potential future economic financial crises. These EWS are based on diverse approaches empirical models. In this paper we compare performance nine distinct models for predicting banking crises resulting from work Macroprudential Research Network (MaRs) initiated by European System Central Banks. order ensure comparability, all use same database created...
In spite of growing regulatory pressure in most developed economies, "zombie lending" remains a widespread practice by banks. this paper we exploit series large-scale on-site inspections made on the credit portfolios several Portuguese banks to investigate how these affect banks' future lending decisions. We find that an inspected bank becomes 20% less likely refinance zombie firms, immediately spurring their default. Overall, seemingly reduce because incentives hold loans disappear once...
Understanding why some firms default, while others do not, is an important issue for the assessment of financial stability. In this domain, it may be interesting to understand if credit risk driven mostly by idiosyncratic firm characteristics or systematic factors, which simultaneously affect all firms. order empirically examine determinants loan we begin exploring links between and macroeconomic developments at aggregate level. The results obtained seem confirm hypothesis that in periods...
When banks are hit by a severe liquidity shock, central have key role as lenders of last resort. Despite the well-established importance this mechanism, it is challenging to analyze empirically banks. We explore unique setting in which suddenly lost access market funding due contagion fears at onset euro area sovereign debt crisis. Using monthly data loan, bank, and firm level, we test bank scenario imminent collapse. find that obtained from played temporarily supporting supply credit real...
Download This Paper Open PDF in Browser Add to My Library Share: Permalink Using these links will ensure access this page indefinitely Copy URL DOI
Download This Paper Open PDF in Browser Add to My Library Share: Permalink Using these links will ensure access this page indefinitely Copy URL DOI
It is well established that when monetary policy accommodative, banks grant more credit. However, only recently has the quality of credit granted been given attention. This literature on so-called risk-taking channel growing quickly, leading to scattered evidence. In this paper we examine through different angles how works. We explore detailed bank and borrower information look at loan origination performance over time. find ex-ante riskier borrowers have access funding interest rates are...