The Invisible Hand of the Government: Moral Suasion During the Sovereign Debt Crisis
(with Steven Ongena and Neeltje van Horen)
Revision requested by the American Economic Journal: Macroeconomics.
During the European sovereign debt crisis, domestic banks were substantially more likely than foreign banks to increase their holdings of domestic sovereign bonds in months during which the domestic government needed to roll over relatively more sovereign debt.
Do SMEs Benefit from Unconventional Monetary Policy and How? Micro-Evidence from the Eurozone
(with Annalisa Ferrando and Gregory F. Udell)
Revision requested by the Journal of Money, Credit and Banking.
The announcement of the OMT improved access to finance for euro-area SMEs borrowing from banks with large balance-sheet exposures to impaired sovereign debt, and it improved their expectations about future bank funding.
On the Link Between the Volatility and Skewness of Growth
(with Geert Bekaert)
The standard deviation and the skewness of GDP growth rates are positively correlated in the long run, owing to growth spurts in developing countries and to prolonged low-volatility spells followed by banking crises in industrialized economies.
Credit Market Competition and the Gender Gap: Evidence from Local Labor Markets
(with Sonia Zaharia)
The intrastate banking deregulation of the 1970s--1990s increased female labor force participation rates, owing to two distinct mechanisms: an increase in net job creation rates by private sector firms, and an expansion of services-producing sectors.
Credit shocks, employment protection, and growth: Firm-level evidence from Spain
(with Luc Laeven and Peter McAdam)
Spanish firms' sales growth declined less during the financial crisis of 2008-09 if they were subject to laxer firm-size-specific employment protection, in particular in industries where labor and capital are technological substitutes.
Politics, Banks, and Sovereign Debt: Unholy Trinity or Divine Coincidence?
(with Michael Koetter)
Trade Openness and Consumption Risk
(with Geert Bekaert)
Debt Overhang and Investment Misallocation: The Role of Credit Markets
(with Francesca Barbiero and Marcin Wolski)
Prudential Supervision and Bank Funding: Evidence from the Implementation of the SSM
(with Francesca Barbiero and Jean-Edouard Colliard)
Financial Development and Industrial Pollution
(with Ralph De Haas)