On the Link Between the Volatility and Skewness of Growth
(with Geert Bekaert)
Revision requested by the Economic Journal.
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.
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.
The Invisible Hand of the Government: Moral Suasion During the Sovereign Debt Crisis
(with Steven Ongena and Neeltje van Horen)
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.
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.
Politics, Banks, and Sovereign Debt: Unholy Trinity or Divine Coincidence?
(with Michael Koetter)
Local savings banks in Germany increase their holdings of sub-sovereign debt issued by their State if a rival party wins the State election, and in return are more likely to be bailed out when in distress.
Trade Openness and Consumption Risk
(with Geert Bekaert)
Credit Shocks, Employment Protection, and Growth: Firm-Level Evidence from Spain
(with Luc Laeven and Peter McAdam)
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)