Details about Sascha Steffen

Access statistics for papers by Sascha Steffen.

Last updated 2025-10-09. Update your information in the RePEc Author Service.

Short-id: pst441

Working Papers

2025

1. Fragile Financing? How Corporate Reliance on Shadow Banking Affects their Access to Bank Liquidity
   NBER Working Papers, National Bureau of Economic Research, Inc
2. Shadow Always Touches the Feet: Implications of Bank Credit Lines to Non-Bank Financial Intermediaries
   NBER Working Papers, National Bureau of Economic Research, Inc

2023

3. Climate Transition Risks of Banks
   Swiss Finance Institute Research Paper Series, Swiss Finance Institute View citations (3)
4. Contingent Credit Under Stress
   NBER Working Papers, National Bureau of Economic Research, Inc
5. Kicking the Can Down the Road: Government Interventions in the European Banking Sector
   CRC TR 224 Discussion Paper Series, University of Bonn and University of Mannheim, Germany
   Also in NBER Working Papers, National Bureau of Economic Research, Inc (2020) View citations (8)
6. Liquidity Dependence and the Waxing and Waning of Central Bank Balance Sheets
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (21)

2022

7. Zombie Lending: Theoretical, International and Historical Perspectives
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (33)
   See also Journal Article Zombie Lending: Theoretical, International, and Historical Perspectives, Annual Review of Financial Economics, Annual Reviews (2022) View citations (36) (2022)

2021

8. Why Did Bank Stocks Crash During COVID-19?
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (31)

2020

9. A Protective Shield for Europe’s Banks
   ECONtribute Policy Brief Series, University of Bonn and University of Cologne, Germany View citations (3)
10. Bank capital and the European recovery from the COVID-19 crisis
    ECONtribute Discussion Papers Series, University of Bonn and University of Cologne, Germany View citations (8)
11. The Risk of Being a Fallen Angel and the Corporate Dash for Cash in the Midst of COVID
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (230)

2019

12. Does the Lack of Financial Stability Impair the Transmission of Monetary Policy?
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (6)
    Also in HIT-REFINED Working Paper Series, Institute of Economic Research, Hitotsubashi University (2015) View citations (25)

2018

13. Lender of Last Resort versus Buyer of Last Resort – Evidence from the European Sovereign Debt Crisis
    Swiss Finance Institute Research Paper Series, Swiss Finance Institute View citations (11)

2017

14. The Importance of a Banking Union and Fiscal Union for a Capital Markets Union
    European Economy - Discussion Papers, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission View citations (6)

2016

15. Capital markets union in Europe: Why other unions must lead the way
    ZEW policy briefs, ZEW - Leibniz Centre for European Economic Research View citations (3)
    See also Journal Article Capital Markets Union in Europe: Why other Unions must lead the Way, Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES) (2016) View citations (3) (2016)
16. Lender of last resort versus buyer of last resort: The impact of the European Central Bank actions on the bank-sovereign nexus
    ZEW Discussion Papers, ZEW - Leibniz Centre for European Economic Research View citations (6)
17. Mind the gap: The difference between U.S. and European loan rates
    ZEW Discussion Papers, ZEW - Leibniz Centre for European Economic Research View citations (8)
18. The total costs of corporate borrowing in the loan market: Don't ignore the fees
    ZEW Discussion Papers, ZEW - Leibniz Centre for European Economic Research View citations (150)
    See also Journal Article The Total Cost of Corporate Borrowing in the Loan Market: Don't Ignore the Fees, Journal of Finance, American Finance Association (2016) View citations (160) (2016)

2015

19. Did emergency liquidity assistance (ELA) of the ECB delay the bankruptcy of Greek banks?
    SAFE Policy Letters, Leibniz Institute for Financial Research SAFE View citations (2)
20. The Total Costs of Corporate Borrowing in the Loan Market: Don’t Ignore the Fees
    Discussion Paper Series of SFB/TR 15 Governance and the Efficiency of Economic Systems, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich View citations (10)
21. Waren die ELA-Notkredite der EZB für griechische Banken eine Konkursverschleppung?
    SAFE Policy Letters, Leibniz Institute for Financial Research SAFE

2014

22. Falling short of expectations? Stress-testing the European banking system
    CEPS Papers, Centre for European Policy Studies View citations (46)
23. Government Guarantees and Bank Risk Taking Incentives
    CESifo Working Paper Series, CESifo View citations (18)
    Also in ESMT Research Working Papers, ESMT European School of Management and Technology (2014) View citations (16)
24. Making sense of the comprehensive assessment
    SAFE Policy Letters, Leibniz Institute for Financial Research SAFE View citations (6)
25. Robustness, validity, and significance of the ECB's asset quality review and stress test exercise
    SAFE White Paper Series, Leibniz Institute for Financial Research SAFE View citations (17)

2013

26. The "Greatest" Carry Trade Ever? Understanding Eurozone Bank Risks
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (95)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2013) View citations (91)
    See also Journal Article The “greatest” carry trade ever? Understanding eurozone bank risks, Journal of Financial Economics, Elsevier (2015) View citations (439) (2015)

2011

27. Global retail lending in the aftermath of the US financial crisis: Distinguishing between supply and demand effects
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (429)
    See also Journal Article Global retail lending in the aftermath of the US financial crisis: Distinguishing between supply and demand effects, Journal of Financial Economics, Elsevier (2011) View citations (429) (2011)
28. On the importance of prior relationships in bank loans to retail customers
    Working Paper Series, European Central Bank View citations (12)

Journal Articles

2024

1. Die Zukunft des europäischen Finanzsystems – zwischen Risiken und mangelnder Wettbewerbsfähigkeit?
   ifo Schnelldienst, 2024, 77, (07), 03-36

2022

2. Zombie Lending: Theoretical, International, and Historical Perspectives
   Annual Review of Financial Economics, 2022, 14, (1), 21-38 View citations (36)
   See also Working Paper Zombie Lending: Theoretical, International and Historical Perspectives, NBER Working Papers (2022) View citations (33) (2022)

2021

3. Trends in Corporate Borrowing
   Annual Review of Financial Economics, 2021, 13, (1), 321-340 View citations (7)

2016

4. Capital Markets Union in Europe: Why other Unions must lead the Way
   Swiss Journal of Economics and Statistics (SJES), 2016, 152, (IV), 319-329 View citations (3)
   See also Working Paper Capital markets union in Europe: Why other unions must lead the way, ZEW policy briefs (2016) View citations (3) (2016)
5. The Total Cost of Corporate Borrowing in the Loan Market: Don't Ignore the Fees
   Journal of Finance, 2016, 71, (3), 1357-1392 View citations (160)
   See also Working Paper The total costs of corporate borrowing in the loan market: Don't ignore the fees, ZEW Discussion Papers (2016) View citations (150) (2016)

2015

6. The “greatest” carry trade ever? Understanding eurozone bank risks
   Journal of Financial Economics, 2015, 115, (2), 215-236 View citations (439)
   See also Working Paper The "Greatest" Carry Trade Ever? Understanding Eurozone Bank Risks, CEPR Discussion Papers (2013) View citations (95) (2013)

2013

7. Do Information Rents in Loan Spreads Persist over the Business Cycles?
   Journal of Financial Services Research, 2013, 43, (2), 175-195 View citations (8)
8. Wie ist das EU-Konzept zur Bankenunion zu bewerten?
   ifo Schnelldienst, 2013, 66, (01), 03-13

2012

9. Wie wirkt sich der Wegfall staatlicher Garantien auf die Risikoübernahme von Banken aus?
   ifo Schnelldienst, 2012, 65, (18), 17-21

2011

10. Global retail lending in the aftermath of the US financial crisis: Distinguishing between supply and demand effects
    Journal of Financial Economics, 2011, 100, (3), 556-578 View citations (429)
    See also Working Paper Global retail lending in the aftermath of the US financial crisis: Distinguishing between supply and demand effects, NBER Working Papers (2011) View citations (429) (2011)
11. On syndicate composition, corporate structure and the certification effect of credit ratings
    Journal of Banking & Finance, 2011, 35, (2), 290-299 View citations (47)
12. The Costs of Being Private: Evidence from the Loan Market
    The Review of Financial Studies, 2011, 24, (12), 4091-4122 View citations (143)

Books

2016

1. The SSM at 1
   SUERF Studies, SUERF - The European Money and Finance Forum View citations (2)