ESRB Working Paper Series

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2024146: Public money as a store of value, heterogeneous beliefs and banks: implications of CBDC

Manuel A. Muñoz and Oscar Soons

2023145: The transmission of macroprudential policy in the tails: evidence from a narrative approach

Simon Lloyd, Álvaro Fernández-Gallardo and Ed Manuel

2023144: Quantitative easing, accounting and prudential frameworks, and bank lending

Andrea Orame, Rodney Ramcharan and Roberto Robatto

2023143: Fear the Walking Dead? Zombie Firms in the Euro Area and Their Effect on Healthy Firms’ Credit Conditions

Lea Katharina Havemeister and Kristian Horn

2023142: The demand for long-term mortgage contracts and the role of collateral

Lu Liu

2023141: The externalities of fire sales: evidence from collateralized loan obligations

Shohini Kundu

2023140: Financial fragility in open-ended mutual funds: the role of liquidity management tools

Peter Dunne, Lorenz Emter, Falko Fecht, Raffaele Giuliana and Oana Peia

2022139: Corrective regulation with imperfect instruments

Eduardo Davila and Ansgar Walther

2022138: The effect of structural risks on financial downturns

Martin Hodula, Lukáš Pfeifer and Jan Janků

2022137: Macroprudential policy and the role of institutional investors in housing markets

Manuel A. Muñoz and Frank Smets

2022136: Interbank credit exposures and financial stability

Oren Schneorson

2022135: Housing and credit misalignments in a two-market disequilibrium framework

Jaunius Karmelavičius, Ieva Mikaliunaite-Jouvanceau and Austėja Petrokaitė Petrokaitė

2022134: Are fund managers rewarded for taking cyclical risks?

Ellen Ryan

2022133: Fluctuating bail-in expectations and effects on market discipline, risk-taking and cost of capital

Raffaele Giuliana

2021132: Life-cycle risk-taking with personal disaster risk

Fabio Bagliano, Carolina Fugazza and Giovanna Nicodano

2021131: Empirical analysis of collateral at central counterparties

Magdalena Grothe, N. Aaron Pancost and Stathis Tompaidis

2021130: Prudential policy with distorted beliefs

Eduardo Davila and Ansgar Walther

2021129: The role of systemic risk spillovers in the transmission of Euro Area monetary policy

Alexandros Skouralis

2021128: Banking networks and economic growth: from idiosyncratic shocks to aggregate fluctuations

Nishant Vats and Shohini Kundu

2021127: Do liquidity limits amplify money market fund redemptions during the COVID crisis?

Peter G. Dunne and Raffaele Giuliana

2021126: Synthetic Leverage and Fund Risk-Taking

Daniel Fricke

2021125: Determinants of the credit cycle: a flow analysis of the extensive margin

Vincenzo Cuciniello and Nicola di Iasio

2021124: A Multi-level Network Approach to Spillovers Analysis: An Application to the Maltese Domestic Investment Funds Sector

Francesco Meglioli and Stephanie Gauci

2021123: Risky mortgages, credit shocks and cross-border spillovers

Alejandro Buesa, Alicia de Quinto and Francisco Javier Población García

2021122: Measuring the impact of a bank failure on the real economy: an EU-wide analytical framework

Valerio Vacca, Fabian Bichlmeier, Paolo Biraschi, Natalie Boschi, Antonio J. Bravo Álvarez, Luciano Di Primio, André Ebner, Silvia Hoeretzeder, Elisa Llorente Ballesteros, Claudia Miani, Giacomo Ricci, Raffaele Santioni, Stefan Schellerer and Hanna Westman

2021121: Resolving mortgage distress after COVID-19: some lessons from the last crisis

Fergal McCann and O’Malley, Terry

2021120: A quantitative analysis of the countercyclical capital buffer

Miguel Faria-e-Castro

2021119: Investment funds, monetary policy, and the global financial cycle

Christoph Kaufmann

2021118: The impact of macroprudential policies on capital flows in CESEE

Markus Eller, Niko Hauzenberger, Florian Huber, Helene Schuberth and Lukas Vashold

2021117: The importance of technology in banking during a crisis

Yannick Timmer and Niccola Pierri

2021116: Procyclical asset management and bond risk premia

Alexandru Barbu, Christoph Fricke and Emanuel Moench

2021115: Cross-border credit derivatives linkages

Benedetta Bianchi

2021114: Financial crises, macroprudential policy and the reliability of credit-to-GDP gaps

Piergiorgio Alessandri, Pierluigi Bologna and Maddalena Galardo

2020113: Financial stability policies and bank lending: quasi-experimental evidence from Federal Reserve interventions in 1920-21

Kilian Rieder

2020112: Retrenchment of euro area banks and international banking models

Isabel Argimon, Elena Fernández Ortiz and Maria Rodriguez-Moreno

2020111: Debt holder monitoring and implicit guarantees: did the BRRD improve market discipline?

Jannic Alexander Cutura

2020110: Gap-filling government debt maturity choice

Frederik Eidam

2020109: A dynamic network model to measure exposure diversification in the Austrian interbank market

Juraj Hledik and Riccardo Rastelli

2020108: The network of firms implied by the news

Hannan Zheng and Gustavo Schwenkler

2020107: Regulating financial networks under uncertainty

Carlos Ramírez

2019106: Electoral cycles in macroprudential regulation

Karsten Müller

2019105: Shadow banking and financial stability under limited deposit insurance

Lukas Voellmy

2019104: The effects of capital requirements on good and bad risk-taking

N. Aaron Pancost and Roberto Robatto

2019103: Interactions between bank levies and corporate taxes: How is the bank leverage affected?

Franziska Bremus, Kirsten Schmidt and Lena Tonzer

2019102: Exposition, climax, denouement: Life-cycle evaluation of the recent financial crisis in the EU by linking the ESRB financial crisis database to the European Commission's Macroeconomic Imbalance Procedure Scoreboard

Szilárd Erhart

2019101: Macroprudential policy spillovers and international banking - Taking the gravity approach

Anni Norring

2019100: Fire-sales in frozen markets

Ehsan Ebrahimy

201999: Securisation special purpose entities, bank sponsors and derivatives

Paweł Fiedor and Neill Killeen

201998: Bank asset quality and monetary policy pass-through

Robert Kelly and David Byrne

201997: Rethinking capital regulation: the case for a dividend prudential target

Manuel A. Muñoz