{"id":126,"date":"2016-02-17T13:42:08","date_gmt":"2016-02-17T13:42:08","guid":{"rendered":"http:\/\/test.kriesi.at\/consulting\/?page_id=9"},"modified":"2026-02-19T07:06:03","modified_gmt":"2026-02-19T07:06:03","slug":"welcome","status":"publish","type":"page","link":"https:\/\/ixartmiquel.com\/","title":{"rendered":"Welcome"},"content":{"rendered":"<p><div id='full_slider_1'  class='avia-fullwidth-slider main_color avia-shadow   avia-builder-el-0  el_before_av_section  avia-builder-el-first   container_wrap fullsize'  >\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-b6isb2-88982b2affa5610fa4df4f6585f965e2\">\n#top #wrap_all .avia-slideshow .av-slideshow-caption.av-b6isb2-88982b2affa5610fa4df4f6585f965e2__0 .avia-caption-title{\nfont-size:35px;\ncolor:#ffffff;\n}\n#top .avia-slideshow .av-slideshow-caption.av-b6isb2-88982b2affa5610fa4df4f6585f965e2__0 .avia-caption-content{\nfont-size:18px;\ncolor:#ffffff;\n}\n#top .avia-slideshow .av-slideshow-caption.av-b6isb2-88982b2affa5610fa4df4f6585f965e2__0 .avia-caption-content p{\nfont-size:18px;\n}\n<\/style>\n<div  class='avia-slideshow av-b6isb2-88982b2affa5610fa4df4f6585f965e2 avia-slideshow-featured av_slideshow_full avia-fade-slider av-slideshow-ui av-control-default av-slideshow-manual av-loop-once av-loop-manual-endless av-default-height-applied   avia-slideshow-1' data-slideshow-options=\"{&quot;animation&quot;:&quot;fade&quot;,&quot;autoplay&quot;:false,&quot;loop_autoplay&quot;:&quot;once&quot;,&quot;interval&quot;:5,&quot;loop_manual&quot;:&quot;manual-endless&quot;,&quot;autoplay_stopper&quot;:false,&quot;noNavigation&quot;:false,&quot;bg_slider&quot;:false,&quot;keep_padding&quot;:false,&quot;hoverpause&quot;:false,&quot;show_slide_delay&quot;:0}\"  itemprop=\"image\" itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/ImageObject\" ><ul class='avia-slideshow-inner ' style='padding-bottom: 28.666666666667%;'><li  class='avia-slideshow-slide av-b6isb2-88982b2affa5610fa4df4f6585f965e2__0  av-single-slide slide-1 slide-odd'><div data-rel='slideshow-1' class='avia-slide-wrap '   ><img decoding=\"async\" loading=\"lazy\" class=\"wp-image-531 avia-img-lazy-loading-531\"  src=\"https:\/\/ixartmiquel.com\/wp-content\/uploads\/2022\/01\/IXART_MIQUEL_FLORES_8-1500x430.jpg\" width=\"1500\" height=\"430\" title='IXART_MIQUEL_FLORES' alt=''  itemprop=\"thumbnailUrl\"   \/><\/div><\/li><\/ul><\/div><\/div><br \/>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-krxbsy4b-807cdb019d6b46f678fe28a040564542\">\n.avia-section.av-krxbsy4b-807cdb019d6b46f678fe28a040564542{\nbackground-color:#f9f9f9;\nbackground-image:unset;\n}\n<\/style>\n<div id='av_section_1'  class='avia-section av-krxbsy4b-807cdb019d6b46f678fe28a040564542 main_color avia-section-default avia-no-border-styling  avia-builder-el-1  el_after_av_slideshow_full  el_before_av_section  avia-bg-style-scroll container_wrap fullsize'  ><div class='container av-section-cont-open' ><div class='template-page content  av-content-full alpha units'><div class='post-entry post-entry-type-page post-entry-126'><div class='entry-content-wrapper clearfix'>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-krxfjf0r-ea8b083b6e55b40aa1ecc9c665f0a247\">\n#top .av-special-heading.av-krxfjf0r-ea8b083b6e55b40aa1ecc9c665f0a247{\nmargin:0 0 0 0;\npadding-bottom:10px;\n}\nbody .av-special-heading.av-krxfjf0r-ea8b083b6e55b40aa1ecc9c665f0a247 .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n.av-special-heading.av-krxfjf0r-ea8b083b6e55b40aa1ecc9c665f0a247 .av-subheading{\nfont-size:15px;\n}\n<\/style>\n<div  class='av-special-heading av-krxfjf0r-ea8b083b6e55b40aa1ecc9c665f0a247 av-special-heading-h5 blockquote classic-quote  avia-builder-el-2  el_before_av_hr  avia-builder-el-first '><h5 class='av-special-heading-tag '  itemprop=\"headline\"  >Monetary Policy, Finance, Regulation, Technology, Financial Stability<\/h5><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-krxui20o-c38be4b7837ef5acf9fddfcb7e5f14c5\">\n#top .hr.av-krxui20o-c38be4b7837ef5acf9fddfcb7e5f14c5{\nmargin-top:0px;\nmargin-bottom:30px;\n}\n.hr.av-krxui20o-c38be4b7837ef5acf9fddfcb7e5f14c5 .hr-inner{\nwidth:50px;\nmax-width:45%;\n}\n<\/style>\n<div  class='hr av-krxui20o-c38be4b7837ef5acf9fddfcb7e5f14c5 hr-custom  avia-builder-el-3  el_after_av_heading  el_before_av_textblock  hr-center hr-icon-yes'><span class='hr-inner inner-border-av-border-thin'><span class=\"hr-inner-style\"><\/span><\/span><span class='av-seperator-icon avia-iconfont avia-font-entypo-fontello' data-av_icon='\ue877' data-av_iconfont='entypo-fontello' ><\/span><span class='hr-inner inner-border-av-border-thin'><span class=\"hr-inner-style\"><\/span><\/span><\/div>\n<section  class='av_textblock_section av-krs15jh6-d6c5b730f8f2ba70cef7cbf324141692 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock'  itemprop=\"text\" ><p style=\"text-align: center;\">I am a doctoral candidate in the Finance Department at Frankfurt School of Finance &#038; Management. During Autumn 2022, I will be a visiting PhD student to the department of Finance in The University of Chicago Booth School of Business. I use modern applied econometric methods to understand the effects and consequences of monetary policy, financial regulation and new technologies on the banking sector and other macro-financial stability issues. I am focused on producing policy-relevant studies.<\/p>\n<\/div><\/section>\n<section  id=\"textopresentacion\"  class='av_textblock_section av-krxdb6de-c1a0c65ca7a05bf77e99dd74f9d2c002 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock'  itemprop=\"text\" ><p style=\"text-align: center;\">I actually conduct my research in the European Central Bank, where I have been working since 2016. There I acquired experience in different fields such as Monetary Policy as well as Banking Supervision (Crisis Management, Market Risk &#038; Valuation Inspections and Quantitative Risk Analysis in the context of Market Risk Stress Testing). I have recently joined the Banking IT Risk Inspections team, where I will be working on IT, cyber and digital security topics.<\/p>\n<p style=\"text-align: center;\">My research has been the focus of articles in reputable newspapers such as the Financial Times and Les \u00c9chos, as well as blogs such as Quantpedia and the Oxford University Business Law Blog. I have obtained the 2018 Best Paper Award by the European Capital Markets Institute and the 2018 Young Economist Best Academic Paper Award, by the Unicredit Foundation.<\/p>\n<\/div><\/section>\n<section  class='av_textblock_section av-krxcatlt-6e0680c90c95a0f096f29854e10d4fce '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock'  itemprop=\"text\" ><p style=\"text-align: center;\"><a href=\"#\" id=\"textopresentacionbtn\">View more<\/a><\/p>\n<\/div><\/section>\n<br \/>\n<\/div><\/div><\/div><!-- close content main div --><\/div><\/div>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-krdua7i4-59dc2f444167a6058ad7f0d205a90cbd\">\n.avia-section.av-krdua7i4-59dc2f444167a6058ad7f0d205a90cbd{\nbackground-color:#ffffff;\nbackground-image:unset;\nmargin-bottom:0px;\n}\n<\/style>\n<div id='latestupdates'  class='avia-section av-krdua7i4-59dc2f444167a6058ad7f0d205a90cbd main_color avia-section-default avia-no-shadow  avia-builder-el-7  el_after_av_section  el_before_av_section  avia-bg-style-scroll container_wrap fullsize'  ><div class='container av-section-cont-open' ><div class='template-page content  av-content-full alpha units'><div class='post-entry post-entry-type-page post-entry-126'><div class='entry-content-wrapper clearfix'>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-ks0jlxwf-f05edd4f5c085c9ea7f0dce33bb243dc\">\n#top .av-special-heading.av-ks0jlxwf-f05edd4f5c085c9ea7f0dce33bb243dc{\nmargin:0 0 0 0;\npadding-bottom:10px;\n}\nbody .av-special-heading.av-ks0jlxwf-f05edd4f5c085c9ea7f0dce33bb243dc .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n.av-special-heading.av-ks0jlxwf-f05edd4f5c085c9ea7f0dce33bb243dc .av-subheading{\nfont-size:15px;\n}\n<\/style>\n<div  class='av-special-heading av-ks0jlxwf-f05edd4f5c085c9ea7f0dce33bb243dc av-special-heading-h2 blockquote modern-quote modern-centered  avia-builder-el-8  el_before_av_hr  avia-builder-el-first '><h2 class='av-special-heading-tag '  itemprop=\"headline\"  >Latest Updates<\/h2><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-krxbyj2c-05135898a93427c001aba39aee2e7d65\">\n#top .hr.av-krxbyj2c-05135898a93427c001aba39aee2e7d65{\nmargin-top:0px;\nmargin-bottom:30px;\n}\n.hr.av-krxbyj2c-05135898a93427c001aba39aee2e7d65 .hr-inner{\nwidth:50px;\nmax-width:45%;\n}\n<\/style>\n<div  class='hr av-krxbyj2c-05135898a93427c001aba39aee2e7d65 hr-custom  avia-builder-el-9  el_after_av_heading  el_before_av_one_full  hr-center hr-icon-yes'><span class='hr-inner inner-border-av-border-thin'><span class=\"hr-inner-style\"><\/span><\/span><span class='av-seperator-icon avia-iconfont avia-font-entypo-fontello' data-av_icon='\ue877' data-av_iconfont='entypo-fontello' ><\/span><span class='hr-inner inner-border-av-border-thin'><span class=\"hr-inner-style\"><\/span><\/span><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-1j4gom-6e2666654d1b219019c50ecbd2d7fc21\">\n.flex_column.av-1j4gom-6e2666654d1b219019c50ecbd2d7fc21{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-1j4gom-6e2666654d1b219019c50ecbd2d7fc21 av_one_full  avia-builder-el-10  el_after_av_hr  avia-builder-el-last  first flex_column_div av-zero-column-padding  '     ><section  class='av_textblock_section av-89y6e-4e6d7e642a673abb79f22aca897f6636 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock'  itemprop=\"text\" ><p class=\"p1\"><strong>Upcoming presentations:<\/strong> Reassessment of the \u2018Optimal Currency Area\u2019 theory in the persistently heterogeneous European Union (9 September 2021), IFABS 2021 Financial Systems of Tomorrow (13 September 2021), International Risk Management Conference 2021 (1 October 2021), 34th Australasian Finance and Banking Conference (14 December 2021), World Finance &#038; Banking Symposium (17-18 December 2021).<\/p>\n<\/div><\/section><\/div>\n<br \/>\n<\/div><\/div><\/div><!-- close content main div --><\/div><\/div>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-4geeye-ec0a41c40555a10ac3273e6d0342c2b8\">\n.avia-section.av-4geeye-ec0a41c40555a10ac3273e6d0342c2b8{\nbackground-color:#ffffff;\nbackground-image:unset;\nmargin-bottom:0px;\n}\n<\/style>\n<div id='research'  class='avia-section av-4geeye-ec0a41c40555a10ac3273e6d0342c2b8 main_color avia-section-default avia-no-shadow  avia-builder-el-12  el_after_av_section  el_before_av_section  avia-bg-style-scroll container_wrap fullsize'  ><div class='container av-section-cont-open' ><div class='template-page content  av-content-full alpha units'><div class='post-entry post-entry-type-page post-entry-126'><div class='entry-content-wrapper clearfix'>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-4aiv7q-d54421e14cc21a08fd2b74c36d67b3e3\">\n#top .av-special-heading.av-4aiv7q-d54421e14cc21a08fd2b74c36d67b3e3{\nmargin:0 0 0 0;\npadding-bottom:10px;\n}\nbody .av-special-heading.av-4aiv7q-d54421e14cc21a08fd2b74c36d67b3e3 .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n.av-special-heading.av-4aiv7q-d54421e14cc21a08fd2b74c36d67b3e3 .av-subheading{\nfont-size:15px;\n}\n<\/style>\n<div  class='av-special-heading av-4aiv7q-d54421e14cc21a08fd2b74c36d67b3e3 av-special-heading-h1 blockquote modern-quote modern-centered  avia-builder-el-13  el_before_av_hr  avia-builder-el-first '><h1 class='av-special-heading-tag '  itemprop=\"headline\"  >Research<\/h1><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-nwfq-df2b1c1a7ae919c7d08417d61e35eaf2\">\n#top .hr.av-nwfq-df2b1c1a7ae919c7d08417d61e35eaf2{\nmargin-top:0px;\nmargin-bottom:30px;\n}\n.hr.av-nwfq-df2b1c1a7ae919c7d08417d61e35eaf2 .hr-inner{\nwidth:50px;\nmax-width:45%;\n}\n<\/style>\n<div  id=\"publications\"  class='hr av-nwfq-df2b1c1a7ae919c7d08417d61e35eaf2 hr-custom  avia-builder-el-14  el_after_av_heading  el_before_av_one_full  hr-center hr-icon-yes'><span class='hr-inner inner-border-av-border-thin'><span class=\"hr-inner-style\"><\/span><\/span><span class='av-seperator-icon avia-iconfont avia-font-entypo-fontello' data-av_icon='\ue877' data-av_iconfont='entypo-fontello' ><\/span><span class='hr-inner inner-border-av-border-thin'><span class=\"hr-inner-style\"><\/span><\/span><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-3vncny-c6c8fc6f21fa1c9718beabb515eadb28\">\n#top .av-special-heading.av-3vncny-c6c8fc6f21fa1c9718beabb515eadb28{\npadding-bottom:0;\n}\nbody .av-special-heading.av-3vncny-c6c8fc6f21fa1c9718beabb515eadb28 .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n.av-special-heading.av-3vncny-c6c8fc6f21fa1c9718beabb515eadb28 .av-subheading{\nfont-size:15px;\n}\n<\/style>\n<div  class='av-special-heading av-3vncny-c6c8fc6f21fa1c9718beabb515eadb28 av-special-heading-h2 blockquote modern-quote'><h2 class='av-special-heading-tag '  itemprop=\"headline\"  >Publications<\/h2><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div>\n<div  class='hr av-otb1q-773a20d0b4bc4e0215b3d29fd623c917 hr-default'><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-2jyhke-00e6ec810a22992382395daf451a7d1e\">\n#top .av-special-heading.av-2jyhke-00e6ec810a22992382395daf451a7d1e{\nmargin:0 0 30px 0;\npadding-bottom:0;\nfont-size:25px;\n}\nbody .av-special-heading.av-2jyhke-00e6ec810a22992382395daf451a7d1e .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n#top #wrap_all .av-special-heading.av-2jyhke-00e6ec810a22992382395daf451a7d1e .av-special-heading-tag{\nfont-size:25px;\n}\n.av-special-heading.av-2jyhke-00e6ec810a22992382395daf451a7d1e .av-subheading{\nfont-size:15px;\n}\n\n@media only screen and (min-width: 480px) and (max-width: 767px){ \n#top #wrap_all .av-special-heading.av-2jyhke-00e6ec810a22992382395daf451a7d1e .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n\n@media only screen and (max-width: 479px){ \n#top #wrap_all .av-special-heading.av-2jyhke-00e6ec810a22992382395daf451a7d1e .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n<\/style>\n<div  class='av-special-heading av-2jyhke-00e6ec810a22992382395daf451a7d1e av-special-heading-h6 blockquote modern-quote  titulosecundario av-inherit-size'><h6 class='av-special-heading-tag '  itemprop=\"headline\"  >Quantitative Easing and Credit Rating Agencies<\/h6><div class='av-subheading av-subheading_below'><p>Joint with Matteo Falagiarda (European Central Bank) and Nordine Abidi (International Monetary Fund).<\/p>\n<\/div><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-2fl8au-deb2b117ddec8bd8f95a734463c3f93c\">\n.flex_column.av-2fl8au-deb2b117ddec8bd8f95a734463c3f93c{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-2fl8au-deb2b117ddec8bd8f95a734463c3f93c av_two_fifth first flex_column_div av-zero-column-padding  '     ><div  class='avia-video av-2603x2-9a6e803d665ebd80857b5295c9019757 avia-video-16-9 av-no-preview-image avia-video-load-always av-lazyload-immediate av-lazyload-video-embed'  itemprop=\"video\" itemtype=\"https:\/\/schema.org\/VideoObject\"  data-original_url='https:\/\/www.youtube.com\/watch?v=-z1Lavqrby0'><script type='text\/html' class='av-video-tmpl'><div class='avia-iframe-wrap'><iframe title=\"Dynamic distribution of bonds by first-best rating.\" width=\"1500\" height=\"844\" src=\"https:\/\/www.youtube.com\/embed\/-z1Lavqrby0?feature=oembed&autoplay=0&loop=0&controls=1&mute=0\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen><\/iframe><\/div><\/script><div class='av-click-to-play-overlay'><div class=\"avia_playpause_icon\"><\/div><\/div><\/div><\/div>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-23bkly-9cb0ffe32416439357243531aa904b47\">\n.flex_column.av-23bkly-9cb0ffe32416439357243531aa904b47{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-23bkly-9cb0ffe32416439357243531aa904b47 av_three_fifth flex_column_div av-zero-column-padding  '     ><section  class='av_textblock_section av-1y6kvy-6342b6d0c66b41707cb039232fdcb94d '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock'  itemprop=\"text\" ><div>This paper investigates the behaviour of credit rating agencies (CRAs) using a natural experiment in monetary policy. We exploit the corporate QE of the Eurosystem and its <i>rating-based<\/i> specific design which generates exogenous variation in the probability for a bond of becoming eligible for outright purchases. We show that after the launch of the policy, rating activity was concentrated precisely on the territory where the incentives of market participants are expected to be more sensitive to the policy design. Our findings contribute to better assessing the consequences of the explicit reliance on CRAs ratings by central banks when designing monetary policy.<\/div>\n<div><\/div>\n<div>\n<div><\/div>\n<div><\/div>\n<\/div>\n<p><a href=\"https:\/\/www.sciencedirect.com\/science\/article\/pii\/S1057521923000054\" target=\"_blank\" rel=\"noopener\"><strong>International Review of Financial Analysis, Volume 86, 2023.<\/strong><\/a><br \/>\nWorking Paper Latest Version: <a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=3881175\" target=\"_blank\" rel=\"noopener\">International Monetary Fund Working Paper Series, No. 2022\/113<\/a>.<br \/>\nWorking Paper First Version: <a href=\"https:\/\/www.ecb.europa.eu\/pub\/pdf\/scpwps\/ecb.wp2274~4bfedf310f.en.pdf?7062483218834da165bc5cbb678fbf94\" target=\"_blank\" rel=\"noopener\">European Central Bank Working Paper Series, No. 2274\/April 2019<\/a>.<br \/>\n<strong>* Unicredit Foundation Young Economist Best Academic Paper Award, 6th Macro Banking and Finance Workshop, Alghero. August 2018.<\/strong><br \/>\n<strong>* <a href=\"https:\/\/www.ecmi.eu\/publications\/working-papers\/credit-rating-dynamicsevidence-natural-experiment\" target=\"_blank\" rel=\"noopener\">European Capital Markets Institute Best Paper Award. ECMI Annual Conference 2018, Brussels. October 2018<\/a>.<\/strong><\/p>\n<\/div><\/section><\/div><div  id=\"workingpapers\"  class='hr av-3pul8e-91fabd230aaa4b32d3fba67cd39e9b20 hr-default'><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-lri46-688a891cfcb2341c33b066fc6f7cb369\">\n#top .av-special-heading.av-lri46-688a891cfcb2341c33b066fc6f7cb369{\npadding-bottom:0;\n}\nbody .av-special-heading.av-lri46-688a891cfcb2341c33b066fc6f7cb369 .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n.av-special-heading.av-lri46-688a891cfcb2341c33b066fc6f7cb369 .av-subheading{\nfont-size:15px;\n}\n<\/style>\n<div  class='av-special-heading av-lri46-688a891cfcb2341c33b066fc6f7cb369 av-special-heading-h2 blockquote modern-quote'><h2 class='av-special-heading-tag '  itemprop=\"headline\"  >Working Papers<\/h2><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div>\n<div  class='hr av-daiy6-571b14b321705216331623b76d30e746 hr-default'><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-3k91ty-34ad69b4269718cb8273dcd665935614\">\n#top .av-special-heading.av-3k91ty-34ad69b4269718cb8273dcd665935614{\nmargin:0 0 30px 0;\npadding-bottom:0;\nfont-size:25px;\n}\nbody .av-special-heading.av-3k91ty-34ad69b4269718cb8273dcd665935614 .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n#top #wrap_all .av-special-heading.av-3k91ty-34ad69b4269718cb8273dcd665935614 .av-special-heading-tag{\nfont-size:25px;\n}\n.av-special-heading.av-3k91ty-34ad69b4269718cb8273dcd665935614 .av-subheading{\nfont-size:15px;\n}\n\n@media only screen and (min-width: 480px) and (max-width: 767px){ \n#top #wrap_all .av-special-heading.av-3k91ty-34ad69b4269718cb8273dcd665935614 .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n\n@media only screen and (max-width: 479px){ \n#top #wrap_all .av-special-heading.av-3k91ty-34ad69b4269718cb8273dcd665935614 .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n<\/style>\n<div  class='av-special-heading av-3k91ty-34ad69b4269718cb8273dcd665935614 av-special-heading-h6 blockquote modern-quote  titulosecundario av-inherit-size'><h6 class='av-special-heading-tag '  itemprop=\"headline\"  >Greening the Economy: How Public-Guaranteed Loans Influence Firm-Level Resource Allocation<\/h6><div class='av-subheading av-subheading_below'><p>Joint with Bruno Buchetti (University of Padua and Toulouse Business School), Salvatore Perdichizzi (University of Bologna) and Alessio Reghezza (European Central Bank).<\/p>\n<\/div><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-203ida-b359eba3d40c161deccdcc9a62be91da\">\n.flex_column.av-203ida-b359eba3d40c161deccdcc9a62be91da{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-203ida-b359eba3d40c161deccdcc9a62be91da av_two_fifth first flex_column_div av-zero-column-padding  '     ><style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-lqh1mzlm-09ee0061236ae6052d96c7f21a0c0eab\">\n#top .avia-gallery.av-lqh1mzlm-09ee0061236ae6052d96c7f21a0c0eab .avia-gallery-thumb a{\nwidth:20%;\n}\n<\/style>\n<div  class='avia-gallery av-lqh1mzlm-09ee0061236ae6052d96c7f21a0c0eab avia_animate_when_visible av-hide-gallery-thumbs deactivate_avia_lazyload av-slideshow-ui av-loop-manual-endless av-control-hidden av-navigate-arrows hover-effect av-control-hidden avia-gallery-animate avia-gallery-1'  itemprop=\"image\" itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/ImageObject\" ><meta itemprop=\"contentURL\" content=\"https:\/\/ixartmiquel.com\/\"><div class='avia-gallery-big-wrapper'><a class='avia-gallery-big fakeLightbox lightbox avia-gallery-big-crop-thumb ' href=\"https:\/\/ixartmiquel.com\/wp-content\/uploads\/2023\/12\/Public-Guarantee-Loads-PGLs-and-Lending-Growth.png\" data-srcset=\"https:\/\/ixartmiquel.com\/wp-content\/uploads\/2023\/12\/Public-Guarantee-Loads-PGLs-and-Lending-Growth.png 750w, https:\/\/ixartmiquel.com\/wp-content\/uploads\/2023\/12\/Public-Guarantee-Loads-PGLs-and-Lending-Growth-300x182.png 300w, https:\/\/ixartmiquel.com\/wp-content\/uploads\/2023\/12\/Public-Guarantee-Loads-PGLs-and-Lending-Growth-705x427.png 705w\" data-sizes=\"(max-width: 750px) 100vw, 750px\"  data-onclick='1' title='Public-Guarantee-Loads-(PGLs)-and-Lending-Growth' ><span class='avia-gallery-big-inner'  itemprop=\"thumbnailUrl\" ><img decoding=\"async\" loading=\"lazy\" class=\"wp-image-636 avia-img-lazy-loading-636\"  width=\"710\" height=\"375\" src=\"https:\/\/ixartmiquel.com\/wp-content\/uploads\/2023\/12\/Public-Guarantee-Loads-PGLs-and-Lending-Growth-710x375.png\" title='Public-Guarantee-Loads-(PGLs)-and-Lending-Growth' alt='Public-Guarantee-Loads-(PGLs)-and-Lending-Growth' \/><\/span><\/a><\/div><div class='avia-gallery-thumb'><a href=\"https:\/\/ixartmiquel.com\/wp-content\/uploads\/2023\/12\/Public-Guarantee-Loads-PGLs-and-Lending-Growth.png\" data-srcset=\"https:\/\/ixartmiquel.com\/wp-content\/uploads\/2023\/12\/Public-Guarantee-Loads-PGLs-and-Lending-Growth.png 750w, https:\/\/ixartmiquel.com\/wp-content\/uploads\/2023\/12\/Public-Guarantee-Loads-PGLs-and-Lending-Growth-300x182.png 300w, https:\/\/ixartmiquel.com\/wp-content\/uploads\/2023\/12\/Public-Guarantee-Loads-PGLs-and-Lending-Growth-705x427.png 705w\" data-sizes=\"(max-width: 750px) 100vw, 750px\" data-rel='gallery-1' data-prev-img='https:\/\/ixartmiquel.com\/wp-content\/uploads\/2023\/12\/Public-Guarantee-Loads-PGLs-and-Lending-Growth-710x375.png' class='first_thumb lightbox ' data-onclick='1' title='Public-Guarantee-Loads-(PGLs)-and-Lending-Growth'  itemprop=\"thumbnailUrl\"  ><img decoding=\"async\" loading=\"lazy\" class=\"wp-image-636 avia-img-lazy-loading-636\"   src=\"https:\/\/ixartmiquel.com\/wp-content\/uploads\/2023\/12\/Public-Guarantee-Loads-PGLs-and-Lending-Growth-495x400.png\" width=\"495\" height=\"400\"  title='Public-Guarantee-Loads-(PGLs)-and-Lending-Growth' alt='Public-Guarantee-Loads-(PGLs)-and-Lending-Growth' \/><div class='big-prev-fake'><img decoding=\"async\" loading=\"lazy\" class=\"wp-image-636 avia-img-lazy-loading-636\"  width=\"710\" height=\"375\" src=\"https:\/\/ixartmiquel.com\/wp-content\/uploads\/2023\/12\/Public-Guarantee-Loads-PGLs-and-Lending-Growth-710x375.png\" title='Public-Guarantee-Loads-(PGLs)-and-Lending-Growth' alt='Public-Guarantee-Loads-(PGLs)-and-Lending-Growth' \/><\/div><\/a><\/div><\/div><\/div>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-309lda-1ac06510cd3ee1a38c1c9c3ef6c6b79f\">\n.flex_column.av-309lda-1ac06510cd3ee1a38c1c9c3ef6c6b79f{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-309lda-1ac06510cd3ee1a38c1c9c3ef6c6b79f av_three_fifth flex_column_div av-zero-column-padding  '     ><section  class='av_textblock_section av-2xgx52-88b3773eb82aab3eddd87b8ff3b48b8d '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock'  itemprop=\"text\" ><p>This study investigates the underlying reasons for banks&#8217; continued support of fossil fuel-based firms and examines the role of Public-Guaranteed Loans (PGLs) in redirecting resources towards greener economic activities, thereby facilitating the climate transition process. Using a unique pan-European credit register dataset, we combine supervisory bank data with firm-level greenhouse gas emission data and financial information. Our analysis yields three main findings. Firstly, European banks perceive lending to green companies as riskier compared to their brown counterparts, a phenomenon we term as the \u00abgreen-transition risk.\u00bb Secondly, we provide evidence that during the COVID-19 pandemic, European banks have strategically leveraged PGLs to channel resources towards environmentally sustainable activities, thereby augmenting the proportion of green loans in their portfolios and partially shifting the inherent \u00abgreen-transition risk\u00bb to European governments and citizens. Lastly, our investigation reveals a banking preference for awarding PGLs to financially robust green firms over less profitable, highly indebted green firms, which could pose significant challenges for green businesses requiring financial support during the COVID-19 crisis.<br \/>\nLatest Version: <a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=4508502\" target=\"_blank\" rel=\"noopener\">SSRN Working Paper, July 2023<\/a>.<\/p>\n<\/div><\/section><\/div><div  class='hr av-n6jb2-8fd9ea67e223aae2333b15db938f3500 hr-default'><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-1xm0x2-78d73ecbe7e3234a591a73670fda6e74\">\n#top .av-special-heading.av-1xm0x2-78d73ecbe7e3234a591a73670fda6e74{\nmargin:0 0 30px 0;\npadding-bottom:0;\nfont-size:25px;\n}\nbody .av-special-heading.av-1xm0x2-78d73ecbe7e3234a591a73670fda6e74 .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n#top #wrap_all .av-special-heading.av-1xm0x2-78d73ecbe7e3234a591a73670fda6e74 .av-special-heading-tag{\nfont-size:25px;\n}\n.av-special-heading.av-1xm0x2-78d73ecbe7e3234a591a73670fda6e74 .av-subheading{\nfont-size:15px;\n}\n\n@media only screen and (min-width: 480px) and (max-width: 767px){ \n#top #wrap_all .av-special-heading.av-1xm0x2-78d73ecbe7e3234a591a73670fda6e74 .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n\n@media only screen and (max-width: 479px){ \n#top #wrap_all .av-special-heading.av-1xm0x2-78d73ecbe7e3234a591a73670fda6e74 .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n<\/style>\n<div  class='av-special-heading av-1xm0x2-78d73ecbe7e3234a591a73670fda6e74 av-special-heading-h6 blockquote modern-quote  titulosecundario av-inherit-size'><h6 class='av-special-heading-tag '  itemprop=\"headline\"  >The Bright Side of Transparency: Evidence from Supervisory Capital Requirements<\/h6><div class='av-subheading av-subheading_below'><p>Joint with Nordine Abidi (International Monetary Fund), Quentin Vandeweyer (University of Chicago) and Livia Amato (University of Chicago).<\/p>\n<\/div><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-3eg5rq-45ca777fb816b2366bf4916a4527e344\">\n.flex_column.av-3eg5rq-45ca777fb816b2366bf4916a4527e344{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-3eg5rq-45ca777fb816b2366bf4916a4527e344 av_two_fifth first flex_column_div av-zero-column-padding  '     ><style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-36bxpi-fbab9d754bfea2bcad59ac56c408de21\">\n#top .avia-gallery.av-36bxpi-fbab9d754bfea2bcad59ac56c408de21 .avia-gallery-thumb a{\nwidth:20%;\n}\n<\/style>\n<div  class='avia-gallery av-36bxpi-fbab9d754bfea2bcad59ac56c408de21 avia_animate_when_visible av-hide-gallery-thumbs deactivate_avia_lazyload av-slideshow-ui av-loop-manual-endless av-control-hidden av-navigate-arrows av-navigate-dots hover-effect av-control-hidden avia-gallery-animate avia-gallery-2'  itemprop=\"image\" itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/ImageObject\" ><meta itemprop=\"contentURL\" content=\"https:\/\/ixartmiquel.com\/\"><div class='avia-gallery-big-wrapper'><a class='avia-gallery-big fakeLightbox lightbox avia-gallery-big-crop-thumb ' href=\"https:\/\/ixartmiquel.com\/wp-content\/uploads\/2021\/07\/Time-Varying-Effect-Foreign.png\" data-srcset=\"https:\/\/ixartmiquel.com\/wp-content\/uploads\/2021\/07\/Time-Varying-Effect-Foreign.png 649w, https:\/\/ixartmiquel.com\/wp-content\/uploads\/2021\/07\/Time-Varying-Effect-Foreign-300x177.png 300w\" data-sizes=\"(max-width: 649px) 100vw, 649px\"  data-onclick='1' title='Time Varying Effect (Foreign)' ><span class='avia-gallery-big-inner'  itemprop=\"thumbnailUrl\" ><img decoding=\"async\" loading=\"lazy\" class=\"wp-image-172 avia-img-lazy-loading-172\"  width=\"649\" height=\"375\" src=\"https:\/\/ixartmiquel.com\/wp-content\/uploads\/2021\/07\/Time-Varying-Effect-Foreign-649x375.png\" title='Time Varying Effect (Foreign)' alt='' \/><\/span><\/a><\/div><div class='avia-gallery-thumb'><a href=\"https:\/\/ixartmiquel.com\/wp-content\/uploads\/2021\/07\/Time-Varying-Effect-Foreign.png\" data-srcset=\"https:\/\/ixartmiquel.com\/wp-content\/uploads\/2021\/07\/Time-Varying-Effect-Foreign.png 649w, https:\/\/ixartmiquel.com\/wp-content\/uploads\/2021\/07\/Time-Varying-Effect-Foreign-300x177.png 300w\" data-sizes=\"(max-width: 649px) 100vw, 649px\" data-rel='gallery-2' data-prev-img='https:\/\/ixartmiquel.com\/wp-content\/uploads\/2021\/07\/Time-Varying-Effect-Foreign-649x375.png' class='first_thumb lightbox ' data-onclick='1' title='Time Varying Effect (Foreign)'  itemprop=\"thumbnailUrl\"  ><img decoding=\"async\" loading=\"lazy\" class=\"wp-image-172 avia-img-lazy-loading-172\"   src=\"https:\/\/ixartmiquel.com\/wp-content\/uploads\/2021\/07\/Time-Varying-Effect-Foreign-495x383.png\" width=\"495\" height=\"383\"  title='Time Varying Effect (Foreign)' alt='' \/><div class='big-prev-fake'><img decoding=\"async\" loading=\"lazy\" class=\"wp-image-172 avia-img-lazy-loading-172\"  width=\"649\" height=\"375\" src=\"https:\/\/ixartmiquel.com\/wp-content\/uploads\/2021\/07\/Time-Varying-Effect-Foreign-649x375.png\" title='Time Varying Effect (Foreign)' alt='' \/><\/div><\/a><\/div><\/div><\/div>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-1phbvq-a5b4fb6fd0fb0053214e6da7d6118e59\">\n.flex_column.av-1phbvq-a5b4fb6fd0fb0053214e6da7d6118e59{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-1phbvq-a5b4fb6fd0fb0053214e6da7d6118e59 av_three_fifth flex_column_div av-zero-column-padding  '     ><section  class='av_textblock_section av-1if2by-332e2291a366455294eb4f6f40510dd5 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock'  itemprop=\"text\" ><p>Should public institutions disclose information about the credit worthiness of the company which it supervises? This paper uses a change in the disclosure policy of the European Central Bank\u2019s regulatory arm to shed light on this question. Specifically we compare European banks along a large number of dimensions before and after the ECB published for the first time bank-by-bank information on Pillar 2 requirements (P2R) in an effort to improve transparency. We show that bond prices and cross-border holdings of debt securities are sensitive to new regulatory information as well as to rating gaps between the ECB and private credit rating agencies. Overall, our results support the view that wider disclosure of prudential requirements are beneficial for market discipline and financial integration. They also support the idea that supervisors have a specific, idiosyncratic and valuable knowledge of the banks they supervise.<br \/>\nLatest Version: <a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=3866364\" target=\"_blank\" rel=\"noopener\">SSRN Working Paper, June 2021<\/a>.<br \/>\nUniversity of Oxford. <a href=\"https:\/\/www.law.ox.ac.uk\/business-law-blog\/blog\/2021\/10\/bright-side-transparency-evidence-supervisory-capital-requirements\" target=\"_blank\" rel=\"noopener\">Oxford Business Law Blog<\/a>.<\/p>\n<\/div><\/section><\/div><div  class='hr av-1fzwzi-90766b298ed64ff822ca0fdf8438312c hr-default'><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-1jxyeu-70f5c4e93d358debbee6017109b5e4e7\">\n#top .av-special-heading.av-1jxyeu-70f5c4e93d358debbee6017109b5e4e7{\nmargin:0 0 30px 0;\npadding-bottom:0;\nfont-size:25px;\n}\nbody .av-special-heading.av-1jxyeu-70f5c4e93d358debbee6017109b5e4e7 .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n#top #wrap_all .av-special-heading.av-1jxyeu-70f5c4e93d358debbee6017109b5e4e7 .av-special-heading-tag{\nfont-size:25px;\n}\n.av-special-heading.av-1jxyeu-70f5c4e93d358debbee6017109b5e4e7 .av-subheading{\nfont-size:15px;\n}\n\n@media only screen and (min-width: 480px) and (max-width: 767px){ \n#top #wrap_all .av-special-heading.av-1jxyeu-70f5c4e93d358debbee6017109b5e4e7 .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n\n@media only screen and (max-width: 479px){ \n#top #wrap_all .av-special-heading.av-1jxyeu-70f5c4e93d358debbee6017109b5e4e7 .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n<\/style>\n<div  class='av-special-heading av-1jxyeu-70f5c4e93d358debbee6017109b5e4e7 av-special-heading-h6 blockquote modern-quote  titulosecundario av-inherit-size'><h6 class='av-special-heading-tag '  itemprop=\"headline\"  >Who benefits from the corporate QE? A Regression Discontinuity Design Approach<\/h6><div class='av-subheading av-subheading_below'><p>Joint with Nordine Abidi (International Monetary Fund).<\/p>\n<\/div><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-1hd8g6-c2b1a6aa3a9d14abed49b073c43f2b32\">\n.flex_column.av-1hd8g6-c2b1a6aa3a9d14abed49b073c43f2b32{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-1hd8g6-c2b1a6aa3a9d14abed49b073c43f2b32 av_two_fifth first flex_column_div av-zero-column-padding  '     ><style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-1ba6na-254ac434eedb6af6f0637568bde1900d\">\n#top .avia-gallery.av-1ba6na-254ac434eedb6af6f0637568bde1900d .avia-gallery-thumb a{\nwidth:20%;\n}\n<\/style>\n<div  class='avia-gallery av-1ba6na-254ac434eedb6af6f0637568bde1900d avia_animate_when_visible av-hide-gallery-thumbs deactivate_avia_lazyload av-slideshow-ui av-loop-manual-endless av-control-hidden av-navigate-arrows av-navigate-dots hover-effect av-control-hidden avia-gallery-animate avia-gallery-3'  itemprop=\"image\" itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/ImageObject\" ><meta itemprop=\"contentURL\" content=\"https:\/\/ixartmiquel.com\/\"><div class='avia-gallery-big-wrapper'><a class='avia-gallery-big fakeLightbox lightbox avia-gallery-big-crop-thumb ' href=\"https:\/\/ixartmiquel.com\/wp-content\/uploads\/2021\/07\/Who-benefits-Corporate-QE-1-1.png\" data-srcset=\"https:\/\/ixartmiquel.com\/wp-content\/uploads\/2021\/07\/Who-benefits-Corporate-QE-1-1.png 970w, https:\/\/ixartmiquel.com\/wp-content\/uploads\/2021\/07\/Who-benefits-Corporate-QE-1-1-300x220.png 300w, https:\/\/ixartmiquel.com\/wp-content\/uploads\/2021\/07\/Who-benefits-Corporate-QE-1-1-768x562.png 768w, https:\/\/ixartmiquel.com\/wp-content\/uploads\/2021\/07\/Who-benefits-Corporate-QE-1-1-705x516.png 705w\" data-sizes=\"(max-width: 970px) 100vw, 970px\"  data-onclick='1' title='Who benefits Corporate QE' ><span class='avia-gallery-big-inner'  itemprop=\"thumbnailUrl\" ><img decoding=\"async\" loading=\"lazy\" class=\"wp-image-271 avia-img-lazy-loading-271\"  width=\"845\" height=\"684\" src=\"https:\/\/ixartmiquel.com\/wp-content\/uploads\/2021\/07\/Who-benefits-Corporate-QE-1-1-845x684.png\" title='Who benefits Corporate QE' alt='' srcset=\"https:\/\/ixartmiquel.com\/wp-content\/uploads\/2021\/07\/Who-benefits-Corporate-QE-1-1-845x684.png 845w, https:\/\/ixartmiquel.com\/wp-content\/uploads\/2021\/07\/Who-benefits-Corporate-QE-1-1-495x400.png 495w\" sizes=\"(max-width: 845px) 100vw, 845px\" \/><\/span><\/a><\/div><div class='avia-gallery-thumb'><a href=\"https:\/\/ixartmiquel.com\/wp-content\/uploads\/2021\/07\/Who-benefits-Corporate-QE-1-1.png\" data-srcset=\"https:\/\/ixartmiquel.com\/wp-content\/uploads\/2021\/07\/Who-benefits-Corporate-QE-1-1.png 970w, https:\/\/ixartmiquel.com\/wp-content\/uploads\/2021\/07\/Who-benefits-Corporate-QE-1-1-300x220.png 300w, https:\/\/ixartmiquel.com\/wp-content\/uploads\/2021\/07\/Who-benefits-Corporate-QE-1-1-768x562.png 768w, https:\/\/ixartmiquel.com\/wp-content\/uploads\/2021\/07\/Who-benefits-Corporate-QE-1-1-705x516.png 705w\" data-sizes=\"(max-width: 970px) 100vw, 970px\" data-rel='gallery-3' data-prev-img='https:\/\/ixartmiquel.com\/wp-content\/uploads\/2021\/07\/Who-benefits-Corporate-QE-1-1-845x684.png' class='first_thumb lightbox ' data-onclick='1' title='Who benefits Corporate QE'  itemprop=\"thumbnailUrl\"  ><img decoding=\"async\" loading=\"lazy\" class=\"wp-image-271 avia-img-lazy-loading-271\"   src=\"https:\/\/ixartmiquel.com\/wp-content\/uploads\/2021\/07\/Who-benefits-Corporate-QE-1-1-495x400.png\" width=\"495\" height=\"400\"  title='Who benefits Corporate QE' alt='' srcset=\"https:\/\/ixartmiquel.com\/wp-content\/uploads\/2021\/07\/Who-benefits-Corporate-QE-1-1-495x400.png 495w, https:\/\/ixartmiquel.com\/wp-content\/uploads\/2021\/07\/Who-benefits-Corporate-QE-1-1-845x684.png 845w\" sizes=\"(max-width: 495px) 100vw, 495px\" \/><div class='big-prev-fake'><img decoding=\"async\" loading=\"lazy\" class=\"wp-image-271 avia-img-lazy-loading-271\"  width=\"845\" height=\"684\" src=\"https:\/\/ixartmiquel.com\/wp-content\/uploads\/2021\/07\/Who-benefits-Corporate-QE-1-1-845x684.png\" title='Who benefits Corporate QE' alt='' srcset=\"https:\/\/ixartmiquel.com\/wp-content\/uploads\/2021\/07\/Who-benefits-Corporate-QE-1-1-845x684.png 845w, https:\/\/ixartmiquel.com\/wp-content\/uploads\/2021\/07\/Who-benefits-Corporate-QE-1-1-495x400.png 495w\" sizes=\"(max-width: 845px) 100vw, 845px\" \/><\/div><\/a><\/div><\/div><\/div>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-11alfi-35ca5ed34cef43bd5518c284635ad038\">\n.flex_column.av-11alfi-35ca5ed34cef43bd5518c284635ad038{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-11alfi-35ca5ed34cef43bd5518c284635ad038 av_three_fifth flex_column_div av-zero-column-padding  '     ><section  class='av_textblock_section av-xe8ym-3da54e15d91b0fa29a13990a375388a5 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock'  itemprop=\"text\" ><p>On March 10, 2016, the European Central Bank (ECB) announced the Corporate Sector Purchase Programme (CSPP) \u2013 commonly known as corporate quantitative easing (QE) \u2013 to improve the financing conditions of the Eurozone\u2019s real economy and strengthen the pass-through of unconventional monetary interventions. Using a regression discontinuity design framework that exploits the rating wedge between the ECB and market participants, we show that: (i) bond yield spreads decline by around 15 basis points at the announcement of the programme, (ii) the impact is mostly noticeable in the sample of CSPP-eligible bonds that are perceived as high yield from the viewpoint of market participants and, (iii) the CSPP seems to have stimulated new issuance of corporate bonds. Overall, our results are consistent with the explanation that highlights the portfolio rebalancing mechanism and the liquidity channel.<br \/>\nLatest Version: <a href=\"https:\/\/www.ecb.europa.eu\/pub\/pdf\/scpwps\/ecb.wp2145.en.pdf\" target=\"_blank\" rel=\"noopener\">European Central Bank Working Paper Series, No. 2145\/April 2018<\/a>.<\/p>\n<\/div><\/section><\/div><div  id=\"workinprogress\"  class='hr av-79usm-edd35f08112f695b97702970a5d68d9a hr-default'><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-n9a2m-03ff1bd964eaa28f38562d21d4a357a8\">\n#top .av-special-heading.av-n9a2m-03ff1bd964eaa28f38562d21d4a357a8{\npadding-bottom:0;\n}\nbody .av-special-heading.av-n9a2m-03ff1bd964eaa28f38562d21d4a357a8 .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n.av-special-heading.av-n9a2m-03ff1bd964eaa28f38562d21d4a357a8 .av-subheading{\nfont-size:15px;\n}\n<\/style>\n<div  class='av-special-heading av-n9a2m-03ff1bd964eaa28f38562d21d4a357a8 av-special-heading-h2 blockquote modern-quote'><h2 class='av-special-heading-tag '  itemprop=\"headline\"  >Work in Progress<\/h2><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div>\n<div  class='hr av-h5lw6-603a11da5afd46213fb2b6ce45391720 hr-default'><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-be6au-bfc3b59d447e2df1d562c216a8dd4bf6\">\n#top .av-special-heading.av-be6au-bfc3b59d447e2df1d562c216a8dd4bf6{\nmargin:0 0 30px 0;\npadding-bottom:0;\nfont-size:25px;\n}\nbody .av-special-heading.av-be6au-bfc3b59d447e2df1d562c216a8dd4bf6 .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n#top #wrap_all .av-special-heading.av-be6au-bfc3b59d447e2df1d562c216a8dd4bf6 .av-special-heading-tag{\nfont-size:25px;\n}\n.av-special-heading.av-be6au-bfc3b59d447e2df1d562c216a8dd4bf6 .av-subheading{\nfont-size:15px;\n}\n\n@media only screen and (min-width: 480px) and (max-width: 767px){ \n#top #wrap_all .av-special-heading.av-be6au-bfc3b59d447e2df1d562c216a8dd4bf6 .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n\n@media only screen and (max-width: 479px){ \n#top #wrap_all .av-special-heading.av-be6au-bfc3b59d447e2df1d562c216a8dd4bf6 .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n<\/style>\n<div  class='av-special-heading av-be6au-bfc3b59d447e2df1d562c216a8dd4bf6 av-special-heading-h6 blockquote modern-quote  titulosecundario av-inherit-size'><h6 class='av-special-heading-tag '  itemprop=\"headline\"  >Quantitative Easing and Cross Sectional Stock Returns<\/h6><div class='av-subheading av-subheading_below'><p>Joint with Nordine Abidi (International Monetary Fund) and Quentin Vandeweyer (University of Chicago).<\/p>\n<\/div><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div>\n<div  class='hr av-q31ni-1447705ca4ef762cea493daf5ef51a37 hr-default'><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-ktgz5erk-b31f5bd988e3e51c86218bd405cac5ec\">\n#top .av-special-heading.av-ktgz5erk-b31f5bd988e3e51c86218bd405cac5ec{\nmargin:0 0 30px 0;\npadding-bottom:0;\nfont-size:25px;\n}\nbody .av-special-heading.av-ktgz5erk-b31f5bd988e3e51c86218bd405cac5ec .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n#top #wrap_all .av-special-heading.av-ktgz5erk-b31f5bd988e3e51c86218bd405cac5ec .av-special-heading-tag{\nfont-size:25px;\n}\n.av-special-heading.av-ktgz5erk-b31f5bd988e3e51c86218bd405cac5ec .av-subheading{\nfont-size:15px;\n}\n\n@media only screen and (min-width: 480px) and (max-width: 767px){ \n#top #wrap_all .av-special-heading.av-ktgz5erk-b31f5bd988e3e51c86218bd405cac5ec .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n\n@media only screen and (max-width: 479px){ \n#top #wrap_all .av-special-heading.av-ktgz5erk-b31f5bd988e3e51c86218bd405cac5ec .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n<\/style>\n<div  class='av-special-heading av-ktgz5erk-b31f5bd988e3e51c86218bd405cac5ec av-special-heading-h6 blockquote modern-quote  titulosecundario av-inherit-size'><h6 class='av-special-heading-tag '  itemprop=\"headline\"  >The (Procyclical) Structure of Equity Risk Premia<\/h6><div class='av-subheading av-subheading_below'><p>Joint with Nicolas Syrichas (European Central Bank).<\/p>\n<\/div><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div>\n<br \/>\n<\/div><\/div><\/div><!-- close content main div --><\/div><\/div><div id='bookchapters'  class='avia-section av-56fkly-5a95270fe40fd14ab2cdc7f515e88c04 main_color avia-section-default avia-no-shadow avia-bg-style-scroll container_wrap fullsize'  ><div class='container av-section-cont-open' ><div class='template-page content  av-content-full alpha units'><div class='post-entry post-entry-type-page post-entry-126'><div class='entry-content-wrapper clearfix'>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-krxhf3jc-c79ed53e760dc746db003b4fe5385a13\">\n#top .av-special-heading.av-krxhf3jc-c79ed53e760dc746db003b4fe5385a13{\nmargin:0 0 0 0;\npadding-bottom:10px;\n}\nbody .av-special-heading.av-krxhf3jc-c79ed53e760dc746db003b4fe5385a13 .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n.av-special-heading.av-krxhf3jc-c79ed53e760dc746db003b4fe5385a13 .av-subheading{\nfont-size:15px;\n}\n<\/style>\n<div  class='av-special-heading av-krxhf3jc-c79ed53e760dc746db003b4fe5385a13 av-special-heading-h1 blockquote modern-quote modern-centered'><h1 class='av-special-heading-tag '  itemprop=\"headline\"  >Books and Book Chapters<\/h1><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-v6s6-424738a25dbc2b67652831c63a54410e\">\n#top .hr.av-v6s6-424738a25dbc2b67652831c63a54410e{\nmargin-top:0px;\nmargin-bottom:30px;\n}\n.hr.av-v6s6-424738a25dbc2b67652831c63a54410e .hr-inner{\nwidth:50px;\nmax-width:45%;\n}\n<\/style>\n<div  class='hr av-v6s6-424738a25dbc2b67652831c63a54410e hr-custom hr-center hr-icon-yes'><span class='hr-inner inner-border-av-border-thin'><span class=\"hr-inner-style\"><\/span><\/span><span class='av-seperator-icon avia-iconfont avia-font-entypo-fontello' data-av_icon='\ue877' data-av_iconfont='entypo-fontello' ><\/span><span class='hr-inner inner-border-av-border-thin'><span class=\"hr-inner-style\"><\/span><\/span><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-l0460g43-4b1996b8ab4c88f887ef9552be1db777\">\n#top .av-special-heading.av-l0460g43-4b1996b8ab4c88f887ef9552be1db777{\nmargin:0 0 30px 0;\npadding-bottom:0;\nfont-size:25px;\n}\nbody .av-special-heading.av-l0460g43-4b1996b8ab4c88f887ef9552be1db777 .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n#top #wrap_all .av-special-heading.av-l0460g43-4b1996b8ab4c88f887ef9552be1db777 .av-special-heading-tag{\nfont-size:25px;\n}\n.av-special-heading.av-l0460g43-4b1996b8ab4c88f887ef9552be1db777 .av-subheading{\nfont-size:15px;\n}\n\n@media only screen and (min-width: 480px) and (max-width: 767px){ \n#top #wrap_all .av-special-heading.av-l0460g43-4b1996b8ab4c88f887ef9552be1db777 .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n\n@media only screen and (max-width: 479px){ \n#top #wrap_all .av-special-heading.av-l0460g43-4b1996b8ab4c88f887ef9552be1db777 .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n<\/style>\n<div  class='av-special-heading av-l0460g43-4b1996b8ab4c88f887ef9552be1db777 av-special-heading-h6 blockquote modern-quote  titulosecundario av-inherit-size'><h6 class='av-special-heading-tag '  itemprop=\"headline\"  >Why Do Banks Fail and What to Do About It <\/p>\n<p><h5> The Role of Risk Management, Governance, Accounting, and More.<\/h5>\n<p><\/h6><div class='av-subheading av-subheading_below'><p>Joint with Nordine Abidi  (International Monetary Fund), Bruno Buchetti, (University of Padua and Toulouse Business School) and Samuele Crosetti (Single Resolution Board)<\/p>\n<\/div><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-9z7fa-d0bb73d8a5f6fd896818f8f4ac67f6db\">\n#top .hr.hr-invisible.av-9z7fa-d0bb73d8a5f6fd896818f8f4ac67f6db{\nheight:30px;\n}\n<\/style>\n<div  class='hr av-9z7fa-d0bb73d8a5f6fd896818f8f4ac67f6db hr-invisible'><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-1a9ury-ed9abbf3a7a9729ec8763f35ac976aa9\">\n.flex_column.av-1a9ury-ed9abbf3a7a9729ec8763f35ac976aa9{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-1a9ury-ed9abbf3a7a9729ec8763f35ac976aa9 av_two_fifth first flex_column_div av-zero-column-padding  '     ><style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-lqh20tkj-a4eb051eb36d77ad19e363819b6918c7\">\n#top .avia-gallery.av-lqh20tkj-a4eb051eb36d77ad19e363819b6918c7 .avia-gallery-thumb a{\nwidth:20%;\n}\n<\/style>\n<div  class='avia-gallery av-lqh20tkj-a4eb051eb36d77ad19e363819b6918c7 avia_animate_when_visible av-hide-gallery-thumbs deactivate_avia_lazyload av-slideshow-ui av-loop-manual-endless av-control-hidden av-navigate-arrows hover-effect av-control-hidden avia-gallery-animate avia-gallery-4'  itemprop=\"image\" itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/ImageObject\" ><meta itemprop=\"contentURL\" content=\"https:\/\/ixartmiquel.com\/\"><div class='avia-gallery-big-wrapper'><a class='avia-gallery-big fakeLightbox lightbox avia-gallery-big-crop-thumb ' href=\"https:\/\/ixartmiquel.com\/wp-content\/uploads\/2023\/12\/Why-do-Banks-Fail-and-What-to-Do-About-It.jpg\" data-srcset=\"https:\/\/ixartmiquel.com\/wp-content\/uploads\/2023\/12\/Why-do-Banks-Fail-and-What-to-Do-About-It.jpg 971w, https:\/\/ixartmiquel.com\/wp-content\/uploads\/2023\/12\/Why-do-Banks-Fail-and-What-to-Do-About-It-300x251.jpg 300w, https:\/\/ixartmiquel.com\/wp-content\/uploads\/2023\/12\/Why-do-Banks-Fail-and-What-to-Do-About-It-768x643.jpg 768w, https:\/\/ixartmiquel.com\/wp-content\/uploads\/2023\/12\/Why-do-Banks-Fail-and-What-to-Do-About-It-705x590.jpg 705w\" data-sizes=\"(max-width: 971px) 100vw, 971px\"  data-onclick='1' title='Why-do-Banks-Fail-and-What-to-Do-About-It' ><span class='avia-gallery-big-inner'  itemprop=\"thumbnailUrl\" ><img decoding=\"async\" class=\"wp-image-634 avia-img-lazy-loading-not-634\"  width=\"705\" height=\"590\" src=\"https:\/\/ixartmiquel.com\/wp-content\/uploads\/2023\/12\/Why-do-Banks-Fail-and-What-to-Do-About-It-705x590.jpg\" title='Why-do-Banks-Fail-and-What-to-Do-About-It' alt='Why-do-Banks-Fail-and-What-to-Do-About-It' srcset=\"https:\/\/ixartmiquel.com\/wp-content\/uploads\/2023\/12\/Why-do-Banks-Fail-and-What-to-Do-About-It-705x590.jpg 705w, https:\/\/ixartmiquel.com\/wp-content\/uploads\/2023\/12\/Why-do-Banks-Fail-and-What-to-Do-About-It-300x251.jpg 300w, https:\/\/ixartmiquel.com\/wp-content\/uploads\/2023\/12\/Why-do-Banks-Fail-and-What-to-Do-About-It-768x643.jpg 768w, https:\/\/ixartmiquel.com\/wp-content\/uploads\/2023\/12\/Why-do-Banks-Fail-and-What-to-Do-About-It.jpg 971w\" sizes=\"(max-width: 705px) 100vw, 705px\" \/><\/span><\/a><\/div><div class='avia-gallery-thumb'><a href=\"https:\/\/ixartmiquel.com\/wp-content\/uploads\/2023\/12\/Why-do-Banks-Fail-and-What-to-Do-About-It.jpg\" data-srcset=\"https:\/\/ixartmiquel.com\/wp-content\/uploads\/2023\/12\/Why-do-Banks-Fail-and-What-to-Do-About-It.jpg 971w, https:\/\/ixartmiquel.com\/wp-content\/uploads\/2023\/12\/Why-do-Banks-Fail-and-What-to-Do-About-It-300x251.jpg 300w, https:\/\/ixartmiquel.com\/wp-content\/uploads\/2023\/12\/Why-do-Banks-Fail-and-What-to-Do-About-It-768x643.jpg 768w, https:\/\/ixartmiquel.com\/wp-content\/uploads\/2023\/12\/Why-do-Banks-Fail-and-What-to-Do-About-It-705x590.jpg 705w\" data-sizes=\"(max-width: 971px) 100vw, 971px\" data-rel='gallery-4' data-prev-img='https:\/\/ixartmiquel.com\/wp-content\/uploads\/2023\/12\/Why-do-Banks-Fail-and-What-to-Do-About-It-705x590.jpg' class='first_thumb lightbox ' data-onclick='1' title='Why-do-Banks-Fail-and-What-to-Do-About-It'  itemprop=\"thumbnailUrl\"  ><img decoding=\"async\" class=\"wp-image-634 avia-img-lazy-loading-not-634\"   src=\"https:\/\/ixartmiquel.com\/wp-content\/uploads\/2023\/12\/Why-do-Banks-Fail-and-What-to-Do-About-It-495x400.jpg\" width=\"495\" height=\"400\"  title='Why-do-Banks-Fail-and-What-to-Do-About-It' alt='Why-do-Banks-Fail-and-What-to-Do-About-It' srcset=\"https:\/\/ixartmiquel.com\/wp-content\/uploads\/2023\/12\/Why-do-Banks-Fail-and-What-to-Do-About-It-495x400.jpg 495w, https:\/\/ixartmiquel.com\/wp-content\/uploads\/2023\/12\/Why-do-Banks-Fail-and-What-to-Do-About-It-845x684.jpg 845w\" sizes=\"(max-width: 495px) 100vw, 495px\" \/><div class='big-prev-fake'><img decoding=\"async\" loading=\"lazy\" class=\"wp-image-634 avia-img-lazy-loading-634\"  width=\"705\" height=\"590\" src=\"https:\/\/ixartmiquel.com\/wp-content\/uploads\/2023\/12\/Why-do-Banks-Fail-and-What-to-Do-About-It-705x590.jpg\" title='Why-do-Banks-Fail-and-What-to-Do-About-It' alt='Why-do-Banks-Fail-and-What-to-Do-About-It' srcset=\"https:\/\/ixartmiquel.com\/wp-content\/uploads\/2023\/12\/Why-do-Banks-Fail-and-What-to-Do-About-It-705x590.jpg 705w, https:\/\/ixartmiquel.com\/wp-content\/uploads\/2023\/12\/Why-do-Banks-Fail-and-What-to-Do-About-It-300x251.jpg 300w, https:\/\/ixartmiquel.com\/wp-content\/uploads\/2023\/12\/Why-do-Banks-Fail-and-What-to-Do-About-It-768x643.jpg 768w, https:\/\/ixartmiquel.com\/wp-content\/uploads\/2023\/12\/Why-do-Banks-Fail-and-What-to-Do-About-It.jpg 971w\" sizes=\"(max-width: 705px) 100vw, 705px\" \/><\/div><\/a><\/div><\/div><\/div>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-fr6b2-f1e76e1cd2394190eddcc7eb73d40f80\">\n.flex_column.av-fr6b2-f1e76e1cd2394190eddcc7eb73d40f80{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-fr6b2-f1e76e1cd2394190eddcc7eb73d40f80 av_three_fifth flex_column_div av-zero-column-padding  '     ><section  class='av_textblock_section av-l0460q7b-17d0c1e0fed6e06229562441f57712b4 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock'  itemprop=\"text\" ><p>Banks play a crucial role in the global economy, yet they are vulnerable to failures that can have catastrophic effects. Key questions arise: What causes bank failures? What drives these failures? Can we avoid a banking crisis? What happens when a bank fails? This book explores the causes, consequences, and potential prevention of banking crises. It begins by examining the fundamental roles of banks in the economic system, focusing on their intermediary functions like liquidity provision, payment management, asset transformation, and borrower oversight. The book then delves into the challenges facing the banking sector, including cyber threats, climate change, and geopolitical instabilities. The second chapter addresses the primary risks banks face, such as liquidity, credit, market, interest rate, IT, and environmental risks, and how these contribute to banking failures. Chapter three shifts focus to financial statements, contrasting those of commercial and investment banks with non-financial companies, and discusses the impact of creative accounting in recent banking collapses. Governance issues and their role in banking failures are the focus of chapter four, highlighting the crucial need for effective risk monitoring by bank directors. The final chapter illustrates the process of bank resolution and the evolving strategies of resolution authorities in ensuring bank stability. Targeted at researchers, regulators, and practitioners, this book comprehensively covers the drivers of banking failures, regulatory improvement suggestions, and real-world case studies. It emphasizes the importance of banks in today\u2019s economy, their unique risks, and the aftermath of their failure, aiming to provide a threefold contribution to understanding and managing banking crises.<br \/>\n<a href=\"https:\/\/link.springer.com\/book\/9783031523106\" target=\"_blank\" rel=\"noopener\"><strong>Springer, 2024.<\/strong><\/a><br \/>\n<strong><a href=\"https:\/\/www.amazon.it\/Why-Banks-Fail-What-About\/dp\/3031523105\/ref=sr_1_19?qid=1702811453&#038;refinements=p_27%3AA.+Crosetto&#038;s=books&#038;sr=1-19\">Amazon<\/a><\/strong><\/p>\n<\/div><\/section><\/div><div  class='hr av-ebsrq-f8eb71f44fdf52a891792b94fccbc3b9 hr-default'><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-159zgu-9395e8d43a71a43c88b1781ec48ba3c2\">\n#top .av-special-heading.av-159zgu-9395e8d43a71a43c88b1781ec48ba3c2{\nmargin:0 0 30px 0;\npadding-bottom:0;\nfont-size:25px;\n}\nbody .av-special-heading.av-159zgu-9395e8d43a71a43c88b1781ec48ba3c2 .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n#top #wrap_all .av-special-heading.av-159zgu-9395e8d43a71a43c88b1781ec48ba3c2 .av-special-heading-tag{\nfont-size:25px;\n}\n.av-special-heading.av-159zgu-9395e8d43a71a43c88b1781ec48ba3c2 .av-subheading{\nfont-size:15px;\n}\n\n@media only screen and (min-width: 480px) and (max-width: 767px){ \n#top #wrap_all .av-special-heading.av-159zgu-9395e8d43a71a43c88b1781ec48ba3c2 .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n\n@media only screen and (max-width: 479px){ \n#top #wrap_all .av-special-heading.av-159zgu-9395e8d43a71a43c88b1781ec48ba3c2 .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n<\/style>\n<div  class='av-special-heading av-159zgu-9395e8d43a71a43c88b1781ec48ba3c2 av-special-heading-h6 blockquote modern-quote  titulosecundario av-inherit-size'><h6 class='av-special-heading-tag '  itemprop=\"headline\"  ><span class='special_amp'>\u201c<\/span><i style=\"font-style: italic;\">Too Tech to Fail?<\/i><span class='special_amp'>\u201d<\/span>; In Digitalisation, Sustainability and the Banking and Capital Markets Union.<\/h6><div class='av-subheading av-subheading_below'><p>Edited by <strong>Lukas B\u00f6ffel and Jonas Sch\u00fcrger<\/strong><br \/>\nJoint with Nordine Abidi (International Monetary Fund)<\/p>\n<\/div><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-ve4ie-8b6e64eb9d06a3a348f3d7efcc1a966a\">\n#top .hr.hr-invisible.av-ve4ie-8b6e64eb9d06a3a348f3d7efcc1a966a{\nheight:30px;\n}\n<\/style>\n<div  class='hr av-ve4ie-8b6e64eb9d06a3a348f3d7efcc1a966a hr-invisible'><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-jdus6-3b2ba3471c8e89e7b50ac6f7a7fe8941\">\n.flex_column.av-jdus6-3b2ba3471c8e89e7b50ac6f7a7fe8941{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-jdus6-3b2ba3471c8e89e7b50ac6f7a7fe8941 av_two_fifth first flex_column_div av-zero-column-padding  '     ><style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-l0461csg-92bc7ffb71dc62aef93b32ba31e2ef66\">\n#top .avia-gallery.av-l0461csg-92bc7ffb71dc62aef93b32ba31e2ef66 .avia-gallery-thumb a{\nwidth:20%;\n}\n<\/style>\n<div  class='avia-gallery av-l0461csg-92bc7ffb71dc62aef93b32ba31e2ef66 avia_animate_when_visible av-hide-gallery-thumbs deactivate_avia_lazyload av-slideshow-ui av-loop-manual-endless av-control-hidden av-navigate-arrows av-navigate-dots hover-effect av-control-hidden avia-gallery-animate avia-gallery-5'  itemprop=\"image\" itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/ImageObject\" ><meta itemprop=\"contentURL\" content=\"https:\/\/ixartmiquel.com\/\"><div class='avia-gallery-big-wrapper'><a class='avia-gallery-big fakeLightbox lightbox avia-gallery-big-crop-thumb ' href=\"https:\/\/ixartmiquel.com\/wp-content\/uploads\/2022\/03\/FundingAdvantage.png\" data-srcset=\"https:\/\/ixartmiquel.com\/wp-content\/uploads\/2022\/03\/FundingAdvantage.png 828w, https:\/\/ixartmiquel.com\/wp-content\/uploads\/2022\/03\/FundingAdvantage-300x184.png 300w, https:\/\/ixartmiquel.com\/wp-content\/uploads\/2022\/03\/FundingAdvantage-768x470.png 768w, https:\/\/ixartmiquel.com\/wp-content\/uploads\/2022\/03\/FundingAdvantage-705x432.png 705w\" data-sizes=\"(max-width: 828px) 100vw, 828px\"  data-onclick='1' title='FundingAdvantage' ><span class='avia-gallery-big-inner'  itemprop=\"thumbnailUrl\" ><img decoding=\"async\" class=\"wp-image-552 avia-img-lazy-loading-not-552\"  width=\"710\" height=\"375\" src=\"https:\/\/ixartmiquel.com\/wp-content\/uploads\/2022\/03\/FundingAdvantage-710x375.png\" title='FundingAdvantage' alt='' \/><\/span><\/a><\/div><div class='avia-gallery-thumb'><a href=\"https:\/\/ixartmiquel.com\/wp-content\/uploads\/2022\/03\/FundingAdvantage.png\" data-srcset=\"https:\/\/ixartmiquel.com\/wp-content\/uploads\/2022\/03\/FundingAdvantage.png 828w, https:\/\/ixartmiquel.com\/wp-content\/uploads\/2022\/03\/FundingAdvantage-300x184.png 300w, https:\/\/ixartmiquel.com\/wp-content\/uploads\/2022\/03\/FundingAdvantage-768x470.png 768w, https:\/\/ixartmiquel.com\/wp-content\/uploads\/2022\/03\/FundingAdvantage-705x432.png 705w\" data-sizes=\"(max-width: 828px) 100vw, 828px\" data-rel='gallery-5' data-prev-img='https:\/\/ixartmiquel.com\/wp-content\/uploads\/2022\/03\/FundingAdvantage-710x375.png' class='first_thumb lightbox ' data-onclick='1' title='FundingAdvantage'  itemprop=\"thumbnailUrl\"  ><img decoding=\"async\" class=\"wp-image-552 avia-img-lazy-loading-not-552\"   src=\"https:\/\/ixartmiquel.com\/wp-content\/uploads\/2022\/03\/FundingAdvantage-495x400.png\" width=\"495\" height=\"400\"  title='FundingAdvantage' alt='' \/><div class='big-prev-fake'><img decoding=\"async\" loading=\"lazy\" class=\"wp-image-552 avia-img-lazy-loading-552\"  width=\"710\" height=\"375\" src=\"https:\/\/ixartmiquel.com\/wp-content\/uploads\/2022\/03\/FundingAdvantage-710x375.png\" title='FundingAdvantage' alt='' \/><\/div><\/a><\/div><\/div><\/div>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-2si5i-15a4b73288df3c282c9ab685607a5197\">\n.flex_column.av-2si5i-15a4b73288df3c282c9ab685607a5197{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-2si5i-15a4b73288df3c282c9ab685607a5197 av_three_fifth flex_column_div av-zero-column-padding  '     ><section  class='av_textblock_section av-mon0m-e4ce995f887401ea2e35d9c33c8a6adc '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock'  itemprop=\"text\" ><p>Do the biggest tech companies have a bond funding edge? Are they the new \u00abToo-big-to-fail\u00bb (TBTF)? TBTF represents, among other things, the idea that the biggest firms (usually banks) receive an unfair funding advantage over smaller ones in the bond market. By investigating the tech financial world, our empirical work reveals two important findings. First, within the universe of bond-issuing U.S. firms, the largest tech companies did experience a funding advantage \u2013 of about 30bps. on average \u2013 from 2014 to 2021. Our estimates suggest that the (implicit) subsidy is in the range of 1 to 2 USD billion per year and that this has been steadily rising over the last years, especially during the Covid-19 period. Second, using a unique dataset of security-level portfolio holdings by sector in each euro area country, we investigate portfolio choices during times of financial distress. We find evidence of a sharp relative increase in portfolio holdings of Big Tech securities during times of market turbulence suggesting that Big Tech bonds act as safe assets. Overall, while the magnitudes of our estimates remain small from a macroeconomic perspective, we find that Big Tech companies are slowly converging towards what we call the \u00abToo-Tech-to-Fail\u00bb (TTTF) paradigm. In other words, the unique position they have in the new economy, seems to artificially boost their credit profiles and lower their bond funding costs, potentially creating an uneven playing field.<br \/>\n<a href=\"https:\/\/link.springer.com\/chapter\/10.1007\/978-3-031-17077-5_1\" target=\"_blank\" rel=\"noopener\"><strong>Palgrave Macmillan, 2022.<\/strong><\/a><br \/>\nWorking Paper Latest Version: <a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=4149787\" target=\"_blank\" rel=\"noopener\">European Banking Institute Working Paper Series 2022 &#8211; no.124.<\/a><br \/>\n<strong>Newspapers, Media and Blogs:<\/strong> <a href=\"https:\/\/www.ft.com\/content\/266b15f9-f7ed-4b14-b308-a262cc764c72\" target=\"_blank\" rel=\"noopener\">Financial Times<\/a>, <a href=\"https:\/\/www.lesechos.fr\/finance-marches\/marches-financiers\/comme-pour-les-banques-avant-lehman-brothers-les-marches-ne-concoivent-pas-la-faillite-des-gafam-1415318\" target=\"_blank\" rel=\"noopener\">Les Echos<\/a>, <a href=\"https:\/\/quantpedia.com\/too-tech-to-fail\/\" target=\"_blank\" rel=\"noopener\">Quantpedia<\/a>, <a href=\"https:\/\/www.law.ox.ac.uk\/business-law-blog\/blog\/2022\/07\/too-tech-fail\" target=\"_blank\" rel=\"noopener\">Oxford University Business Law Blog<\/a>.<\/p>\n<\/div><\/section><\/div><div  class='hr av-g8r0u-93c588390f3ea81a95c2446cf71870f0 hr-default'><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-3zx1ue-c159146ed8d2cc6e616e49d26944bdc4\">\n#top .av-special-heading.av-3zx1ue-c159146ed8d2cc6e616e49d26944bdc4{\nmargin:0 0 30px 0;\npadding-bottom:0;\nfont-size:25px;\n}\nbody .av-special-heading.av-3zx1ue-c159146ed8d2cc6e616e49d26944bdc4 .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n#top #wrap_all .av-special-heading.av-3zx1ue-c159146ed8d2cc6e616e49d26944bdc4 .av-special-heading-tag{\nfont-size:25px;\n}\n.av-special-heading.av-3zx1ue-c159146ed8d2cc6e616e49d26944bdc4 .av-subheading{\nfont-size:15px;\n}\n\n@media only screen and (min-width: 480px) and (max-width: 767px){ \n#top #wrap_all .av-special-heading.av-3zx1ue-c159146ed8d2cc6e616e49d26944bdc4 .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n\n@media only screen and (max-width: 479px){ \n#top #wrap_all .av-special-heading.av-3zx1ue-c159146ed8d2cc6e616e49d26944bdc4 .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n<\/style>\n<div  class='av-special-heading av-3zx1ue-c159146ed8d2cc6e616e49d26944bdc4 av-special-heading-h6 blockquote modern-quote  titulosecundario av-inherit-size'><h6 class='av-special-heading-tag '  itemprop=\"headline\"  ><span class='special_amp'>\u201c<\/span><i style=\"font-style: italic;\">Remarks on the Evolution of Central Banking<\/i><span class='special_amp'>\u201d<\/span>; In 50 Years of Central Banking in Kenya: Regional and Global Perspectives.<\/h6><div class='av-subheading av-subheading_below'><p>Edited by <strong>Patrick Njoroge and Victor Murinde<\/strong><br \/>\nJoint with Federica Branca and Francesco Paolo Mongelli (European Central Bank)<\/p>\n<\/div><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-9ytja-b79a76a8f749436370cb9a5797907ec3\">\n#top .hr.hr-invisible.av-9ytja-b79a76a8f749436370cb9a5797907ec3{\nheight:30px;\n}\n<\/style>\n<div  class='hr av-9ytja-b79a76a8f749436370cb9a5797907ec3 hr-invisible'><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-7dv32-5b4307f03dd2b6a14cf4911b740a27a0\">\n.flex_column.av-7dv32-5b4307f03dd2b6a14cf4911b740a27a0{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-7dv32-5b4307f03dd2b6a14cf4911b740a27a0 av_two_fifth first flex_column_div av-zero-column-padding  '     ><style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-krs55gw8-33a0b638235ed2548230d1d92e7b895c\">\n#top .avia-gallery.av-krs55gw8-33a0b638235ed2548230d1d92e7b895c .avia-gallery-thumb a{\nwidth:20%;\n}\n<\/style>\n<div  class='avia-gallery av-krs55gw8-33a0b638235ed2548230d1d92e7b895c avia_animate_when_visible av-hide-gallery-thumbs deactivate_avia_lazyload av-slideshow-ui av-loop-manual-endless av-control-hidden av-navigate-arrows av-navigate-dots hover-effect av-control-hidden avia-gallery-animate avia-gallery-6'  itemprop=\"image\" itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/ImageObject\" ><meta itemprop=\"contentURL\" content=\"https:\/\/ixartmiquel.com\/\"><div class='avia-gallery-big-wrapper'><a class='avia-gallery-big fakeLightbox lightbox avia-gallery-big-crop-thumb ' href=\"https:\/\/ixartmiquel.com\/wp-content\/uploads\/2021\/07\/Chapter-5-1.gif\"  data-onclick='1' title='Chapter 5' ><span class='avia-gallery-big-inner'  itemprop=\"thumbnailUrl\" ><img decoding=\"async\" class=\"wp-image-278 avia-img-lazy-loading-not-278\"  width=\"658\" height=\"375\" src=\"https:\/\/ixartmiquel.com\/wp-content\/uploads\/2021\/07\/Chapter-5-1-658x375.gif\" title='Chapter 5' alt='' \/><\/span><\/a><\/div><div class='avia-gallery-thumb'><a href=\"https:\/\/ixartmiquel.com\/wp-content\/uploads\/2021\/07\/Chapter-5-1.gif\" data-rel='gallery-6' data-prev-img='https:\/\/ixartmiquel.com\/wp-content\/uploads\/2021\/07\/Chapter-5-1-658x375.gif' class='first_thumb lightbox ' data-onclick='1' title='Chapter 5'  itemprop=\"thumbnailUrl\"  ><img decoding=\"async\" class=\"wp-image-278 avia-img-lazy-loading-not-278\"   src=\"https:\/\/ixartmiquel.com\/wp-content\/uploads\/2021\/07\/Chapter-5-1-495x400.gif\" width=\"495\" height=\"400\"  title='Chapter 5' alt='' \/><div class='big-prev-fake'><img decoding=\"async\" loading=\"lazy\" class=\"wp-image-278 avia-img-lazy-loading-278\"  width=\"658\" height=\"375\" src=\"https:\/\/ixartmiquel.com\/wp-content\/uploads\/2021\/07\/Chapter-5-1-658x375.gif\" title='Chapter 5' alt='' \/><\/div><\/a><\/div><\/div><\/div>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-4a7gpy-c83ded3bc31a868a2995166d283ec610\">\n.flex_column.av-4a7gpy-c83ded3bc31a868a2995166d283ec610{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-4a7gpy-c83ded3bc31a868a2995166d283ec610 av_three_fifth flex_column_div av-zero-column-padding  '     ><section  class='av_textblock_section av-3wbz8m-86601f5f6035df573e782940bb61013d '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock'  itemprop=\"text\" ><p>This chapter provides some observations regarding the evolution of central banking. It is noted that the practice of monetary policy and the scope of central banks have changed over time. The chapter reflects on the path to East African Economic and Monetary Union (EA-EMU). First, how does East Africa stand in terms of economic and financial convergence? Second, what are the milestones of central banking that all central banks of the EA-EMU should master? Third, which monetary lessons could the euro area offer? Fourth, what worked, and has not, in the euro area, what is being fixed? It is noted that East African countries have differences in income per capita, exchange rate volatility, domestic prices, and fiscal discipline. To support sustainable convergence, they should align their monetary policy frameworks and have solid fiscal arrangement.<br \/>\n<strong><a href=\"https:\/\/oxford.universitypressscholarship.com\/view\/10.1093\/oso\/9780198851820.001.0001\/oso-9780198851820-chapter-5\" target=\"_blank\" rel=\"noopener\">Oxford University Press, 2021<\/a>.<\/strong><\/p>\n<\/div><\/section><\/div>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-bvdwe-d3caf8aa504b164a466a35e0c116acbc\">\n#top .hr.hr-invisible.av-bvdwe-d3caf8aa504b164a466a35e0c116acbc{\nheight:30px;\n}\n<\/style>\n<div  class='hr av-bvdwe-d3caf8aa504b164a466a35e0c116acbc hr-invisible'><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div>\n<\/div><\/div><\/div><!-- close content main div --><\/div><\/div><div id='contact'  class='av-layout-grid-container av-20851a-7aa66609536d1eb324c66f9cb8a843cf entry-content-wrapper header_color av-border-top-bottom av-flex-cells  container_wrap fullsize'  >\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-1uv36u-2173bc47acda7e3965c60ee25ed8a41b\">\n.flex_cell.av-1uv36u-2173bc47acda7e3965c60ee25ed8a41b{\nvertical-align:middle;\nbackground-color:#f7f7f7;\n}\n.responsive #top #wrap_all .flex_cell.av-1uv36u-2173bc47acda7e3965c60ee25ed8a41b{\npadding:50px 50px 50px 50px !important;\n}\n<\/style>\n<div class='flex_cell av-1uv36u-2173bc47acda7e3965c60ee25ed8a41b av-gridrow-cell av_one_half no_margin content-align-middle'  ><div class='flex_cell_inner'><p>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-1ogsam-21bb72606e18ae4279f04cd8dc65a8ff\">\n#top .av-special-heading.av-1ogsam-21bb72606e18ae4279f04cd8dc65a8ff{\npadding-bottom:30px;\nfont-size:30px;\n}\nbody .av-special-heading.av-1ogsam-21bb72606e18ae4279f04cd8dc65a8ff .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n#top #wrap_all .av-special-heading.av-1ogsam-21bb72606e18ae4279f04cd8dc65a8ff 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