The severity and longevity of the recession caused by the 2007 financial crisis has
highlighted the lack of a reliable macro-based financial regulation framework. As a …

The recent crisis has highlighted the crucial role that existing linkages among banks and
financial institutions plays in channeling and amplifying shocks hitting the system. The …

We review the extensive literature on systemic risk and connect it to the current regulatory
debate. While we take stock of the achievements of this rapidly growing field, we identify a …

This paper argues that the extent of financial contagion exhibits a form of phase transition:
as long as the magnitude of negative shocks affecting financial institutions are sufficiently …

Purpose The purpose of this paper is to study the market reactions of the banking industry to
the Russian–Ukraine war. Design/methodology/approach This paper uses an event study …

We study the credit supply effects of the unexpected freeze of the European interbank
market, using exhaustive Portuguese loan-level data. We find that banks that rely more on …

Using a new measure of financial constraints based on firms' qualitative disclosures, we find
that financially constrained firms—firms that use more negative words in their annual reports …

Using exogenous liquidity windfalls from oil and natural gas shale discoveries, we
demonstrate that bank branch networks help integrate US lending markets. Banks exposed …

We propose the realized systemic risk beta as a measure of financial companies'
contribution to systemic risk, given network interdependence between firms' tail risk …

We estimate the elasticity of exports to credit using matched customs and firm-level bank
credit data from Peru. To account for non-credit determinants of exports, we compare …