Do climate-oriented regulatory policies affect the flow of credit towards polluting firms? We
match loan-level data to firm-level greenhouse gas emissions to assess the impact of the …

One aim of post-crisis monetary policy has been to ease credit conditions for borrowers by
unlocking bank lending. We find that bank equity is an important determinant of both the …

We study how relationship lending and transaction lending vary over the business cycle. We
develop a model in which relationship banks gather information on their borrowers, allowing …

Relationship lending is one of the most important lending technologies adopted by banks
and their borrowers. The adoption of relationship lending is mainly related to small business …

We conduct face-to-face interviews with bank chief executive officers to classify 397 banks
across 21 countries as relationship or transaction lenders. We then use the geographic …

Europe's financial structure has become strongly bank-based–far more so than in other
economies. We document that an increase in the size of the banking system relative to …

The outbreak of the 2007–2009 financial crisis and of the European sovereign debt crisis
again raised questions about the vulnerability and the behaviour of banking institutions. The …

We study negative interest rate policy (NIRP) exploiting ECB's NIRP introduction and
administrative data from Italy, severely hit by the Eurozone crisis. NIRP has expansionary …

We study the interaction between relationship banking and short-term arm's length activities
of banks, called trading. We show that a bank can use the franchise value of its relationships …

We study the patterns of credit supply in Italy following the burst of the European sovereign
debt crisis in 2011. Comparing lending to the same firm, we find that domestic banks …