Payment systems around the world are evolving with the emergence of digital money issued
by private firms and central banks. We provide a conceptual framework to compare and …

The global financial crisis has induced a series of failures of most conventional banks. This
study investigates the main sources of banking fragility. We use a sample of 49 banks …

The financial technologies (FinTech) revolution is in full swing globally. In this paper, we
review the burgeoning literature on FinTech and FinTech-enabled services, focusing on the …

We use supervisory loan-level data to document that small firms (SMEs) obtain shorter
maturity credit lines than large firms, post more collateral, have higher utilization rates, and …

In March 2020, banks faced the largest increase in liquidity demands ever observed. Firms
drew funds on a massive scale from preexisting credit lines in anticipation of cash flow and …

We identify fixed-income mutual funds as an important contributor to the unusually high
selling pressure in liquid asset markets during the COVID-19 crisis. We show that mutual …

Aggregate US bank lending to firms expands following several adverse macroeconomic
shocks, such as the outbreak of COVID-19 or a monetary policy tightening. Using loan-level …

This paper assesses the potential impact of FinTech on the finance industry, focusing on
financial stability and access to services. I document first that financial services remain …

A two-sided “credit-line channel”—relating to drawdowns and repayments—explains the
severe drop and partial subsequent recovery in bank stock prices during the COVID-19 …

We show that maturity transformation does not expose banks to interest rate risk—it hedges
it. The reason is the deposit franchise, which allows banks to pay deposit rates that are low …