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Francisco Covas

Citations

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Wikipedia or ReplicationWiki mentions

(Only mentions on Wikipedia that link back to a page on a RePEc service)
  1. Francisco Covas & Wouter J. Den Haan, 2011. "The Cyclical Behavior of Debt and Equity Finance," American Economic Review, American Economic Association, vol. 101(2), pages 877-899, April.

    Mentioned in:

    1. The Cyclical Behaviour of Debt and Equity Finance (AER 2011) in ReplicationWiki ()

Working papers

  1. Luca Guerrieri & Matteo Iacoviello & Francisco Covas & John C. Driscoll & Mohammad Jahan-Parvar & Michael Kiley & Albert Queraltoy & Jae Sim, 2015. "Macroeconomic Effects of Banking Sector Losses across Structural Models," BIS Working Papers 507, Bank for International Settlements.

    Cited by:

    1. Charles Ka Yui Leung & Joe Cho Yiu Ng, 2018. "Macro Aspects of Housing," Globalization Institute Working Papers 340, Federal Reserve Bank of Dallas.
    2. Matthieu Darracq Paries, 2018. "Financial frictions and monetary policy conduct," Erudite Ph.D Dissertations, Erudite, number ph18-01 edited by Ferhat Mihoubi, December.
    3. Hirschbühl, Dominik & Krustev, Georgi & Stoevsky, Grigor, 2020. "Financial drivers of the euro area business cycle: a DSGE-based approach," Working Paper Series 2475, European Central Bank.
    4. Ambrocio, Gene & Hasan, Iftekhar & Jokivuolle, Esa & Ristolainen, Kim, 2020. "Are bank capital requirements optimally set? Evidence from researchers' views," Bank of Finland Research Discussion Papers 10/2020, Bank of Finland.
    5. Gete, Pedro, 2018. "Lending standards and macroeconomic dynamics," Working Paper Series 2207, European Central Bank.
    6. Hamed Ghiaie, 2017. "Credit Crunch On Financial Intermediary," Thema Working Papers 2017-09, THEMA (Théorie Economique, Modélisation et Applications), CY Cergy-Paris University, ESSEC and CNRS.
    7. David Aikman & Kristina Bluwstein & Sudipto Karmakar, 2021. "A tail of three occasionally-binding constraints: a modelling approach to GDP-at-Risk," Bank of England working papers 931, Bank of England.
    8. Júlio, Paulo & Maria, José R., 2024. "The magnifying role of the banking sector during depressions," Journal of Macroeconomics, Elsevier, vol. 79(C).
    9. Wieland, V. & Afanasyeva, E. & Kuete, M. & Yoo, J., 2016. "New Methods for Macro-Financial Model Comparison and Policy Analysis," Handbook of Macroeconomics, in: J. B. Taylor & Harald Uhlig (ed.), Handbook of Macroeconomics, edition 1, volume 2, chapter 0, pages 1241-1319, Elsevier.
    10. Matthieu Darracq Paries & Pascal Jacquinot & Niki Papadopoulou, 2016. "Parsing Financial Frictions Underlying Bank Lending Fragmentation during the Euro Area Crisis," Working Papers 2016-7, Central Bank of Cyprus.
    11. Gulan, Adam & Jokivuolle, Esa & Verona, Fabio, 2022. "Optimal bank capital requirements: What do the macroeconomic models say?," BoF Economics Review 2/2022, Bank of Finland.
    12. Yoo, Jinhyuk, 2017. "Capital injection to banks versus debt relief to households," IMFS Working Paper Series 111, Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS).
    13. Jhuvesh Sobrun & Philip Turner, 2015. "Bond markets and monetary policy dilemmas for the emerging markets," BIS Working Papers 508, Bank for International Settlements.
    14. Fève, Patrick & Sanchez, Pablo Garcia & Moura, Alban & Pierrard, Olivier, 2021. "Costly default and skewed business cycles," European Economic Review, Elsevier, vol. 132(C).
    15. Darracq Pariès, Matthieu & Jacquinot, Pascal & Papadopoulou, Niki, 2016. "Parsing financial fragmentation in the euro area: a multi-country DSGE perspective," Working Paper Series 1891, European Central Bank.
    16. David Aikman & Jonathan Bridges & Anil Kashyap & Caspar Siergert, 2018. "Would macroprudential regulation have prevented the last crisis?," Bank of England working papers 747, Bank of England.
    17. Meeks, Roland, 2017. "Capital regulation and the macroeconomy: Empirical evidence and macroprudential policy," European Economic Review, Elsevier, vol. 95(C), pages 125-141.
    18. Matthieu Darracq Paries & Peter Karadi & Christoffer Kok & Kalin Nikolov, 2022. "The Impact of Capital Requirements on the Macroeconomy: Lessons from Four Macroeconomic Models of the Euro Area," International Journal of Central Banking, International Journal of Central Banking, vol. 18(5), pages 1-50, December.

  2. Francisco Covas & Marcelo Rezende & Cindy M. Vojtech, 2015. "Why Are Net Interest Margins of Large Banks So Compressed?," FEDS Notes 2015-10-05, Board of Governors of the Federal Reserve System (U.S.).

    Cited by:

    1. Abhishek Srivastav & Francesco Vallascas, 2022. "Small Business Lending and Regulation for Small Banks," Management Science, INFORMS, vol. 68(10), pages 7742-7760, October.
    2. Bruno de Menna, 2021. "Monetary Policy, Credit Risk, and Profitability: The Influence of Relationship Lending on Cooperative Banks' Performance," Working Papers hal-03138738, HAL.
    3. Claessens, Stijn & Coleman, Nicholas & Donnelly, Michael, 2018. "“Low-For-Long” interest rates and banks’ interest margins and profitability: Cross-country evidence," Journal of Financial Intermediation, Elsevier, vol. 35(PA), pages 1-16.
    4. Molyneux, Philip & Reghezza, Alessio & Xie, Ru, 2019. "Bank margins and profits in a world of negative rates," Journal of Banking & Finance, Elsevier, vol. 107(C), pages 1-1.
    5. Katharina Allinger & Julia Wörz, 2020. "The sensitivity of banks’ net interest margins to interest rate conditions in CESEE," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue Q1/20, pages 51-70.
    6. Nevin, Ciarán, 2018. "Irish retail bank profitability 2003-20018," Financial Stability Notes 10/FS/18, Central Bank of Ireland.
    7. Gerlach, Jeffrey R. & Mora, Nada & Uysal, Pinar, 2018. "Bank funding costs in a rising interest rate environment," Journal of Banking & Finance, Elsevier, vol. 87(C), pages 164-186.
    8. Gardó, Sándor & Klaus, Benjamin, 2019. "Overcapacities in banking: measurements, trends and determinants," Occasional Paper Series 236, European Central Bank.

  3. Francisco Covas & John C. Driscoll, 2014. "Bank Liquidity and Capital Regulation in General Equilibrium," Finance and Economics Discussion Series 2014-85, Board of Governors of the Federal Reserve System (U.S.).

    Cited by:

    1. Foly Ananou & Dimitris Chronopoulos & Amine Tarazi & John O S Wilson, 2023. "Liquidity Regulation and Bank Risk," Working Papers hal-03366418, HAL.
    2. Quadrini, Vincenzo, 2017. "Bank liabilities channel," Journal of Monetary Economics, Elsevier, vol. 89(C), pages 25-44.
    3. Chiaramonte, Laura & Casu, Barbara, 2017. "Capital and liquidity ratios and financial distress. Evidence from the European banking industry," The British Accounting Review, Elsevier, vol. 49(2), pages 138-161.
    4. Saifullah Khan & Adnan Shoaib & Rehan Aftab & Muhammad Yasir & Muhammad Bilal Saeed, 2025. "Financial frictions and stock return: A novel least minus more frictional factor for asset pricing models in emerging economies," PLOS ONE, Public Library of Science, vol. 20(7), pages 1-31, July.
    5. Tafirei Mashamba & Farai Kwenda, 2017. "A Look at the Liquidity Management Practices of Banks in South Africa," Journal of Economics and Behavioral Studies, AMH International, vol. 9(3), pages 113-120.
    6. Olivier de Bandt & Mohammed Chahad, 2016. "A DGSE Model to Assess the Post-Crisis Regulation of Universal Banks," Working papers 602, Banque de France.
    7. Laurent Clerc & Sandrine Lecarpentier & Cyril Pouvelle, 2025. "Basel III joint regulatory constraints: interactions and implications for the financing of the economy," Working papers 988, Banque de France.
    8. Tirupam Goel, 2016. "Banking industry dynamics and size-dependent capital regulation," BIS Working Papers 599, Bank for International Settlements.
    9. Olivier de Bandt & Bora Durdu & Hibiki Ichiue & Yasin Mimir & Jolan Mohimont & Kalin Nikolov & Sigrid Roehrs & Jean-Guillaume Sahuc & Valerio Scalone & Michael Straughan, 2022. "Assessing the Impact of Basel III: Evidence from Structural Macroeconomic Models," Working papers 864, Banque de France.
    10. Rezende, Marcelo & Styczynski, Mary-Frances & Vojtech, Cindy M., 2021. "The Effects of Liquidity Regulation on Bank Demand in Monetary Policy Operations," Journal of Financial Intermediation, Elsevier, vol. 46(C).
    11. Li, Boyao, 2021. "Bank equity, interest payments, and credit creation under Basel III regulations," MPRA Paper 111269, University Library of Munich, Germany.
    12. Ananou, Foly & Chronopoulos, Dimitris K. & Tarazi, Amine & Wilson, John O.S., 2021. "Liquidity regulation and bank lending," Journal of Corporate Finance, Elsevier, vol. 69(C).
    13. Chawwa, Tevy, 2021. "Impact of reserve requirement and Liquidity Coverage Ratio: A DSGE model for Indonesia," Economic Analysis and Policy, Elsevier, vol. 71(C), pages 321-341.
    14. Ahmad Peivandi & Mohammad Abbas Rezaei & Ajay Subramanian, 2023. "Optimal design of bank regulation under aggregate risk," Mathematics and Financial Economics, Springer, volume 17, number 2, December.
    15. Behn, Markus & Daminato, Claudio & Salleo, Carmelo, 2019. "A dynamic model of bank behaviour under multiple regulatory constraints," Working Paper Series 2233, European Central Bank.
    16. Thamae, Retselisitsoe I & Odhiambo, Nicholas M, 2022. "The impact of bank regulation on bank lending: A review of international literature," Working Papers 29837, University of South Africa, Department of Economics.
    17. Gersbach, Hans & Haller, Hans & Zelzner, Sebastian, 2023. "Enough liquidity with enough capital - And vice versa?," CFS Working Paper Series 714, Center for Financial Studies (CFS).
    18. Christopher J Curfman & John Kandrac, 2022. "The Costs and Benefits of Liquidity Regulations: Lessons from an Idle Monetary Policy Tool [Crisis resolution and bank liquidity]," Review of Finance, European Finance Association, vol. 26(2), pages 319-353.
    19. Bank for International Settlements, 2019. "The costs and benefits of bank capital - a review of the literature," BCBS Working Papers 37, Bank for International Settlements.
    20. Hancock, Diana, 2019. "Evolving micro- and macroprudential regulations in the United States: A primer," Global Finance Journal, Elsevier, vol. 39(C), pages 3-9.
    21. Stephen Matteo Miller & Blake Hoarty, 2021. "On regulation and excess reserves: The case of Basel III," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 44(2), pages 215-247, June.
    22. Mutarindwa, Samuel & Schäfer, Dorothea & Stephan, Andreas, 2020. "The impact of liquidity and capital requirements on lending and stability of African banks," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 67(C).

  4. Francisco Covas & Ben Rump & Egon Zakrajšek, 2013. "Stress-testing U.S. bank holding companies: a dynamic panel quantile regression approach," Finance and Economics Discussion Series 2013-55, Board of Governors of the Federal Reserve System (U.S.).

    Cited by:

    1. Demetrescu, Matei & Hosseinkouchack, Mehdi & Rodrigues, Paulo M. M., 2023. "Tests of no cross-sectional error dependence in panel quantile regressions," Ruhr Economic Papers 1041, RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen.
    2. Acharya, Viral V. & Berger, Allen N. & Roman, Raluca A., 2018. "Lending implications of U.S. bank stress tests: Costs or benefits?," Journal of Financial Intermediation, Elsevier, vol. 34(C), pages 58-90.
    3. Tirupam Goel & Isha Agarwal, 2021. "Limits of stress-test based bank regulation," BIS Working Papers 953, Bank for International Settlements.
    4. Laura Liu & Hyungsik Roger Moon & Frank Schorfheide, 2018. "Forecasting with Dynamic Panel Data Models," NBER Working Papers 25102, National Bureau of Economic Research, Inc.
    5. Jondeau, Eric & Khalilzadeh, Amir, 2022. "Predicting the stressed expected loss of large U.S. banks," Journal of Banking & Finance, Elsevier, vol. 134(C).
    6. Adriana Bruscato Bortoluzzo & Rodrigo Ricardo Ciganda & Mauricio Mesquita Bortoluzzo, 2024. "Determinant factors of banking profitability: an application of quantile regression for panel data," Future Business Journal, Springer, vol. 10(1), pages 1-10, December.
    7. Baik, Hyeoncheol & Han, Sumin & Joo, Sunghoon & Lee, Kangbok, 2022. "A bank's optimal capital ratio: A time-varying parameter model to the partial adjustment framework," Journal of Banking & Finance, Elsevier, vol. 142(C).
    8. Karim, Muhammad Mahmudul & Ali, Md Hakim & Yarovaya, Larisa & Uddin, Md Hamid & Hammoudeh, Shawkat, 2023. "Return-volatility relationships in cryptocurrency markets: Evidence from asymmetric quantiles and non-linear ARDL approach," International Review of Financial Analysis, Elsevier, vol. 90(C).
    9. Marina Yu. Malkina & Anton O. Ovcharov, 2019. "Financial Stress Index as a Generalized Indicator of Financial Instability," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 3, pages 38-54, June.
    10. Siemsen, Thomas & Vilsmeier, Johannes, 2018. "On a quest for robustness: About model risk, randomness and discretion in credit risk stress tests," Discussion Papers 31/2018, Deutsche Bundesbank.
    11. Małgorzata Iwanicz-Drozdowska & Erkki K. Laitinen & Arto Suvas, 2018. "Paths of glory or paths of shame? An analysis of distress events in European banking," Bank i Kredyt, Narodowy Bank Polski, vol. 49(2), pages 115-144.
    12. Reber, Beat, 2017. "Does mispricing, liquidity or third-party certification contribute to IPO downside risk?," International Review of Financial Analysis, Elsevier, vol. 51(C), pages 25-53.
    13. Ching-Wai (Jeremy) Chiu & Sinem Hacioglu Hoke, 2016. "Macroeconomic tail events with non-linear Bayesian VARs," Bank of England working papers 611, Bank of England.
    14. Paul Glasserman & Gowtham Tangirala, 2015. "Are the Federal Reserve's Stress Test Results Predictable?," Working Papers 15-02, Office of Financial Research, US Department of the Treasury.
    15. Oguzhan Cepni & Riza Demirer & Rangan Gupta & Ahmet Sensoy, 2022. "Interest rate uncertainty and the predictability of bank revenues," Journal of Forecasting, John Wiley & Sons, Ltd., vol. 41(8), pages 1559-1569, December.
    16. Mirza, Harun & Salleo, Carmelo & Trachana, Zoe, 2024. "A portfolio perspective on euro area bank profitability using stress test data," Occasional Paper Series 356, European Central Bank.
    17. Wu, Deming & Fang, Ming & Wang, Qing, 2018. "An empirical study of bank stress testing for auto loans," Journal of Financial Stability, Elsevier, vol. 39(C), pages 79-89.
    18. Moffo, Ahmadou Mustapha Fonton, 2024. "A machine learning approach in stress testing US bank holding companies," International Review of Financial Analysis, Elsevier, vol. 95(PC).
    19. Nguyen, Thach Vu Hong & Ahmed, Shamim & Chevapatrakul, Thanaset & Onali, Enrico, 2020. "Do stress tests affect bank liquidity creation?," Journal of Corporate Finance, Elsevier, vol. 64(C).
    20. Kolari, James W. & López-Iturriaga, Félix J. & Sanz, Ivan Pastor, 2019. "Predicting European bank stress tests: Survival of the fittest," Global Finance Journal, Elsevier, vol. 39(C), pages 44-57.
    21. Theophilos Papadimitriou & Periklis Gogas & Anna Agrapetidou, 2022. "The resilience of the U.S. banking system," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 27(3), pages 2819-2835, July.
    22. Swain, Pankaj & Misra, Arun Kumar & Kumar, Satish & Madhavan, Vinodh, 2026. "Banking on the brink: An incremental cost-based view of financial stress," Research in International Business and Finance, Elsevier, vol. 81(C).
    23. Alessandra Donini & Giulia Fusi & Mattia Picarelli, 2025. "Asset-Quality-at-Risk," Working Papers 69, European Stability Mechanism, revised 21 Feb 2025.
    24. Kok, Christoffer & Pancaro, Cosimo & Mirza, Harun, 2017. "Macro stress testing euro area banks' fees and commissions," Working Paper Series 2029, European Central Bank.
    25. Frantisek Cech & Jozef Barunik, 2017. "Measurement of Common Risk Factors: A Panel Quantile Regression Model for Returns," Papers 1708.08622, arXiv.org.
    26. Budnik, Katarzyna & Ponte Marques, Aurea & Giglio, Carla & Grassi, Alberto & Durrani, Agha & Figueres, Juan Manuel & Konietschke, Paul & Le Grand, Catherine & Metzler, Julian & Población García, Franc, 2024. "Advancements in stress-testing methodologies for financial stability applications," Occasional Paper Series 348, European Central Bank.
    27. Brummelhuis, Raymond & Luo, Zhongmin, 2019. "Bank Net Interest Margin Forecasting and Capital Adequacy Stress Testing by Machine Learning Techniques," MPRA Paper 94779, University Library of Munich, Germany.
    28. Matthias Fischer & Daniel Kraus & Marius Pfeuffer & Claudia Czado, 2017. "Stress Testing German Industry Sectors: Results from a Vine Copula Based Quantile Regression," Risks, MDPI, vol. 5(3), pages 1-13, July.
    29. Paul Glasserman & Mike Li, 2022. "Should Bank Stress Tests Be Fair?," Papers 2207.13319, arXiv.org, revised May 2023.
    30. Ahn, Dohyun & Kim, Kyoung-Kuk & Kwon, Eunji, 2023. "Multivariate stress scenario selection in interbank networks," Journal of Economic Dynamics and Control, Elsevier, vol. 154(C).
    31. Petrella, Lea & Raponi, Valentina, 2019. "Joint estimation of conditional quantiles in multivariate linear regression models with an application to financial distress," Journal of Multivariate Analysis, Elsevier, vol. 173(C), pages 70-84.
    32. Tien V. Nguyen & Anh Phan & Dung Viet Tran, 2023. "Activity strategies, bank stability and policy uncertainty," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 47(4), pages 959-983, December.
    33. Gerhard Hambusch & Sherrill Shaffer, 2016. "Forecasting bank leverage: an alternative to regulatory early warning models," Journal of Regulatory Economics, Springer, vol. 50(1), pages 38-69, August.
    34. Miora Rakotonirainy & Jean Razafindravonona & Christian Rasolomanana, 2020. "Macro Stress Testing Credit Risk: Case of Madagascar Banking Sector," Journal of Central Banking Theory and Practice, Central bank of Montenegro, vol. 9(2), pages 199-218.
    35. Agarwal, Isha & Goel, Tirupam, 2024. "Bank regulation and supervision: A symbiotic relationship," Journal of Banking & Finance, Elsevier, vol. 163(C).
    36. Luu, Hiep Ngoc & Vo, Xuan Vinh, 2021. "The Impact of Supervisory Stress Tests on Bank Ex-Ante Risk-Taking Behaviour: Empirical Evidence from a Quasi-Natural Experiment," International Review of Financial Analysis, Elsevier, vol. 75(C).
    37. Gross, Christian & Kuntz, Laura-Chloé & Niederauer, Simon & Strobel, Lena & Zwanzger, Joachim, 2025. "Climate stress test for the German banking sector: Impact of the green transition on corporate loan portfolios," Discussion Papers 11/2025, Deutsche Bundesbank.
    38. Fang, Cao & Yeager, Timothy J., 2020. "A historical loss approach to community bank stress testing," Journal of Banking & Finance, Elsevier, vol. 118(C).
    39. Jose Fique, 2017. "The MacroFinancial Risk Assessment Framework (MFRAF), Version 2.0," Technical Reports 111, Bank of Canada.
    40. Busch, Ramona & Koziol, Philipp & Mitrovic, Marc, 2018. "Many a little makes a mickle: Stress testing small and medium-sized German banks," The Quarterly Review of Economics and Finance, Elsevier, vol. 68(C), pages 237-253.
    41. Nicholas Fritsch, 2025. "Tail Sensitivity of US Bank Net Interest Margins: A Bayesian Penalized Quantile Regression Approach," Working Papers 25-09, Federal Reserve Bank of Cleveland.
    42. Pavel Kapinos & Oscar A. Mitnik, 2016. "A Top-down Approach to Stress-testing Banks," Journal of Financial Services Research, Springer;Western Finance Association, vol. 49(2), pages 229-264, June.
    43. Mai Dao & Lam Nguyen, 2025. "Variable selection in macroeconomic stress test: a Bayesian quantile regression approach," Empirical Economics, Springer, vol. 68(3), pages 1113-1169, March.
    44. Marco Gross & Javier Población, 2019. "Implications of Model Uncertainty for Bank Stress Testing," Journal of Financial Services Research, Springer;Western Finance Association, vol. 55(1), pages 31-58, February.
    45. Minh N. Nguyen & Hung M. Pham & Anh Phan & Ahmed W. Alam & Dung V. Tran, 2024. "BHC brilliance in the fog of uncertainty: Illuminating trends in bank performance," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 48(2), pages 437-461, June.
    46. Baruník, Jozef & Čech, František, 2021. "Measurement of common risks in tails: A panel quantile regression model for financial returns," Journal of Financial Markets, Elsevier, vol. 52(C).
    47. Hirtle, Beverly & Kovner, Anna & Vickery, James & Bhanot, Meru, 2016. "Assessing financial stability: The Capital and Loss Assessment under Stress Scenarios (CLASS) model," Journal of Banking & Finance, Elsevier, vol. 69(S1), pages 35-55.
    48. Matthew Pritsker, 2017. "Choosing Stress Scenarios for Systemic Risk Through Dimension Reduction," Supervisory Research and Analysis Working Papers RPA 17-4, Federal Reserve Bank of Boston.

  5. Francisco Covas & Shigeru Fujita, 2011. "Private equity premium in a general equilibrium model of uninsurable investment risk," Working Papers 11-18, Federal Reserve Bank of Philadelphia.

    Cited by:

    1. Wulff, Alexander & Heinemann, Maik, 2015. "Idiosyncratic Risk, Borrowing Constraints and Financial Integration - A Discussion of Ambiguous Results," VfS Annual Conference 2015 (Muenster): Economic Development - Theory and Policy 113165, Verein für Socialpolitik / German Economic Association.

  6. Francisco Covas & Shigeru Fujita, 2009. "Procyclicality of capital requirements in a general equilibrium model of liquidity dependence," Working Papers 09-23, Federal Reserve Bank of Philadelphia.

    Cited by:

    1. Alejandro Torres-García & Carlos A. Ballesteros-Ruiz & Alfredo Villca-Condori, 2020. "Bank procyclicality, business cycles and capital requirements," Journal of Banking Regulation, Palgrave Macmillan, vol. 21(2), pages 152-169, June.
    2. Matthieu Darracq Paries, 2018. "Financial frictions and monetary policy conduct," Erudite Ph.D Dissertations, Erudite, number ph18-01 edited by Ferhat Mihoubi, December.
    3. Pierre-Richard Agénor & Koray Alper & Luiz A. Pereira da Silva, 2011. "Capital Regulation, Monetary Policy and Financial Stability," Working Papers Series 237, Central Bank of Brazil, Research Department.
    4. Radde, Sören, 2015. "Flight to liquidity and the Great Recession," Journal of Banking & Finance, Elsevier, vol. 54(C), pages 192-207.
    5. Paolo Angelini & Sergio Nicoletti-Altimari & Ignazio Visco, 2012. "Macroprudential, microprudential and monetary policies: conflicts, complementarities and trade-offs," Questioni di Economia e Finanza (Occasional Papers) 140, Bank of Italy, Economic Research and International Relations Area.
    6. Radde, Sören, 2012. "Liquidity Crises, Banking, and the Great Recession," VfS Annual Conference 2012 (Goettingen): New Approaches and Challenges for the Labor Market of the 21st Century 65408, Verein für Socialpolitik / German Economic Association.
    7. Natalie Tiernan & Pedro Gete, 2014. "Overlending and Macroprudential Tools," 2014 Meeting Papers 379, Society for Economic Dynamics.
    8. Fabrice Collard & Harris Dellas & Behzad Diba & Olivier Loisel, 2012. "Optimal Monetary and Prudential Policies," Working Papers 2012-34, Center for Research in Economics and Statistics.
    9. Pierre-Richard Agénor & L. Pereira da Silva, 2016. "Capital Requirements, Risk Taking and Welfare in a Growing Economy," Centre for Growth and Business Cycle Research Discussion Paper Series 226, Economics, The University of Manchester.
    10. Agénor, Pierre-Richard & Jackson, Timothy P., 2022. "Monetary and macroprudential policy coordination with biased preferences," Journal of Economic Dynamics and Control, Elsevier, vol. 144(C).
    11. Angeloni, Ignazio & Faia, Ester & Winkler, Roland C., 2010. "Exit strategies," CFS Working Paper Series 2010/25, Center for Financial Studies (CFS).
    12. Fève, Patrick & Moura, Alban & Pierrard, Olivier, 2017. "Financial Regulation and Shadow Banking: A Small-Scale DSGE Perspective," TSE Working Papers 17-829, Toulouse School of Economics (TSE), revised Aug 2018.
    13. William Tayler & Roy Zilberman, 2014. "Macroprudential regulation and the role of monetary policy," Working Papers 63933064, Lancaster University Management School, Economics Department.
    14. Martin Berka & Christian Zimmermann, 2011. "Basel Accord and financial intermediation: the impact of policy," Working Papers 2011-042, Federal Reserve Bank of St. Louis.
    15. Roger Aliaga-Díaz & María Pía Olivero & Andrew Powell, 2016. "Anti-Cyclical Bank Capital Regulation and Monetary Policy," School of Economics Working Paper Series 2016-16, LeBow College of Business, Drexel University.
    16. Martínez S., Juan Francisco & Tsomocos, Dimitrios P., 2018. "Liquidity and default in an exchange economy," Journal of Financial Stability, Elsevier, vol. 35(C), pages 192-214.
    17. Kilponen, Juha & Orjasniemi, Seppo & Ripatti, Antti & Verona, Fabio, 2016. "The Aino 2.0 model," Bank of Finland Research Discussion Papers 16/2016, Bank of Finland.
    18. Alexis Derviz & Jakub Seidler, 2012. "Coordination Incentives in Cross-Border Macroprudential Regulation," Working Papers 2012/08, Czech National Bank, Research and Statistics Department.
    19. Stanimira Milcheva, 2012. "Monetary policy, financial intermediation, current account and housing market - how do they fit together?," ERES eres2012_151, European Real Estate Society (ERES).
    20. Samano, Daniel, 2011. "In the quest of macroprudential policy tools," MPRA Paper 30738, University Library of Munich, Germany.
    21. Villca, Alfredo, 2022. "Commodity prices, bank balance sheets and macroprudential policies in small open economies," Latin American Journal of Central Banking (previously Monetaria), Elsevier, vol. 3(1).
    22. Ian Christensen & Césaire Meh & Kevin Moran, 2011. "Bank Leverage Regulation and Macroeconomic Dynamics," Cahiers de recherche 1140, CIRPEE.
    23. Glocker, Christian, 2019. "Do reserve requirements reduce the risk of bank failure?," MPRA Paper 95634, University Library of Munich, Germany.
    24. Olivier Bruno & Melchisedek Joslem Ngambou Djatche, 2020. "Monetary and Prudential Policy Coordination: impact on Bank's Risk-Taking," GREDEG Working Papers 2020-24, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France, revised Mar 2021.
    25. Milcheva, Stanimira, 2013. "Cross-country effects of regulatory capital arbitrage," Journal of Banking & Finance, Elsevier, vol. 37(12), pages 5329-5345.
    26. Punnoose Jacob & Anella Munro, 2016. "A Macroprudential Stable Funding Requirement and Monetary Policy in a Small Open Economy," CAMA Working Papers 2016-23, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    27. Dimitrios Tsomocos & Juan Francisco Martinez Sepulveda, 2012. "Liquidity effects on asset prices, financial stability and economic resilience," 2012 Meeting Papers 916, Society for Economic Dynamics.
    28. Derviz, Alexis, 2014. "Collateral composition, diversification risk, and systemically important merchant banks," Journal of Financial Stability, Elsevier, vol. 14(C), pages 23-34.
    29. Alexis Derviz, 2012. "Financial frictions and real implications of macroprudential policies," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 26(3), pages 333-368, September.
    30. Donadelli, Michael & Jüppner, Marcus & Prosperi, Lorenzo, 2019. "Risk weighting, private lending and macroeconomic dynamics," Discussion Papers 30/2019, Deutsche Bundesbank.
    31. Ioannis N. Kallianiotis & Iordanis Petsas, 2020. "The Effectiveness of the Single Mandate of the ECB and the Dual of the Fed," Journal of Applied Finance & Banking, SCIENPRESS Ltd, vol. 10(4), pages 1-11.
    32. Maria Th. Kasselaki & Athanasios O. Tagkalakis, 2013. "Financial soundness indicators and financial crisis episodes," Working Papers 158, Bank of Greece.
    33. Kogler, Michael, 2016. "Optimal Bank Capital Regulation, the Real Sector, and the State of the Economy," Economics Working Paper Series 1615, University of St. Gallen, School of Economics and Political Science.
    34. Le, Anh H., 2025. "Climate change and Carbon policy: A story of optimal green macroprudential and capital flow management," Energy Economics, Elsevier, vol. 146(C).
    35. Chris Bloor & Rebecca Craigie & Anella Munro, 2012. "The macroeconomic effects of a stable funding requirement," Reserve Bank of New Zealand Discussion Paper Series DP2012/05, Reserve Bank of New Zealand.
    36. Tommaso Trani, 2012. "Countercyclical Capital Regulation and Bank Ownership Structure," IHEID Working Papers 14-2012, Economics Section, The Graduate Institute of International Studies.
    37. Zheng, Chen & Cheung, Adrian Wai Kong & Cronje, Tom, 2022. "Social capital and bank liquidity hoarding," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 80(C).
    38. Rodríguez, Aldo, 2020. "Estimación Bayesiana de un Modelo de Economía Abierta con Sector Bancario," Dynare Working Papers 52, CEPREMAP.
    39. Agénor, P.-R. & Alper, K. & Pereira da Silva, L., 2012. "Capital requirements and business cycles with credit market imperfections," Journal of Macroeconomics, Elsevier, vol. 34(3), pages 687-705.
    40. Liu, Guangling & Molise, Thabang, 2019. "Housing and credit market shocks: Exploring the role of rule-based Basel III counter-cyclical capital requirements," Economic Modelling, Elsevier, vol. 82(C), pages 264-279.
    41. Matthieu Darracq Pariès & Christoffer Kok Sørensen & Diego Rodriguez-Palenzuela, 2011. "Macroeconomic Propagation under Different Regulatory Regimes: Evidence from an Estimated DSGE Model for the Euro Area," International Journal of Central Banking, International Journal of Central Banking, vol. 7(4), pages 49-113, December.
    42. Lorenzo Esposito & Giuseppe Mastromatteo, 2020. "Profitti, rischi e capital ratios: come sviluppare una vigilanza prudenziale neutrale al risk-appetite delle banche (Profits, risk, and capital ratios: how to design a prudential supervision neutral with respect to banks? risk appetite)," Moneta e Credito, Economia civile, vol. 73(290), pages 141-154.
    43. Le, Anh H., 2023. "Climate change and carbon policy: A story of optimal green macroprudential and capital flow management," IMFS Working Paper Series 191, Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS).
    44. Pozo, Jorge, 2023. "The effects of countercyclical leverage buffers on macroeconomic and financial stability," The Quarterly Review of Economics and Finance, Elsevier, vol. 89(C), pages 194-217.
    45. Hajime Tomura, 2014. "Asset Illiquidity and Dynamic Bank Capital Requirements," International Journal of Central Banking, International Journal of Central Banking, vol. 10(3), pages 1-47, September.
    46. Chrysanthopoulou Xakousti & Mylonidis Nikolaos & Sidiropoulos Moise, 2024. "Regulatory capital requirements, inflation targeting, and equilibrium determinacy," Working Papers of BETA 2024-05, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
    47. Paolo Angelini & Stefano Neri & Fabio Panetta, 2011. "Monetary and macroprudential policies," Temi di discussione (Economic working papers) 801, Bank of Italy, Economic Research and International Relations Area.
    48. Roger Aliaga‐Díaz & María Pía Olivero & Andrew Powell, 2018. "Monetary Policy And Anti‐Cyclical Bank Capital Regulation," Economic Inquiry, Western Economic Association International, vol. 56(2), pages 837-858, April.
    49. Paolo Angelini & Stefano Neri & Fabio Panetta, 2014. "The Interaction between Capital Requirements and Monetary Policy," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 46(6), pages 1073-1112, September.
    50. cho, hyejin, 2014. "bank capital regulation model," MPRA Paper 54365, University Library of Munich, Germany.
    51. William Tayler & Roy Zilberman, 2016. "Macroprudential regulation, credit spreads and the role of monetary policy," Bank of England working papers 599, Bank of England.
    52. George J. Bratsiotis & William J. Tayler & Roy Zilberman, 2014. "Financial Regulation, Credit and Liquidity Policy and the Business Cycle," Centre for Growth and Business Cycle Research Discussion Paper Series 196, Economics, The University of Manchester.
    53. Jacob, Punnoose & Munro, Anella, 2018. "A prudential stable funding requirement and monetary policy in a small open economy," Journal of Banking & Finance, Elsevier, vol. 94(C), pages 89-106.
    54. Guangling Liu & Thabang Molise, 2018. "Is Basel III counter-cyclical: The case of South Africa?," Working Papers 10/2018, Stellenbosch University, Department of Economics.

  7. Francisco Covas & Yahong Zhang, 2008. "Price-Level versus Inflation Targeting with Financial Market Imperfections," Staff Working Papers 08-26, Bank of Canada.

    Cited by:

    1. Jeannine Bailliu & Césaire Meh & Yahong Zhang, 2012. "Macroprudential Rules and Monetary Policy when Financial Frictions Matter," Staff Working Papers 12-6, Bank of Canada.
    2. Ian Christensen & Paul Corrigan & Caterina Mendicino & Shin-Ichi Nishiyama, 2016. "Consumption, housing collateral and the Canadian business cycle," Canadian Journal of Economics, Canadian Economics Association, vol. 49(1), pages 207-236, February.
    3. Hatcher, Michael C., 2011. "Comparing inflation and price-level targeting: A comprehensive review of the literature," Cardiff Economics Working Papers E2011/22, Cardiff University, Cardiff Business School, Economics Section.
    4. Hatcher, Michael C. & Minford, Patrick, 2013. "Stabilization policy, rational expectations and price-level versus inflation targeting: a survey," Cardiff Economics Working Papers E2013/14, Cardiff University, Cardiff Business School, Economics Section.
    5. Dib, Ali & Mendicino, Caterina & Zhang, Yahong, 2013. "Price-level targeting rules and financial shocks: The case of Canada," Economic Modelling, Elsevier, vol. 30(C), pages 941-953.
    6. Shin-Ichi Nishiyama, 2011. "How Important are Financial Shocks for the Canadian Business Cycle?," TERG Discussion Papers 276, Graduate School of Economics and Management, Tohoku University.
    7. Mendicino, Caterina & Zhang, Yahong, 2018. "Risk shocks in a small open economy: Business cycle dynamics in Canada," Economic Modelling, Elsevier, vol. 72(C), pages 391-409.
    8. Merola, Rossana, 2010. "Financial frictions and the zero lower bound on interest rates: a DSGE analysis," MPRA Paper 29365, University Library of Munich, Germany.
    9. Ali Dib, 2011. "Monetary Policy in Estimated Models of Small Open and Closed Economies," Open Economies Review, Springer, vol. 22(5), pages 769-796, November.
    10. Sofía Bauducco & Rodrigo Caputo, 2010. "Price Level Targeting and Inflation Targeting: a Review," Working Papers Central Bank of Chile 601, Central Bank of Chile.
    11. Hommes, Cars & Makarewicz, Tomasz, 2021. "Price level versus inflation targeting under heterogeneous expectations: a laboratory experiment," Journal of Economic Behavior & Organization, Elsevier, vol. 182(C), pages 39-82.
    12. Sofía Bauducco B. & Rodrigo Caputo G, 2011. "Metas de Nivel de Precios y Metas de Inflación: Una Revisión de la Literatura," Notas de Investigación Journal Economía Chilena (The Chilean Economy), Central Bank of Chile, vol. 14(1), pages 55-67, April.
    13. Caterina Mendicino & Yahong Zhang, 2016. "Risk Shocks in a Small Open Economy," Working Papers 1602, University of Windsor, Department of Economics.
    14. Yahong Zhang, 2011. "Financial Frictions, Financial Shocks and Labour Market Fluctuations in Canada," Discussion Papers 11-10, Bank of Canada.
    15. Mark J. Carney, 2009. "Commentary: using monetary policy to stabilize economic activity," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 297-311.

  8. Francisco Covas & Wouter den Haan, 2007. "Cyclical Behavior of Debt and Equity Using a Panel of Canadian Firms," Staff Working Papers 07-44, Bank of Canada.

    Cited by:

    1. Nikolov, Kalin, 2014. "Collateral amplification under complete markets," Journal of Economic Dynamics and Control, Elsevier, vol. 45(C), pages 80-93.
    2. Strebulaev, Ilya A. & Whited, Toni M., 2012. "Dynamic Models and Structural Estimation in Corporate Finance," Foundations and Trends(R) in Finance, now publishers, vol. 6(1–2), pages 1-163, November.
    3. Alessandro Fiaschi, 2009. "Managerial discretion and optimal financing policies with cash flow uncertainty," Working Papers 3, Doctoral School of Economics, Sapienza University of Rome.
    4. Francisco Covas & Yahong Zhang, 2010. "Price‐level versus inflation targeting with financial market imperfections," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 43(4), pages 1302-1332, November.
    5. Francisco Covas & Wouter den Haan, 2006. "The Role of Debt and Equity Finance over the Business Cycle," Staff Working Papers 06-45, Bank of Canada.
    6. Nikolov, Kalin, 2012. "A model of borrower reputation as intangible collateral," Working Paper Series 1490, European Central Bank.
    7. Haitham A. Al‐Zoubi & Jennifer A. O'Sullivan & Aktham I. Al‐Maghyereh & Brendan J. Lambe, 2023. "Disentangling Sentiment from Cyclicality in Firm Capital Structure," Abacus, Accounting Foundation, University of Sydney, vol. 59(2), pages 570-605, June.
    8. Karen Lewis & Fabio Ghironi, 2014. "Equity Sales and Manager Efficiency Across Firms and the Business Cycle," 2014 Meeting Papers 1079, Society for Economic Dynamics.
    9. Pablo Kurlat, 2013. "Lemons Markets and the Transmission of Aggregate Shocks," American Economic Review, American Economic Association, vol. 103(4), pages 1463-1489, June.

  9. Francisco Covas & Shigeru Fujita, 2007. "Private risk premium and aggregate uncertainty in the model of uninsurable investment risk," Working Papers 07-30, Federal Reserve Bank of Philadelphia.

    Cited by:

    1. Marco Bassetto & Marco Cagetti & Mariacristina De Nardi, 2013. "Credit Crunches and Credit Allocation in a Model of Entrepreneurship," NBER Working Papers 19296, National Bureau of Economic Research, Inc.

  10. Francisco Covas & Wouter den Haan, 2006. "The Role of Debt and Equity Finance over the Business Cycle," Staff Working Papers 06-45, Bank of Canada.

    Cited by:

    1. Vincenzo Quadrini, 2011. "Financial frictions in macroeconomic fluctations," Economic Quarterly, Federal Reserve Bank of Richmond, vol. 97(3Q), pages 209-254.
    2. Macnamara, Patrick, 2019. "Taxes and financial frictions: Implications for corporate capital structure," Journal of Economic Dynamics and Control, Elsevier, vol. 101(C), pages 82-100.
    3. Huneeus,Federico & Kaboski,Joseph P. & Larrain,Mauricio & Schmukler,Sergio L. & Vera,Mario, 2022. "The Distribution of Crisis Credit : Effects on Firm Indebtedness and Aggregate Risk," Policy Research Working Paper Series 9937, The World Bank.
    4. Mizen, Paul & Tsoukas, Serafeim, 2012. "The response of the external finance premium in Asian corporate bond markets to financial characteristics, financial constraints and two financial crises," Journal of Banking & Finance, Elsevier, vol. 36(11), pages 3048-3059.
    5. Afanasyeva, Elena & Güntner, Jochen, 2014. "Lending standards, credit booms and monetary policy," IMFS Working Paper Series 85, Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS).
    6. Francesco Ferrante & Andrea Prestipino & Immo Schott, 2025. "Corporate Debt Maturity and Business Cycle Fluctuations," International Finance Discussion Papers 1409, Board of Governors of the Federal Reserve System (U.S.).
    7. Denny IRAWAN & Tatsuyoshi OKIMOTO, 2021. "Macro Uncertainties and Tests of Capital Structure Theories across Renewable and Non-Renewable Resource Companies," Discussion papers 21055, Research Institute of Economy, Trade and Industry (RIETI).
    8. Meeks, Roland, 2012. "Do credit market shocks drive output fluctuations? Evidence from corporate spreads and defaults," Journal of Economic Dynamics and Control, Elsevier, vol. 36(4), pages 568-584.
    9. Atkeson, Andrew G. & Eisfeldt, Andrea L. & Weill, Pierre-Olivier, 2017. "Measuring the financial soundness of U.S. firms, 1926–2012," Research in Economics, Elsevier, vol. 71(3), pages 613-635.
    10. Solomon, Bernard Daniel, 2010. "Firm leverage, household leverage and the business cycle," MPRA Paper 26504, University Library of Munich, Germany.
    11. Alberto Bisin & Piero Gottardi & Guido Ruta, 2010. "Equilibrium Corporate Finance," Economics Working Papers ECO2010/01, European University Institute.
    12. Jae Sim & Egon Zakrajsek & Simon Gilchrist, 2010. "Uncertainty, Financial Frictions, and Investment Dynamics," 2010 Meeting Papers 1285, Society for Economic Dynamics.
    13. Christiano, Lawrence & Motto, Roberto & Rostagno, Massimo, 2010. "Financial factors in economic fluctuations," Working Paper Series 1192, European Central Bank.
    14. Kevin E. Beaubrun-Diant & Fabien Tripier, 2013. "Search Frictions, Credit Market Liquidity, and Net Interest Margin Cyclicality," Working Papers 2013-41, CEPII research center.
    15. Bhattarai, Keshab, 2013. "Financial Deepening and Economic Growth," MPRA Paper 48696, University Library of Munich, Germany.
    16. Arnold, Marc & Wagner, Alexander F. & Westermann, Ramona, 2013. "Growth options, macroeconomic conditions, and the cross section of credit risk," Journal of Financial Economics, Elsevier, vol. 107(2), pages 350-385.
    17. Eva Carceles-Poveda & Albert Marcet & Alexis Anagnostopoulos, 2008. "Equity Financing," 2008 Meeting Papers 954, Society for Economic Dynamics.
    18. Nikolov, Kalin, 2014. "Collateral amplification under complete markets," Working Paper Series 1716, European Central Bank.
    19. M.Emranul Haque & Paul Middleditch & Shuonan Zhang, 2018. "Financial development and innovation: A DSGE comparison of Chinese and US business cycles," Centre for Growth and Business Cycle Research Discussion Paper Series 244, Economics, The University of Manchester.
    20. Talat Ulussever & Ömer Tuğsal Doruk & Hasan Murat Ertuğrul & Ömer Faruk Tekdoğan, 2025. "Shariah-compliant firms and firm leverage: evidence from firm-level time varying quasi experimental analysis for MENA countries," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 12(1), pages 1-9, December.
    21. Kenza Benhima & Celine Poilly & Philippe Bacchetta, 2014. "Corporate Cash and Employment," 2014 Meeting Papers 256, Society for Economic Dynamics.
    22. Francisco Covas & Yahong Zhang, 2008. "Price-Level versus Inflation Targeting with Financial Market Imperfections," Staff Working Papers 08-26, Bank of Canada.
    23. André Kurmann & Nicolas Petrosky-Nadeau, 2007. "Search Frictions in Physical Capital Markets as a Propagation Mechanism," Cahiers de recherche 0712, CIRPEE.
    24. Mamdouh Medhat & Berardino Palazzo, 2020. "Equity Financing Risk," Finance and Economics Discussion Series 2020-037, Board of Governors of the Federal Reserve System (U.S.).
    25. Michele Piffer, 2016. "Monetary Policy and Defaults in the US," Discussion Papers of DIW Berlin 1559, DIW Berlin, German Institute for Economic Research.
    26. Ander Perez, 2010. "Credit Constraints, Firms' Precautionary Investment, and the Business Cycle," 2010 Meeting Papers 1004, Society for Economic Dynamics.
    27. Francisco Covas & Wouter J. Den Haan, 2011. "The Cyclical Behavior of Debt and Equity Finance," American Economic Review, American Economic Association, vol. 101(2), pages 877-899, April.
    28. Joao Gomes & Amir Yaron & Brent Glover, 2010. "Corporate Taxes, Leverage, and Business Cycles," 2010 Meeting Papers 1261, Society for Economic Dynamics.
    29. Xiao, J., 2016. "Corporate Debt Structure, Precautionary Savings, and Investment Dynamics," Cambridge Working Papers in Economics 1666, Faculty of Economics, University of Cambridge.
    30. Marios Karabarbounis & Patrick Macnamara & Roisin McCord, 2014. "A Business Cycle Analysis of Debt and Equity Financing," Economic Quarterly, Federal Reserve Bank of Richmond, issue 1Q, pages 51-85.
    31. Nicolas Petrosky-Nadeau, 2008. "Credit, Vacancies and Unemployment Fluctuations," 2008 Meeting Papers 640, Society for Economic Dynamics.
    32. Solomon, Bernard-Daniel, 2008. "Banks as Better Monitors and Firms' Financing Choices in Dynamic General Equilibrium," MPRA Paper 23958, University Library of Munich, Germany, revised 01 Jun 2010.
    33. Kalemli-Özcan, Sebnem, 2018. "Leverage over the Life Cycle and Implications for Firm Growth and Shock Responsiveness," CEPR Discussion Papers 13337, C.E.P.R. Discussion Papers.
    34. Ruizhi Liu & Jiajia Li & Mark Wu, 2025. "The Impact of Climate Change Risk on Corporate Debt Financing Capacity: A Moderating Perspective Based on Carbon Emissions," Sustainability, MDPI, vol. 17(14), pages 1-37, July.
    35. Burkhard Heer & Alfred Maussner & Bernd Süssmuth, 2013. "Cyclical Asset Returns in the Consumption and Investment Goods Sector," CESifo Working Paper Series 4364, CESifo.
    36. Larin, Benjamin, 2016. "Bubble-driven business cycles," Working Papers 143, University of Leipzig, Faculty of Economics and Management Science.
    37. Ralf R. Meisenzahl, 2011. "Verifying the state of financing constraints: evidence from U.S. business credit contracts," Finance and Economics Discussion Series 2011-04, Board of Governors of the Federal Reserve System (U.S.).
    38. Eisfeldt, Andrea L. & Muir, Tyler, 2016. "Aggregate external financing and savings waves," Journal of Monetary Economics, Elsevier, vol. 84(C), pages 116-133.
    39. Keshab Bhattarai, 2015. "Financial Deepening and Economic Growth in Advanced and Emerging Economies," Review of Development Economics, Wiley Blackwell, vol. 19(1), pages 178-195, February.
    40. Natalia Nehrebecka & Michał Brzozowski, 2016. "Wpływ niepewności makroekonomicznej na oszczędności przedsiębiorstw," Gospodarka Narodowa. The Polish Journal of Economics, Warsaw School of Economics, issue 5, pages 51-69.
    41. David Amdur, 2008. "Capital Structure Over The Business Cycle," Working Papers gueconwpa~08-08-03, Georgetown University, Department of Economics.
    42. Safronov, M., 2016. "Experimentation and Learning-by-Doing," Cambridge Working Papers in Economics 1667, Faculty of Economics, University of Cambridge.
    43. Mimir, Yasin, 2010. "Financial intermediaries, leverage ratios, and business cycles," MPRA Paper 27643, University Library of Munich, Germany.
    44. Deni Irawan & Tatsuyoshi Okimoto, 2021. "Macro Uncertainties and Tests of Capital Structure Theories across Renewable and Non-Renewable Resource Companies," LPEM FEBUI Working Papers 202168, LPEM, Faculty of Economics and Business, University of Indonesia, revised 2021.
    45. Emin Dinlersoz & Sebnem Kalemli-Ozcan & Henry Hyatt & Veronika Penciakova, 2018. "Leverage over the Firm Life-Cycle, Firm Growth, and Aggregate Fluctuations," NBER Working Papers 25226, National Bureau of Economic Research, Inc.
    46. Ferrando, Annalisa & Preuss, Carsten, 2018. "What finance for what investment? Survey-based evidence for European companies," EIB Working Papers 2018/01, European Investment Bank (EIB).
    47. Charles, Sébastien, 2024. "Does the Eurozone live in a Minskyan world?," Research in Economics, Elsevier, vol. 78(4).
    48. Dieckelmann, Daniel, 2021. "Market sentiment, financial fragility, and economic activity: The role of corporate securities issuance," Discussion Papers 2021/6, Free University Berlin, School of Business & Economics.
    49. Amat Adarov, 2023. "Financial cycles in Europe: dynamics, synchronicity and implications for business cycles and macroeconomic imbalances," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 50(2), pages 551-583, May.
    50. Ömer Tuğsal Doruk, 2022. "The link between exchange rate volatility and capital structure under financial liberalization: evidence from the Turkish manufacturing sector," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 12(3), pages 583-615, September.
    51. Nikolov, Kalin, 2012. "A model of borrower reputation as intangible collateral," Working Paper Series 1490, European Central Bank.
    52. Murat Kizildag & Ozgur Ozdemir, 2017. "Underlying factors of ups and downs in financial leverage overtime," Tourism Economics, , vol. 23(6), pages 1321-1342, September.
    53. Immo Schott & Joachim Jungherr, 2016. "Optimal Debt Maturity and Firm Investment," Working Papers 943, Barcelona School of Economics.
    54. Nicolas Petrosky-Nadeau, 2007. "The Macroeconomic Dynamics of Labor and Capital Market Imperfections," 2007 Meeting Papers 477, Society for Economic Dynamics.
    55. Abdul Rashid, 2017. "Security issuance decisions, idiosyncratic risk, and macroeconomic dynamics," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 41(4), pages 659-678, October.
    56. Bradley Jones, 2014. "Identifying Speculative Bubbles: A Two-Pillar Surveillance Framework," IMF Working Papers 2014/208, International Monetary Fund.
    57. Joachim Jungherr & Immo Schott, 2018. "The Long-term Debt Accelerator," 2018 Meeting Papers 961, Society for Economic Dynamics.
    58. Park, Jongho, 2024. "Uncertainty shocks, equity financing, and business cycle amplifications," Journal of Corporate Finance, Elsevier, vol. 85(C).
    59. Afanasyeva, Elena & Güntner, Jochen, 2020. "Bank market power and the risk channel of monetary policy," Journal of Monetary Economics, Elsevier, vol. 111(C), pages 118-134.
    60. Roberto Steri, 2015. "Collateral-Based Asset Pricing," 2015 Meeting Papers 293, Society for Economic Dynamics.
    61. Reiter, Michael & Zessner-Spitzenberg, Leopold, 2023. "Long-term bank lending and the transfer of aggregate risk," Journal of Economic Dynamics and Control, Elsevier, vol. 151(C).
    62. Khalid ElFayoumi, 2020. "Firm Financing and the Relative Demand for Labor and Capital," Discussion Papers of DIW Berlin 1908, DIW Berlin, German Institute for Economic Research.
    63. Hassan MOEENNEMATI, 2010. "Environmental and Economic Effects of Carbon Tax," EcoMod2010 259600117, EcoMod.
    64. Nikolov, Kalin, 2010. "Is Private Leverage Excessive?," MPRA Paper 28407, University Library of Munich, Germany, revised Jun 2010.
    65. Ömer Tuğsal Doruk, 2023. "The chip crisis and its effect on capital structure dynamics of automobile firms during the pandemic," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 44(8), pages 4439-4451, December.
    66. Annalisa Ferrando & Carsten Preuss, 2018. "What finance for what investment? Survey-based evidence for European companies," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 35(3), pages 1015-1053, December.
    67. Nehrebecka, Natalia & Brzozowski, Michał, . "Wpływ niepewności makroekonomicznej na oszczędności przedsiębiorstw," Gospodarka Narodowa-The Polish Journal of Economics, Szkoła Główna Handlowa w Warszawie / SGH Warsaw School of Economics, vol. 2016(5).
    68. Martin Mandler & Michael Scharnagl, 2020. "Bank loan supply shocks and alternative financing of non‐financial corporations in the euro area," Manchester School, University of Manchester, vol. 88(S1), pages 126-150, September.
    69. Shah, Imran Hussain & Schmidt-Fischer, Francesca & Malki, Issam & Hatfield, Richard, 2019. "A structural break approach to analysing the impact of the QE portfolio balance channel on the US stock market," International Review of Financial Analysis, Elsevier, vol. 64(C), pages 204-220.
    70. Larin, Benjamin, 2016. "A Quantitative Model of Bubble-Driven Business Cycles," VfS Annual Conference 2016 (Augsburg): Demographic Change 145817, Verein für Socialpolitik / German Economic Association.
    71. ElFayoumi, Khalid, 2024. "Firm financing and the relative demand for labor and capital," Journal of Economic Dynamics and Control, Elsevier, vol. 168(C).
    72. Haitham A. Al-Zoubi & Jennifer A. O’Sullivan & Abdulaziz M. Alwathnani, 2018. "Business cycles, financial cycles and capital structure," Annals of Finance, Springer, vol. 14(1), pages 105-123, February.

  11. Francisco Covas, 2005. "Uninsured Idiosyncratic Production Risk with Borrowing Constraints," Staff Working Papers 05-26, Bank of Canada.

    Cited by:

    1. Angeletos, George-Marios & Panousi, Vasia, 2011. "Financial integration, entrepreneurial risk and global dynamics," Journal of Economic Theory, Elsevier, vol. 146(3), pages 863-896, May.
    2. Catalina Granda Carvajal, 2015. "Informality and Macroeconomic Volatility: Do Credit Constraints Matter?," Borradores Departamento de Economía 12506, Universidad de Antioquia, CIE.
    3. Francisco Covas & Shigeru Fujita, 2007. "Private risk premium and aggregate uncertainty in the model of uninsurable investment risk," Working Papers 07-30, Federal Reserve Bank of Philadelphia.
    4. George-Marios Angeletos & Vasia Panousi, 2011. "Financial Integration, Entrepreneurial Risk and Global Imbalances," NBER Working Papers 16761, National Bureau of Economic Research, Inc.
    5. Shin-Ichi Nishiyama, 2011. "How Important are Financial Shocks for the Canadian Business Cycle?," TERG Discussion Papers 276, Graduate School of Economics and Management, Tohoku University.
    6. Per Krusell, 2009. "A Global Equilibrium Model of Economy-Climate Interactions," 2009 Meeting Papers 1186, Society for Economic Dynamics.
    7. Philippe Bacchetta & Yannick Kalantzis, 2018. "Money and Capital in a Persistent Liquidity Trap," Working papers 703, Banque de France.
    8. Makoto NIREI, 2011. "Investment Risk, Pareto Distribution, and the Effects of Tax," Discussion papers 11015, Research Institute of Economy, Trade and Industry (RIETI).
    9. Panousi, Vasia, 2009. "Financial Integration and Capital Accumulation," MPRA Paper 24238, University Library of Munich, Germany.
    10. Wulff, Alexander & Heinemann, Maik, 2015. "Idiosyncratic Risk, Borrowing Constraints and Financial Integration - A Discussion of Ambiguous Results," VfS Annual Conference 2015 (Muenster): Economic Development - Theory and Policy 113165, Verein für Socialpolitik / German Economic Association.
    11. Andrea Giusto & Talan B. Işcan, 2016. "Market Power and the Aggregate Saving Rate," Working Papers daleconwp2016-02, Dalhousie University, Department of Economics.
    12. Vincenzo Quadrini, 2009. "Entrepreneurship in macroeconomics," Annals of Finance, Springer, vol. 5(3), pages 295-311, June.
    13. Valentina Bosetti & Marco Maffezzoli, 2014. "Taxing Carbon under Market Incompleteness," Working Papers 513, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
    14. Chanont Banternghansa, 2017. "Multi-Firm Entrepreneurship and Financial Frictions," PIER Discussion Papers 56, Puey Ungphakorn Institute for Economic Research.
    15. Katya Kartashova, 2014. "Improving Public Equity Markets? No Pain, No Gain," Staff Working Papers 14-41, Bank of Canada.
    16. Dunbar, Geoffrey, 2013. "Returns-to-scale and the equity premium puzzle," Journal of Economic Dynamics and Control, Elsevier, vol. 37(9), pages 1736-1754.
    17. Mikhail Golosov & John Hassler & Per Krusell & Aleh Tsyvinski, 2014. "Optimal Taxes on Fossil Fuel in General Equilibrium," Econometrica, Econometric Society, vol. 82(1), pages 41-88, January.
    18. George-Marios Angeletos & Vasia Panousi, 2007. "Revisiting the Supply-Side Effects of Government Spending Under Incomplete Markets," NBER Working Papers 13136, National Bureau of Economic Research, Inc.
    19. Jonathan Goldberg, 2013. "Credit-crunch dynamics with uninsured investment risk," Finance and Economics Discussion Series 2013-31, Board of Governors of the Federal Reserve System (U.S.).
    20. Francisco Covas & John C. Driscoll & Luca Guerrieri & Matteo Iacoviello & Mohammad Jahan-Parvar & Michael T. Kiley & Albert Queraltó & Jae W. Sim, 2015. "Macroeconomic Effects of Banking Sector Losses across Structural Models," Finance and Economics Discussion Series 2015-44, Board of Governors of the Federal Reserve System (U.S.).
    21. Andrea Caggese, 2006. "Entrepreneurial risk, investment and innovation," Economics Working Papers 1011, Department of Economics and Business, Universitat Pompeu Fabra.
    22. Chiarini, Bruno & Ferrara, Maria & Marzano, Elisabetta, 2022. "Tax evasion and financial accelerator: A corporate sector analysis for the US business cycle," Economic Modelling, Elsevier, vol. 108(C).
    23. Katya Kartashova, 2014. "Private Equity Premium Puzzle Revisited," American Economic Review, American Economic Association, vol. 104(10), pages 3297-3334, October.
    24. Alexander Karaivanov & Robert M. Townsend, 2013. "Dynamic Financial Constraints: Distinguishing Mechanism Design from Exogenously Incomplete Regimes," NBER Working Papers 19617, National Bureau of Economic Research, Inc.
    25. Giacomo Candian & Mikhail Dmitriev, 2020. "Risk Aversion, Uninsurable Idiosyncratic Risk, and the Financial Accelerator," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 37, pages 299-322, July.
    26. Angeletos, George-Marios & Panousi, Vasia, 2009. "Revisiting the supply side effects of government spending," Journal of Monetary Economics, Elsevier, vol. 56(2), pages 137-153, March.
    27. Mark A. Carlson & Thomas B. King & Kurt F. Lewis, 2009. "Distress in the financial sector and economic activity," Finance and Economics Discussion Series 2009-01, Board of Governors of the Federal Reserve System (U.S.).
    28. Shuhei Aoki & Makoto Nirei, 2016. "Pareto Distribution of Income in Neoclassical Growth Models," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 20, pages 25-42, April.
    29. Jonathan Goldberg, 2013. "Credit-crunch dynamics with uninsured investment risk," Finance and Economics Discussion Series 2013-47, Board of Governors of the Federal Reserve System (U.S.).
    30. Buera, Francisco J. & Shin, Yongseok, 2011. "Self-insurance vs. self-financing: A welfare analysis of the persistence of shocks," Journal of Economic Theory, Elsevier, vol. 146(3), pages 845-862, May.

  12. Francisco Covas, 2004. "Risk-Taking Executives, The Value of the Firm and Economic Performance," 2004 Meeting Papers 80, Society for Economic Dynamics.

    Cited by:

    1. João Ejarque, 2004. "Neoclassical Investment with Moral Hazard," Working Papers w200417, Banco de Portugal, Economics and Research Department.
    2. Francisco Covas & Wouter den Haan, 2006. "The Role of Debt and Equity Finance over the Business Cycle," Staff Working Papers 06-45, Bank of Canada.
    3. Meh, Cesaire A. & Quadrini, Vincenzo, 2006. "Endogenous market incompleteness with investment risks," Journal of Economic Dynamics and Control, Elsevier, vol. 30(11), pages 2143-2165, November.

  13. Braga de Macedo, Jorge & Catela Nunes, Luís & Covas, Francisco, 1999. "Moving the Escudo into the Euro," CEPR Discussion Papers 2248, C.E.P.R. Discussion Papers.

    Cited by:

    1. Lopes, José Mário & Nunes, Luis C., 2012. "A Markov regime switching model of crises and contagion: The case of the Iberian countries in the EMS," Journal of Macroeconomics, Elsevier, vol. 34(4), pages 1141-1153.

Articles

  1. Covas, Francisco B. & Rump, Ben & Zakrajšek, Egon, 2014. "Stress-testing US bank holding companies: A dynamic panel quantile regression approach," International Journal of Forecasting, Elsevier, vol. 30(3), pages 691-713.
    See citations under working paper version above.
  2. Paul Calem & Francisco Covas & Jason Wu, 2013. "The Impact of the 2007 Liquidity Shock on Bank Jumbo Mortgage Lending," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 45, pages 59-91, August.

    Cited by:

    1. Salomón García, 2022. "Mortgage securitization and information frictions in general equilibrium," Working Papers 2221, Banco de España.
    2. Andreas Fuster & Aurel Hizmo & Lauren Lambie-Hanson & James Vickery & Paul S. Willen, 2021. "How Resilient Is Mortgage Credit Supply? Evidence from the COVID-19 Pandemic," NBER Working Papers 28843, National Bureau of Economic Research, Inc.
    3. Andrew F. Haughwout & Donald P. Morgan & Michael Neubauer & Maxim L. Pinkovskiy & Wilbert Van der Klaauw, 2022. "Nonconforming Preferences: Jumbo Mortgage Lending and Large Bank Stress Tests," Staff Reports 1029, Federal Reserve Bank of New York.
    4. Daniel I. García, 2018. "Employment in the Great Recession : How Important Were Household Credit Supply Shocks?," Finance and Economics Discussion Series 2018-074, Board of Governors of the Federal Reserve System (U.S.).
    5. Andreas Fuster & James Vickery, 2013. "Securitization and the fixed-rate mortgage," Staff Reports 594, Federal Reserve Bank of New York.
    6. Salman Tahsin & Timothy J. Yeager, 2019. "A residential mortgage bank lending channel during the financial crisis," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 43(4), pages 631-656, October.
    7. James N. Conklin & Haoyang Liu & Calvin Zhang, 2024. "Credit supply shocks, home purchase volume, and borrowing behavior," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 52(2), pages 486-513, March.
    8. William F. Bassett & W. Blake Marsh, 2014. "Assessing Targeted Macroprudential Financial Regulation: The Case of the 2006 Commercial Real Estate Guidance for Banks," Finance and Economics Discussion Series 2014-49, Board of Governors of the Federal Reserve System (U.S.).
    9. Rhys Bidder & John Krainer & Adam Shapiro, 2021. "De-leveraging or de-risking? How banks cope with loss," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 39, pages 100-127, January.
    10. Calem, Paul & Correa, Ricardo & Lee, Seung Jung, 2020. "Prudential policies and their impact on credit in the United States," Journal of Financial Intermediation, Elsevier, vol. 42(C).
    11. Daniel García, 2020. "Employment in the Great Recession: How Important Were Household Credit Supply Shocks?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 52(1), pages 165-203, February.
    12. Ken B. Cyree & Mark D. Griffiths & Drew B. Winters, 2016. "U.S. Bank Lending Activity In The Postcrisis World," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 39(4), pages 389-410, December.
    13. Andreas Fuster & David O. Lucca & James Vickery, 2025. "Mortgage-Backed Securities," Working Papers 25-10, Federal Reserve Bank of Philadelphia.
    14. W. Scott Frame & Andreas Fuster & Joseph Tracy & James Vickery, 2015. "The rescue of Fannie Mae and Freddie Mac," Staff Reports 719, Federal Reserve Bank of New York.
    15. Eric Higgins & Abdullah Yavas & Shuang Zhu, 2022. "Private mortgage securitization and loss given default," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 50(5), pages 1334-1359, September.
    16. Bassett, William F. & Marsh, W. Blake, 2017. "Assessing targeted macroprudential financial regulation: The case of the 2006 commercial real estate guidance for banks," Journal of Financial Stability, Elsevier, vol. 30(C), pages 209-228.
    17. Ekkayokkaya, Manapol & Ploenchitt, Pisploen & Wolff, Christian C.P., 2025. "Diversification strategies and investment opportunities in the international banking industry," Journal of International Money and Finance, Elsevier, vol. 159(C).
    18. Kruger, Samuel, 2018. "The effect of mortgage securitization on foreclosure and modification," Journal of Financial Economics, Elsevier, vol. 129(3), pages 586-607.
    19. Andra Ghent & Rossen Valkanov, 2016. "Comparing Securitized and Balance Sheet Loans: Size Matters," Management Science, INFORMS, vol. 62(10), pages 2784-2803, October.
    20. Garcia-Villegas, Salomon, 2023. "The amplification effects of adverse selection in mortgage credit supply," Journal of Housing Economics, Elsevier, vol. 62(C).
    21. William Bassett & Selva Demiralp & Nathan Lloyd, 2016. "Government Support of Banks and Bank Lending," Koç University-TUSIAD Economic Research Forum Working Papers 1611, Koc University-TUSIAD Economic Research Forum.

  3. Francisco Covas & Wouter J. Den Haan, 2012. "The Role of Debt and Equity Finance Over the Business Cycle," Economic Journal, Royal Economic Society, vol. 122(565), pages 1262-1286, December.
    See citations under working paper version above.
  4. Covas Francisco & Fujita Shigeru, 2011. "Private Equity Premium and Aggregate Uncertainty in a Model of Uninsurable Investment Risk," The B.E. Journal of Macroeconomics, De Gruyter, vol. 11(1), pages 1-36, July.

    Cited by:

    1. Niemann, Stefan & Pichler, Paul, 2014. "Collateral, liquidity and debt sustainability," VfS Annual Conference 2014 (Hamburg): Evidence-based Economic Policy 100617, Verein für Socialpolitik / German Economic Association.
    2. Wulff, Alexander & Heinemann, Maik, 2015. "Idiosyncratic Risk, Borrowing Constraints and Financial Integration - A Discussion of Ambiguous Results," VfS Annual Conference 2015 (Muenster): Economic Development - Theory and Policy 113165, Verein für Socialpolitik / German Economic Association.
    3. Marco Bassetto & Marco Cagetti & Mariacristina De Nardi, 2015. "Credit Crunches and Credit Allocation in a Model of Entrepreneurship," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 18(1), pages 53-76, January.
    4. Katya Kartashova, 2014. "Private Equity Premium Puzzle Revisited," American Economic Review, American Economic Association, vol. 104(10), pages 3297-3334, October.

  5. Francisco Covas & Wouter J. Den Haan, 2011. "The Cyclical Behavior of Debt and Equity Finance," American Economic Review, American Economic Association, vol. 101(2), pages 877-899, April.

    Cited by:

    1. Görtz, Christoph & Sakellaris, Plutarchos & Tsoukalas, John D., 2023. "Firms’ financing dynamics around lumpy capacity adjustments," European Economic Review, Elsevier, vol. 156(C).
    2. Macnamara, Patrick, 2019. "Taxes and financial frictions: Implications for corporate capital structure," Journal of Economic Dynamics and Control, Elsevier, vol. 101(C), pages 82-100.
    3. Stijn Claessens & M Ayhan Kose, 2018. "Frontiers of macrofinancial linkages," BIS Papers, Bank for International Settlements, number 95, May.
    4. Shouyong Shi & Christine Tewfik, 2013. "Financial Frictions, Investment Delay and Asset Market Interventions," Working Papers tecipa-501, University of Toronto, Department of Economics.
    5. Enzo Dia & Fabrizio Casalin, 2013. "Security issuance and the business cycle," Economics Bulletin, AccessEcon, vol. 33(3), pages 1751-1761.
    6. Xing Guo, 2020. "Identifying Aggregate Shocks with Micro-level Heterogeneity: Financial Shocks and Investment Fluctuation," Staff Working Papers 20-17, Bank of Canada.
    7. Kosuke Aoki & Kalin Nikolov, 2011. "Bubbles, Banks, and Financial Stability," CARF F-Series CARF-F-253, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo.
    8. Huang-Meier, Winifred & Freeman, Mark C., 2015. "Aggregate dividends and consumption smoothing," International Review of Financial Analysis, Elsevier, vol. 42(C), pages 324-335.
    9. Òscar Jordà & Martin Kornejew & Moritz Schularick & Alan M. Taylor, 2020. "Zombies at large? Corporate debt overhang and the macroeconomy," ECONtribute Discussion Papers Series 042, University of Bonn and University of Cologne, Germany.
    10. Joseph G. Haubrich, 2020. "How Cyclical Is Bank Capital?," Journal of Financial Services Research, Springer;Western Finance Association, vol. 58(1), pages 27-38, August.
    11. Atanasov, Victoria & Nitschka, Thomas, 2017. "Firm size, economic risks, and the cross-section of international stock returns," The North American Journal of Economics and Finance, Elsevier, vol. 39(C), pages 110-126.
    12. Nebosja Dimic & Vitaly Orlov, 2018. "Internationalization and firm valuation: New evidence from first offshore bond issuances of US firms," Working Papers on Finance 1803, University of St. Gallen, School of Finance.
    13. Sinem Hacioglu Hoke, 2019. "Macroeconomic effects of political risk shocks," Bank of England working papers 841, Bank of England.
    14. Ahrends, Meike & Drobetz, Wolfgang & Puhan, Tatjana Xenia, 2018. "Cyclicality of growth opportunities and the value of cash holdings," Journal of Financial Stability, Elsevier, vol. 37(C), pages 74-96.
    15. Hyun, Junghwan, 2016. "Financial crises and the evolution of credit reallocation: Evidence from Korea," Economic Modelling, Elsevier, vol. 56(C), pages 25-34.
    16. Chen, Zhiyao & Hackbarth, Dirk & Strebulaev, Ilya A., 2022. "A unified model of distress risk puzzles," Journal of Financial Economics, Elsevier, vol. 146(2), pages 357-384.
    17. Guo, Kun & Bian, Yuan & Zhang, Dayong & Ji, Qiang, 2024. "ESG performance and corporate external financing in China: The role of rating disagreement," Research in International Business and Finance, Elsevier, vol. 69(C).
    18. Balli, Faruk & Agyemang, Abraham & Gregory-Allen, Russell & Ozer Balli, Hatice, 2022. "Corporate dividend smoothing: The role of cross-listing," Journal of Corporate Finance, Elsevier, vol. 72(C).
    19. Shen, Junyan, 2023. "Capital misallocation and financial market frictions: Empirical evidence from equity cost of capital," International Review of Economics & Finance, Elsevier, vol. 87(C), pages 486-504.
    20. Jan Starmans, 2023. "Technological Determinants of Financial Constraints," Management Science, INFORMS, vol. 69(5), pages 3003-3024, May.
    21. Mathias Lé & Frédéric Vinas, 2020. "The Financing of Investment: Firm Size, Asset Tangibility and the Size of Investment," Working papers 777, Banque de France.
    22. Yasin Mimir, 2016. "Financial Intermediaries, Credit Shocks and Business Cycles," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 78(1), pages 42-74, February.
    23. Jianjun Miao & Pengfei Wang & Jing Zhou, 2022. "Asset Bubbles and Foreign Interest Rate Shocks," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 44, pages 315-348, April.
    24. Hyun, Junghwan, 2018. "The dynamics of credit reallocation: South Korea's post-crisis experience," Japan and the World Economy, Elsevier, vol. 48(C), pages 57-70.
    25. Jesse Perla & Carolin Pflueger & Michal Szkup, 2020. "Doubling Down on Debt: Limited Liability as a Financial Friction," Working Papers 2020-122, Becker Friedman Institute for Research In Economics.
    26. Albertazzi, Ugo & Barbiero, Francesca & Marqués-Ibáñez, David & Popov, Alexander & Rodriguez d’Acri, Costanza & Vlassopoulos, Thomas, 2020. "Monetary policy and bank stability: the analytical toolbox reviewed," Working Paper Series 2377, European Central Bank.
    27. Giovannini, Alessandro & Ioannou, Demosthenes & Stracca, Livio, 2022. "Public and private risk sharing: friends or foes? The interplay between different forms of risk sharing," Occasional Paper Series 295, European Central Bank.
    28. Jean-Stéphane Mésonnier & Dalibor Stevanovic, 2017. "The Macroeconomic Effects of Shocks to Large Banks’ Capital," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 79(4), pages 546-569, August.
    29. Francesco Zanetti, 2015. "Financial Shocks and Labor Market Fluctuations," Economics Series Working Papers Number-746, University of Oxford, Department of Economics.
    30. Pietro Grandi & Jean Belin & Elisa Darriet & Marianne Guille, 2024. "SMEs, R &D financing, and credit shocks," Small Business Economics, Springer, vol. 63(1), pages 325-347, June.
    31. Valentin Grob & Gabriel Züllig, 2024. "Corporate leverage and the effects of monetary policy on investment: A reconciliation of micro and macro elasticities," IRENE Working Papers 24-04, IRENE Institute of Economic Research.
    32. Jing Yang & Kostas Tsatsaronis, 2012. "Bank stock returns, leverage and the business cycle," BIS Quarterly Review, Bank for International Settlements, March.
    33. Marc Arnold & Dirk Hackbarth & Tatjana Xenia Puhan, 2018. "Financing Asset Sales and Business Cycles [Does industry-wide distress affect defaulted firms? Evidence from creditor recoveries]," Review of Finance, European Finance Association, vol. 22(1), pages 243-277.
    34. Jianjun Miao & PENGFEI WANG, 2010. "Credit Risk and Business Cycles," Boston University - Department of Economics - Working Papers Series WP2010-033, Boston University - Department of Economics.
    35. Pegoraro, Stefano & Montagna, Mattia, 2021. "Issuance and valuation of corporate bonds with quantitative easing," Working Paper Series 2520, European Central Bank.
    36. Karpavičius, Sigitas & Yu, Fan, 2017. "The impact of interest rates on firms' financing policies," Journal of Corporate Finance, Elsevier, vol. 45(C), pages 262-293.
    37. Hill, Brian & Michalski, Tomasz, 2018. "Risk versus ambiguity and international security design," Journal of International Economics, Elsevier, vol. 113(C), pages 74-105.
    38. Dang, Viet Anh & Kim, Minjoo & Shin, Yongcheol, 2014. "Asymmetric adjustment toward optimal capital structure: Evidence from a crisis," International Review of Financial Analysis, Elsevier, vol. 33(C), pages 226-242.
    39. Amilcar A. Menichini, 2025. "Risk-free vs risky components of debt," Review of Quantitative Finance and Accounting, Springer, vol. 65(4), pages 1539-1570, November.
    40. Hull, Tyler J., 2015. "How the timing of dividend reductions can signal value," Journal of Corporate Finance, Elsevier, vol. 30(C), pages 114-131.
    41. David Haab & Thomas Nitschka, 2017. "Predicting returns on asset markets of a small, open economy and the influence of global risks," Working Papers 2017-14, Swiss National Bank.
    42. Dong Lee & Han Shin & René M. Stulz, 2016. "Why Does Capital No Longer Flow More to the Industries with the Best Growth Opportunities?," NBER Working Papers 22924, National Bureau of Economic Research, Inc.
    43. Florian Gerth, 2017. "Allocative efficiency of UK firms during the Great Recession," Studies in Economics 1714, School of Economics, University of Kent.
    44. Vo, Duc Hong & Tran, Minh Phuoc-Bao, 2024. "Volatility spillovers between energy and agriculture markets during the ongoing food & energy crisis: Does uncertainty from the Russo-Ukrainian conflict matter?," Technological Forecasting and Social Change, Elsevier, vol. 208(C).
    45. Efraim Benmelech & Nitish Kumar & Raghuram Rajan, 2024. "The Decline of Secured Debt," Journal of Finance, American Finance Association, vol. 79(1), pages 35-93, February.
    46. Liu, Jia, 2013. "Fixed investment, liquidity, and access to capital markets: New evidence," International Review of Financial Analysis, Elsevier, vol. 29(C), pages 189-201.
    47. Barattieri, Alessandro & Moretti, Laura & Quadrini, Vincenzo, 2021. "Banks funding, leverage, and investment," Journal of Financial Economics, Elsevier, vol. 141(1), pages 148-171.
    48. Dean Corbae & Erwan Quintin, 2019. "Asset Quality Dynamics," 2019 Meeting Papers 368, Society for Economic Dynamics.
    49. Alex Edmans & William Mann, 2019. "Financing Through Asset Sales," Management Science, INFORMS, vol. 65(7), pages 3043-3060, July.
    50. Pesce, Simone & Errico, Marco & Pollio, Luigi, 2025. "Nonlinearities and heterogeneity in firms response to aggregate fluctuations: what can we learn from machine learning?," Working Paper Series 3107, European Central Bank.
    51. Gomes, Pedro & Seoane, Hernán D., 2024. "Made in Europe: Monetary–Fiscal policy mix with financial frictions," European Economic Review, Elsevier, vol. 165(C).
    52. James Cloyne & Clodomiro Ferreira & Maren Froemel & Paolo Surico, 2019. "Monetary policy, corporate finance and investment," Working Papers 1911, Banco de España.
    53. Chiarella Carl & Di Guilmi Corrado, 2012. "The Fiscal Cost of Financial Instability," Studies in Nonlinear Dynamics & Econometrics, De Gruyter, vol. 16(4), pages 1-29, October.
    54. Nikolov, Kalin, 2014. "Collateral amplification under complete markets," Journal of Economic Dynamics and Control, Elsevier, vol. 45(C), pages 80-93.
    55. Tetiana Davydiuk & Scott Richard & Ivan Shaliastovich & Amir Yaron, 2023. "How Risky Are U.S. Corporate Assets?," Journal of Finance, American Finance Association, vol. 78(1), pages 141-208, February.
    56. Eisfeldt, Andrea L. & Muir, Tyler, 2016. "Aggregate external financing and savings waves," Journal of Monetary Economics, Elsevier, vol. 84(C), pages 116-133.
    57. Contessi, Silvio & De Pace, Pierangelo & Francis, Johanna L., 2013. "The cyclical properties of disaggregated capital flows," Journal of International Money and Finance, Elsevier, vol. 32(C), pages 528-555.
    58. Alex Clymo & Filip Rozsypal, 2022. "Firm Cyclicality and Financial Frictions," Discussion Papers 2207, Centre for Macroeconomics (CFM).
    59. Huang, Chao-Hsi & Hsieh, Yi-Shan, 2021. "Leverage dynamics over the business cycle: Evidence from Taiwan listed and unlisted firms," International Review of Economics & Finance, Elsevier, vol. 74(C), pages 373-391.
    60. Mitsuru Katagiri, 2011. "A Macroeconomic Approach to Corporate Capital Structure," IMES Discussion Paper Series 11-E-28, Institute for Monetary and Economic Studies, Bank of Japan.
    61. Hess, Dieter & Immenkötter, Philipp, 2011. "Optimal leverage, its benefits, and the business cycle," CFR Working Papers 11-12, University of Cologne, Centre for Financial Research (CFR).
    62. Giacomo Rodano & Nicolas Serrano-Velarde & Emanuele Tarantino, 2015. "Lending Standards Over the Credit Cycle," Working Papers 563, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
    63. Chang, Xin & Chen, Yunling & Dasgupta, Sudipto, 2019. "Macroeconomic conditions, financial constraints, and firms’ financing decisions," Journal of Banking & Finance, Elsevier, vol. 101(C), pages 242-255.
    64. Joachim Jungherr, 2012. "Financial Amplification, Executive Compensation, and Optimal Capital Structure," 2012 Meeting Papers 933, Society for Economic Dynamics.
    65. Duan, Ran, 2023. "Patent trolls and capital structure decisions in high-tech firms," Journal of Banking & Finance, Elsevier, vol. 155(C).
    66. Frédéric Vinas, 2025. "Oil Shocks and their Impact on Corporate Profitability, Productivity, and Credit Risk: Firm-Level Evidence Over Two Decades," Working papers 989, Banque de France.
    67. Strebulaev, Ilya A. & Whited, Toni M., 2012. "Dynamic Models and Structural Estimation in Corporate Finance," Foundations and Trends(R) in Finance, now publishers, vol. 6(1–2), pages 1-163, November.
    68. Joost Bats, 2020. "Corporates dependence on banks: The impact of ECB corporate sector purchases," Working Papers 667, DNB.
    69. Elizabeth Jane Casabianca & Alessia Lo Turco & Daniela Maggioni, 2021. "Migration And The Structure Of Manufacturing Production. A View From Italian Provinces," Working Papers 448, Universita' Politecnica delle Marche (I), Dipartimento di Scienze Economiche e Sociali.
    70. David R. Haab & Thomas Nitschka, 2019. "What Goliaths and Davids among Swiss firms tell us about expected returns on Swiss asset markets," Swiss Journal of Economics and Statistics, Springer;Swiss Society of Economics and Statistics, vol. 155(1), pages 1-17, December.
    71. Krainer, Robert E., 2023. "Financial contracting as behavior towards risk: The corporate finance of business cycles 8/3/22," Journal of Financial Stability, Elsevier, vol. 65(C).
    72. Kim P. Huynh & Teodora Paligorova & Robert Petrunia, 2018. "Debt financing in private and public firms," Annals of Finance, Springer, vol. 14(4), pages 465-487, November.
    73. Bianchi, Francesco & Ilut, Cosmin & Schneider, Martin, 2017. "Uncertainty shocks, asset supply and pricing over the business cycle," CEPR Discussion Papers 11950, C.E.P.R. Discussion Papers.
    74. Christoph Görtz & John D. Tsoukalas & Francesco Zanetti, 2020. "News Shocks under Financial Frictions," Discussion Papers 2027, Centre for Macroeconomics (CFM).
    75. Tommaso Trani, 2012. "Countercyclical Capital Regulation and Bank Ownership Structure," IHEID Working Papers 14-2012, Economics Section, The Graduate Institute of International Studies.
    76. Matthew Greenwood-Nimmo & Artur Tarassow, 2013. "A Macroeconometric Assessment of Minsky’s Financial Instability Hypothesis," Macroeconomics and Finance Series 201306, University of Hamburg, Department of Socioeconomics.
    77. Po‐Hsuan Hsu & Kai Li & Chi‐Yang Tsou, 2023. "The Pollution Premium," Journal of Finance, American Finance Association, vol. 78(3), pages 1343-1392, June.
    78. Shi, Shouyong, 2015. "Liquidity, assets and business cycles," Journal of Monetary Economics, Elsevier, vol. 70(C), pages 116-132.
    79. Dieckelmann, Daniel, 2021. "Market sentiment, financial fragility, and economic activity: The role of corporate securities issuance," Discussion Papers 2021/6, Free University Berlin, School of Business & Economics.
    80. Amat Adarov, 2023. "Financial cycles in Europe: dynamics, synchronicity and implications for business cycles and macroeconomic imbalances," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 50(2), pages 551-583, May.
    81. Darmouni, Olivier & Siani, Kerry Y., 2025. "Bond market stimulus: Firm-level evidence," Journal of Monetary Economics, Elsevier, vol. 151(C).
    82. Eskandari, Ruhollah & Zamanian, Morteza, 2022. "Cost of carry, financial constraints, and dynamics of corporate cash holdings," Journal of Corporate Finance, Elsevier, vol. 74(C).
    83. Nikolov, Kalin, 2012. "A model of borrower reputation as intangible collateral," Working Paper Series 1490, European Central Bank.
    84. Gabriel Jiménez & Enrique Moral-Benito & Raquel Vegas, 2018. "Bank lending standards over the cycle: the role of firms’ productivity and credit risk," Working Papers 1811, Banco de España.
    85. Ayyagari, Meghana & Demirgüç-Kunt, Asli & Maksimovic, Vojislav, 2021. "How common are credit-less recoveries? Firm-level evidence on the role of financial markets in crisis recovery," Journal of Corporate Finance, Elsevier, vol. 69(C).
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    88. Tan, Lin & Lu, Dong & Liu, Jiangtao, 2025. "Stay in hometown or go elsewhere: Clan culture and the cross-regional expansion of family firms," Pacific-Basin Finance Journal, Elsevier, vol. 92(C).
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    108. C Bora Durdu & Molin Zhong, 2021. "Understanding bank and non-bank credit cycles: a structural exploration," BIS Working Papers 919, Bank for International Settlements.
    109. Martin Mandler & Michael Scharnagl, 2020. "Bank loan supply shocks and alternative financing of non‐financial corporations in the euro area," Manchester School, University of Manchester, vol. 88(S1), pages 126-150, September.
    110. Si, Deng-Kui & Li, Hong-Xue & Wu, Shilei & Zhou, Fuyou, 2024. "Does local government debt management affect cross-border M&As? Evidence from China," Economic Modelling, Elsevier, vol. 141(C).
    111. Christoph Görtz & Plutarchos Sakellaris & John D. Tsoukalas, 2017. "Financing Lumpy Adjustment," Working Papers 2017_06, Business School - Economics, University of Glasgow.
    112. Emanuele Ciola & Edoardo Gaffeo & Mauro Gallegati, 2021. "Search for Profits and Business Fluctuations: How Banks' Behaviour Explain Cycles?," Working Papers 450, Universita' Politecnica delle Marche (I), Dipartimento di Scienze Economiche e Sociali.
    113. Mimir, Yasin, 2012. "Financial intermediaries, credit Shocks and business cycles," MPRA Paper 39648, University Library of Munich, Germany.
    114. Moritz Schularick, 2021. "Corporate indebtedness and macroeconomic stabilisation from a long-term perspective," ECONtribute Policy Brief Series 024, University of Bonn and University of Cologne, Germany.
    115. Joachim Jungherr & Immo Schott, 2021. "Optimal Debt Maturity and Firm Investment," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 42, pages 110-132, October.
    116. Zhiwei Xu & Pengfei Wang & Jianjun Miao, 2013. "A Bayesian DSGE Model of Stock Market Bubbles and Business Cycles," 2013 Meeting Papers 167, Society for Economic Dynamics.
    117. Haitham A. Al-Zoubi & Jennifer A. O’Sullivan & Abdulaziz M. Alwathnani, 2018. "Business cycles, financial cycles and capital structure," Annals of Finance, Springer, vol. 14(1), pages 105-123, February.
    118. Poeschl, Johannes, 2023. "Corporate debt maturity and investment over the business cycle," European Economic Review, Elsevier, vol. 152(C).
    119. Lin, Ji-Chai & Stephens, Clifford P. & Wu, YiLin, 2014. "Limited attention, share repurchases, and takeover risk," Journal of Banking & Finance, Elsevier, vol. 42(C), pages 283-301.

  6. Francisco Covas & Shigeru Fujita, 2010. "Procyclicality of Capital Requirements in a General Equilibrium Model of Liquidity Dependence," International Journal of Central Banking, International Journal of Central Banking, vol. 6(34), pages 137-173, December.
    See citations under working paper version above.
  7. Francisco Covas & Yahong Zhang, 2010. "Price-level versus inflation targeting with financial market imperfections," Canadian Journal of Economics, Canadian Economics Association, vol. 43(4), pages 1302-1332, November.
    See citations under working paper version above.
  8. Covas, Francisco, 2006. "Uninsured idiosyncratic production risk with borrowing constraints," Journal of Economic Dynamics and Control, Elsevier, vol. 30(11), pages 2167-2190, November.
    See citations under working paper version above.
  9. Francisco Covas & J.M.C. Santos Silva, 2000. "A modified hurdle model for completed fertility," Journal of Population Economics, Springer;European Society for Population Economics, vol. 13(2), pages 173-188.

    Cited by:

    1. Alfonso Miranda, 2010. "A double-hurdle count model for completed fertility data from the developing world," DoQSS Working Papers 10-01, Quantitative Social Science - UCL Social Research Institute, University College London.
    2. Mohamed Amara, 2015. "Multilevel Modelling of Individual Fertility Decisions in Tunisia: Household and Regional Contextual Effects," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 124(2), pages 477-499, November.
    3. Jörgen Hellström, 2006. "A bivariate count data model for household tourism demand," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 21(2), pages 213-226, March.
    4. Thomas Baudin, 2008. "Religion and Fertility : The French Connection," Post-Print halshs-00348829, HAL.
    5. Alison L. Booth & Hiau Joo Kee, 2009. "Intergenerational Transmission of Fertility Patterns," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 71(2), pages 183-208, April.
    6. Tamura, Robert & Simon, Curtis J., 2012. "Secular fertility declines, baby booms and economic growth: international evidence," MPRA Paper 41669, University Library of Munich, Germany.
    7. Marwân-al-Qays Bousmah, 2017. "The effect of child mortality on fertility behaviors is non-linear: new evidence from Senegal," Review of Economics of the Household, Springer, vol. 15(1), pages 93-113, March.
    8. Alfonso Miranda, 2004. "FIML estimation of an endogenous switching model for count data," Stata Journal, StataCorp LLC, vol. 4(1), pages 40-49, March.
    9. David E Giles, 2010. "Hermite regression analysis of multi-modal count data," Economics Bulletin, AccessEcon, vol. 30(4), pages 2936-2945.
    10. Kevin M. Murphy & Curtis J. Simon & Robert Tamura, 2011. "Black and White Fertility, Differential Baby Booms: The Value of Civil Rights (Equal Opportunity for Education)," 2011 Meeting Papers 238, Society for Economic Dynamics.
    11. Eric Schuss & Mohammed Azaouagh, 2023. "The expansion of early childcare and transitions to first and second birth in Germany," Bulletin of Economic Research, Wiley Blackwell, vol. 75(2), pages 476-507, April.
    12. Kei SAKATA & C. R. McKENZIE, 2022. "Does the expectation of having to look after parents in the future affect current fertility?," JODE - Journal of Demographic Economics, Cambridge University Press, vol. 88(3), pages 283-211, September.
    13. Alfonso Miranda, 2008. "Planned fertility and family background: a quantile regression for counts analysis," Journal of Population Economics, Springer;European Society for Population Economics, vol. 21(1), pages 67-81, January.
    14. Echávarri Aguinaga, Rebeca, 2009. "Education and the dynamics of family decisions," DFAEII Working Papers 1988-088X, University of the Basque Country - Department of Foundations of Economic Analysis II.
    15. Georgios Papadopoulos, 2013. "Immigration Status and Victimization: Evidence from the British Crime Survey," University of East Anglia Applied and Financial Economics Working Paper Series 042, School of Economics, University of East Anglia, Norwich, UK..
    16. Isabel Proenca & Isabel Menes, 2000. "Measuring the Average Per Day Net Benefit of Non-consumptive Wildlife - Associated Recreation For a National Park: a Count-Data Travel Cost Approach," Regional and Urban Modeling 283600078, EcoMod.
    17. Alfonso Miranda, 2003. "Socio-economic characteristics, completed fertility, and the transition from low to high order parities in Mexico," Labor and Demography 0308001, University Library of Munich, Germany.
    18. Simon, Curtis J. & Tamura, Robert, 2009. "Do higher rents discourage fertility? Evidence from U.S. cities, 1940-2000," Regional Science and Urban Economics, Elsevier, vol. 39(1), pages 33-42, January.
    19. Isabel Mendes & Isabel Proença, 2009. "Measuring the Social Recreation Per-Day Net Benefit of Wildlife Amenities of a National Park: A Count-Data Travel Cost Approach," Working Papers Department of Economics 2009/35, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    20. Stephan Klasen & Andrey Launov, 2006. "Analysis of the determinants of fertility decline in the Czech Republic," Journal of Population Economics, Springer;European Society for Population Economics, vol. 19(1), pages 25-54, February.
    21. Jörgen Hellström, 2006. "A bivariate count data model for household tourism demand," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 21(2), pages 213-226.
    22. Eschelbach Martina, 2015. "Family Culture and Fertility Outcomes – Evidence from American Siblings," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 235(3), pages 246-267, June.
    23. Westerberg, Thomas, 2006. "MoreWork, Less Kids - The Relationship Between Market Experience and Number of Children," Umeå Economic Studies 682, Umeå University, Department of Economics.
    24. Márton Varga, 2014. "The effect of education, family size, unemployment and childcare availability on birth stopping and timing," Portuguese Economic Journal, Springer;Instituto Superior de Economia e Gestao, vol. 13(2), pages 95-115, August.
    25. Naz, Ghazala & Nilsen, Øivind Anti & Vagstad, Steinar, 2002. "Education and completed fertility in Norway," Working Papers in Economics 18/02, University of Bergen, Department of Economics.
    26. Westerberg, Thomas, 2006. "Two Papers On Fertility - The Case Of Sweden," Umeå Economic Studies 683, Umeå University, Department of Economics.

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