• closedAccess   Countercyclical prudential buffers and bank risk-taking 

      Illueca, Manuel; Norden, Lars; Pacelli, Joseph; Udell, Gregory F. Elsevier (2022-01-31)
      We investigate the effects of countercyclical prudential buffers on bank risk-taking. We exploit the introduction of dynamic loan loss provisioning in Spain, mandating that banks use historical average loss rates in their ...
    • openAccess   Credit Quality and Substitution in SME Finance 

      Norden, Lars; Van Kampen, Stefan; Illueca, Manuel World Scientific Publishing (2021-09-02)
      We investigate whether and how SMEs’ credit quality influences their substitution of bank credit for trade credit. Using data from the five largest European countries, we find that substitution of bank credit for trade ...