Lessons learned from initial margin calls during the March 2020 market turmoil (with T. Carraro, L. Fache Rousová, O. Furtuna, M. Ghio, K. Kallage, F. Vacirca and S. Michele Zema), [Link],
Abstract:
Mind the liquidity gap: a discussion of money market fund reform proposals (with M. Grill, Luis Molestina Vivar, C. Mücke, S. O’Sullivan, M. Wedow, M. Weis and C. Weistroffer), [Link],
Abstract:
Assessing the impact of a mandatory public debt quota for private debt money market funds (with M. Grill, Luis Molestina Vivar, C. Mücke, M. Weis and C. Weistroffer), [Link],
Abstract:
Corporate Loans at Particularly Low Rates in France (with S. Avouyi-Dovi, B. Bureau, R. Lecat and J-P. Villetelle), [Link],
Abstract: Bank lending rates to firms have fallen sharply since the crisis, notably as a result of monetary policy measures, but they are also more dispersed, which points to a stronger discrimination by banks. Loans with particularly low interest rates represent a significant share of new loans, and they are extended mainly to healthy firms.
Are insolvent firms being kept afloat by excessively low interest rates? (with S. Avouyi-Dovi, B. Bureau, R. Lecat and J-P. Villetelle), [Link],
Abstract: Since the crisis, interest rates on bank loans to firms have fallen sharply, but have also become more widely dispersed. This indicates that banks are discriminating more in the credit market on the basis of borrower risk. Lending to struggling firms at low interest rates remains rare. This tends to suggest there has been no significant rise in zombie lending, i.e. the provision of loans at artificially low interest rates to help keep otherwise insolvent companies afloat.