Natalie Kessler - Policy

Natalie Kessler

The European Equity Lending Market: Exclusive Security Lending Agreements (with Iman van Lelyveld and Ellen van der Woerd) [PDF]

In this DNB Analysis, we take a deep-dive into the European equity lending market novel deal-level data. With a particular focus on exclusive security lending agreements (ESLAs), we provide unique insights on contract terms such as maturity, collateral and fees . Additionally, we aggregate transactions on a counterparty pair level to map the network and identify net-lender, net-borrowers and intermediaries.

The SME Finance Gap in The European Union (with Thorsten Beck) [PDF]

In this Robert Schuman Centre for Advanced Studies Research Paper, we present SME financing gaps across European countries over the period 2013 to 2020, using two different methodologies, one reliant on firm balance sheets and one on firm-level surveys. We show significant variation in financing gaps across countries and sectors. Variation over time, on the other hand, is not as strong or intuitive. The account- and survey-based measures are only weakly correlated with each other, reflecting their different nature, and both are only weakly correlated with a survey-based measure of self-reported firm financing constraints.

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