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The German far right and the scars of reunificationOliver HoltemöllerFinancial Times, September 6, 2024
Existing empirical studies on the effect of monetary policy on bank lending almost exclusively focus on a closed economy setting and ignore the interactions between domestic monetary policy and international financial markets.
We identify the effects of exogenous credit constraints on firm ability to attract and retain skilled workers. To do so, we exploit a shock to the value of the pension obligations of Portuguese banks resulting from a change in accounting norms.
