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Eleonora Sfrappini

Eleonora Sfrappini
Aktuelle Position

seit 10/19

Wissenschaftliche Mitarbeiterin der Abteilung Finanzmärkte
 

Wissenschaftliche Mitarbeiterin der International Banking Library

Leibniz-Institut für Wirtschaftsforschung Halle (IWH)

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Forschungsschwerpunkte
  • Finanzmarktregulation
  • internationale Tätigkeiten von Banken
  • Gesamtwirtschaft und Klimawandel
  • International Banking Library

Eleonora Sfrappini ist seit Oktober 2019 Doktorandin in der Finanzmarktabteilung. Sie erforscht die Finanzierung des Klimaschutzes, Finanzmarktregulation und Banken.

Eleonora Sfrappini studierte an der Freien Universität Bozen sowie der Julius-Maximilians-Universität Würzburg und verbrachte ein Auslandssemester an der Özyeğin University in der Türkei. 2021 ist sie mit dem renommierten Lamfalussy Forschungsstipendium der Europäischen Zentralbank ausgezeichnet worden.

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Eleonora Sfrappini
Eleonora Sfrappini
Mitglied - Abteilung Finanzmärkte
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Publikationen

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Completing the European Banking Union: Capital Cost Consequences for Credit Providers and Corporate Borrowers

Michael Koetter Thomas Krause Eleonora Sfrappini Lena Tonzer

in: European Economic Review, September 2022

Abstract

The bank recovery and resolution directive (BRRD) regulates the bail-in hierarchy to resolve distressed banks in the European Union (EU). Using the staggered BRRD implementation across 15 member states, we identify banks’ capital cost responses and subsequent pass-through to borrowers towards surprise elements due to national transposition details. Average bank capital costs increase heterogeneously across countries with strongest funding cost hikes observed for banks located in GIIPS and non-EMU countries. Only banks in core E(M)U countries that exhibit higher funding costs increase credit spreads for corporate borrowers and contract credit supply. Tighter credit conditions are only passed on to more levered and less profitable firms. On balance, the national implementation of BRRD appears to have strengthened financial system resilience without a pervasive hike in borrowing costs.

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Arbeitspapiere

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How Do EU Banks’ Funding Costs Respond to the CRD IV? An Assessment Based on the Banking Union Directives Database

Thomas Krause Eleonora Sfrappini Lena Tonzer Cristina Zgherea

in: IWH Discussion Papers, Nr. 12, 2024

Abstract

The establishment of the European Banking Union constitutes a major change in the regulatory framework of the banking system. Main parts are implemented via directives that show staggered transposition timing across EU member states. Based on the newly compiled Banking Union Directives Database, we assess how banks’ funding costs responded to the Capital Requirements Directive IV (CRD IV). Our findings show an upward trend in funding costs which is driven by an increase in cost of equity and partially offset by a decline in cost of debt. The diverging trends are most present in countries with an ex-ante lower regulatory capital stringency, which is in line with banks’ short-run adjustment needs but longer-run benefits from increased financial stability.

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Climate Change-Related Regulatory Risks and Bank Lending

Isabella Müller Eleonora Sfrappini

in: ECB Working Paper, Nr. 2670, 2022

Abstract

We identify the effect of climate change-related regulatory risks on credit real-location. Our evidence suggests that effects depend borrower's region. Following an increase in salience of regulatory risks, banks reallocate credit to US firms that could be negatively impacted by regulatory interventions. Conversely, in Europe, banks lend more to firms that could benefit from environmental regulation. The effect is moderated by banks' own loan portfolio composition. Banks with a portfolio tilted towards firms that could be negatively a affected by environmental policies increasingly support these firms. Overall, our results indicate that financial implications of regulation associated with climate change appear to be the main drivers of banks' behavior.

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