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Ixart Miquel-Flores
On-site & Internal Model Inspections
- Division
Non-Financial Risk Inspections
- Current Position
-
Supervision Analyst
- Fields of interest
-
Financial Economics,Macroeconomics and Monetary Economics,Microeconomics
- Other current responsibilities
- 2021
Member - European Banking Institute Young Researchers Group (Central Banking and Macroprudential Policies)
- Education
- 2023
Visiting Ph.D. Student, University of Virginia Darden School of Business
- 2022
Visiting Ph.D. Student, The University of Chicago Booth School of Business
- 2020
Ph.D. Candidate in Finance, Frankfurt School of Finance & Management
- 2013-2015
M.Sc. in Finance, Frankfurt School of Finance & Management
- Professional experience
- 2023
Supervision Analyst - Stress Test Experts / Market Risk, European Central Bank
- 2020-2023
Supervision Analyst - On-Site & Internal Model Inspections / IT & Operational Risk, European Central Bank
- 2018-2020
Supervision Analyst - On-Site & Internal Model Inspections / Capital Markets & Treasury , European Central Bank
- 2017-2018
Supervision Analyst - Crisis Management, European Central Bank
- 2016-2017
Trainee - Economics, Monetary Policy- Capital Markets and Financial Structure, European Central Bank
- Awards
- 2018
Best Paper Award - ECMI Annual Conference 2018, European Capital Markets Institute
- 2018
Young Economist Best Academic Paper Award - 6th Macro Banking and Finance Workshop, Unicredit Foundation
- 13 March 2024
- WORKING PAPER SERIES - No. 2916Details
- Abstract
- This study investigates the underlying reasons for banks’ continued support of fossil fuel-based firms and examines the role of public guaranteed loans (PGLs) in redirecting resources towards greener economic activities, thereby facilitating the climate transition process. Using a unique pan-European credit register dataset, we combine supervisory bank data with firm-level greenhouse gas emission data and financial information. Our analysis yields three main findings. Firstly, European banks perceive lending to green companies as riskier compared to their brown counterparts, a phenomenon we term as the “green-transition risk.” Secondly, we provide evidence that during the COVID-19 pandemic, European banks have strategically leveraged PGLs to channel resources towards environmentally sustainable activities, thereby augmenting the proportion of green loans in their portfolios and partially shifting the inherent “green-transition risk” to European governments and citizens. Lastly, our investigation reveals a banking preference for awarding PGLs to financially robust green firms over less profitable, highly indebted green firms, which could pose significant challenges for green businesses requiring financial support during the COVID-19 crisis.
- JEL Code
- G20 : Financial Economics→Financial Institutions and Services→General
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
G28 : Financial Economics→Financial Institutions and Services→Government Policy and Regulation
- 29 April 2019
- WORKING PAPER SERIES - No. 2274Details
- Abstract
- This paper investigates the behaviour of credit rating agencies (CRAs) using a natural experiment in monetary policy. Specifically, we exploit the corporate QE of the Eurosystem and its rating-based specific design which generates exogenous variation in the probability for a bond of becoming eligible for outright purchases. We show that after the launch of the policy, rating upgrades were mostly noticeable for bonds initially located below, but close to, the eligibility frontier. In line with the theory, rating activity is concentrated precisely on the territory where the incentives of market participants are expected to be more sensitive to the policy design. Complementing the evidence on the effectiveness of non-standard measures, our findings contribute to better assessing the consequences of the explicit (but not exclusive) reliance on CRAs ratings by central banks when designing monetary policy.
- JEL Code
- E44 : Macroeconomics and Monetary Economics→Money and Interest Rates→Financial Markets and the Macroeconomy
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
G24 : Financial Economics→Financial Institutions and Services→Investment Banking, Venture Capital, Brokerage, Ratings and Ratings Agencies
G30 : Financial Economics→Corporate Finance and Governance→General
- 18 April 2018
- WORKING PAPER SERIES - No. 2145Details
- Abstract
- On March 10, 2016, the European Central Bank (ECB) announced the Corporate Sector Purchase Programme (CSPP) – commonly known as corporate quantitative easing (QE) – to improve the financing conditions of the Eurozone’s real economy and strengthen the pass-through of unconventional monetary interventions. Using a regression discontinuity design framework that exploits the rating wedge between the ECB and market participants, we show that: (i) bond yield spreads decline by around 15 basis points at the announcement of the programme, (ii) the impact is mostly noticeable in the sample of CSPP-eligible bonds that are perceived as high yield from the viewpoint of market participants and, (iii) the CSPP seems to have stimulated new issuance of corporate bonds. Overall, our results are consistent with the explanation that highlights the portfolio rebalancing mechanism and the liquidity channel.
- JEL Code
- E50 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→General
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
G11 : Financial Economics→General Financial Markets→Portfolio Choice, Investment Decisions
G30 : Financial Economics→Corporate Finance and Governance→General
G32 : Financial Economics→Corporate Finance and Governance→Financing Policy, Financial Risk and Risk Management, Capital and Ownership Structure, Value of Firms, Goodwill
- 2024
- Springer International, 2024Why Do Banks Fail and What to Do About It. The Role of Risk Management, Governance, Accounting, and More
- 2023
- International Review of Financial Analysis
- 2022
- Digitalisation, Sustainability and the Banking and Capital Markets Union. Book series: EBI Studies in Banking and Capital Markets LawToo Tech to Fail?
- 2021
- 50 Years of Central Banking in Kenya: Regional and Global PerspectivesRemarks on the Evolution of Central Banking