• "The effect of foreign bank withdrawals on the liquidity and credit market" - available at ssrn: - ssrn.com/abstract=2820986 - The recent trend in bank divestment and business closure in many countries may have important consequences on banking sector liquidity and credit supply. This research question becomes even more attractive if one thinks about the UK's decision to withdraw from the EU, which will lead to leave the market by many banks operating in this country. In our study we analyze what might be potential consequences of bank withdrawals on such a country. We find that when a bank, which is a net lender on interbank market, leaves the market, the bank liquidity decreases and credit growth lowers. In the long run, for clients this may mean a more limited access to loans and significantly higher costs of those. Such barriers do not only emerge as a negative result of decreased liquidity in a sector, but also in consequence of consolidation, e.g. a rise in strength of other banks. Their market position is growing, but the competitive environment suffers. Clients may then face harsher criteria for inclusion in service catalogue and increased prices for products.

• "Banking business models and the extent of financial crisis" - Journal of International Money and Finance - The theory that banks are important contributor to the financial crisis has been longly approved. The question which needs to be further investigated is which banks in particular cause these financial turbulences. Our study tries to answer this question. Using the k-medoids methodology we identify various banking business models according to asset combinations and funding sources. The study further determines the effects of these models on bank risk-return profiles. In our study we use all systemically important banks listed on the V-LAB list from 2000 to 2007 in 65 countries and examine the effect of the banking business models’ characteristics on the mortgage crisis. Our results prove that the asset structure of banks was responsible for the systemic risk before the mortgage crisis, whereas the liability structure was responsible for the crisis itself. The results reveal why the banking sector’s risk was not obvious before the mortgage crisis. Finally, we show that countries whose banks rely on investment activities experienced a greater drop in GDP; however, the drop was short-lived compared to countries with a predominantly traditional banking sector.
• "Transmission of Financial Shocks in Loan and Deposit Markets: Role of Interbank Borrowing and Market Monitoring" - Journal of Financial Stability - We examine the international transmission of liquidity shocks from multinational bank holding companies to their subsidiaries during the financial crisis of 2008. Our results demonstrate that a subsidiary’s reduction in lending is strongly related to its parent bank’s lending via the interbank market. While subsidiaries that were dependent on interbank financing increased their credit supply prior to the crisis, they reduced their lending activities during the crisis. Additionally, we observe that interbank-dependent subsidiaries tried to change their funding strategy when they were unable to increase their deposit growth significantly during the crisis. During the crisis, subsidiaries could not rely on their parent banks’ support via the interbank market and encountered problems in attracting new depositors, which could explain the significant decline in lending during the financial crisis. These findings highlight the need to regulate and monitor multinational funding strategies, especially in the interbank market. 
• "What do we know about the impact of government interventions in the banking sector? The assessment of various bailout programs on bank behavior" – Journal of Banking and Finance -  Systemic banking crises have placed enormous pressure on national governments to intervene. We find that, in general government interventions have a negative impact on banking sector stability, increasing its risk significantly afterwards. In particular, we find that among bailout measures, nationalization and Asset Management Companies (AMCs) contribute most to the risk effect and that among liquidity support mechanisms, public guarantees are the largest contributor to the risk effect. The optimal bailout package should include mechanisms aimed at strengthening market monitoring in the post-crisis period. Liquidity provisions and government assisted mergers are examples of such a strategy.

• "The problem with government interventions: The wrong banks, inadequate strategies, or ineffective measures?" - The most recent crisis prompted regulatory authorities to implement directives prescribing actions to resolve systemic banking crises. Recent findings show that government intervention results in only a small proportion of bank recoveries. This study examines the reasons for this failure and evaluates the effectiveness of regulatory instruments, demonstrating that weaker banks are more likely to receive government support, that the support extended addresses banks’ specific issues, and that supported banks are more likely to face bankruptcy than non-supported banks. Therefore, government interventions must be sufficiently large, and an optimal banking recovery program must include a deep restructuring process.