Second phase of RELTIF has started

The CEPR/ Assonime Programme on Restarting European Long-Term Investment Finance (RELTIF) is entering its second phase.  In January of this year the programme produced its first report (a Green Paper) on European corporate finance.

This identified a number of areas of research it was intended should be pursued in the second phase.  Following a meeting of academic researchers in Oxford in March, a call for proposals for research projects relevant to the research programme was put out and in response a large number of proposals were received.

From this the following were selected for inclusion in the second phase research, which will run from August 2015 until July 2016.


PI Full Name

Title of Research

Co-Investigators (Surname)


Banal-Estanol Albert

Asset Encumbrance and Bank Funding Costs



Bruno Brunella

Are Risk Based Capital Requirements Detrimental to Corporate Lending? Evidence from Europe

Nocera, Resti



Coricelli Fabrizio

Inter-Enterprise Credit, Firm Size and Adjustment during Financial Crisis: Evidence from Europe



Eisert Tim

Whatever it takes: The Real Effects of Unconventional Monetary Policy

Acharya, Eufinger, Hirsch



Freixas Xavier

Financial Markets Imperfections and Government Support to Credit to SMEs



Hellmann Thomas

From Start-up to Scale-up: Examining Public Policies for the Financing of High-Growth Ventures

Durufle, Wilson


Ioannidou Vasso

On the Impact of Government Credit Guarantees Programs on Firms’ Access to Credit and Performance during the Financial Crisis Co-Investigators

Liberti, Mosk


Nowak Eric

Financing of SMEs in Light of Crisis and New Regulation – Do Innovations in Market Financing have an impact on the Cost of Capital?



Ongena Steven

Does the cost of Capital affect Bank Lending?

Célérier, Kick


Pagano Marco

Banks Sovereign Exposures, Risk and Lending in the Euro Debt Crisis

Altavilla, Simonelli


Polo Andrea

Trading and Lending in Banks:  The Impact of

Monetary Policy

Peydro, Sette


Popov Alexander

Misallocation of Investment in Europe: Debt Overhang, Credit Market Distress, or Weak Demand?

Barbiero, Brutscher, Kolev, Wolski


Rossolini Monica

SMEs Access to Market Based Finance: How Euro Area Countries differ?

Bongini, Ferrando, Rossi


Schmukler Sergio

How Long Do Corporate Borrow? Evidence from

Capital Raising Activity

Cortina, Didier


In addition, a core research project examining the response of European bank lending and corporate financing to the financial and sovereign loan crises is being undertaken.  Results from all the research projects will be presented at workshops in January and July 2016.  Papers from the project will subsequently be published in academic journals and a final report (White Paper) will synthesise the main conclusions of the research programme.