Rules and Discretion(S) in Prudential Regulation and Supervision: Evidence from EU Banks in the Run-Up to the Financial Crisis

Prior to the global financial crisis, prudential regulation in the EU was implemented non-uniformly across countries, as options and discretions allowed national authorities to apply a more favorable regulatory treatment. We construct country indicators of regulatory flexibility (for all banks in a country) and supervisory discretion (on a case-by-case basis).

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