Welcome to my site! My name is Pia Hüttl, and I am a PhD candidate at Berlin School of Economics and a research assistant at the Finance Group, Humboldt University Berlin. Prior to this, I worked as an Economist at Bruegel, a Brussels-based economic think tank. My primary research interest focuses on the intersection between the financial sector, politics and the real economy.

You can find my CV here

Contact me via mail:




Flight abroad in the Euro Area: evidence from a ECB collateral framework change (P. Hüttl)

This paper investigates the impact of central bank collateral policy on bank lending in the Euro area. In January 2007, the ECB replaced national sets of collateral requirements with a single list valid in the whole euro area. Banks holding assets that became eligible on their balance sheet increased their lending by 8.3%, once loan demand is controlled for. Using this collateral shock to investigate the differential capital flow dynamics in the core and the GIIPS countries, I find that lending increased by affected banks residing in the core vis-a-vis other euro area countries. Also, affected banks extended their loans to riskier borrowers, contributing to the build-up of imbalances within the Euro area in the 2000s.


Political Connections and Bank Bailouts (P. Hüttl and P. Schaz)

This paper investigates the relationship between political connections of banks and lending in times of banking crises. Combining two hand-collected datasets on bank board directors and political ties, as well as on government aid to banks in the European Union, we find that banks which are too-big-to-fail subject to government aid experience an increase in their number of politically connected board members. Furthermore, bailed-out banks that appoint new political board members reduce their lending by more than bailed-out banks without such a change in political board members. On the firm level, this fall in lending can only be substituted partially through switching banks or issuing corporate bonds. Thus, the negative loan effect translates into lower sales and employment growth for firms.

Do Financial Crises radicalize voters? (P. Hüttl and S. Baumgartner)

Until now, the literature has established a link between unemployment and radical voting, as well as a link between financial crises and political fragmentation. However, there is a shortage of well-identified micro-based evidence documenting a causal effect of financial shocks on political radicalization. With a focus on the European debt crisis in Spain, I ask if financial crises radicalize voters. Using bank-firm-level data, I document first the effect of bank failure on the real economy. I then analyse the effect of credit crunch on electoral results on a city/regional level.



Financial Intermediation (undergrad level), Prof Max Bruche

Finance Theory (graduate level), Prof Alex Stomper

Advanced Corporate Finance (graduate level), Prof Tim Adam



IWH-FIN-FIRE Workshop on “Challenges to Financial Stability”, Halle Institut for Economic Research (August 2019)*

CEPR Conference on the Political Economy of Finance, University of Rotterdam (February 12, 2021)* 

Finance Forum Spain – PhD mentoring day, Nova School of Business & Economics (June, 2021)*

Day-Ahead Workshop on Financial Regulation, University of Zurich (October 13-14, 2021)

*without active participation