The Sovereign Bank Nexus In The Euro Area
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The Sovereign Bank Nexus In The Euro Area
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Author :
language : en
Publisher:
Release Date : 2019
The Sovereign Bank Nexus In The Euro Area written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
The sovereign-bank nexus played a key role in the 2009-12 European debt crisis by enabling pernicious dynamics whereby governments and domestic banking sectors mutually enfeebled each other. This paper reviews the direct (financial) channels and the indirect (real) channels through which banks and sovereigns interact, and that can give rise to feedback loops between the two sectors. While significant progress has been achieved in mitigating the direct channel of the loop in recent years, the indirect mechanisms of the loop stayed largely intact. Policy options for improving the financial stability of both banks and sovereigns across the euro area have been discussed, including measures to increase the diversification of banks' sovereign debt holdings. Focusing on diversification as a standalone measure, a review of the literature and model-based simulations suggest an ambiguous impact on systemic risk. However, in those cases where diversification can either reduce total risks or keep them unchanged, it can also deliver an important shock absorption effect in crisis periods. In such cases, simulations show that higher cross-border integration of banking sectors would dilute the impact of asymmetric shocks across the regions of a monetary union, thus increasing the overall welfare of risk averse households.
Managing The Sovereign Bank Nexus
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Author : Mr.Giovanni Dell'Ariccia
language : en
Publisher: International Monetary Fund
Release Date : 2018-09-07
Managing The Sovereign Bank Nexus written by Mr.Giovanni Dell'Ariccia and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-09-07 with Business & Economics categories.
This paper reviews empirical and theoretical work on the links between banks and their governments (the bank-sovereign nexus). How significant is this nexus? What do we know about it? To what extent is it a source of concern? What is the role of policy intervention? The paper concludes with a review of recent policy proposals.
Unconventional Monetary Policy Shocks In The Euro Area And The Sovereign Bank Nexus
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Author : Nikolay Hristov
language : en
Publisher:
Release Date : 2020
Unconventional Monetary Policy Shocks In The Euro Area And The Sovereign Bank Nexus written by Nikolay Hristov and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with categories.
We explore the effects of the ECB's unconventional monetary policy on the banks' sovereign debt portfolios. In particular, using panel vector autoregressive (VAR) models we analyze whether banks increased their domestic government bond holdings in response to non-standard monetary policy shocks, thereby possibly promoting the sovereign-bank nexus, i.e. the exposure of banks to the debt issued by the national government. Our results suggest that euro area crisis countries' banks enlarged their exposure to domestic sovereign debt after innovations related to unconventional monetary policy. Moreover, the restructuring of sovereign debt portfolios was characterized by a home bias.
Monetary Policy Bank Bailouts And The Sovereign Bank Risk Nexus In The Euro Area
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Author : Marcel Fratzscher
language : en
Publisher:
Release Date : 2015
Monetary Policy Bank Bailouts And The Sovereign Bank Risk Nexus In The Euro Area written by Marcel Fratzscher and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with Bailouts (Government policy) categories.
The paper analyses the empirical relationship between bank risk and sovereign credit risk in the euro area. Using structural VAR with daily financial markets data for 2003-13, the analysis confirms two-way causality between shocks to sovereign risk and bank risk, with the former being overall more important in explaining bank risk, than vice versa. The paper focuses specifically on the impact of non-standard monetary policy measures by the European Central Bank and on the effects of bank bailout policies by national governments. Testing specific hypotheses formulated in the literature, we find that bank bailout policies have reduced solvency risk in the banking sector, but partly at the expense of raising the credit risk of sovereigns. By contrast, monetary policy was in most, but not all cases effective in lowering credit risk among both sovereigns and banks. Finally, we find spillover effects in particular from sovereigns in the euro area periphery to the core countries.
Macroprudential Policy And The Sovereign Bank Nexus In The Euro Area
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Author : Nikolay Hristov
language : en
Publisher:
Release Date : 2021
Macroprudential Policy And The Sovereign Bank Nexus In The Euro Area written by Nikolay Hristov and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021 with categories.
A Banking Union For The Euro Area
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Author : Rishi Goyal
language : en
Publisher: International Monetary Fund
Release Date : 2013-02-12
A Banking Union For The Euro Area written by Rishi Goyal and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-02-12 with Business & Economics categories.
The SDN elaborates the case for, and the design of, a banking union for the euro area. It discusses the benefits and costs of a banking union, presents a steady state view of the banking union, elaborates difficult transition issues, and briefly discusses broader EU issues. As such, it assesses current plans and provides advice. It is accompanied by three background technical notes that analyze in depth the various elements of the banking union: a single supervisory framework; a single resolution and common safety net; and urgent issues related to repair of weak banks in Europe.
Sovereign Risk And Belief Driven Fluctuations In The Euro Area
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Author : Giancarlo Corsetti
language : en
Publisher: International Monetary Fund
Release Date : 2013-11-06
Sovereign Risk And Belief Driven Fluctuations In The Euro Area written by Giancarlo Corsetti and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-11-06 with Business & Economics categories.
Sovereign risk premia in several euro area countries have risen markedly since 2008, driving up credit spreads in the private sector as well. We propose a New Keynesian model of a two-region monetary union that accounts for this “sovereign risk channel.” The model is calibrated to the euro area as of mid-2012. We show that a combination of sovereign risk in one region and strongly procyclical fiscal policy at the aggregate level exacerbates the risk of belief-driven deflationary downturns. The model provides an argument in favor of coordinated, asymmetric fiscal stances as a way to prevent selffulfilling debt crises.
Revisiting The Economic Case For Fiscal Union In The Euro Area
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Author : Mr.Helge Berger
language : en
Publisher: International Monetary Fund
Release Date : 2018-02-20
Revisiting The Economic Case For Fiscal Union In The Euro Area written by Mr.Helge Berger and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-02-20 with Business & Economics categories.
The paper makes an analytical contribution to the revived discussion about the euro area’s institutional setup. After significant progress during the euro crisis, the drive to complete Europe’s Economic and Monetary Union (EMU) had stalled, and the way forward will benefit from an in-depth look at the conceptual issues raised by the evolution and architecture of Europe, and the tradeoffs involved. A thorough look at the underlying economic issues suggests that in the long run, EMU will benefit from progressing along three mutually supporting tracks: introduce more fiscal risk sharing, helping to make the sovereign “no bailout” rule credible; complementary financial sector reforms to delink sovereigns and banks; and more effective rules to discourage moral hazard. This evolution would ensure that financial markets provide incentives for fiscal discipline. Introducing more fiscal union comes with myriad legal, technical, operational, and political problems, raising questions well beyond the remit of economics. But without decisive progress to foster fiscal risk sharing, EMU will continue to face existential risks.
Edis Npls Sovereign Debt And Safe Assets
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Author : Andreas Dombret
language : en
Publisher: Walter de Gruyter GmbH & Co KG
Release Date : 2020-02-24
Edis Npls Sovereign Debt And Safe Assets written by Andreas Dombret and has been published by Walter de Gruyter GmbH & Co KG this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-02-24 with Law categories.
Why does the third leg of the European Banking Union, EDIS, remain mired in controversy? This book presents the views of senior representatives of the public and private sectors and academia on why EDIS is either necessary, counter-productive or even dangerous. No viewpoint has been excluded and the full range of issues involved is covered, including the impact on financial stability and on consolidation of the financial sector in Europe, progress on reducing NPLs, the feasibility of developing "safe bonds" and other, more practical solutions to the "doom loop" and the actual design of EDIS.
Euro Area Policies
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Author : International Monetary Fund. European Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2023-07-19
Euro Area Policies written by International Monetary Fund. European Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-07-19 with Business & Economics categories.
Euro Area Policies: Selected Issues