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The sovereign-bank nexus

Listed author(s):
  • Kalin Nikolov
  • Alexander Popov

The sovereign debt crisis which erupted in the euro area in 2010 affected the global banking system and highlighted the close links between the fates of sovereigns and banks. It also prompted interventions by governments and central banks on a scale comparable to the programmes implemented during the financial crisis of 2008-09 in order to stabilise the banking sector. This article tackles two questions which are currently high on the policy agenda: What are the channels through which sovereign-bank linkages amplify twin fiscal/banking crises? And have tensions in euro area government bond markets been transmitted internationally through the bank lending channel? JEL Classification: E6

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File URL: http://www.ecb.europa.eu/pub/pdf/other/researchbulletin20en.pdf
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Article provided by European Central Bank in its journal Research Bulletin.

Volume (Year): 20 (2014)
Issue (Month): ()
Pages: 2-4

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Handle: RePEc:ecb:ecbrbu:2014:0020:1
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  1. Dieppe, Alistair & González Pandiella, Alberto & Willman, Alpo, 2012. "The ECB's New Multi-Country Model for the euro area: NMCM — Simulated with rational expectations," Economic Modelling, Elsevier, vol. 29(6), pages 2597-2614.
  2. PETER McADAM & ALPO WILLMAN, 2013. "Technology, Utilization, and Inflation: What Drives the New Keynesian Phillips Curve?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 45(8), pages 1547-1579, December.
  3. Olivier Blanchard & Francesco Giavazzi, 2002. "Current Account Deficits in the Euro Area: The End of the Feldstein Horioka Puzzle?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 33(2), pages 147-210.
  4. Dieppe, Alistair & Pandiella, Alberto González & Hall, Stephen & Willman, Alpo, 2013. "Limited information minimal state variable learning in a medium-scale multi-country model," Economic Modelling, Elsevier, vol. 33(C), pages 808-825.
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