The recent financial crisis has highlighted the need to go beyond a purely micro approach to
financial regulation and supervision. As a consequence, the number of policy speeches …

The recent financial crisis has triggered a major rethink of analytical approaches and policy
toward financial stability. The crisis has encouraged a sharper focus on systemic risk, the …

We review the extensive literature on systemic risk and connect it to the current regulatory
debate. While we take stock of the achievements of this rapidly growing field, we identify a …

The recent financial crisis has again raised the question to what extent price-stability-
oriented monetary policy frameworks should take into account financial stability objectives …

This paper introduces a new indicator of contemporaneous stress in the financial system
named Composite Indicator of Systemic Stress (CISS). Its specific statistical design is …

Researchers increasingly turn to counterfactual simulations to estimate the danger of
contagion owing to exposures in the interbank loan market. This paper summarises the …

Using a unique dataset of the Euro-area and the US bank lending standards, we find that
low (monetary policy) short-term interest rates soften standards for household and corporate …

This paper analyzes the relationship between banks' divergent strategies toward
specialization and diversification of financial activities and their ability to withstand a banking …

In this paper we modify and extend the framework of Diebold and Yilmaz (2011) to quantify
spillovers between sovereign credit markets and banks in the euro area. Spillovers are …

The effect of bank capital on lending is a critical determinant of the linkage between financial
conditions and real activity, and has received especial attention in the recent financial crisis …