This paper examines the joint behaviour of sovereign ratings and their macroeconomic/
financial determinants (namely uncertainty, GDP growth, government debt-to-GDP ratio …

The euro area continues to suffer from critical weaknesses that are the result of a poorly
designed fiscal and financial architecture, but its members are divided on how to address …

Exploiting confidential data from the euro area, we show that sound banks pass negative
rates on to their corporate depositors and that pass-through is not impaired when policy …

The 20th anniversary of Economic and Monetary Union (EMU) offers an opportunity to look
back on the ECB's record and learn lessons that can improve the conduct of policy in the …

We quantify the role of financial leverage behind the sluggish post-crisis investment
performance of European firms. We use a cross-country firm-bank matched database to …

ABSTRACT In China, between 2006 and 2013, local public debt crowded out the investment
of private firms by tightening their funding constraints while leaving state‐owned firms' …

We propose a simple model of the sovereign-bank diabolic loop, and establish four results.
First, the diabolic loop can be avoided by restricting banks' domestic sovereign exposures …

We develop a new method to construct instruments in a broad class of economic
environments. In the economies we study, a few large firms, industries, or countries account …

This paper examines the relationship between news coverage and Bitcoin returns. Previous
studies have provided evidence to suggest that macroeconomic news affects stock returns …

At the end of 2013, the share of domestic government debt held by the banking sectors of
Eurozone countries was more than twice the amount held in 2007. We show that these …