During the euro-area financial crisis, interactions among sovereign spreads, sovereign credit ratings, and bank credit …, we consider a panel of five euro-area stressed countries within a three-equation simultaneous system in which sovereign … estimation, which allows us to calculate persistence and multiplier effects. Second, we apply a new, system timevarying …

In this paper we construct Financial Conditions Indices (FCIs) for the euro area, for the period 2003 to 2011, using a … monetary union. FCIs for individual euro area countries are also provided, with a view to comparing financial conditions in … financialconditions appears not to be entirely symmetric across the euro area …

The euro-area sovereign debt crisis was characterized by feedback loops between (1) sovereign bond ratings and …

(CBPPs) on sovereign bond spreads and covered-bond prices, respectively, for five euro-area stressed countries -- Greece …

The euro-area financial crisis that erupted in 2009 was marked by negative confidence effects that had both domestic … and international ramifications. Domestically, bank lending declined sharply. Internationally, the demand for the euro as … national and regional spillovers. We also assess the effects of ECB policies on euro reserve holdings. The results suggest that …