sovereign risk affects banking risk (and vice versa), presents some new evidence on bank-sovereign links, and discusses policy …

undesired effects and distortions. Finally, we briefly review the recent evolution of bank lending to the private sector. We …

bank liquidity, seek help within their own group and dispose of assets. As the shock spreads, borrowers who lack liquid …

Whether a central bank should share with the public its views about the future evolution of short term interest rates … nature of this forecast, it could also undermine the credibility of the central bank. We provide new evidence on the effects …, where the central bank releases interest rate projections, we find that market expectations react significantly and …

An important concern for the European Central Bank (ECB), and all central banks alike, is the necessity of making …

their target level; and (iii) the central bank, ignoring the exact mechanism used by private agents to form expectations … this assumption. The set of macroeconomic projections released by the central bank crucially affects the results in terms …