liquidity is driven primarily by uncertainty (VIX), US monetary policy (term premia), and UK and Euro Area bank conditions … is consistent with the dominant role of European banks in cross-border lending. We also show that borrowing countries can …

crisis. The difference in costs of out-of-the-money put options for individual banks, and puts on the financial sector index … financial sector, which lowers index put prices far more than those of individual banks, explains the divergence in the basket …

a number of banks have simultaneously entered into difficulties, or in the event of the failure of a large complex cross …

Central banks’ economic and political importance has grown in advanced economies since the start of the Great Financial … the only stabilization tool in town. However, much of the enhanced significance of central banks is due to their lender … and sovereigns. Supervisory and regulatory functions – often deeply political, have been heaped on central banks. Central …