immediate, unprecedented widening of sovereign CDS spreads and narrowing of bank CDS spreads; however, post-bailouts there … emerged a significant co-movement between bank CDS and sovereign CDS, even after controlling for banks' equity performance …, the latter being consistent with an effect of the quality of sovereign guarantees on bank credit risk. …

the proprietary bank-to-bank European interbank dataset extracted from Target2 and also exploit the Lehman and sovereign …

This paper unveils a new resource for macroeconomic research: a long-run dataset covering disaggregated bank credit for …

behavior. By paying out dividends, a bank transfers value to its shareholders away from creditors, among whom are other banks …. This way, one bank's dividend payout policy affects the equity value and risk of default of other banks. When such negative … externalities are strong and bank franchise values are not too low, the private equilibrium can feature excess dividends relative to …

across banks. In particular, by paying out dividends, a bank transfers value to its shareholders away from its creditors, who … in turn are other banks. This way, one bank's dividend payout policy aects the equity value and risk of default of otther … banks. When such negative externalities are strong and bank franchise values are not too low, the private equilibrium can …