Using new data on security-level portfolio holdings by investor type and across countries in the euro area, we study …% of ECB purchases are sold by non-euro area investors, and we do not find evidence that risks get concentrated in certain …

-study approach and yields on euro-denominated sovereign bonds, dollar-denominated sovereign bonds, corporate bonds, and corporate CDS …

We construct credit risk indicators for euro area banks and non-financial corporations. These are the average spreads … on the yield of euro area private sector bonds relative to the yield on German federal government securities of matched …-financial and financial firms increasingly reflect national rather than euro area financial conditions. Consistent with this view …

now highly-sensitive GIIPS group and other European country groupings (EU and Euro Area excluding GIIPS, and the non … in GIIPS to other euro countries is not evident once own-country credit rating changes are taken into account …

We show that Eurozone bank risks during 2007-2012 can be understood as a "carry trade" behavior. Bank equity returns …

eurozone countries. By emphasizing several econometric approaches (nonlinear regression, quantile regression and Bayesian … their sovereign debt and fiscal situations. Thus, the integration among the different eurozone countries is stable, and the …

six Euro-area countries over the period 2004-2011. As a first step, the supposed non stationarity of the two series is …

The creation of the euro and the European Central Bank is a remarkable and unprecedented event in economic and … some advocate the euro despite its economic problems because of its assumed favorable effects on European political …

. The main issue we focus on is how the euro may alter the responsiveness of consumer prices to exchange rate changes. Our … central conjectures is that the acceptance of the euro will lead European prices to become more insulated from exchange …

conversion rates between the Euro and the currencies of EMU" member states. Current EU legislation, notably the Maastricht treaty … Euro. " Unfortunately, most of these have potentially damaging side effects. One approach official Stage 2 offers of … contingent Euro forward contracts with value dates at the start of" Stage 3, allows a highly credible preannouncement of the …