to the fragmentation of the euro area money market. A triple-difference estimate shows that the borrowing of banks in the …This paper documents stress in the unsecured overnight interbank market in the euro area over the course of the … financial and sovereign debt crisis in Europe. We find that stress i) leads some banks to borrow in the market at rates that are …

Since the intensification of the crisis in September 2008, all euro area long-term government bond yields relative to … euro area spreads, including those for Austria, Finland and the Netherlands. Country-specific credit ratings have played a …

Exploring the period since the inception of the euro, we show that secondary-market yields on Italian public debt … for German public debt. However, these yield movements on the Italian debt are largely confined to the period of the …

This paper studies the determinants of the euro exchange rate during the European sovereign debt crisis, allowing a … role for macroeconomic fundamentals, policy actions and the public debate by policy makers. It finds that the euro exchange …

debt ratios relative to Germany contributed to higher government bond yield spreads in the euro area during the analysed …-à-vis Germany in selected euro area countries during the period end-July 2007 to end-March 2009, when the financial turmoil …

's prosperity. The paper focuses on political events in Italy over the past 35 years and asks whether the adoption of the euro in …'s financial markets throughout the 1970s, 1980s and 1990s. The introduction of the euro appears to have indeed played a major role …

framework by Diebold and Yilmaz (2011), we quantify spillovers between sovereign credit markets and banks in the euro area …

dispersion in the cost of bank finance for euro area firms. Using micro-level bank data across a number of euro area countries … structures. Results show incomplete pass-through of changes in money market rates targeted by the central bank to firms' lending …

the euro area during the sovereign debt crisis, and in credit developments characterising the post-crisis recovery …This paper uses a unique dataset where credit rejections experienced by euro area firms are matched with firm and bank … representation of euro area firms of small and medium size. Our findings suggest that, while firm balance sheet factors have been …

This paper studies the heterogeneity of the marginal propensity to consume out of wealth (MPC) both across and within … countries. We estimate the MPC based on a cross-country harmonized household level dataset which combines surveys on wealth … are very similar to those obtained on aggregate data and show substantial heterogeneity across countries. The wealth …