in three steps: First, using data from liquidity auctions of the European Central Bank, we estimate the funding costs in … a given week for each individual bank. In the second step, we apply the adaptive elastic net (a LASSO type estimator) to … systemicness and vulnerability of each bank. Our measure of systemicness has quite a natural interpretation, since it can roughly …

This paper seeks to understand the interplay between banks, bank regulation, sovereign default risk and central bank … guarantees in a monetary union. I assume that banks can use sovereign bonds for repurchase agreements with a common central bank … cheaply, effectively shifting the risk of some of the potential sovereign default losses on the common central bank …

We analyze the determinants and the long-run consequences of government interventions in the eurozone banking sector …, eventually, greater reliance on liquidity support from the European Central Bank …

overhang. We find that the efficient recapitalization program injects capital against preferred stock plus warrants and … conditions implementation on sufficient bank participation. Preferred stock plus warrants reduces opportunistic participation by … aggregate credit risk exceed the cost of implicit transfers to bank debt holders …

At a time of historic challenges to the viability of the Eurozone, we assess the contribution of the EU and the Euro to …

additional central bank money that flowed to the euro core countries, Germany in particular, and crowded out the central bank … money resulting from local refinancing operations. Thus the ECB forced a public capital export from the core countries that … partly compensated for the now reluctant private capital flows to, and the capital flight from, the periphery countries …