We use quanto credit default swaps to analyze the impact of a credit event in the Euro zone on the Euro-Dollar exchange … credit event if the payment in such an event is denominated in US-Dollar rather than in Euro, because they expect the Euro to … conditional on a credit event of a member of the Euro zone. We find that the implied effect is quite heterogeneous across the …

Using novel monthly data for 226 euro-area banks from 2007 to 2015, we investigate the causes and effects of banks …' sovereign exposures during and after the euro crisis. First, in the vulnerable countries, the publicly owned, recently bailed …

of the British pound vis-a-vis the euro and led to considerable uncertainty about future trade relations between the UK … and sales compared to more exposed firms. We do not find significant differences for export volumes to the UK or elsewhere …

of final destination. Germany plays the increasing role in CEE export redirection (and vice versa) to extra …-European destinations, especially to the US, China, and Russia. Additionally, we state that the Baltic countries and Poland export domestic …

The introduction of the euro meant that countries with sovereign debt problems could not use monetisation and … devaluation as a way to prevent default. The institutional structures of the euro were also widely thought to prevent a country in … difficulties being bailed out by other euro members or having its sovereign debt purchased by the ECB. Despite these restrictions …