We study whether central bank independence (CBI) and monetary policy arrangements can jointly influence the likelihood … government, a higher degree of central bank operational (economic) independence is associated with a lower probability of …

credit growth experienced by these countries. We find that, on average, both bank capitalization and lending activities in …

The Federal Reserve and the European Central Bank aggressively lowered interest rates during the recent crisis. Both … crises and a standard output-inflation mandate for the central bank. Our results support procyclical regulation not because …

We analyse the relationship between tail risk and crisis measures by governments and the central bank. Using an … the central bank and the governments is less binding if the risk of contagion is high. The strategic interaction between … governments and the central bank also influences the effectiveness of the interventions. A joint effort of both the governments …

, spurring bond issuance among some banks, and firms. Capital flight has gradually eased, bank deposits have stabilized, and … banks, though largely from core countries. Still, periphery bank risks are significantly higher than in the core. …