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In this paper, I will discuss this question with special emphasis on the European experience. The European Union (EU …: First, I shall highlight some central features of globalisation. Second, I will analyse whether the EU can be considered a …
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Using variance decompositions in vector auto-regressions (VARs) we model a high-dimensional network of European CDS spreads to assess the transmission of credit risk to the non-financial corporate sector. Our findings suggest a sectoral clustering in the CDS network, where financial institutions...
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