This paper uses the co-incidence of extreme shocks to banksu0092 risk to examine within country and across country contagion among large EU banks. Banksu0092 risk is measured by the first difference of weekly distances to default and abnormal returns. Using Monte Carlo simulations, the paper...

This paper addresses a very European issue, the consolidation of securities trading and settlement infrastructures. In a two-country model, we analyze welfare implications of different types of consolidation. We find that horizontal integration of settlement systems is better than vertical...

We study the effect of interbank market integration on small firm finance in the build-up to the 2007-2008 financial crisis. We use a comprehensive data set that contains contract terms on individual loans to 6,047 firms across 14 European countries between 1998:01 and 2005:12. We account for...

As the global banking crisis intensified in the fall of 2008, governments announced comprehensive rescue packages for financial institutions. In this paper, we put the joint response of euro area bank and sovereign CDS premia under the microscope. We find that the bank rescue packages led to a...

Migrant integration in Arnsberg has primarily taken place by opening up the core institutions, such as the education system and the labour market, to migrants and by including migrants in the national welfare system. With regard to the housing market, this means that non-Germans have the same...

Antwerp is the largest city in Flanders, with 470,044 inhabitants in 2006. Some 13% of the city’s population consists of foreigners, of whom 8% are non-EU nationals. Antwerp’s municipal housing policy aims to sustain and even increase the diversity within the city. This diversity pertains...

The city of Vienna’s integration policies since the beginning of the 1990s have aimed to achieve equal rights and opportunities for immigrants in all spheres of social and economic, cultural and political life of the local population. Thus, a comprehensive set of measures were implemented to...