Using 1,584 listed banks from 65 countries during the COVID-19 pandemic, we conduct the first broad-based international study examining the effect of the pandemic on bank systemic risk. We find the pandemic increases systemic risk across countries. The effect operates through government policy...

We examine the impact of economic policy uncertainty (EPU) on systemic risk. Based on a large sample of 889 listed banks from 20 countries, we provide empirical evidence that banks are more likely to contribute more to systemic risk when EPU increases. The effect operates through the bank...

We evaluate the effects of contagion and common exposure on banks' capital through a regression design inspired by the structural VAR literature and derived from the balance sheet identity. Contagion can occur through direct exposures, fire sales, and market-based sentiment, while common...

Since the 2008 financial crisis, banking regulators' capital enhancement efforts have focused on permitting systemically important financial institutions to issue alternative forms of debt and quasi-debt instruments as a means of meeting their Basel III primary capital (Tier 1) and secondary...

Durch die globale Finanz- und Wirtschaftskrise geraten Europas Banken immer mehr unter Druck. So hat die desolate Verfassung der Staatsfinanzen der südeuropäischen Länder nach Ansicht von Stephan Paul und Christian Farruggio, Ruhr-Universität Bochum, die Krise in den Bankensektor...