D'Imperio, Paolo; Schelkle, Waltraud - In: Vierteljahrshefte zur Wirtschaftsforschung 86 (2017) 2, pp. 77-88
reliance of European investors on banks and build up a market-based risk-sharing channel between member states. Our empirical … provide evidence that (i) financial flows are generally pro-cyclical; (ii) market-based risk-sharing mechanisms tend to break … systemic financial crisis. During the Great Recession, failing market risk-sharing was replaced by the ECB through the cross …
