risk sharing (aiming to reach in the long-term the mutualization of public debt). The proposal envisages a new role for the … a political consensus at the EU level to reinterpret to the no bailout rule enshrined in the treaties so that risk … sharing institutions implemented with fairly priced insurance scheme can be allowed. New risk sharing institutions will foster …

In this paper we study systemic risk for North America and Europe. We show that banks' exposures to common risk factors … are crucial for systemic risk. We come to this conclusion by first showing that relations between North American and … financial crisis than North American ones. Regarding the consequences of systemic risk, we show that dependence between the …

Objective - This paper uses a sample of annual observations of European banks to examine whether the liquidity risk … affects a bank's risk-taking behavior and its future loan growth.Methodology – A sample of European banks (27 member countries … of the European Union plus U.K.) over the period of 2005 to 2019 are used in this study. Liquidity risk is measured by …

The ECB has accepted increasing amounts of rubbish collateral since the crisis started leading to exposure to serious … private sector credit risk (i.e. default risk) on its collateralised lending and reverse operations ("repo"). This has led … ECB balance sheet risk is small compared to the FED and BoE as it neither increased its quasi-fiscal operations as much as …

Collateral plays a very important role in financial markets. Without easy access to high-quality collateral, dealers … economy through increased financing costs. The role of collateral has become increasingly significant since the global … paper introduces a new measure of collateral reuse and studies the drivers of the cost of obtaining high-quality collateral …

The ECB has accepted increasing amounts of rubbish collateral since the crisis started leading to exposure to serious … private sector credit risk (i.e. default risk) on its collateralised lending and reverse operations (“repo”). This has led … ECB balance sheet risk is small compared to the FED and BoE as it neither increased its quasi-fiscal operations as much as …

We construct the first measure of collateral re-use at the bank and bond level for the European repo market using a … than liquidity and profit from the repo rate spread. Yet, dealers also re-use collateral to source liquidity which exposes … them to collateral runs. Our results contribute to the policy debate on trade-offs between shock absorption and financial …

study the intended and unintended consequences of asset purchases in the repo market with Bund collateral. Bunds that are …