banks suffered significant outflows between June and August 2011. Due to credit market frictions, these outflows have … greater exposure to Eurozone banks decrease their holdings more than other funds. We show that relationships are important in …

In this paper we study systemic risk for the US 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 US and European banks are … smaller than within each region. We then show that European banks react more strongly to the onset of the financial crisis …

swift and massive liquidity provision by central banks in the wake of both crises is, at least partly, to be credited to … previous research on the role of central banks as lenders of last resort in crises and on the real effects of bank lending and …

In this paper we study systemic risk for North America and Europe. We show that banks' exposures to common risk factors … European banks are smaller than within each region. We then show that European banks react more strongly to the onset of the …

significantly increases systemic risk. In particular, herding in real estate loans by big banks contribute more to systemic risk. We …