This paper develops a two-country model of a monetary union for the purpose of, first, investigating the contribution of housing and a credit market susceptible to default in the economy and second, evaluating the interaction between housing and the ECB's asset purchase programs (APP) from 2015...

COVID-19 has caused an increased demand for safe assets, causing capital to flow out of emerging and developing market economies, while higher credit spreads and a weaker exchange rate have caused a spike in inflation. This paper analyses the fallout to the real economy and fiscal measures...

This paper compares the stock and credit default swap market reactions to the COVID-10 announcement with the reaction to the Lehman bankruptcy, investigating the effects of both negative news and policy measures announcements by industry. We find that the CDS market reaction is not statistically...