default probability, showing that it decreases with central bank bond-holdings. Calibrating the model to Germany and Italy, we …

potential threat to sovereign bond market stability in the euro area; these markets had disintegrated during the “euro crisis … longer capable of issuing bonds under their own exclusive monetary control. Thus, integrating euro area sovereign bond …

This paper argues that the Eurozone crisis stems from a risk management failure in the Eurosystem's design, and that …

at risk Eurozone' financial stability. In this paper, we estimate a Panel VAR (PVAR) model on the EMU area employing … bond. …

surpluses. In the data, adjustments to convenience yields explain a larger fraction of the variation in Eurozone bond yields … billion euros in cumulative revenues from bond issuance between 2003 and 2020, representing 2.6% of 2020 Eurozone GDP …This paper analyzes bond convenience yields in a currency union. The intertemporal government budget constraint …