about them have recurred in the light of recently increased global stability risk and the quantitative easing that led to … macroeconomic variables to the identified shock based on sign restrictions is regime dependent. …

become less elastic over time, resulting in a decline in risk sharing. While shock amplification has also declined on average …We develop a structural model of the global banking network and analyze its role in facilitating risk sharing and … explains variation in risk sharing and amplification across countries. Moreover, we show that cross‐border loan supply has …