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markets that is due to unconventional monetary policy (UMP). We find that through the risk-taking channel, UMP has increased … higher risk profile. Since the relationship between credit ratings and firm-level productivity is U-shaped, the aggregate …
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that governments act as macro-liquidity providers across maturities, thereby adding significant risk absorption capacity to …
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The euro crisis was fueled by the diabolic loop between sovereign risk and bank risk, coupled with cross-border flight …
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