We isolate the direct bank-to-sovereign distress channel within the Eurozone’s sovereignbank-loop by exploiting the global, non-Eurozone related variation in stock prices. We instrument banking sector stock returns in the Eurozone with exposure-weighted stock market returns from non-Eurozone...

We isolate the direct bank-to-sovereign distress channel within the eurozone's sovereign-bank-loop by exploiting the global, non-eurozone related variation in stock prices. We instrument banking sector stock returns in the eurozone with exposure-weighted stock market returns from non-eurozone...

The Philippines demonstrated significant economic growth--and is still gaining momentum--in recent years. This was after being tagged as the 'sick man of Asia' for showing slow growth while its Asian neighbors flourished. To sustain the current growth momentum and make it inclusive, transforming...