the euro area. Using firm‐level survey data on SME financing conditions, we show that an increase in securitization …This paper analyzes the impact of securitization on access to finance for small and medium‐sized enterprises (SMEs) in … firms. Our results reveal that in addition to the volume of securitization, its type and quality matter for credit extension …

This paper investigates the risk implications of securitizing the Eurozone sovereign debt as collateralised debt … obligations (CDO). The proposal of creating asset-backed securities underpinned by Eurozone sovereign bonds has gained traction … since the Eurozone Sovereign Debt Crisis of 2009-2012, and particularly in the aftermath of the Covid-19 pandemic. It is …

The COVID-19 pandemic led to a sharp contraction of economic activity in the euro area (and worldwide). Its anatomy … the lens of an estimated DSGE model. We augment the canonical DSGE set-up with 'forced savings' (lockdowns, social … dominant role of 'lockdown shocks' ('forced savings', labour hoarding) in explaining the quarterly pattern of real GDP growth …