Augustin, Patrick, Boustanifar, Hamid, Breckenfelder, Johannes, Schnitzler, Jan, (2016), “Sovereign to corporate risk spillovers”, Working Paper Series No. 1878, European Central Bank, Ιανουάριος Using the announcement of the first Greek bailout on April 11, 2010, we quantify significant spillover effects from sovereign to corporate credit risk in Europe. A ten percent increase in sovereign credit risk raises corporate credit risk on average by 1.1 percent after the bailout. These effects are more …Read More

Tressel, Thierry, Sophia Zhang, Yuanyan, (2016), “Effectiveness and Channels of Macroprudential Instruments : Lessons from the Euro Area”, IMF Publications, 12 Ιανουαρίου The crisis has highlighted the importance of setting up macro-prudential oversight frameworks, having effective macro-prudential instruments in place to be called upon to mitigate growing financial imbalances as needed. We develop a new approach using the euro area Bank Lending Survey to assess the effectiveness of macro-prudential policies in containing credit …Read More

Angrick, Stefan, (2015), “Global Liquidity and Monetary Policy Autonomy-An Examination of Open-Economy Policy Constraints”, IMK Working Paper 159, 8 Δεκεμβρίου. This paper examines the monetary policy constraints facing economies on a fixed peg or managed float regime, contrasting the Mundell-Fleming Trilemma view against the Compensation view commonly found at central banks. While the former holds that foreign exchange inflows and outflows affect the domestic money base, constraining monetary policy under nonfloating …Read More