We review the debate surrounding the macroeconomic effects of deficit reduction policies
(austerity). The discussion about" austerity" in general has distracted commentators and …

Using novel monthly data for 226 euro-area banks from 2007 to 2015, we investigate the
determinants of banks' sovereign exposures and their effects on lending during and after the …

The euro crisis was fuelled by the diabolic loop between sovereign risk and bank risk,
coupled with cross-border flight-to-safety capital flows. European Safe Bonds (ESBies), a …

This article reviews recent economic and legal literature on sovereign debt in light of the
COVID-19 shock. Most of the core theoretical contributions across the two disciplines hinge …

We provide an empirical and theoretical analysis of the Greek crisis of 2010. We first
benchmark the crisis against all episodes of sudden stops, sovereign debt crises, and …

We show that negative monetary policy rates induce systemic banks to reach‐for‐yield. For
identification, we exploit the introduction of negative deposit rates by the European Central …

I investigate whether bank exposures to sovereign debt during the European debt crisis
affected the real economy. I show that a shock to the marked-to-market (MTM) value of bank …

This paper studies the impact of investor composition on the sovereign debt market. We
construct a data set of sovereign debt holdings by foreign and domestic bank, non-bank …

At the 25th anniversary of the Maastricht Treaty, this paper reviews the merits of introducing
a safe sovereign asset for the eurozone. The triple euro area crisis showed the costly …

We use textual analysis to construct an index of economic policy uncertainty (EPU) for
Greece from 1/1998 to 12/2017, similar to other international EPU indices. We also construct …