The paper investigates the impact of euro adoption on sovereign credit ratings and on long-term rates experienced until the 20th anniversary of the euro. The three pillars of the research are (1) the analysis of the scoring methodology of Credit Rating Agencies, (2) the empirical investigation o...
As a response to the global financial crisis that started in 2008, many countries established dedicated resolution regimes that seek to limit the use of taxpayer money while maintaining the functions of failing banks that are critical for financial stability. This paper extends the existing rese...
The EIB COVID-19 Vulnerability Index examines three main factors that influence the resilience of economies to the COVID-19 shock. 1. Quality of healthcare and age of the population. Older societies and poorly functioning healthcare systems often make countries vulnerable to the health impacts o...
In this paper, I incorporate a complex network model into a state of the art stochastic general equilibrium framework with an active interbank market. Banks exchange funds one another generating a complex web of interbanking relations. With the tools of network analysis it is possible to study h...
Public equity markets provide substantial social benefits. This study contributes to the evidence base needed to further advance the equity markets in Europe. To assess the functioning of primary and secondary equity markets in the EU, the analysis uses a combination of different research method...
Technological innovation has greatly improved the safety and efficiency of securities post-trading over the last few decades and it holds the potential to resolve open issues, as well as to address new market and regulatory needs. This prompted the Advisory Group on Market Infrastructures for Se...
The unprecedented leap and the disruption potential of the emerging technological developments in finance have challenged the existing institutional and regulatory arrangements in the financial sector. Jurisdictions across globe have adopted various initiatives to keep abreast of the rapid techn...
We study the macroeconomic consequences of financial shocks and increase in economic risk using a quantile vector autoregression. Financial shocks have a negative, but asymmetric impact on the real economy: they substantially increase growth at risk, but have limited impact on upside potential. ...
This paper examines which measures of financial conditions are informative about the tail risks to output growth in the euro area. The Composite Indicator of Systemic Stress (CISS) is more informative than indicators focusing on narrower segments of financial markets or their simple aggregation ...