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Autor:innen: 
Erscheinungsjahr: 
2020
Schriftenreihe/Nr.: 
EconPol Policy Report No. 29
Verlag: 
ifo Institute - Leibniz Institute for Economic Research at the University of Munich, Munich
Zusammenfassung: 
This policy report analyzes one aspect of the sovereign-bank nexus: the feedback effects between banks and sovereigns derived from the holdings of sovereign debt in domestic banks. We study how this relationship evolved during the European debt crisis and how it responded to the implementation of ECB monetary policy based on Open Market Operations and Marginal Lending Facilities. We find evidence of carry trade behavior by banks and we have some mild evidence that this channel may have been boosted by the liquidity provision policies.
Schlagwörter: 
Sovereign-bank nexus
European debt crisis
Monetary policy
ECB
Liquidity
JEL: 
E42
E44
E51
E52
E58
Dokumentart: 
Research Report

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