Sovereign risk and the bank lending channel: differences across countries and the effects of the financial crisis

This article analyses how sovereign risk affects the bank lending channel of monetary policy, and tests whether these effects differed before, during, and after the onset of the financial crisis. This issue was analysed only in the eurozone during the sovereign debt crisis. However, these results ar...

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Autores: Cantero Saiz, María|||0000-0002-1442-3130, Sanfilippo Azofra, Sergio|||0000-0001-8941-2033, Torre Olmo, Begoña|||0000-0001-6081-9868
Tipo de recurso: artículo
Fecha de publicación:2022
País:España
Institución:Universidad de Cantabria (UC)
Repositorio:UCrea Repositorio Abierto de la Universidad de Cantabria
Idioma:inglés
OAI Identifier:oai:repositorio.unican.es:10902/28036
Acceso en línea:https://hdl.handle.net/10902/28036
Access Level:acceso abierto
Palabra clave:Sovereign risk
Financial crisis
Monetary policy
Bank lending channel
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spelling Sovereign risk and the bank lending channel: differences across countries and the effects of the financial crisisCantero Saiz, María|||0000-0002-1442-3130Sanfilippo Azofra, Sergio|||0000-0001-8941-2033Torre Olmo, Begoña|||0000-0001-6081-9868Sovereign riskFinancial crisisMonetary policyBank lending channelThis article analyses how sovereign risk affects the bank lending channel of monetary policy, and tests whether these effects differed before, during, and after the onset of the financial crisis. This issue was analysed only in the eurozone during the sovereign debt crisis. However, these results are difficult to extrapolate to other countries. First, Europe is the only developed region that has experienced sovereign risk concerns. Second, it has a centralised monetary regime controlled by the European Central Bank, so it is more difficult to adapt monetary decisions to the specific level of sovereign risk in each country. To overcome these limitations, our analysis is based on two country scenarios: (1) developed countries (eurozone vs. noneurozone countries); and (2) developing countries. We find that the role of sovereign risk in the transmission of monetary policy is very complex, and its significance not only varied before, during, and after the global financial crisis, but also in developed and developing countries.This work was supported by University of Cantabria Foundation for Education and Research in the Financial Sector (UCEIF Foundation) through Santander Financial Institute (SANFI).WileyUniversidad de Cantabria20222022-02-01journal articlehttp://purl.org/coar/resource_type/c_6501NAhttp://purl.org/coar/version/c_be7fb7dd8ff6fe43info:eu-repo/semantics/articlehttps://hdl.handle.net/10902/28036Journal of Money, Credit and Banking, 2022, 54(1), 285-312reponame:UCrea Repositorio Abierto de la Universidad de Cantabriainstname:Universidad de Cantabria (UC)Inglésengopen accesshttp://purl.org/coar/access_right/c_abf2info:eu-repo/semantics/openAccessoai:repositorio.unican.es:10902/280362026-06-02T12:39:31Z
dc.title.none.fl_str_mv Sovereign risk and the bank lending channel: differences across countries and the effects of the financial crisis
title Sovereign risk and the bank lending channel: differences across countries and the effects of the financial crisis
spellingShingle Sovereign risk and the bank lending channel: differences across countries and the effects of the financial crisis
Cantero Saiz, María|||0000-0002-1442-3130
Sovereign risk
Financial crisis
Monetary policy
Bank lending channel
title_short Sovereign risk and the bank lending channel: differences across countries and the effects of the financial crisis
title_full Sovereign risk and the bank lending channel: differences across countries and the effects of the financial crisis
title_fullStr Sovereign risk and the bank lending channel: differences across countries and the effects of the financial crisis
title_full_unstemmed Sovereign risk and the bank lending channel: differences across countries and the effects of the financial crisis
title_sort Sovereign risk and the bank lending channel: differences across countries and the effects of the financial crisis
dc.creator.none.fl_str_mv Cantero Saiz, María|||0000-0002-1442-3130
Sanfilippo Azofra, Sergio|||0000-0001-8941-2033
Torre Olmo, Begoña|||0000-0001-6081-9868
author Cantero Saiz, María|||0000-0002-1442-3130
author_facet Cantero Saiz, María|||0000-0002-1442-3130
Sanfilippo Azofra, Sergio|||0000-0001-8941-2033
Torre Olmo, Begoña|||0000-0001-6081-9868
author_role author
author2 Sanfilippo Azofra, Sergio|||0000-0001-8941-2033
Torre Olmo, Begoña|||0000-0001-6081-9868
author2_role author
author
dc.contributor.none.fl_str_mv Universidad de Cantabria
dc.subject.none.fl_str_mv Sovereign risk
Financial crisis
Monetary policy
Bank lending channel
topic Sovereign risk
Financial crisis
Monetary policy
Bank lending channel
description This article analyses how sovereign risk affects the bank lending channel of monetary policy, and tests whether these effects differed before, during, and after the onset of the financial crisis. This issue was analysed only in the eurozone during the sovereign debt crisis. However, these results are difficult to extrapolate to other countries. First, Europe is the only developed region that has experienced sovereign risk concerns. Second, it has a centralised monetary regime controlled by the European Central Bank, so it is more difficult to adapt monetary decisions to the specific level of sovereign risk in each country. To overcome these limitations, our analysis is based on two country scenarios: (1) developed countries (eurozone vs. noneurozone countries); and (2) developing countries. We find that the role of sovereign risk in the transmission of monetary policy is very complex, and its significance not only varied before, during, and after the global financial crisis, but also in developed and developing countries.
publishDate 2022
dc.date.none.fl_str_mv 2022
2022-02-01
dc.type.none.fl_str_mv journal article
http://purl.org/coar/resource_type/c_6501
NA
http://purl.org/coar/version/c_be7fb7dd8ff6fe43
dc.type.openaire.fl_str_mv info:eu-repo/semantics/article
format article
dc.identifier.none.fl_str_mv https://hdl.handle.net/10902/28036
url https://hdl.handle.net/10902/28036
dc.language.none.fl_str_mv Inglés
eng
language_invalid_str_mv Inglés
language eng
dc.rights.none.fl_str_mv open access
http://purl.org/coar/access_right/c_abf2
dc.rights.openaire.fl_str_mv info:eu-repo/semantics/openAccess
rights_invalid_str_mv open access
http://purl.org/coar/access_right/c_abf2
eu_rights_str_mv openAccess
dc.publisher.none.fl_str_mv Wiley
publisher.none.fl_str_mv Wiley
dc.source.none.fl_str_mv Journal of Money, Credit and Banking, 2022, 54(1), 285-312
reponame:UCrea Repositorio Abierto de la Universidad de Cantabria
instname:Universidad de Cantabria (UC)
instname_str Universidad de Cantabria (UC)
reponame_str UCrea Repositorio Abierto de la Universidad de Cantabria
collection UCrea Repositorio Abierto de la Universidad de Cantabria
repository.name.fl_str_mv
repository.mail.fl_str_mv
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score 15,300724

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