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The Concept of Systemic Risk
The aim of the study is to analyze the concept of systemic risk. The study reviews a multitude of systemic risk definitions in the literature. In addition, the paper identifies factors thatExpand
The role of banks in CESEE countries: exploring non-standard determinants of economic growth
ABSTRACT This paper explores the finance–growth nexus in 14 countries from Central, Eastern and South-eastern Europe (CESEE) over the 1995–2015 period. It investigates whether including twoExpand
Can banks default overnight? Modelling endogenous contagion on the O/N interbank market
We propose a new model of the liquidity-driven banking system focusing on overnight interbank loans. This significant branch of the interbank market is commonly neglected in the banking systemExpand
(When) should a non-euro country join the banking union?
We analyze the benefits and costs of a non-euro country opting-in to the banking union. The decision to opt-in depends on the comparison between the assessment of the banking union attractiveness andExpand
Assessing Involvement of Central Banks in Financial Stability
This paper presents the results of a comprehensive survey conducted with 27 European Union (EU) central banks concerning their involvement in ensuring financial stability. The paper also introduces aExpand
Bank restructuring in the EU: Which way to go?
We empirically analysed the costs of bank restructuring measures undertaken in the EU countries during recent global financial crisis under the state aid framework. With a unique dataset from over 80Expand
In search of a measure of banking sector distress: empirical study of CESEE banking sectors
We tested the reliability of different versions of the Z-score and CAMELS-based financial strength indices (aggregated from bank-level data) in detecting periods of banking crisis on a sample of 20Expand
Impact of Foreign-Owned Banks on Economic Development
This chapter reviews the theoretical and empirical literature which links economic growth to the role and characteristics of the financial system. Among these characteristics, relevant to CESEEExpand
Financial Development and Economic Growth: The Role of Foreign-Owned Banks in CESEE Countries
This study focuses on the role of financial development in the economic growth of Central, Eastern and South-Eastern European (CESEE) countries in the post-communist era (1995–2014), which coincidesExpand