type="main" xml:lang="en" <title type="main">SUMMARY</title> </section> <title type="main">EU finance and growth</title> <p> The current diversity in the degree of financial development across the EU can be a great opportunity at a time where this area is poised to become increasingly financially integrated. Integration should accelerate the development of the...</p>

We discuss the current state of stockownership among households in major European countries, drawing parallels and contrasts with the US experience. Our analysis of detailed microeconomic data documents increasing stock market participation and persistent differences across countries in our...

type="main" xml:id="ecop12029-abs-0001" <title type="main">Summary</title> <p>Since 2008, eurozone sovereign yields have diverged sharply, and so have the corresponding credit default swap (CDS) premia. At the same time, banks' sovereign debt portfolios have featured an increasing home bias. In this paper, we investigate the...</p>

"This paper examines the role of credit rating agencies in the subprime crisis that triggered the 2007-2008 financial turmoil. We focus on two aspects of ratings that contributed to the boom and bust of the market for structured debt: rating inflation and coarse information disclosure. The paper...