the war in Ukraine. Despite these specific episodes, volatility in the post-subprime crisis period has been low in … quickly and forcefully. In this paper, an estimation and quantification of the pre-pandemic and post-pandemic volatility … between the change in the balance sheets of the main central banks and market volatility. If such relationships exist, it …

future crises, consistent with the volatility paradox. The results emphasize the dynamics of loss spillovers as an important …

This paper proposes Spillover Persistence as a measure for financial fragility. The volatility paradox predicts that … fragility builds up when volatility is low, which challenges existing measures. Spillover Persistence tackles this challenge by …. Variation in financial constraints connects Spillover Persistence to fragility. The results are consistent with the volatility …