sample covers Greece in 1989-2020 and Italy in 1989-2020. Findings - The research presented the estimation of shadow exchange …Aim/purpose - The aim of this paper is to present two cases of crises in Greece and Italy and to evaluate the shadow … rates EUR/GRD and EUR/ITL during the euro zone membership period. Leaving the euro area one can expect the following market …

correction models for Germany, France, Italy, the Netherlands and Spain. Using the weights of the Harmonized Index of Consumer …We study the pass-through of exchange rate changes to consumer prices for the euro area by estimating vector error … Prices (HICP) we compute a weighted average of the country results for the euro area. We find that in response to a ten …

periphery of the euro area. This explanation is however totally inappropriate for Italy. Indeed this note shows that the bank of …Since August 2014 the Target2 liabilities of the Bank of Italy to the Eurosystem are on an upward trend. From August … liabilities of peripheral countries of the euro area would be a purely mechanical consequence of the QE, without implying any …

This paper studies the impact of credit rating agency (CRA) downgrade announcements on the value of the Euro and the … yields of French, Italian, German and Spanish long-term sovereign bonds during the culmination of the Eurozone debt crisis in … 2011-2012. The employed GARCH models show that CRA downgrade announcements negatively affected the value of the Euro …

sovereign risk of Italy over the last five years. More than fifty events concerning non-standard operations are identified and … of Italy. …

The paper uses a panel of more than 1m German firms over 2010-2016, to provide the first firm-bank level evidence of … two structural features of Germany's banking landscape: the local segmentation of credit markets for small and medium … medium firms in Germany and also have an explicit mandate to lend to the local public sector. With spreads on local …

of yield curves. At the height of the euro crisis, spreads between first-year yields were close to 7% for Italy and up to … -2% for Germany. The ECB's interventions designed to reduce the risk of a breakup successfully did so for Italy, but …This paper assesses redenomination risk in the euro area. We first estimate daily default-risk-free yield curves for …

of Germany's exports to Italy and Italy's exports to the UK. The EMS had a negative effect on the volume of exports … between France and Germany in both directions. The EMS had no significant impact on export volumes in the majority of …