ECB researchers suggest refinements to macro stress tests


Researchers at the European Central Bank (ECB) have identified a number of factors behind non-performing loans (NPLs), which could be used to produce better stress tests.

The working paper, Non-Performing Loans: What matters in Addition to the Economic Cycle?, by Roland Beck, Petr Jakubik and Anamaria Piloiuuses, uses International Monetary Fund and World Bank data on NPLs for 75 countries to assess the main determinants of declines in loan quality.

The researchers find that, while real GDP

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