ECB paper analyses indirect channels of interbank contagion

Eurozone’s interbank market vulnerable to sovereign debt and non-bank sector shocks, research finds

European Central Bank
The European Central Bank

The eurozone’s interbank market is vulnerable to contagion along indirect channels, a working paper published by the European Central Bank finds. 

In Financial contagion within the interbank network, Christina Mikropoulou and Angelos Vouldis argue most analysis of this topic has examined direct linkages. By contrast, they present “a model of financial contagion in the interbank market featuring both direct and indirect transmission mechanisms”. 

The authors examine how shocks from outside sectors

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