Big eurozone economies dragged each other down during eurozone crisis

European Central Bank at night

Economic weakness in Italy and Spain "significantly" affected credit default swap (CDS) spreads in Germany during the eurozone crisis period, a new paper has found, but Greece's crisis did not.

The paper, Transmission of financial stress in Europe: the pivotal role of Italy and Spain, but not Greece, by IMF economists Brenda González-Hermosillo and Christian Johnson, uses a stochastic volatility model to measure sovereign financial distress, using the stability of Germany is a close proxy for

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here:

You are currently unable to copy this content. Please contact [email protected] to find out more.

To continue reading...

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: