The Liquidity Consequences of the Euro Area Sovereign Debt Crisis

William Allen and Richhild Moessner

World Economics, 2013, vol. 14, issue 1, 103-126

Abstract: We examine the liquidity effects of the euro area sovereign debt crisis on euro area banks as a group, on intra-euro area financial flows and on international liquidity. The lending capacity of the euro area banking system has been much weakened, despite the remarkable growth of the operations of the Eurosystem, including its greatly increased lending and its intermediation between national central banks in surplus and deficit countries. The euro crisis has also created international liquidity stresses.

Date: 2013
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Working Paper: The liquidity consequences of the euro area sovereign debt crisis (2012)
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Persistent link: https://EconPapers.repec.org/RePEc:wej:wldecn:548

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