The financial health of banks and sovereigns is intertwined in a
"sovereign-bank nexus" that may multiply and accelerate
vulnerabilities in each sector, and lead to adverse feedback loops.
Increasing resilience requires reducing the likelihood of severe
stress in each sector, as well as lowering the potency of the
nexus. However, designing effective reforms requires a clear
understanding of the interaction between and the magnitude of the
different channels that give rise to the nexus. This paper
identifies these channels, assesses their empirical relevance, and
discusses the policy implications of these findings
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