TAILIEUCHUNG - The impact of sovereign credit risk on bank funding conditions

The paper finds in a few cases a statistically significant negative relationship between some measures of central bank financial strength and inflation. Nevertheless, the results lack robustness with respect to the choice of alternative measures of financial strength and the econometric technique. At the same time, the relationship – if there is any – is found to be non-linear, with only substantial financial weakness being associated with higher inflation. There is also some evidence (using pooled OLS estimation) that the link exists only for those countries which enjoy the lowest level of central bank legal independence and/or exhibit relatively high. | Committee on the Global Financial System CGFS Papers No 43 The impact of sovereign credit risk on bank funding conditions Report submitted by a Study Group established by the Committee on the Global Financial System This Study Group was chaired by Fabio Panetta of the Bank of Italy July 2011 JEL classification E58 E60 G21 Copies of publications are available from Bank for International Settlements Communications CH-4002 Basel Switzerland E-mail publications@ Fax 41 61 280 9100 and 41 61 280 8100 This publication is available on the BIS website . Bank for International Settlements 2011. All rights reserved. Brief excerpts may be reproduced or translated provided the source is cited. ISBN 92-9131-879-5 print ISBN 92-9197-879-5 online Preface In late 2010 the Committee on the Global Financial System CGFS established a Study Group to examine the relationship between sovereign credit risk and bank funding conditions how banks might respond to an environment of ongoing elevated sovereign risk and the implications for policymakers. This is an important topic as sovereign credit risk is already a significant issue for European banks and over coming years may have implications for global financial stability. The Study Group was chaired by Fabio Panetta of the Bank of Italy. The report was finalised in early June 2011 and presented to central bank Governors at the Global Economy Meeting later that month where it received endorsement for publication. We hope that this report will be a relevant and timely input to national and international discussions about managing the current circumstances of economic and financial strain. Mark Carney Chairman Committee on the Global Financial System Governor Bank of Canada CGFS - The impact of sovereign credit risk on bank funding conditions .

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