Financial Repression in the European Sovereign Debt Crisis

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Sovereign debt exposure and the bank lending channel: Impact on credit supply and the real economy (2020, background): “Previous evidence suggests that domestic banks — which are more likely to be connected with their own government — are systematically more likely to hold or purchase sovereign assets during periods of fiscal stress (Becker and Ivashina, 2014b; Ongena et al., 2018).”
Bank Exposures and Sovereign Stress Transmission (2017, unknown): “Becker and Ivashina (2014) use company data on bank borrowing and bond issuance to show that European companies were more likely to replace bank loans with bond issues when banks in their country held more domestic sovereign debt and when that debt was risky.”
Banks, government Bonds, and Default: What do the data Say? (2014, background): “Becker and Ivashina (2014) find that public bond purchases by European banks crowd-out lending.”
Government debt and corporate leverage: International evidence (2019, background): “Becker and Ivashina (2018) show that increased domestic government bond holdings during the European sovereign debt crisis generated a crowding out of corporate lending. Our paper is most related to Graham, Leary, and Roberts (2014), who investigate the government crowding out of corporate debt usin”