{"id":70235,"date":"2023-12-02T07:36:55","date_gmt":"2023-12-02T06:36:55","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/financial-sector-rescue-programs-domestic-and-cross-border-effects\/"},"modified":"2025-10-22T22:26:15","modified_gmt":"2025-10-22T20:26:15","slug":"financial-sector-rescue-programs-domestic-and-cross-border-effects","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/70235\/","title":{"rendered":"Financial Sector Rescue Programs: Domestic and Cross Border Effects"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-70235","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"We assess the effectiveness of the financial sector stabilisation measures taken by the Austrian authorities in the wake of the global financial crisis. Employing an event study methodology, we evaluate domestic and cross-border effects involving Central, Eastern and South-eastern European economies. We identify recapitalisations and public guarantees as the most effective sovereign interventions. Both mitigate financial market stress at home and abroad. However, a risk-shifting effect emerges at the sovereign's expense which undermines their effectiveness relative to monetary policy interventions. Moreover, in complement to the actual implementation, the mere announcement of interventions already mitigates financial market stress, underscoring the extent of policy credibility.","onlinedate":"2022-10-01 02:00:00","lang":"English","publication_series":"","publication_date":"20221001","publication_date_year":"","publication_date_full":false,"publication_num_pages":"19","keywords":"[]","jelcodes":"[\"E58\",\"E65\",\"G14\",\"G18\",\"G28\"]","related_publications":"[]","pdf":null,"zip":null,"link":"https:\/\/doi.org\/10.1016\/j.jimonfin.2022.102694","monthly_report":false,"monthly_report_main":false,"monthly_report_volume":"127","monthly_report_pages":"","monthly_report_pages_sort":"0","issue":"","journal":"Journal of International Money and Finance","publisher":"","invisible":false,"external":true,"embargo_date":null,"types":[83083],"research_groups":[3500],"collaboration":"","persons":[3543,3899],"persons_data":"[{\"personId\":3543,\"personName\":\"Christian Glocker\",\"organisationNames\":[]},{\"personId\":3899,\"personName\":\"Thomas Url\",\"organisationNames\":[]}]","clients":[],"subclients":[],"partners":[],"topics":[],"host_publication_title":"","host_publication_subtitle":"","place_of_publication":"","host_publication_editors":"[]","type_description":"","output_media":"","chapter":"","article_number":102694,"scientific_assistance":"[\"Glauninger Ursula\"]","scientific_review":"[\"Kaniovski Serguei\",\"Piribauer Philipp\",\"External\"]","version":"","release_date":null,"expiration_date":null,"surveyor":"","research_assistance":"","edv":"","additional_info_de":"","additional_info_en":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - 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