The Incomplete Currency. Marcello Minenna

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of the main worldwide banking systems to the Greece risk: breakdown by asset class (2010–2014)

      Figure 4.53 Exposure of the French banking system to the Greek risk: breakdown by asset class (2010–2014)

      Figure 4.54 Exposure of the German banking system to Greek risk: breakdown by asset class (2010–2014)

      Figure 4.55 Greek public debt: breakdown by asset class (January 2015)

      Figure 4.56 Total exposure of Eurozone governments to the Greece risk (December 2014)

      Figure 4.57 ELA ceiling to Greek banks (February–August 2015)

      Figure 5.1 The relationship between banks, sovereigns and investors in the intermediation of the public debt

      Figure 5.2 Placement of a bank bond with intermediation of the market risk

      Figure 5.3 Probabilistic analysis of a bank bond with intermediation of the market risk

      Figure 5.4 Placement of a bank bond with intermediation of the credit risk

      Figure 5.5 Probabilistic analysis of a bank bond with intermediation of the credit risk (Part 1)

      Figure 5.6 Probabilistic analysis of a bank bond with intermediation of the credit risk (Part 2)

      Figure 5.7 Probabilistic analysis of a bank bond with intermediation of the credit risk (Part 3)

      Figure 5.8 Probabilistic analysis of a fixed-rate government bond compared to an inflation-linked government bond

      Figure 5.9 Banks' placement of inflation-linked government bonds and intermediation of the yield's spread with fixed-rate government bonds

      Figure 5.10 Direct effects of the collateral discrimination in a repo operation

      Figure 5.11 Direct effects of collateral discrimination in reverse repo operations

      Figure 5.12 Use of financial assets as collateral on the Repo market: breakdown by issuer's nationality (% on total)

      Figure 5.13 Table of collateral discrimination based on assessments of the European Central Bank (2012–2014 data)

      Figure 5.14 Overview of the collateral discrimination phenomenon

      Figure 5.15 Spread Intermediation via collateral discrimination in a repo contract (Case C)

      Figure 5.16 Spread intermediation via collateral discrimination in a repo contract (Case D)

      Figure 5.17 Spread intermediation via collateral discrimination in a repo contract (case E)

      Figure 5.18 Stock of bonds held by the peripheral banks with evidence of the amount of government bonds–May 2012

      Figure 5.19 Loans granted by the ECB to the banking system: Breakdown by country (May 2012)

      Figure 5.20 Loans granted by the ECB to the banking system: Breakdown by country (January 2012–December 2014)

      Figure 5.21 Stock of bonds held by banks (with evidence of the stock of government bonds) and loans granted by the European Central Bank (€ billion–May 2012)

      Figure 5.22 Relative weight of “core” and “peripheral” areas of the Eurozone in relation to the stock of government bonds in the ECB balance sheet (2012)

      Figure 5.23 Transmission mechanism of the spread via the public auctions of government bonds

      Figure 5.24 Transmission mechanism of the spread via collateral discrimination on the interbank market

      Figure 5.25 Process of positive feedback in the transmission of the effects of the spread within the Eurozone (phase 1)

      Figure 5.26 Process of positive feedback in the transmission of the effects of the spread within the Eurozone (phase 2)

      Figure 5.27 Reduction of collateral turnover coefficients on the Repo market for the government bonds of the peripheral countries

      Figure 5.28 Process of positive feedback in the transmission of the effects of the spread within the Eurozone (phase 3)

      Figure 5.29 Comparison between the trend of the BTP-BUND spread and the trend of the FTSE Italy Banks index (Period 2008–2014)

      Figure 5.30 Stabilisation of the spread on the interbank channel due to the reduction of collateral available

      Figure 5.31 Process of positive feedback in the transmission of the effects of the spread within the Eurozone (phase 3)

      Figure 5.32 The “factors of combustion” of the divergence process and their interactions

      Figure 5.33 Amount of issuances of Portuguese government bonds and average yield recorded in the secondary market (period 2008–2015)

      Figure 5.34 Amount of issuances of Portuguese government bonds and average yield recorded in the secondary market with evidence of the period of financial assistance by the EFSF/ESM (Period 2008–2015)

      Figure 5.35 Amount of issuances of Irish government bonds and average yield recorded in the secondary market (period 2009–2015)

      Figure 5.36 Amount of issuances of Irish government bonds and average yield recorded in the secondary market with evidence of the period

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