国际货币基金组织：银行向主权风险传导：新证据（英文版）

This note examines the transmission of credit risk of banks to the sovereign using the collapse of the Silicon Valley Bank in March 2023—an event that reverberated globally across banking sectors—as an exogenous shock to identify the effect. The findings suggest a strong transmission of credit risk from the banking sector to the sovereign in the United States, as well as in other major economies, in the face of adverse shocks to the banking sector. This impact is more pronounced in economies