El impacto de la crisis de deuda soberana en los sistemas bancarios de los países del Este y Centro de Europa

Resum

This article analyzes the impact of the sovereign debt crisis on the banking systems of the countries of Central and Eastern Europe, which joined the European Union as of May 2004, using a comparative approach between integrated and non-integrated countries into the euro area. To do this, a set of variables for measuring the integration, structure and size of banking systems has been chosen. First, the article examines whether the crisis has affected the degree of integration of bank loan markets of the countries of Central and Eastern Europe with respect to the whole of the euro zone. Second, the relationship between sovereign debt yields and bank interest rates is explored empirically to determine if the sovereign risk premium growth has influenced the credit risk in banks of the countries that are integrated into the euro area to a greater extent than in those that are not integrated. Finally, the relationship between the bank interest rates and the interest rates of central banks in these countries is analyzed to verify that the monetary policy transmission mechanism has not worked properly in the euro zone countries due the crisis