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We thank two anonymous reviewers, the editor (Iftekhar Hasan), Marcelo Rezende, Andres Almazan, Mark Spiegel, Thorsten Beck, Jens Christensen, Santiago Carbo, Francisco Rodriguez, Ilknur Zer, Sergio Mayordomo, Mehdi Beyhaghi, Serafeim Tsoukas, Sergio Vicente, Victor M. Gonzalez, Ricardo Gimeno, Carlos Gonzalez, Carlo Chiarella, Oliver Rehbein, Artashes Karapetyan, Adam Spencer, Aurelio Fernandez Bariviera, M. Teresa Tascon, and all the participants at the 5 th Annual Boca-ECGI Corporate Finance and Corporate Governance Conference, 2024 FMA Annual Meeting, 2024 EFMA Annual Meeting, 13th FEBS Conference, the 2023 FMA European Annual Meeting, IBEFA 2023 (WEAI Conference), the 29th Annual Meeting of the German Finance Association, the 39th International Conference of the French Finance Association (AFFI), the 2023 International Conference in Finance, Banking, and Accounting, the 30th Annual Meeting of the Spanish Finance Association, the workshop "Current Challenges of the Corporate Governance: Reputation, Risk and Sustainability" organized by Banca March, the ACEDE Annual Meeting, and the attendees of the invited seminar at the Bank of Spain, University of Granada, University of Murcia and University Rovira i Virgili for their comments and sugges- tions. P.J. Cuadros-Solas acknowledges financial support from the Foundation Ramon Areces through the 20th National Competition for Economic Research Grants (2021). All the authors acknowledge finan- cial support from the Regional Government of Madrid - UAM Research Project for Young Researchers (SI3-PJI-2021-00276). Pedro J. Cuadros- Solas acknowledges financial support from the Spanish Ministry of Science and Innovation, Project PID2021-128994NA-I00 and TED2021- 132896A-100. N. Suarez acknowledges financial support from the Spanish Ministry of Economy and Competitiveness, Projects PID2020-118064 GB-I00 and PID2023- 149010NB-I00, and the Pro- fessorship Excellence Program through the multi-year agreement signed by the Regional government of Madrid and the Universidad Autonoma de Madrid (Line #3). This paper was awarded the Best Paper in Banking at the 30th Annual Meeting of the Spanish Finance Association.

Analysis of institutional authors

Suarez, NuriaAuthor

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January 20, 2025
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Banking supervisory architecture and sovereign risk

Publicated to:Journal of Financial Stability. 76 e101365- - 2025-02-01 76(), DOI: 10.1016/j.jfs.2024.101365

Authors: Cuadros-Solas, Pedro J; Salvador, Carlos; Suarez, Nuria

Affiliations

CUNEF Univ, Dept Econ, Almansa 101, Madrid 28040, Spain - Author
Univ Autonoma Madrid, Dept Finance & Mkt, Francisco Tomas & Valiente 5, Madrid 28049, Spain - Author
Univ Valencia, Dept Anal Econ, Av Tarongers S-N, Valencia 46022, Spain - Author

Abstract

This paper investigates whether the design of the banking supervisory architecture impacts sovereign risk. Exploiting the implementation of the Single Supervisory Mechanism (SSM) in Europe, we provide evidence that sovereign risk - measured by sovereign ratings - is lower after the largest banks shift from national to supranational supervision. The impact of SSM implementation is shaped by the characteristics of the banking sector and the country's institutional setting. Using specific bank-level data, we also find that increased bank resilience (banking stability) and reduced volatility of bank credit (credit stability) in the economy underlie the relationship between banking supervision and sovereign risk. The results hold when considering CDS spreads as an alternative measure of sovereign risk and after conducting several robustness tests.

Keywords

Quality index

Bibliometric impact. Analysis of the contribution and dissemination channel

The work has been published in the journal Journal of Financial Stability due to its progression and the good impact it has achieved in recent years, according to the agency WoS (JCR), it has become a reference in its field. In the year of publication of the work, 2025, it was in position 33/600, thus managing to position itself as a Q1 (Primer Cuartil), in the category Economics. Notably, the journal is positioned above the 90th percentile.

Impact and social visibility

From the perspective of influence or social adoption, and based on metrics associated with mentions and interactions provided by agencies specializing in calculating the so-called "Alternative or Social Metrics," we can highlight as of 2025-07-16:

  • The use, from an academic perspective evidenced by the Altmetric agency indicator referring to aggregations made by the personal bibliographic manager Mendeley, gives us a total of: 8.
  • The use of this contribution in bookmarks, code forks, additions to favorite lists for recurrent reading, as well as general views, indicates that someone is using the publication as a basis for their current work. This may be a notable indicator of future more formal and academic citations. This claim is supported by the result of the "Capture" indicator, which yields a total of: 11 (PlumX).

With a more dissemination-oriented intent and targeting more general audiences, we can observe other more global scores such as:

  • The Total Score from Altmetric: 5.

Leadership analysis of institutional authors

There is a significant leadership presence as some of the institution’s authors appear as the first or last signer, detailed as follows: Last Author (SUAREZ SUAREZ, NURIA).