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The Vienna Initiative: Public Private Partnership and Financial Market Stress
We analyse the emergence of the Vienna Initiative (VI) as a public-private partnership in the wake of the global financial
crisis and its short-term impact on risk metrics of Western European banks and individual countries. We find that adverse
herding behaviour toward banks provides an explanation for banks' (non-)participation in the initiative. The VI measures were
successful in mitigating adverse herding behaviour, underscoring their strong signalling effect on investor sentiment. Additionally,
they attenuated financial market stress in those Central, Eastern and South-eastern European economies that were addressed
by the VI, while having only minor adverse spillovers to those that were not.
Keywords:Vienna Initiative, Financial crisis, Herding behavior, Network analysis, Event study
Forschungsbereich:Makroökonomie und öffentliche Finanzen
Sprache:Englisch