Estimation of the bank-sovereign transmission before and during the BRRD (Eq (3)) for each country separately.

The remaining bank-to-sovereign risk transmission is assessed by the interaction of the bank risk shock and the BRRD time dummy. Standard errors in parentheses are clustered at the bank level. *, ** and *** represents significance at the 10%, 5% and 1% percent level, respectively.本研究通过银行风险冲击与《银行复苏与处置指令》（Bank Recovery and Resolution Directive, BRRD）时间虚拟变量的交互项，对剩余银行-主权风险传导效应展开评估。括号内标注的标准误经银行层面聚类调整。*、**、***分别代表在10%、5%和1%的显著性水平下具有统计显著性。