Grzegorz Halaj is a Director in Financial Institutions Division and was previously a Principal Researcher in Model Development and Research Division of the Financial Stability Department. Prior to joining the Bank of Canada, he was an Economist in the Financial Stability and Macroprudential Policy Directorate of the ECB and before that he worked as an expert in asset/ liability management in a large banking group in Europe and as an expert in Financial stability of the National Bank of Poland.

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Staff working papers

Interbank Asset-Liability Networks with Fire Sale Management

Staff Working Paper 2020-41 Zachary Feinstein, Grzegorz Halaj
Raising liquidity when funding is stressed creates pressure on the financial market. Liquidating large quantities of assets depresses their prices and may amplify funding shocks. How do banks weathering a funding crisis contribute to contagion risk?

Interconnected Banks and Systemically Important Exposures

How do banks' interconnections in the euro area contribute to the vulnerability of the banking system? We study both the direct interconnections (banks lend to each other) and the indirect interconnections (banks are exposed to similar sectors of the economy). These complex linkages make the banking system more vulnerable to contagion risks.
Content Type(s): Staff research, Staff working papers Topic(s): Financial stability JEL Code(s): C, C6, C63, G, G1, G15, G2, G21

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