BIS central bankers’ speeches  7  In any event, the impact from the outcome of the UK referendum cannot be fully assessed and will depend on the next moves of the British government and the subsequent negotiations with the European Union.
(1995) however provide some evidence in favour of market discipline on US data; see T. Bayoumi, M. Goldstein and G. Woglom (1995): “Do credit markets discipline sovereign borrowers? Evidence from U.S. States”, Journal of Money, Credit and Banking, 27, 4, pp. 1046–1059.