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Financial crisis, US unconventional monetary policy and international spillovers
Chen, Qianying; Filardo, Andrew; He, Dong; Zhu, Feng - Bank for International Settlements (BIS) - 2015
We study the impact of US quantitative easing (QE) on both the emerging and advanced economies, estimating a global vector error correction model (GVECM). We focus on the effects of reductions in the US term and corporate spreads. The estimated effects of QE are sizeable and vary across...
Persistent link: https://www.econbiz.de/10011210512
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Global dollar credit: links to US monetary policy and leverage
McCauley, Robert N; McGuire, Patrick; Sushko, Vladyslav - Bank for International Settlements (BIS) - 2015
Banks and bond investors have extended $9 trillion of US dollar credit to non-bank borrowers outside the United States. This has relevance for the discussion of global liquidity and global monetary policy transmission. This paper contributes to this policy discussion by analysing the links...
Persistent link: https://www.econbiz.de/10011123575
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Oil prices, exchange rates and asset prices
Fratzscher, Marcel; Schneider, Daniel; Van Robays, Ine - European Central Bank - 2014
This paper takes a financial market perspective in examining the relationship between oil prices, the US dollar and asset prices, and it exploits the heteroskedasticity for the identification of causality in a multifactor model. It finds a bidirectional causality between the US dollar and oil...
Persistent link: https://www.econbiz.de/10011067221
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Chronicle of currency collapses: re-examining the effects on output
Bussière, Matthieu; Saxena, Sweta c; Tovar, Camilo - Bank for International Settlements (BIS) - 2010
The impact of currency collapses (ie large nominal depreciations or devaluations) on real output remains unsettled in the empirical macroeconomic literature. This paper provides new empirical evidence on this relationship using a dataset for 108 emerging and developing economies for the period...
Persistent link: https://www.econbiz.de/10008550158
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The Asian crisis: what did local stock markets expect?
Gyntelberg, Jacob; Herrero, Alicia Garcia; Tesei, Andrea - Bank for International Settlements (BIS) - 2008
In this paper we investigate whether cross-sectional information from local equity markets contained information on devaluation expectations during the Asian crisis. We concentrate on the information content of equity prices as these markets were in general the largest and most liquid at the...
Persistent link: https://www.econbiz.de/10005127758
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The mutating euro area crisis: is the balance between "sceptics" and "advocates" shifting?
Mongelli, Francesco Paolo - European Central Bank - 2013
The destructive potential of the sovereign debt crisis of the euro area has been slowly abating since last summer, but … euro area, and the other being an erosion of trust in the viability of the euro area itself. Such concerns have led to talk … the crisis or the future of the euro area. While the crisis is a traumatic wake-up call, it is also a catalyst for change …
Persistent link: https://www.econbiz.de/10010693504
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The cost of barriers to entry: evidence from the market for corporate euro bond underwriting
Santos, João A. C.; Tsatsaronis, Kostas - Bank for International Settlements (BIS) - 2003
The advent of the euro has eroded many of the barriers that segmented the European corporate bond market along currency … combining their purchasing of commercial and investment banking services. This paper shows that the arrival of the euro led to a … houses, particularly those from the United States, rather than an intensification of the business links between euro area …
Persistent link: https://www.econbiz.de/10005063329
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The euro as a reserve currency: a challenge to the pre-eminence of the US dollar?
Galati, Gabriele; Wooldridge, Philip D. - Bank for International Settlements (BIS) - 2006
introduction of the euro greatly improved the functioning of euro financial markets. This paper investigates whether euro financial … markets have developed sufficiently to facilitate the emergence of the euro as a reserve currency on par with the US dollar …. We find that the liquidity and breadth of euro financial markets are fast approaching those of dollar markets, and as a …
Persistent link: https://www.econbiz.de/10005063366
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Has the Euro affected the choice of invoicing currency?
Ligthart, Jenny E.; Werner, Sebastian E. V. - European Central Bank - 2012
We present a new approach to study empirically the effect of the introduction of the euro on the pattern of currency … invoicing after the introduction of the euro, whereas the home currency share of non-eurozone countries fell slightly. In … addition, the euro as a vehicle currency has overtaken the role of the US dollar in Norwegian imports. The substantial rise in …
Persistent link: https://www.econbiz.de/10010686764
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The mutating euro area crisis: is the balance between "sceptics" and "advocates" shifting?
Mongelli, Francesco Paolo - European Central Bank - 2013
The destructive potential of the sovereign debt crisis of the euro area has been slowly abating since last summer, but … euro area, and the other being an erosion of trust in the viability of the euro area itself. Such concerns have led to talk … the crisis or the future of the euro area. While the crisis is a traumatic wake-up call, it is also a catalyst for change …
Persistent link: https://www.econbiz.de/10010688313