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Volatility patterns of CDS, bond and stock markets before and during the financial crisis : evidence from major financial institutions

Belke, Ansgar; Gokus, Christian - 2011

This study is motivated by the development of credit-related instruments and signals of stock price movements of large banks during the recent financial crisis. What is common to most of the empirical studies in this field is that they concentrate on modeling the conditional mean. However,...

Persistent link: https://www.econbiz.de/10010209431

A more effective euro area monetary policy than OMTs : gold-backed sovereign debt

Belke, Ansgar - 2013

This paper argues that using gold as collateral for highly distressed bonds would bring great benefits to the euro area … in the context of the euro crisis. This move is then compared to the ECB’s now terminated Securities Market Programme …

Persistent link: https://www.econbiz.de/10010255196

Is euro area demand (still) stable? : cointegrated VAR versus single equation techniques

Belke, Ansgar; Czudaj, Robert - 2010

In this paper we present an empirically stable euro area money demand model. Using a sample period until 2009:2 shows … stability of the euro area money demand function. We also compare single equation methods like the ARDL approach, FM-OLS, CCR …

Persistent link: https://www.econbiz.de/10010208785

(How) do the ECB and the fed react to financial market uncertainty? : the Taylor rule in times of crisis

Belke, Ansgar; Klose, Jens - 2010

We assess differences that emerge in Taylor rule estimations for the Fed and the ECB before and after the start of the subprime crisis. For this purpose, we apply an explicit estimate of the equilibrium real interest rate and of potential output in order to account for variations within these...

Persistent link: https://www.econbiz.de/10010208788

Equilibrium real interest rates, secular stagnation, and the financial cycle : empirical evidence for euro-area member countries

Belke, Ansgar; Klose, Jens - 2018

Is the Euro area as a whole, or are individual Euro-area member countries facing a period of sustained lower economic …, we expand our model to incorporate the financial cycle. We estimate the model for the Euro area as a whole and for nine … Euro-area member countries. Incorporating the financial cycle changes the estimated equilibrium real interest rates: For …

Persistent link: https://www.econbiz.de/10011894437

Long-term interest rate spillovers from major advanced economies to emerging Asia

Belke, Ansgar; Dubova, Irina; Volz, Ulrich - 2016

This paper explores the extent to which changes to long-term interest rates in major advanced economies have influenced long-term government bond yields in Emerging Asia. To gauge long-term interest spillover effects, the paper uses VAR variance decompositions with high frequency data. Our...

Persistent link: https://www.econbiz.de/10011582282

Finance access of SMEs : what role for the ECB?

Belke, Ansgar - 2013

Small and medium size enterprises (SMEs) of southern euro-area economies (e.g. Italy, Spain) pay significantly higher … market failures prevent SMEs in southern euro area countries from access to key inputs, in particular access to finance. This …

Persistent link: https://www.econbiz.de/10010255130

Exit strategies and their impact on the Euro area : a model based view

Belke, Ansgar - 2014

This paper comments on the pros and cons of exit strategies. The focus is on the impact on the Euro area economy of the … impact of the Fed’s exit from UMP in 2014 on the Euro area economy using new and innovative global IMF models. Finally …

Persistent link: https://www.econbiz.de/10010371341

Reinforcing EU governance in times of crisis : the commission proposals and beyond

Belke, Ansgar - 2010

governance in the EU and the euro area since the launch of the Economic and Monetary Union. Broader and enhanced surveillance of …

Persistent link: https://www.econbiz.de/10010208774

The euro area crisis management framework : consequences and institutional follow-ups

Belke, Ansgar - 2010

support the stability of the euro. Among them are the enhancement of the effectiveness of the Stability and Growth Pact …

Persistent link: https://www.econbiz.de/10010208775