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Currency Union with and without Banking Union.
Bignon, V.; Breton, R.; Rojas Breu, M. - Banque de France - 2013
under a regime of currency union. But a banking union that would suppress hurdles to banking integration restores the … optimality of that currency arrangement. The empirical and policy implications in terms of banking union are discussed. …
Persistent link: https://www.econbiz.de/10010816016
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Monetary Union with A Single Currency and Imperfect Credit Market Integration.
Bignon, V.; Breton, R.; Breu, M. Rojas - Banque de France - 2015
With the Euro Area context in mind, we show that currency arrangements impact on credit available through default incentives. To this end we build a symmetric two-country model with money and imperfect credit market integration. Differences in credit market integration are captured by variations...
Persistent link: https://www.econbiz.de/10011199814
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Debt enforcement and the return on money
Rojas-Breu, M. - Banque de France - 2011
The rate-of-return-dominance puzzle asks why low-return assets, like fiat money, are used in actual economies given that risk-free higher-return assets are available. As long as this question remains unresolved, most conclusions from monetary models which arbitrarily restrict the marketability...
Persistent link: https://www.econbiz.de/10009320820
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The impact of unconventional monetary policy on the market for collateral: The case of the French bond market
Avouyi-Dovi, S.; Idier, J. - Banque de France - 2011
financial institutions to market participants. In particular, we analyze liquidity and volatility premia on the French …; in the other, which we dub the unconventional regime, monetary policy operations lead to volatility and liquidity premia …
Persistent link: https://www.econbiz.de/10009275673
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Central bank liquidity and market liquidity: the role of collateral provision on the French government debt securities market.
Avouyi-Dovi, S.; Idier, J. - Banque de France - 2010
We examine the effects of collateral provision as a potential channel between funding liquidity tensions and the … scarcity of market liquidity. This channel consists in transferring the credit risk associated with refinancing operations … between financial institutions to market participants that bear new liquidity risk on the market associated with collateral …
Persistent link: https://www.econbiz.de/10008516105
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Optimal Capacity in the Banking Sector and Economic Growth.
Amable, B.; Chatelain, J.-B.; De Bandt, O. - Banque de France - 2001
banking system. For that purpose, we consider an overlapping generation model with endogenous growth. There is horizontal … differentiation and imperfect competition in the banking sector. Macroeconomic shocks affect the return on capital and, together with … the expectations of depositors, condition the stability of the banking sector. We specify to what extent deposit insurance …
Persistent link: https://www.econbiz.de/10005036182
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Optimal Capacity in the Banking Sector and Economic Growth.
Amable, B.; Chatelain, J.-B.; De Bandt, O. - Banque de France - 2001
banking system. For that purpose, we consider an overlapping generation model with endogenous growth. …
Persistent link: https://www.econbiz.de/10005487051
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Can Financial Infrastructures Foster Economic Development?.
Amable, B.; Chatelain, J.-B. - Banque de France - 2001
In this paper, financial infrastructures increase the efficiency of the banking sector: they decrease the market power …
Persistent link: https://www.econbiz.de/10005487052
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Rational Inattention to News: The Perils of Forward Guidance.
Gaballo, G. - Banque de France - 2013
This paper studies the social value of information about the future when agents are rationally inattentive. In a stylized OLG model of inflation the central bank (CB) can set money supply in response to the current price. The CB has perfect foresight about the future T shocks and releases this...
Persistent link: https://www.econbiz.de/10010815968
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A unified framework for understanding and comparing dynamic wage and price-setting models.
Dixon, H. D. - Banque de France - 2009
This paper argues that the cross-sectional approach to durations is essential to understand nominal rigidity because this captures the fact that price-spells are generated by firms' price-setting behavior. Since the distribution of durations is dominated by a proliferation of short contracts,...
Persistent link: https://www.econbiz.de/10008509451