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Financial Market Liquidity and the Lender of Last Resort.

Ewerhart, C.; Valla, N. - Banque de France - 2007

It has been argued in the literature that emergency liquidity injections should be conducted preferably in the form of … open market operations. As we show in the present paper, this is not necessarily the case when liquidity may be …, targeted liquidity assistance may become strictly superior. The analysis might have a bearing on recent developments in the …

Persistent link: https://www.econbiz.de/10004998822

Reserve Requirements for Price and Financial Stability - When Are They Effective?

Glocker, C.; Towbin, P. - Banque de France - 2012

Reserve requirements are a prominent policy instrument in many emerging countries. The present study investigates the circumstances under which reserve requirements are an appropriate policy tool for price or financial stability. We consider a small open economy model with sticky prices,...

Persistent link: https://www.econbiz.de/10009651278

The Macroeconomic Effects of Reserve Requirements

Glocker, Ch.; Towbin P. - Banque de France - 2012

Monetary authorities in emerging markets are often reluctant to raise interest rates when dealing with credit booms driven by capital inflows, as they fear that an increase attracts even more capital and appreciates the currency. A number of countries therefore use reserve requirements as an...

Persistent link: https://www.econbiz.de/10010540385

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

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

Forecasting Euro-area recessions using time-varying binary response models for financial.

Bellégo, C.; Ferrara, L. - Banque de France - 2009

Recent macroeconomic evolutions during the years 2008 and 2009 have pointed out the impact of financial markets on economic activity. In this paper, we propose to evaluate the ability of a set of financial variables to forecast recessions in the euro area by using a non-linear binary response...

Persistent link: https://www.econbiz.de/10008556977

International Bailouts: Why Did Banks' Collective Bet Lead Europe to Rescue Greece?

Mengus, E. - Banque de France - 2014

In this paper, I use a two-country model to investigate the incentives which lead one country to take charge of another country's debt. I show that, when direct transfers to residents cannot be perfectly targeted, the first country can be better o_ honoring the second country's liabilities, even...

Persistent link: https://www.econbiz.de/10010884832

The world distribution of external imbalances: revisiting the stylised facts.

Baclet, A.; Vidon, E. - Banque de France - 2008

The purpose of this paper is to cast a new light on the present state of global current account imbalances. As a first step, we compute the world distribution of current account balances, in order to highlight its historically-unprecedented pattern, both in terms of the size of imbalances, its...

Persistent link: https://www.econbiz.de/10009395381

Capital controls and spillover effects: evidence from Latin-American countries

Lambert, F.; Ramos-Tallada, J.; Rebillard, C. - Banque de France - 2011

The surge in capital inflows towards emerging countries after 2009 has revived the debate about capital controls. This paper analyzes some of the international implications of restrictions on capital inflows. Focusing on a sample of Latin-American countries, we use detailed balance of payments...

Persistent link: https://www.econbiz.de/10009399335

Export dynamics and sales at home.

Berman, N.; Berthou, A.; Héricourt, J. - Banque de France - 2012

How do firms' sales interact across markets? Are foreign and domestic sales complements or substitutes? Using a large French firm-level database that combines balance-sheet and product-destination-specific export information over the period 1995-2001, we study the interconnections between...

Persistent link: https://www.econbiz.de/10010815963