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Effectiveness and Transmission of the ECB's Balance Sheet Policies

Boeckx, Jef; Dossche, Maarten; Peersman, Gert - CESifo - 2014

We estimate the effects of exogenous innovations to the balance sheet of the ECB since the start of the financial crisis within a structural VAR framework. An expansionary balance sheet shock stimulates bank lending, stabilizes financial markets, and has a positive impact on economic activity...

Persistent link: https://www.econbiz.de/10010887047

Macroeconomic Effects of Unconventional Monetary Policy in the Euro Area

Peersman, Gert - CESifo - 2011

short-run liquidity effect after an interest rate innovation, that is additional bank loans are generated by a greater …

Persistent link: https://www.econbiz.de/10009320781

The Relevance or Otherwise of the Central Bank's Balance Sheet

Miles, David K.; Schanz, Jochen - CESifo - 2014

This paper explores the impacts on an economy of a central bank changing the size and composition of its balance sheet. One of the ways in which such asset purchases could influence prices and demand is via portfolio balance effects. We develop and calibrate a simple OLG model in which...

Persistent link: https://www.econbiz.de/10010739346

Catching-up and Inflation in Europe: Balassa-Samuelson, Engel's Law and other Culprits

Egert, Balazs - CESifo - 2010

This study analyses the impact of economic catching-up on annual inflation rates in the European Union with a special focus on the new member countries of Central and Eastern Europe. Using an array of estimation methods, we show that the Balassa-Samuelson effect is not an important driver of...

Persistent link: https://www.econbiz.de/10008596582

The VARying Effect of Foreign Shocks in Central and Eastern Europe

Jiménez-Rodriguez, Rebeca; Morales-Zumaquero, Amalia; … - CESifo - 2010

This paper investigates the impact of international shocks – interest rate, commodity price and industrial production shocks – on key macroeconomic variables in ten Central and Eastern European (CEE) countries by using near-VAR models and monthly data from the early 1990s to 2009. In...

Persistent link: https://www.econbiz.de/10008596588

The Price of Liquidity: Bank Characteristics and Market Conditions

Fecht, Falko; Nyborg, Kjell G.; Rocholl, Jörg - CESifo - 2009

We study differences in the price paid for liquidity across banks using price data at the individual bank level. Unique … to gauge the extent to which a bank is short or long liquidity. We find that the price a bank pays for liquidity depends … on the liquidity positions of other banks, as well as its own. There is evidence that liquidity squeezes occasionally …

Persistent link: https://www.econbiz.de/10005051588

Outside versus Inside Bonds: A Modigliani-Miller Type Result for Liquidity Constrained Economies

Berentsen, Aleksander; Waller, Christopher - CESifo - 2010

When agents are liquidity constrained, two options exist — sell assets or borrow. We compare the allocations arising in …

Persistent link: https://www.econbiz.de/10008799751

Investor Protection and Foreign Stakeholders

Giofré, Maela - CESifo - 2010

Different investor classes are endowed with different rights, and conflicting interests among them can make protections afforded to one party detrimental to another. Indeed, we find that investor protection laws have sizeable "cross" effects on foreign portfolio investment and the direction of...

Persistent link: https://www.econbiz.de/10008572590

Subprime Crisis and Board (In-)Competence: Private vs. Public Banks in Germany

Hau, Harald; Thum, Marcel - CESifo - 2009

We examine evidence for a systematic underperformance of Germany’s state-owned banks in the current financial crisis and study if the bank losses can be traced to the quality of bank governance. For this purpose, we examine the biographical background of 593 supervisory board members in the 29...

Persistent link: https://www.econbiz.de/10005051557

Bait and Switch: How Do Chinese Firms Use Proceeds from Seasoned Equity Offerings

Bo, Hong; Huang, Zhongnan; Sterken, Elmer - CESifo - 2015

We reveal motivations of Chinese firms for issuing Seasoned Equity Offerings (SEO) by examining why firms change the use of SEO proceeds and how they use unspecified SEO proceeds. Using 533 SEOs issued by Chinese firms during 1999-2006, we find that firms do not use unspecified SEO proceeds on...

Persistent link: https://www.econbiz.de/10011163062

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