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Monetary Transmission in the New Economy: Service Life of Capital, Transmission Channels and the Speed of Adjustment
von Kalckreuth, Ulf; Schröder, Jürgen - Deutsche Bundesbank - 2002
This paper evaluates the consequences of accelerated technical progress for monetary transmission and the speed of adjustment in the real economy. With a decreasing service life, the long term rate relevant to real demand will resemble more closely the money market rate. We make the investment...
Persistent link: https://www.econbiz.de/10005083252
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Fool the markets? Creative accounting, fiscal transparency and sovereign risk premia
Bernoth, Kerstin; Wolff, Guntram B. - Deutsche Bundesbank - 2006
We investigate the effects of official fiscal data and creative accounting signals on interest rate spreads between … in both, the official fiscal position and the expected "creative" part of fiscal policy. The relative importance of these … markets are unsure about the true extent of creative accounting. Fiscal transparency reduces risk premia. Instrumental …
Persistent link: https://www.econbiz.de/10005083134
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Expected budget deficits and interest rate swap spreads - Evidence for France, Germany and Italy
Heppke-Falk, Kirsten H.; Hüfner, Felix P. - Deutsche Bundesbank - 2004
This study analyses whether expected budget deficits have an impact on interest rate swap spreads in France, Germany … financial markets into account. Results of a SUR estimation show no significant impact of expected deficits on swap spreads over …
Persistent link: https://www.econbiz.de/10005083224
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Fiscal institutions, fiscal policy and sovereign risk premia
Hallerberg, Mark; Wolff, Guntram B. - Deutsche Bundesbank - 2006
We investigate the effect of fiscal institutions such as the strength of the finance minister in the budget process and … deficits on interest spreads contained in bond yields of the countries now belonging to the Eurozone. Deficits significantly … increase risk premia measured by relative swap spreads. The effect of deficits is significantly lower under EMU. This effect …
Persistent link: https://www.econbiz.de/10005083235
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The ESRB at 1
Gerlach, Stefan (ed.); Gnan, Ernest (ed.); Ulbrich, Jens (ed.) - Conference on ESRB at 1 <1, 2011, Berlin>; SUERF - The …; … - 2012
SUERF – The European Money and Finance Forum, the Deutsche Bundesbank and the Institute for Monetary and Financial Stability (IMFS) took the opportunity of the first anniversary of this new institution to organise a joint conference in Berlin on 8-9 November 2011. The purpose of this event was...
Persistent link: https://www.econbiz.de/10011711529
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Current account adjustment in EU countries: Does euro-area membership make a difference?
Herrmann, Sabine; Jochem, Axel - Deutsche Bundesbank - 2013
The paper evaluates current account dynamics in countries with different exchange rate regimes within the EU. In this, the empirical analysis explicitly differentiates between countries with a flexible and a fixed exchange rate regime and members of a monetary union. In addition, we model the...
Persistent link: https://www.econbiz.de/10010957101
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How will Basel II affect bank lending to emerging markets? An analysis based on German bank level data
Liebig, Thilo; Porath, Daniel; Mauro, di; Weder, Beatrice; … - Deutsche Bundesbank - 2004
This paper investigates whether the new Basel Accord will induce a change in bank lending to emerging markets using a comprehensive new data set on German banks` foreign exposure. We test two interlinked hypotheses on the conditions under which the change in the regulatory capital would leave...
Persistent link: https://www.econbiz.de/10005082811
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Financial Liberalization and Business Cycles: The Experience of Countries in the Baltics and Central Eastern Europe
Vinhas de Souza, Lúcio - Deutsche Bundesbank - 2004
This paper extends the work of Kaminsky and Schmukler (2003) to the Baltic and Central Eastern European future Member States of the European Union, to test if the same short-run increase in cyclical volatility arising from financial integration is observed in this specific sample of ?emerging...
Persistent link: https://www.econbiz.de/10005083257
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Sovereign bond market integration: the euro, trading platforms and globalization
Wolff, Guntram B.; Schulz, Alexander - Deutsche Bundesbank - 2008
We disentangle different driving factors of sovereign bond market integration by studying yield co-movements of EMU countries, the UK, the US and 16 German Länder in the last 15 years. At a low frequency of weeks, bond market integration has increased gradually in the course of the last 15...
Persistent link: https://www.econbiz.de/10005083308
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Currency blocs in the 21st century
Fischer, Christoph - Deutsche Bundesbank - 2011
Based on a classification of countries and territories according to their regime and anchor currency choice, the study considers the two major currency blocs of the present world. A nested logit regression suggests that long-term structural economic variables determine a given country's currency...
Persistent link: https://www.econbiz.de/10009151248