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Information guide for credit institutions using target
2000
Persistent link: https://www.econbiz.de/10004612073
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Is time ripe for a currency union in emerging East Asia? The role of monetary stabilisation
Sánchez, Marcelo - European Central Bank - 2005
This paper assesses the prospects for monetary integration between Emerging East Asian (EEA) economies. Our empirical analysis is based on a simple analytical framework for currency unions of small open economies, with a focus on the conduct of monetary policy in the presence of different types...
Persistent link: https://www.econbiz.de/10005530692
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Business cycle synchronisation in East Asia
Moneta, Fabio; Rüffer, Rasmus - European Central Bank - 2006
Against the background of the rapid inter- and intraregional integration of East Asia, we examine the extent and nature of synchronisation of business cycles in the region. We estimate various specifications of a dynamic common factor model for output growth of ten East Asian countries. A...
Persistent link: https://www.econbiz.de/10005530732
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What drives international bank flows? Politics, institutions and other determinants
Papaioannou, Elias - European Central Bank - 2005
This paper uses a large panel of bilateral bank flow data to assess how institutions and politics affect international … banking system. 3) Beyond institutions, politics exert also a firstorder impact. 4) The European Integration process has …, samples and the potential endogeneity of institutional characteristics. The strong institutions/politics-bank flows nexus has …
Persistent link: https://www.econbiz.de/10005816300
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The euro plus pact: cost competitiveness and external capital flows in the EU countries
Gabrisch, Hubert; Staehr, Karsten - European Central Bank - 2014
The Euro Plus Pact was approved by 23 EU countries in March 2011 and came into force shortly afterwards. The Pact stipulates a range of quantitative targets meant to strengthen cost competitiveness with the aim of preventing the accumulation of external financial imbalances. This paper uses...
Persistent link: https://www.econbiz.de/10010753760
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Asset price misalignments and the role of money and credit
Gerdesmeier, Dieter; Reimers, Hans-Eggert; Roffia, Barbara - European Central Bank - 2009
This paper contributes to the literature on the properties of money and creditindicators for detecting asset price misalignments. After a review of the evidence inthe literature on this issue, the paper discusses the approaches that can be consideredto detect asset price busts. Considering a...
Persistent link: https://www.econbiz.de/10005866513
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What explains global exchange rate movements during the financial crisis?
Fratzscher, Marcel - European Central Bank - 2009
A striking and unexpected feature of the financial crisis has been the sharpappreciation of the US dollar against virtually all currencies globally. The paper findsthat negative US-specific macroeconomic shocks during the crisis have triggered asignificant strengthening of the US dollar, rather...
Persistent link: https://www.econbiz.de/10005866568
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Bidding behaviour in the ECB’s main refinancing operations during the financial crisis
Eisenschmidt, Jens; Hirsch, Astrid; Linzert, Tobias - European Central Bank - 2009
Liquidity provision through its repo auctions has been one of the main instrumentsof the European Central Bank (ECB) to address the recent tensions infinancial markets since summer 2007. In this paper, we analyse banks’ biddingbehaviour in the ECB’s main refinancing operations (MROs) during...
Persistent link: https://www.econbiz.de/10005866598
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Securitization and lending standards: evidence from the wholesale loan market
Kara, Alper; Marqués-Ibáñez, David; Ongena, Steven - European Central Bank - 2011
We investigate the effect of securitization activity on banks’ lending standards using evidence from pricing behavior on the syndicated loan market. We find that banks more active at originating asset-backed securities are also more aggressive on their loan pricing practices. This suggests...
Persistent link: https://www.econbiz.de/10009216682
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Global crises and equity market contagion
Bekaert, Geert; Ehrmann, Michael; Fratzscher, Marcel; … - European Central Bank - 2011
Using the 2007-2009 financial crisis as a laboratory, we analyze the transmission of crises to country-industry equity portfolios in 55 countries. We use an asset pricing framework with global and local factors to predict crisis returns, defining unexplained increases in factor loadings as...
Persistent link: https://www.econbiz.de/10009293721