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The euro and international capital markets
Detken, Carsten; Hartmann, Philipp - European Central Bank - 2000
. For the flow of international bond and note issuance it has even slightly overtaken the US dollar in the second half of … 1999. The data also suggest that this early supply of euro bonds by non-euro area residents, clearly exceeding the euro …
Persistent link: https://www.econbiz.de/10005222389
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Capital controls and foreign exchange policy
Fratzscher, Marcel - European Central Bank - 2012
The empirical analysis of the paper suggests that an FX policy objective and concerns about an overheating of the domestic economy have been the two main motives for the (re-)introduction and persistence of capital controls over the past decade. Capital controls are strongly associated with...
Persistent link: https://www.econbiz.de/10010686784
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Multimarket trading and the cost of debt: evidence from global bonds
Petrasek, Lubomir - European Central Bank - 2010
studies global bonds to examine the effects of multimarket trading on corporate bond liquidity, prices, and the cost of debt … advantage of global bonds does not fully explain the yield differential. The findings imply that international corporate bond …Global bonds are international securities designed to be traded and settled efficiently in multiple markets. This paper …
Persistent link: https://www.econbiz.de/10008568191
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Why do financial systems differ? History matters
Monnet, Cyril; Quintin, Erwan - European Central Bank - 2005
We describe a dynamic model of financial intermediation in which fundamental characteristics of the economy imply a unique equilibrium path of bank and financial market lending. Yet we also show that economies whose fundamental characteristics have converged may continue to have very different...
Persistent link: https://www.econbiz.de/10005530714
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Home bias in global bond and equity markets: the role of real exchange rate volatility
Fidora, Michael; Fratzscher, Marcel; Thimann, Christian - European Central Bank - 2006
mean to zero reduces bond home bias by up to 60 percentage points, while it reduces equity home bias by only 20 percentage …
Persistent link: https://www.econbiz.de/10005222376
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Bank risk-taking, securitization, supervision and low interest rates: Evidence from the euro area and the U.S. lending standards
Maddaloni, Angela; Peydró, José-Luis - European Central Bank - 2010
securitization activity, weak supervision for bank capital and too low for too long monetary policy rates. Conversely, low long …
Persistent link: https://www.econbiz.de/10008678673
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Capital controls and international financial stability: a dynamic general equilibrium analysis in incomplete markets
Buss, Adrian - European Central Bank - 2013
In this paper, we conduct an analysis of the implications of capital controls for financial stability. We study a financial transaction (Tobin) tax applicable to cross-border capital flows in a multi-good, multi-country dynamic equilibrium model with incomplete financial markets and...
Persistent link: https://www.econbiz.de/10010686801
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The impact of the euro on money and bond markets
Santillán, Javier; Bayle, Marc; Thygesen, Christian - European Central Bank - 2000
The paper provides an analysis of the euro area money and bond markets and their infrastructure since the introduction … notably regarding the bond market which lags behind in terms of liquidity, market completeness and overall size compared to … the US corporate bond market. Analysis of the barriers to integration, which do not seem to be specific to these markets …
Persistent link: https://www.econbiz.de/10004969144
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Systemic risk: A survey
De Bandt, Olivier; Hartmann, Philipp - European Central Bank - 2000
This paper develops a broad concept of systemic risk, the basic economic concept for the understanding of financial crises. It is claimed that any such concept must integrate systemic events in banking and financial markets as well as in the related payment and settlement systems. At the heart...
Persistent link: https://www.econbiz.de/10005344911
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CISS - a composite indicator of systemic stress in the financial system
Holló, Dániel; Kremer, Manfred; Duca, Marco Lo - European Central Bank - 2012
This paper introduces a new indicator of contemporaneous stress in the financial system named Composite Indicator of Systemic Stress (CISS). Its specific statistical design is shaped according to standard definitions of systemic risk. The main methodological innovation of the CISS is the...
Persistent link: https://www.econbiz.de/10010538811