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Hoerova, Marie - European Central Bank - 2007

insure consumers against privately observed liquidity shocks. Asset market investments insure consumers against losses from … bank runs. If the probability of a run is small, then banks specialize fully into the provision of liquidity insurance …: They provide a higher degree of liquidity insurance when compared to the economy with banks alone. If the probability of a …

Persistent link: https://www.econbiz.de/10005816287

Financing Constraints and Firms' Cash Policy in the Euro Area

Pál, Rozália; Ferrando, Annalisa - European Central Bank - 2006

This paper investigates the financing conditions of non-financial corporations in theeuro area. We develop a new firm classification based on micro data by distinguishingbetween three groups of firms: unconstrained, relatively and absolutely constrainedfirms. We also provide further evidence on...

Persistent link: https://www.econbiz.de/10005860982

Universal banks and corporate control: evidence from the global syndicated loan market

Ferreira, Miguel A.; Matos, Pedro - European Central Bank - 2009

Banks play a role in the corporate governance of firms as well as acting as debtfinanciers around the world. Universal banks can have control over borrowing firmsby representation on the board of directors or by holding shares through direct stakesor institutional holdings. We investigate the...

Persistent link: https://www.econbiz.de/10005866517

Optimal mechanisms for the control of fiscal deficits

Grüner, Hans Peter - European Central Bank - 2014

This paper shows that a simple two-stage voting mechanism may implement a constrained optimal state dependent decision about a fiscal deficit. I consider a setup with strategic fiscal deficits à la Tabellini and Alesina (1990). Three groups of voters are informed about the productivity of...

Persistent link: https://www.econbiz.de/10011067269

Guess what: it's the settlements!

Koeppl, Thorsten Volker; Monnet, Cyril - European Central Bank - 2004

Exchanges and other trading platforms are often vertically integrated to carry out trading, clearing and settlement as one operation. We show that such vertical silos can prevent efficiency gains from horizontal consolidation of trading and settlement platforms to be realized. Independent of the...

Persistent link: https://www.econbiz.de/10005816290

Adverse selection, market access and inter-market competition

Hoffmann, Peter - European Central Bank - 2013

. Due to frictions in traders’ market access, liquidity providers on alternative trading platforms may be exposed to an … selection risk faced by liquidity providers in the cross-section. Our results have some implications for the design of best …

Persistent link: https://www.econbiz.de/10010686745

Delegated portfolio management: a survey of the theoretical literature

Stracca, Livio - European Central Bank - 2005

This paper provides a selective review of the theoretical literature on delegated portfolio management as a principal-agent relationship. The main focus of the paper is to review the analytical issues raised by the peculiar nature of the delegated portfolio management relationship within the...

Persistent link: https://www.econbiz.de/10005530712

Capital flows, push versus pull factors and the global financial crisis

Fratzscher, Marcel - European Central Bank - 2011

finds that common shocks – key crisis events as well as changes to global liquidity and risk – have exerted a large effect …

Persistent link: https://www.econbiz.de/10009216681

Credit risk transfers and the macroeconomy

Faia, Ester - European Central Bank - 2010

credit risk transfer. The possibility of transferring credit reduces the impact of liquidity shocks on bank balance sheets …

Persistent link: https://www.econbiz.de/10008679927

The price of liquidity: the effects of market conditions and bank characteristics

Fecht, Falko; Nyborg, Kjell G.; Rocholl, Jörg - European Central Bank - 2011

We study the prices that individual banks pay for liquidity (captured by borrowing rates in repos with the central bank … depend in particular on the distribution of liquidity across banks, which is calculated over time using individual banklevel … data on reserve requirements and actual holdings. Banks pay more for liquidity when positions are more imbalanced across …

Persistent link: https://www.econbiz.de/10009278181