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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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Do financial market variables show (symmetric) indicator properties relative to exchange rate returns?
Castrén, Olli - European Central Bank - 2004
This paper assesses the contemporaneous, leading and lagging indicator properties of financial market variables relative to movements in six major developed country currency pairs. As indicator variables changes in various relative asset prices, short-term portfolio flows and currency options...
Persistent link: https://www.econbiz.de/10005816256
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What drives international bank flows? Politics, institutions and other determinants
Papaioannou, Elias - European Central Bank - 2005
), well-functioning institutions are a key driving force for international bank flows. Specifically, foreign banks invest …
Persistent link: https://www.econbiz.de/10005816300
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Growth expectations, capital flows and international risk sharing
Castrén, Olli; Miller, Marcus; Stiegert, Roger - European Central Bank - 2003
Over the past decades, cross-border financial flows have increased in importance and have in many occasions exceeded the underlying current account positions. This phenomenon has been accompanied by an increase in the volume of international equity transactions that accentuate the role of...
Persistent link: https://www.econbiz.de/10005344850
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The 2007 subprime market crisis through the lens of European Central Bank auctions for short-term funds
Cassola, Nuno; Hortacsu, Ali; Kastl, Jakub - European Central Bank - 2011
We study European banks’ demand for short-term funds (liquidity) during the summer 2007 subprime market crisis. We use … bidding data from the European Central Bank’s auctions for one-week loans, their main channel of monetary policy … impact of the crisis on individual banks. Through a model of bidding, we show that banks’ bids reflect their cost of …
Persistent link: https://www.econbiz.de/10009278179
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Dual liquidity crises under alternative monetary frameworks: a financial accounts perspective
Bindseil, Ulrich; Winkler, Adalbert - European Central Bank - 2012
This paper contributes to the literature on liquidity crises and central banks acting as lenders of last resort by … collateral policies, monetary financing prohibitions and quantitative borrowing limits imposed on banks. Thus, it provides a firm … basis for a comparative analysis of the ability of central banks to absorb shocks. Our main results are as follows: (1) A …
Persistent link: https://www.econbiz.de/10010686725
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Exchange rate volatility and growth in small open economies at the EMU periphery
Schnabl, Gunther - European Central Bank - 2007
Since the introduction of the euro in January 1999, exchange rate stability at the periphery of the euro area is growing. The paper investigates the impact of exchange rate stability on growth for a sample of 41 mostly small open economies at the EMU periphery. It identifies international trade,...
Persistent link: https://www.econbiz.de/10005344823
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The admission of accession countries to an enlarged monetary union: a tentative assessment
Ca' Zorzi, Michele; Santis, Roberto A. De - European Central Bank - 2003
The enlargement of the European monetary union to include the accession countries (ACs) will not lead to higher average inflation in the enlarged euro area, but only to inflation redistribution across countries if continuity of the monetary policy framework is preserved. In the short term,...
Persistent link: https://www.econbiz.de/10005344832
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Oil exporters: in search of an external anchor
Habib, Maurizio Michael; Stráský, Jan - European Central Bank - 2008
This paper discusses the choice of an optimal external anchor for oil exporting economies, using optimum currency area criteria and simulations of a simple model of a small open economy pegging to a basket of two currencies. Oil exporting countries - in particular those of the Gulf Cooperation...
Persistent link: https://www.econbiz.de/10005344888
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Openness and optimal monetary policy
Lombardo, Giovanni; Ravenna, Federico - European Central Bank - 2010
We show that the composition of imports has important implications for the optimal volatility of the exchange rate. Using input-output data for 25 countries we document substantial differences in the import and non-tradable content of final demand components, and in the role played by imported...
Persistent link: https://www.econbiz.de/10008765004