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The lender of last resort: a 21st century approach

Freixas, Xavier; Parigi, Bruno M.; Rochet, Jean-Charles - European Central Bank - 2003

fully collateralized repo market allows Central Banks to provide the adequate aggregated amount of liquidity and leave the … a framework where liquidity shocks cannot be distinguished from solvency ones and ask whether there is a need for a LOLR …

Persistent link: https://www.econbiz.de/10005222355

A twin crisis with multiple banks of issue: Spain in the 1860s

Moro, Alessio; Nuño, Galo; Tedde, Pedro - European Central Bank - 2013

We document the twin crisis that affected Spain in the mid-1860s. First, we trace back its origins to the international crisis of 1864-66. Next, we describe the particular banking sector of Spain, characterized by the coexistence of the Bank of Spain with multiple local banks of issue. We...

Persistent link: https://www.econbiz.de/10010686742

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 …

Persistent link: https://www.econbiz.de/10005866598

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

Open Market Operations in EU Countries.

Aspetsberger, A. - European Central Bank - 1996

The increasing weight of open market transactions in central bank operations and the widening use of purchase agreements underlines a progress towards convergence of monetary policy instruments and procedures in EU countries. This paper presents a survey of features of open market operations...

Persistent link: https://www.econbiz.de/10005641236

Empirical assessment of Monetary Policy Instruments and Procedures (MPIP) in EU Countries.

Escriva, J.L.; Fagan, F.P. - European Central Bank - 1996

Countriesboth in providing liquidity in general and , in addition, in dealing with changes in liquidity supply. Third, the behaviour …

Persistent link: https://www.econbiz.de/10005641237

Financial stress and economic dynamics: the transmission of crises

Hubrich, Kirstin; Tetlow, Robert J. - European Central Bank - 2014

A financial stress index for the United States is introduced – an index that was used in real time by the staff of the Federal Reserve Board to monitor the financial crisis of 2008-9 – and the interaction with real activity, inflation and monetary policy is demonstrated using a richly...

Persistent link: https://www.econbiz.de/10011067270

Liquidity (risk) concepts: definitions and interactions

Nikolaou, Kleopatra - European Central Bank - 2009

We discuss the notion of liquidity and liquidity risk within the financial system. We distinguish between three … different liquidity types, central bank liquidity, funding and market liquidity and their relevant risks. In order to understand … the workings of financial system liquidity, as well as the role of the central bank, we bring together relevant literature …

Persistent link: https://www.econbiz.de/10005002810

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

Transmission of monetary policy shocks in Finland: evidence from bank level data on loans

Topi, Jukka; Vilmunen, Jouko - European Central Bank - 2001

We use a panel of quarterly time series observations on Finnish banks to estimate reduced form equations for the growth rate of bank loans. By allowing for individual bank specific effects in the empirical models we specifically seek evidence of a bank-lending channel for the transmission of...

Persistent link: https://www.econbiz.de/10005530976

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