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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

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

Approaches to monetary policy revisited - lessons from the crisis, 6th ECB Central Banking Conference, 18-19 November 2010

Jarociński, Marek (contributor) - European Central Bank

This volume contains a collection of papers, commentaries and speeches that review the strategic and operational decisions taken by the central banks to combat the crisis and that reflect on the lessons for the future. The contributions are grouped around five broad topics: monetary policy...

Persistent link: https://www.econbiz.de/10009209884

The euro at ten - lessons and challenges, 5th ECB Central Banking Conference, 13-14 November 2008

Mackowiak, Bartosz (contributor); … - European Central Bank

This volume contains a collection of papers, commentaries and speeches concerning the first decade of the euro and the recent global financial crisis.

Persistent link: https://www.econbiz.de/10009209885

Risk-sharing or risk-taking? Counterparty risk, incentives and margins

Biais, Bruno; Heider, Florian; Hoerova, Marie - European Central Bank - 2012

We analyze optimal hedging contracts and show that although hedging aims at sharing risk, it can lead to more risk …. This incentive problem limits the capacity to share risks and generates endogenous counterparty risk. Optimal hedging can … address the market failure caused by unregulated trading of hedging contracts among protection sellers. JEL Classification: G …

Persistent link: https://www.econbiz.de/10010686736

Do financial investors destabilize the oil price?

Lombardi, Marco J.; Van Robays, Ine - European Central Bank - 2011

In this paper, we assess whether and to what extent financial activity in the oil futures markets has contributed to destabilize oil prices in recent years. We define a destabilizing financial shock as a shift in oil prices that is not related to current and expected fundamentals, and thereby...

Persistent link: https://www.econbiz.de/10009643616

What is driving oil futures prices? Fundamentals versus speculation

Vansteenkiste, Isabel - European Central Bank - 2011

In this paper we analyse the relative importance of fundamental and speculative demand on oil futures price levels and volatility. In a first step, we present a theoretical heterogeneous agent model of the oil futures market based on noise trading. We use the model to study the interaction...

Persistent link: https://www.econbiz.de/10009276058

Catching falling knives: speculating on market overreaction

Colliard, Jean-Edouard - European Central Bank - 2013

pressure. In the long-run however, such countervailing speculation amounts to signal-jamming, slowing down price discovery …

Persistent link: https://www.econbiz.de/10010686741

Interbank market integration under asymmetric information

Freixas, Xavier; Holthausen, Cornelia - European Central Bank - 2001

While domestic interbank markets are often considered to work in an efficient way, cross-country bank lending appears to be subjected to market imperfections leading to persistent interest rate differentials. In a model where banks need to cope with liquidity shocks by borrowing or by...

Persistent link: https://www.econbiz.de/10005344929

International equity flows and returns: a quantative equilibrium approach

Albuquerque, Rui; Bauer, Gregory H.; Schneider, Martin - European Central Bank - 2004

This paper considers the role of foreign investors in developed-country equity markets. It presents a quantitative model of trading that is built around two new assumptions: (i) both the foreign and domestic investor populations contain investors of different sophistication, and (ii) investor...

Persistent link: https://www.econbiz.de/10005816253