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Credit supply - Identifying balance-sheet channels with loan applications and granted loans

Jiménez, Gabriel; Ongena, Steven; Peydró, José-Luis; … - European Central Bank - 2010

reduce loan granting, especially to firms or from banks with lower capital or liquidity ratios. Moreover, responding to …

Persistent link: https://www.econbiz.de/10008565827

Efficiency and risk in european banking

Fiordelisi, Franco; Marqués-Ibáñez, David; Molyneux, Phil - European Central Bank - 2010

We analyze the impact of efficiency on bank risk. We also consider whether bank capital has an effect on this … relationship. We model the inter-temporal relationships among efficiency, capital and risk for a large sample of commercial banks … contribute to shore up bank capital levels. Our findings suggest that banks lagging behind in their efficiency levels might …

Persistent link: https://www.econbiz.de/10008568193

Explaining monetary policy in press conferences

Ehrmann, Michael; Fratzscher, Marcel - European Central Bank - 2007

The question how best to communicate monetary policy decisions remains a highly topical issue among central banks. Focusing on the experience of the European Central Bank, this paper studies how explanations of monetary policy decisions at press conferences are perceived by financial markets....

Persistent link: https://www.econbiz.de/10005344820

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

Euro area fiscal policies and the crisis

van Riet, Ad - European Central Bank - 2010

In mid-September 2008, a global financial crisis erupted which was followed by the most serious worldwide economic recession for decades. As in many other regions of the world, governments in the euro area stepped in with a wide range of emergency measures to stabilise the financial sector and...

Persistent link: https://www.econbiz.de/10008506054

Optimal monetary policy in a model of the credit channel

De Fiore, Fiorella; Tristani, Oreste - European Central Bank - 2009

We consider a simple extension of the basic new-Keynesian setup in which we relax the assumption of frictionless financial markets. In our economy, asymmetric information and default risk lead banks to optimally charge a lending rate above the risk-free rate. Our contribution is threefold....

Persistent link: https://www.econbiz.de/10005002754

Asset prices and current account fluctuations in G7 economies

Fratzscher, Marcel; Straub, Roland - European Central Bank - 2009

The paper analyses the effect of equity price shocks on current account positions for the G7 industrialized countries in 1974-2007. It uses a Bayesian VAR with sign restrictions for the identification of asset price shocks and to test empirically for their effect on current accounts. Such shocks...

Persistent link: https://www.econbiz.de/10005002779

Does it pay to have the euro? Italy’s politics and financial markets under the lira and the euro

Fratzscher, Marcel; Stracca, Livio - European Central Bank - 2009

There is a broad consensus that the quality of the political system and its institutions are fundamental for a country’s prosperity. The paper focuses on olitical events in Italy over the past 35 years and asks whether the adoption of the euro in 1999 has helped insulate Italy’s financial...

Persistent link: https://www.econbiz.de/10005002792

Monetary policy strategy in a global environment

Moutot, Philippe; Vitale, Giovanni - European Central Bank - 2009

This paper discusses the structural implications of real and financial globalisation, with the aim of drawing lessons for the conduct of monetary policy and, in particular, for the assessment of risks to price stability. The first conclusion of the paper is that globalisation may have played...

Persistent link: https://www.econbiz.de/10005034283

The impact of sovereign wealth funds on global financial markets

Beck, Roland; Fidora, Michael - European Central Bank - 2008

-of-the-envelope calculations which simulate the potential impact of a transfer of traditional foreign exchange reserves to SWFs on global capital … capital flows “downhill” from rich to less wealthy economies, in line with standard neoclassical predictions. More … the United States could be subject to net capital outflows while Japan and the emerging markets would attract net capital …

Persistent link: https://www.econbiz.de/10005530670