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The impact of sovereign wealth funds on global financial markets
Beck, Roland; Fidora, Michael - European Central Bank - 2008
liquidity considerations, official portfolios reduce their “bias” towards the major reserve currencies. As a result, more …
Persistent link: https://www.econbiz.de/10005530670
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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
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Monetary policy strategy in a global environment
Moutot, Philippe; Vitale, Giovanni - European Central Bank - 2009
ultimate provider of liquidity to financial markets in situations of extreme instability and market malfunctioning. A sudden … and sharp liquidity drought in the market should be tackled with appropriate measures that could even go beyond the … communicate that the aim of its liquidity provision measures is to support the proper functioning of financial markets, and that …
Persistent link: https://www.econbiz.de/10005034283
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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
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Liquidity, risk and the global transmission of the 2007-08 financial crisis and the 2010-2011 sovereign debt crisis
Chudik, Alexander; Fratzscher, Marcel - European Central Bank - 2012
The paper analyses the transmission of liquidity shocks and risk shocks to global financial markets. Using a Global VAR …
Persistent link: https://www.econbiz.de/10010686821
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Monetary Policy Shocks and Portfolio Choice
Fratzscher, Marcel; Saborowski, Christian; Straub, Roland - European Central Bank - 2009
The paper shows that monetary policy shocks exert a substantial effect on the size and composition of capital flows and the trade balance for the United States, with a 100 basis point easing raising net capital inflows and lowering the trade balance by 1% of GDP, and explaining about 20-25% of...
Persistent link: https://www.econbiz.de/10008502697
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The geography of international portfolio flows, international CAPM and the role of monetary policy frameworks
Santis, Roberto A. De - European Central Bank - 2006
Using bilateral data on international equity and bond flows, we find that the prediction of the International Capital Asset Pricing Model is partially met and that global equity markets might be more integrated than global bond markets. Moreover, over the turbulent 1998-2001 period characterised...
Persistent link: https://www.econbiz.de/10005530753
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On the international spillovers of US quantitative easing
Fratzscher, Marcel; Lo Duca, Marco; Straub, Roland - European Central Bank - 2013
announcements, underlining the importance of the market repair and liquidity functions of Fed policies. Third, we find no evidence …
Persistent link: https://www.econbiz.de/10010686827
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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
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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