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Measuring financial integration in the euro area
Baele, Lieven; Ferrando, Annalisa; Hördahl, Peter; … - European Central Bank - 2004
In this paper, we present a set of specific measures to quantify the state and evolution of financial integration in the euro area. Five key markets are considered, namely the money, corporate bond, government bond, credit and equity markets. Building upon the law of one price, we developed two...
Persistent link: https://www.econbiz.de/10005816123
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Hedge funds and their implications for financial stability
Garbaravicius, Tomas; Dierick, Frank - European Central Bank - 2005
The paper provides an overview of the hedge fund industry, mainly from a financial stability and European angle. It is primarily based on an extensive analysis of information from the TASS database. On the positive side of the financial stability assessment, hedge funds have a role as providers...
Persistent link: https://www.econbiz.de/10005530646
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Competition and stability: what's special about banking?
Carletti, Elena; Hartmann, Philipp - European Central Bank - 2002
authorities in the review of bank mergers for the G-7 industrialised countries. A wide variety of approaches emerges, with some …
Persistent link: https://www.econbiz.de/10005344959
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Why accounting matters: a central bank perspective
Schwarz, Claudia; Karakitsos, Polychronis; Merriman, Niall - European Central Bank - 2014
accounting information on the activities of a central bank are manifold. First, the effectiveness of monetary policy crucially … hinges on the financial independence of a central bank, which can be evidenced, inter alia, by its financial strength. Using … a new simulation of the financial results of the European Central Bank (ECB), this paper shows that the reported annual …
Persistent link: https://www.econbiz.de/10011115258
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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
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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
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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
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Bank risk during the financial crisis: do business models matter?
Altunbas, Yener; Marqués-Ibáñez, David; Manganelli, … - European Central Bank - 2011
We exploit the 2007-2009 financial crisis to analyze how risk relates to bank business models. Institutions with higher …. Business models related to significantly reduced bank risk were characterized by a strong deposit base and greater income …
Persistent link: https://www.econbiz.de/10009367473
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Household debt sustainability: what explains household non-performing loans? An empirical analysis
Rinaldi, Laura; Sanchis-Arellano, Alicia - European Central Bank - 2006
Sound household financial conditions are relevant for both financial and monetary stability. Therefore, we analyse household financial fragility in a sample of euro area countries with the aim to shed some light on the nature of the large debt increase accumulated in recent years. We focus on...
Persistent link: https://www.econbiz.de/10004969153
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Non-performing loans: what matters in addition to the economic cycle?
Beck, Roland; Jakubik, Petr; Piloiu, Anamaria - European Central Bank - 2013
Using a novel panel data set we study the macroeconomic determinants of nonperforming loans (NPLs) across 75 countries during the past decade. According to our dynamic panel estimates, the following variables are found to significantly affect NPL ratios: real GDP growth, share prices, the...
Persistent link: https://www.econbiz.de/10010686831