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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

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

Wealth and asset price effects on economic activity

Altissimo, Filippo; Georgiou, Evaggelia; Sastre, Teresa; … - European Central Bank - 2005

Do asset prices affect real activity? This question has taken on a new importance in recent years, as asset values first surged at the end of 1990s and, thereafter, dramatically retreated. This report reviews the available theoretical and empirical evidence regarding asset price and wealth...

Persistent link: https://www.econbiz.de/10005042603

Implications for liquidity from innovation and transparency in the European corporate bond market

Laganá, Marco; Perina, Martin; Köppen-Mertes, Isabel von - European Central Bank - 2006

This paper offers a new framework for the assessment of financial market liquidity and identifies two types: search … liquidity and systemic liquidity. Search liquidity, i.e. liquidity in “normal” times, is driven by search costs required for a … trader to find a willing buyer for an asset he/she is trying to sell or vice versa. Search liquidity is asset specific …

Persistent link: https://www.econbiz.de/10005344808

Market based compensation, price informativeness and short-term trading

Calcagno, Riccardo; Heider, Florian - European Central Bank - 2007

. This trade-off generates a number of insights about the impact of market conditions, e.g. liquidity and trading horizons …

Persistent link: https://www.econbiz.de/10005344830

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

The price of liquidity: the effects of market conditions and bank characteristics

Fecht, Falko; Nyborg, Kjell G.; Rocholl, Jörg - European Central Bank - 2011

We study the prices that individual banks pay for liquidity (captured by borrowing rates in repos with the central bank … depend in particular on the distribution of liquidity across banks, which is calculated over time using individual banklevel … data on reserve requirements and actual holdings. Banks pay more for liquidity when positions are more imbalanced across …

Persistent link: https://www.econbiz.de/10009278181

Commonality in hedge fund returns: driving factors and implications

Bussière, Matthieu; Hoerova, Marie; Klaus, Benjamin - European Central Bank - 2014

We measure the commonality in hedge fund returns, identify its main driving factor and analyse its implications for financial stability. We find that hedge funds’ commonality increased significantly from 2003 until 2006. We attribute this rise mainly to the increase in hedge funds’ exposure...

Persistent link: https://www.econbiz.de/10010753747

Interbank lending, credit risk premia and collateral

Heider, Florian; Hoerova, Marie - European Central Bank - 2009

We study the functioning of secured and unsecured inter-bank markets in the presence of credit risk. The model generates empirical predictions that are in line with developments during the 2007-2009 financial crises. Interest rates decouple across secured and unsecured markets following an...

Persistent link: https://www.econbiz.de/10008549311