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We examine developments in national contributions to euro area M3 for a sample of nine euro area countries during 1999–2005. We investigate the co-movements of national contributions with euro area M3 and discuss possible reasons for divergencies in growth rates of national contributions....
Persistent link: https://www.econbiz.de/10005190777
liquidity and market efficiency. The one-day program consisted of an opening speech, six presentations, including three keynotes …
Persistent link: https://www.econbiz.de/10011414459
In response to the Great Financial Crisis, the Federal Reserve and the Bank of England have adopted unconventional monetary policy instruments. We investigate if one of these, purchases of long-term government debt, could be a valuable addition to conventional short-term interest rate policy...
Persistent link: https://www.econbiz.de/10010610549
We develop a theoretical framework aimed to model the pricing of electronic money (electronic cash cards) and the market domain in which it will be used. We first calculate the fee structures of electronic cash- and charge-card industries for the monopoly and competitive cases. We show that the...
Persistent link: https://www.econbiz.de/10005648860
The NSFR regulation reduces banks’ liquidity risks by encouraging the use of deposit funding. Deposit money is created …
Persistent link: https://www.econbiz.de/10011145562
This study discusses the effects of financial intermediation, banks’ moral hazard and monitoring on monetary policy transmission in a simple model where borrowers are dependent on loans granted by banks with superior monitoring skills. As distinct from the prior literature on monetary policy...
Persistent link: https://www.econbiz.de/10008774225
In this paper we test the hypothesis that credit policies are pro-cyclical. Our approach is based on a stochastic frontier analysis of borrower data, as in Chen and Wang (2008). We extend the applicability of the approach, and propose a novel test specification which is informative of many types...
Persistent link: https://www.econbiz.de/10004979447
This paper deals with the issue of how the market structure in banking affects the choice of means of payment. In particular, the demand for cash is analysed from this point of view. The analysis is based on a simple spatial transactions model in which the banks’ optimization problem is...
Persistent link: https://www.econbiz.de/10005207157
The consequences of electronic trading, payment and settlement have recently become one of the main topics in monetary economics. New innovations in payment and settlement technology are challenging the central bank’s monopoly over the supply of base money, which is generally considered the...
Persistent link: https://www.econbiz.de/10005648845
The aim of this paper is to analyse the announcement effects on exchange rate movements using the basic asset pricing model, where currency trade is partly determined by technical trading in the form of moving averages since it is the most commonly used technique according to questionnaire...
Persistent link: https://www.econbiz.de/10005648882