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Reserves for All? Central Bank Digital Currency, Deposits, and their (Non)-Equivalence
Niepelt, Dirk - 2018
central bank money. After distinguishing RFA from cryptocurrencies and relating the proposal to discussions about narrow … inside money does not affect macroeconomic outcomes. I identify key conditions on bank and government (central bank …
Persistent link: https://www.econbiz.de/10012910626
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How Do Banks Interact with Fintech Startups?
Hornuf, Lars - 2020
The increasing pervasiveness of technology-driven firms that offer banking services has led to a growing pressure on traditional banks to modernize their core business activities. Many banks tackle the challenges of digitalization by cooperating with startup firms that offer technology-driven...
Persistent link: https://www.econbiz.de/10012851315
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The Bank Lending Channel in a Dual Banking System : Evidence from Malaysia
Caporale, Guglielmo Maria - 2016
This paper examines the bank lending channel of monetary transmission in Malaysia, a country with a dual banking system … (TVAR) model is estimated to take into account possible nonlinearities in the relationship between bank lending and monetary …
Persistent link: https://www.econbiz.de/10012994579
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The Macroeconomic Policy Challenges of Balance Sheet Recession : Lessons from Japan for the European Crisis
Schnabl, Gunther - 2013
The paper compares the boom-and-bust cycles in Japan and Europe with respect to the reasons for excessive booms, the characteristics of the crises, and the (potential) effects of the crisis therapies. As in Japan the consequence of expansionary monetary and fiscal policies is the hysteresis of...
Persistent link: https://www.econbiz.de/10013081055
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The Monetary Policy of the ECB : A Robin Hood Approach?
Drometer, Marcus - 2013
We derive counterfactual national interest rate paths for the 17 Euro Area countries for the period 1999 to 2012 to approximate the interest rates countries would have implemented had they still been able to conduct independent monetary policy. We find that prior to the financial crisis the...
Persistent link: https://www.econbiz.de/10013083869
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Monetary Policies of Large Industrialised Countries, Emerging Market Credit Cycles and Feedback Effects
Hoffmann, Andreas - 2014
This paper explores the link between monetary policies of large industrial countries and international credit cycles. Based on an overinvestment framework, we show that in the prevailing asymmetric world monetary system, monetary policies of large centre countries can fuel credit booms in...
Persistent link: https://www.econbiz.de/10013054962
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Smells Like Fiscal Policy? Assessing the Potential Effectiveness of the ECB's OMT Program
Hristov, Nikolay - 2014
safeguarding an appropriate monetary policy transmission. Since the program aims at manipulating bank lending rates by conducting … sovereign bond purchases on secondary markets, a stable relationship between bank lending rates and government bond rates is of … this relationship by focusing on the reaction of bank lending rates to movements in government bond rates over the period …
Persistent link: https://www.econbiz.de/10013057668
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Exchange Rate Regime, Financial Market Bubbles and Long-Term Growth in China : Lessons from Japan
Schnabl, Gunther - 2016
The paper argues that persistent current account surpluses and increasing foreign currency-denominated asset positions constitute long-term appreciation expectations on yuan and yen, which have made China and Japan vulnerable to U.S. interest rate cuts and appreciation expectation shocks. For...
Persistent link: https://www.econbiz.de/10012988972
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Trends in Monetary Policy Transparency
Geraats, Petra M. - 2013
Transparency has become a prominent feature of monetary policy. This paper provides an overview of central bank …
Persistent link: https://www.econbiz.de/10012753167
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Do Markets Care About Central Bank Governor Changes? Evidence from Emerging Markets
Moser, Christoph - 2013
Central bank governor changes in emerging markets may convey important signals about future monetary policy. Based on a … sovereign bond spreads to central bank governor changes. The data cover 20 emerging markets over the period 1992-2006. We find … that the replacement of a central bank governor negatively affects financial markets on the announcement day. This negative …
Persistent link: https://www.econbiz.de/10012753766