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How to Measure the Unsecured Money Market? The Eurosystem's Implementation and Validation Using TARGET2 Data

Arciero, Luca - 2013

transaction data of the most important euro processing payment system, TARGET2, for maturity ranging from one day (overnight) up …

Persistent link: https://www.econbiz.de/10013088017

The Dynamic Voting Patterns of the Bank of England's MPC

Berk, Jan Marc - 2011

The literature on the behavior of the Bank of England's Monetary Policy Committee (MPC) has focused on static voting patterns. We find statistical support for a dynamic pattern using a panel reaction function to analyze MPC votes over the 1997-2008 period. We find that internal and external...

Persistent link: https://www.econbiz.de/10013119133

Interdependence of Fiscal Debts in EMU

Demertzis, Maria - 2011

We use an overlapping generations model to show that a bail-out is the optimal response to a fiscal crisis when the level of integration in a Monetary Union is high and the departure from Ricardian equivalence is significant. As it may not be optimal expost, the no bail-out rule is not credible...

Persistent link: https://www.econbiz.de/10013118957

Exchange Rate Pass-Through and Monetary Integration in the Euro Area

Saiki, Ayako - 2011

whether monetary policy convergence in the euro area led to a convergence in terms of exchange rate pass-through. We conduct a … comparative study between the “experiment group” (the euro area) and the “control group” (non-euro industrial countries). We find … evidence for stronger convergence of exchange rate pass-through for the euro area economies as a group, especially around the …

Persistent link: https://www.econbiz.de/10013118966

Towards a Stable Monetary Union : What Role for Eurobonds?

Gilbert, Niels D. - 2013

This paper investigates the role that Eurobonds could play in making EMU stable in the long run. We establish that EMU's budgetary problems are not only caused by lack of budgetary discipline, but also by the large and sudden fiscal deterioration during the financial crisis. This type of shock...

Persistent link: https://www.econbiz.de/10013081495

Early Warning for Currency Crises : What is the Role of Financial Openness?

Frost, Jon - 2013

We explore the role of financial openness – capital account openness and gross capital inflows – and a newly constructed gravity-based contagion index to assess the importance of these factors in the run-up to currency crises. Using a quarterly data set of 46 advanced and emerging market...

Persistent link: https://www.econbiz.de/10013085361

IMF-Supported Programs : Stimulating Capital to Solvent Countries

van der Veer, Koen - 2014

Sovereign default is the switching state between successful and unsuccessful Fund catalysis. We find the IMF to be effective in mobilising private capital flows to middle-income countries that participate in a Fund program, but do not restructure their debt. A debt restructuring is a clear...

Persistent link: https://www.econbiz.de/10013067244

A Theory of Bazookas; or, 'When (and When Not) to Use Large-Scale Official Sector Support'

Frost, Jon - 2015

This paper develops a theoretical model for "bazookas," a term coined by US Treasury Secretary Hank Paulson in 2008 and since applied to various large-scale public sector support programs for distressed borrowers. The intention behind such programs is to provide so much available financing...

Persistent link: https://www.econbiz.de/10013017866

Right on Target : Exploring the Determinants of Inflation Targeting Adoption

SamarIna, Anna - 2011

This paper examines which economic, fiscal, external, financial, and institutional characteristics of countries affect the likelihood that they adopt inflation targeting as their monetary policy strategy. We estimate a panel binary response transition model for 60 countries and two subsamples...

Persistent link: https://www.econbiz.de/10013118609

Monitoring the Unsecured Interbank Money Market Using Target2 Data

Heijmans, Ronald - 2011

We investigate the euro unsecured interbank money market during the current financial crisis. To identify the loans … trading by participants of the Dutch part of the euro large value payment system (TARGET2-NL). The algorithm enables us to …

Persistent link: https://www.econbiz.de/10013119081