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Capital Markets Union and monetary policy performance : comes financial market variety at a cost?

Kotz, Hans-Helmut; Semmler, Willi; Tahri, Ibrahim - In: Vierteljahrshefte zur Wirtschaftsforschung 86 (2017) 2, pp. 41-59

unterschiedliche gesellschaftliche Antworten (oder Präferenzen) in Bezug auf Zielkonflikte zum Ausdruck. Die einheitliche Geldpolitik … Heterogenität die Geldpolitik, entgegen ihrer Absicht, in Krisenländern destabilisierend wirken kann. Von daher könnte eine …

Persistent link: https://www.econbiz.de/10012051208

The financial market effects of the ECB's asset purchase programs

Lewis, Vivien; Roth, Markus - 2017

The European Central Bank's asset purchase programs, while intended to stabilize the economy, may have unintended side effects on financial stability. This paper aims at gauging the effects on financial markets, the banking sector, and lending to non-financial firms. Using a structural vector...

Persistent link: https://www.econbiz.de/10011712553

Interest rate shocks, competition and bank liquidity creation

Kick, Thomas - 2022

We study the effects of interest rate shocks (IRS) on banks’ liquidity creation. A unique supervisory data set from the Deutsche Bundesbank allows identifying banks’ liquidity creation for the real economy and the effects of banking market competition. Here, we employ a novel approach to...

Persistent link: https://www.econbiz.de/10013184357

Financial shocks and inflation dynamics

Abbate, Angela; Eickmeier, Sandra; Prieto, Esteban - 2016

We assess the effects of financial shocks on inflation, and to what extent financial shocks can account for the "missing disinflation" during the Great Recession. We apply a vector autoregressive model to US data and identify financial shocks through sign restrictions. Our main finding is that...

Persistent link: https://www.econbiz.de/10011546785

Digital currencies impact on financial stability and financial cycle h2 2021

Ahmetaj, Natasha; Hoda, Bledar; Nikolla, Livia; Goxhaj, … - 2022

Persistent link: https://www.econbiz.de/10014556750

Financial cycles in euro area economies : a cross-country perspective

Kunovac, Davor; Mandler, Martin; Scharnagl, Michael - 2018

We study the cross-country dimension of financial cycles for six euro area countries using three different methodologies: principal component analysis, synchronicity and similarity measures and wavelet analysis. We find that equity prices and interest rates display synchronization across...

Persistent link: https://www.econbiz.de/10011809188

A proposal for the governance of financial regulation and supervision in Europe

Kammel, Armin J. - In: Vierteljahrshefte zur Wirtschaftsforschung 74 (2005) 4, pp. 167-181

Financial markets underwent significant changes worldwide within the last decades. Structural changes involving traditional operators led to modifications of the regulatory as well as supervisory settings of the financial system. Therefore, the paper tries to find a solution for a proper and...

Persistent link: https://www.econbiz.de/10010490738

Does EMU require CMU?

Schaaf, Jürgen - In: Vierteljahrshefte zur Wirtschaftsforschung 86 (2017) 2, pp. 21-39

Jede Initiative, die die Wirksamkeit der Geldpolitik erhöht, ist grundsätzlich begrüßenswert. Das Projekt … Kapitalmarktunion (Capital Markets Union, CMU) der Europäischen Union ist potenziell eine solche Initiative, wenngleich Geldpolitik kein … eine wirksame Durchführung der Geldpolitik im Eurowährungsgebiet. Die Glaubwürdigkeit der Zentralbank, ein funktionierender …

Persistent link: https://www.econbiz.de/10012051175

What are the real effects of financial market liquidity? : evidence on bank lending from the euro area

Dombret, Andreas R.; Foos, Daniel; Pliszka, Kamil; … - 2018

We analyze the impact of market liquidity on bank lending in the euro area for different segments over the period 2003 to 2016. Our results on the aggregate level show that market liquidity is positively related to loan volumes and negatively related to credit spreads. Particularly during the...

Persistent link: https://www.econbiz.de/10011897986

The impact of Central Bank announcements on asset prices in real time : testing the efficiency of the Euribor futures market

Rosa, Carlo (contributor); Verga, Giovanni (contributor) - 2006

Persistent link: https://www.econbiz.de/10003397403