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This paper analyses the impact of the global financial crisis on euro area cross-border financial flows by comparing recent developments with the main pre-crisis trends. Two prominent features of the period of turmoil were (i) the sizeable deleveraging of external financial exposures by the...
Persistent link: https://www.econbiz.de/10013128178
Shadow banking, as one of the main sources of financial stability concerns, is the subject of much international debate. In broad terms, shadow banking refers to activities related to credit intermediation and liquidity and maturity transformation that take place outside the regulated banking...
Persistent link: https://www.econbiz.de/10013113994
This paper provides a comprehensive overview of the use of the Eurosystem's monetary policy instruments and the operational framework from the first quarter of 2009 until the second quarter 2012. The paper discusses in detail, from a liquidity management perspective, the standard and...
Persistent link: https://www.econbiz.de/10013104347
preliminary assessment of the effectiveness of such measures. The geographical focus of the paper is on the European Union (EU …, not only between the EU and the United States (e.g. with regard to the involvement of the central bank), but also within … the EU (e.g. asset relief schemes) …
Persistent link: https://www.econbiz.de/10013069662
This paper analyses the main drivers of the ECB's balance sheet and profit and loss account over the first 11 years of the ECB's existence. Furthermore, the paper assesses the financial strength of the ECB. As monetary policy operations are normally conducted by national central banks under the...
Persistent link: https://www.econbiz.de/10013069977
The paper describes the main transmission channels of the spillovers of national fiscal policies to other countries within the euro area and investigates their magnitude using different models. In the context of Economic and Monetary Union (EMU), fiscal spillovers are relevant for the accurate...
Persistent link: https://www.econbiz.de/10012836254
We explain how the external counterpart of the euro area M3 can be analysed by using the euro area balance of payments (b.o.p.). This is possible because the net external assets of the monetary financial institutions (MFIs) are present in two statistical frameworks that follow similar...
Persistent link: https://www.econbiz.de/10012841808
Current best practice in central banking views a high level of monetary policy predictability as desirable. A clear distinction, however, has to be made between short-term and longer-term predictability. While short-term predictability can be narrowly defined as the ability of the public to...
Persistent link: https://www.econbiz.de/10012772989
The need for structural reforms in the euro area has often been advocated. These reforms would improve the welfare of euro area citizens and also, as a welcome side-effect, facilitate the conduct of monetary policy. Against this background, a particularly relevant question that can be posed is...
Persistent link: https://www.econbiz.de/10012777281
This paper provides a comprehensive overview of the use of the Eurosystem's monetary policy instruments and the operational framework from the third quarter of 2012 until the first quarter of 2016. The paper reviews the context of Eurosystem market operations, counterparty and collateral...
Persistent link: https://www.econbiz.de/10012954333