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Euro Area Cross-Border Financial Flows and the Global Financial Crisis

Forster, Katrin - 2011

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 in the Euro Area : An Overview

Bakk-Simon, Klara - 2012

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

The Use of the Eurosystem's Monetary Policy Instruments and Operational Framework since 2009

Eser, Fabian - 2012

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

Extraordinary Measures in Extraordinary Times : Public Measures in Support of the Financial Sector in the EU and the United States

Stolz, Stéphanie Marie - 2014

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

Main Drivers of the ECB Financial Accounts and ECB Financial Strength Over the First 11 Years

Vergote, Olivier - 2014

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

Fiscal Expenditure Spillovers in the Euro Area : An Empirical and Model-Based Assessment

Alloza, Mario - 2020

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

Revisiting the Monetary Presentation of the Euro Area Balance of Payments

Picón Aguilar, Carmen - 2020

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

The Predictability of Monetary Policy

Blattner, Tobias Sebastian - 2008

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

Structural Reforms in EMU and the Role of Monetary Policy - A Survey of the Literature

Leiner-Killinger, Nadine - 2007

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

The Use of the Eurosystem's Monetary Policy Instruments and Operational Framework Since 2012

Kedan, Danielle - 2017

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