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Transnational governance in global finance - the principles for stable capital flows and fair debt restructuring in emerging markets
Ritter, Raymond - 2009
This paper analyses and assesses the track record and effectiveness of the so-called “Principles for Stable Capital Flows and Fair Debt Restructuring in Emerging Markets”,which have emerged as an important instrument for crisis prevention and crisis resolution in the international financial...
Persistent link: https://www.econbiz.de/10011606255
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Monetary-fiscal policy interactions in the euro area
2021
The last review of the ECB's monetary policy strategy in 2003 followed a period of predominantly upside risks to price stability. Experience following the 2008 financial crisis has focused renewed attention on the question of how monetary and fiscal policy should best interact, in particular in...
Persistent link: https://www.econbiz.de/10012661655
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Monetary-Fiscal Policy Interactions in the Euro Area
Debrun, Xavier; Masuch, Klaus; Vansteenkiste, Isabel; … - 2021
The last review of the ECB’s monetary policy strategy in 2003 followed a period of predominantly upside risks to price stability. Experience following the 2008 financial crisis has focused renewed attention on the question of how monetary and fiscal policy should best interact, in particular...
Persistent link: https://www.econbiz.de/10013210832
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Demand for central bank reserves and monetary policy implementation frameworks: The case of the Eurosystem
Åberg, Pontus; Corsi, Marco; Grossmann-Wirth, Vincent; … - 2021
configurations, namely: (i) an interest rate corridor system with scarce liquidity, and (ii) a floor system with ample liquidity. It …. Additionally, the demand for reserves may have increased endogenously, as the environment of ample liquidity conditions has … reasons such as post-global financial crisis liquidity regulation and increased liquidity concentration. Our estimates …
Persistent link: https://www.econbiz.de/10012661664
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Demand for Central Bank Reserves and Monetary Policy Implementation Frameworks : The Case of the Eurosystem
Åberg, Pontus; Corsi, Marco; Grossmann-Wirth, Vincent; … - 2021
configurations, namely: (i) an interest rate corridor system with scarce liquidity, and (ii) a floor system with ample liquidity. It …. Additionally, the demand for reserves may have increased endogenously, as the environment of ample liquidity conditions has … reasons such as post-global financial crisis liquidity regulation and increased liquidity concentration. Our estimates …
Persistent link: https://www.econbiz.de/10013212033
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Securities Clearing and Settlement in China : Markets, Infrastructures and Policy-Making
Hess, Patrick - 2014
China is taking a more active role on the world stage, even more so since its rapid and strong recovery from the global recession. In the financial realm this expansion is underpinned by a strategy to build strong and competitive capital markets at home. In order to achieve this goal,...
Persistent link: https://www.econbiz.de/10013069669
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The Distribution of Excess Liquidity in the Euro Area
Baldo, Luca - 2017
Since 2008, excess liquidity – defined as the sum of holdings of central bank reserves in excess of reserve … small, slowly changing group of credit institutions.Despite the stability of the concentration of excess liquidity in … directing flows in the period 2015-16. In addition, the more recent concentration of excess liquidity is explained by the …
Persistent link: https://www.econbiz.de/10012943463
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Implications for liquidity from innovation and transparency in the European corporate bond market
Laganá, Marco; Perina, Martin; von Köppen-Mertes, Isabel - 2006
This paper offers a new framework for the assessment of financial market liquidity and identifies two types: search … liquidity and systemic liquidity. Search liquidity, i.e. liquidity in “normal” times, is driven by search costs required for a … trader to find a willing buyer for an asset he/she is trying to sell or vice versa. Search liquidity is asset specific …
Persistent link: https://www.econbiz.de/10011606202
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Dark pools in European equity markets: Emergence, competition and implications
Petrescu, Monica; Wedow, Michael - 2017
This paper considers the growth of dark pools: trading venues for equities without pre-trade transparency. It first documents the emergence and expansion of dark pools in European equity markets in the context of regulatory changes and increased high-frequency trading (HFT). It finds that the...
Persistent link: https://www.econbiz.de/10011804696
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Liquidity in resolution: Comparing frameworks for liquidity provision across jurisdictions
Grund, Sebastian; Nomm, Nele; Walch, Florian - 2020
financial stability. This paper extends the existing research by zooming in on the specific topic of liquidity provision to … banks in resolution. It examines the provision of liquidity in the United States, the United Kingdom, Japan, Canada and the … liquidity provision and the roles of the public budget and the central bank. The comparison also reveals that the role of fiscal …
Persistent link: https://www.econbiz.de/10012521155