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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

Fiscal Policy in Mediterranean Countries - Developments, Structures and Implications for Monetary Policy

Sturm, Michael; Gurtner, Francois J. - 2021

Southern and eastern Mediterranean countries have many fiscal challenges in common with other emerging market and mature economies concerning deficit and debt reduction and the maintenance of fiscal discipline. However, most countries in the region also face some specific fiscal issues, such as...

Persistent link: https://www.econbiz.de/10013317175

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

Dancing Together at Arm’s Length? The Interaction of Central Banks with Governments in the G7

Bodea, Cristina; Huemer, Stefan - 2021

-making function, i.e. the ECB and the central banks of the four G7 countries outside the euro area (the US, UK, Japan and Canada). The … paper first reviews the objectives of and arrangements for central bank/government cooperation in the US, UK, Japan and …

Persistent link: https://www.econbiz.de/10013316190

Islamic Finance in Europe

Di Mauro, Filippo - 2013

under Islamic finance. Liquidity management issues are thus discussed here, with particular reference to the euro area …

Persistent link: https://www.econbiz.de/10013083299

The Impact of Lending Standards on Default Rates of Residential Real-Estate Loans

Gaudêncio, João - 2019

This paper analyses the impact of lending standards for residential real estate (RRE) loans on default rates, using a novel loan-level dataset from the European DataWarehouse (EDW) that covers eight euro area countries. To the best of the authors' knowledge, this paper is the first to use, for...

Persistent link: https://www.econbiz.de/10012890273

Liquidity in Resolution : Comparing Frameworks for Liquidity Provision Across Jurisdictions

Grund, Sebastian; Nomm, Nele; Walch, Florian - 2021

banks in resolution. It examines the provision of liquidity in the United States, the United Kingdom, Japan, Canada and the … financial stability. This paper extends the existing research by zooming in on the specific topic of liquidity provision to … 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/10013314883

Liquidity in Resolution : Estimating Possible Liquidity Gaps for Specific Banks in Resolution and in a Systemic Crisis

Parisi, Laura; Chalamandaris, Dimitrios E.; Amamou, Raschid - 2021

This paper contributes to the debate on liquidity in resolution by providing a quantitative assessment of liquidity … gaps of banks in resolution in the euro area. It estimates possible ranges of liquidity gaps for significant banks under … different assumptions and scenarios. The findings suggest that, while the average liquidity gaps in resolution are limited, the …

Persistent link: https://www.econbiz.de/10013315006

Stress-Testing of Liquidity Risk in Target2

Papsdorf, Patrick - 2017

The paper reports the outcome of the stress-testing of liquidity risk in the TARGET2 payment system, with the study … resilience of the system, defined as the network of its participants, and the appropriateness of liquidity levels under tightened … liquidity conditions. The scenarios analysed are based on extreme shocks to the value of collateral of different levels and …

Persistent link: https://www.econbiz.de/10012962520

An Empirical Study of Securitisations of Non-Performing Loans

Boudiaf, Ismael Alexander; Miranda, Fernando Gonzalez - 2022

After addressing the securitisation of non-performing loans (NPLs) within the broader context of the ECB’s efforts to reduce NPL stocks and inflows, we investigate the structural and pricing features of NPL securitisations, issued by large banks in the euro area, by drawing on a unique and...

Persistent link: https://www.econbiz.de/10013289296