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Interbank Market Integration, Loan Rates, and Firm Leverage
Ongena, Steven - 2010
We study the effect of interbank market integration on small firm finance in the build-up to the 2007-2008 financial crisis. We use a comprehensive data set that contains contract terms on individual loans to 6,047 firms across 14 European countries between 1998:01 and 2005:12. We account for...
Persistent link: https://www.econbiz.de/10013137713
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The Impact of the ECB's Targeted Long-Term Refinancing Operations on Banks’ Lending Policies : The Role of Competition
Andreeva, Desislava - 2020
We assess the impact of the Eurosystem's Targeted Long-Term Refinancing Operations (TLTROs) on the lending policies of euro area banks. We first build a theoretical model in which banks compete in the credit and deposit markets. We distinguish between direct and indirect effects. Direct effects...
Persistent link: https://www.econbiz.de/10012844182
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Deeper, Wider and More Competitive? Monetary Integration, Eastern Enlargement and Competitiveness in the European Union
Ottaviano, Gianmarco I.P; Taglioni, Daria; di Mauro, Filippo - 2021
competition drives less productive firms out the market, thereby increasing average productivity as well as reducing average …
Persistent link: https://www.econbiz.de/10013316662
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A New Approach to Measuring Competition in the Loan Markets of the Euro Area
van Leuvensteijn, Michiel; Bikker, Jacob Antoon; van … - 2021
This paper is the first that applies a new measure of competition, the Boone indicator, to the banking industry. This … approach is able to measure competition of bank market segments, such as the loan market, whereas many well - known measures of … competition can consider the entire banking market only. A caveat of the Boone - indicator may be that it assumes that banks …
Persistent link: https://www.econbiz.de/10013317045
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A new approach to measuring competition in the loan markets of the euro area
van Leuvensteijn, Michiel; Bikker, Jacob A.; van … - 2007
This paper is the first that applies a new measure of competition, the Boone indicator, to the banking industry. This … approach is able to measure competition of bank market segments, such as the loan market, whereas many well-known measures of … competition can consider the entire banking market only. A caveat of the Boone-indicator may be that it assumes that banks …
Persistent link: https://www.econbiz.de/10011604814
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Impact of bank competition on the interest rate pass-through in the euro area
van Leuvensteijn, Michiel; Sørensen, Christoffer Kok; … - 2008
This paper analyses the impact of loan market competition on the interest rates applied by euro area banks to loans and … deposits during the 1994-2004 period, using a novel measure of competition called the Boone indicator. We find evidence that … stronger competition implies significantly lower spreads between bank and market interest rates for most loan market products …
Persistent link: https://www.econbiz.de/10011604931
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Structural Reforms and Macroeconomic Performance in the Euro Area Countries : A Model-Based Assessment
Gomes, Sandra - 2011
We quantitatively assess the macroeconomic effects of country-specific supply-side reforms in the euro area by simulating EAGLE, a multi-country dynamic general equilibrium model. We consider reforms in the labor and services markets of Germany (or, alternatively, Portugal) and the rest of the...
Persistent link: https://www.econbiz.de/10013127922
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The ECB's New Multi-Country Model for the Euro Area : NMCM - With Boundedly Rational Learning Expectations
Dieppe, Alistair - 2011
Rational expectations has been the dominant way to model expectations, but the literature has quickly moved to a more realistic assumption of boundedly rational learning where agents are assumed to use only a limited set of information to form their expectations. A standard assumption is that...
Persistent link: https://www.econbiz.de/10013128293
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The ECB's New Multi-Country Model for the Euro Area : NMCM - Simulated with Rational Expectations
Dieppe, Alistair - 2011
The model presented here is a New estimated medium-scale Multi-Country Model (NMCM) which covers the five largest euro area countries and is used for forecasting and scenarios analysis at the European Central Bank. The model has a tight theoretical structure which allows for non-unitary...
Persistent link: https://www.econbiz.de/10013128296
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Does the Euro Make a Difference? Spatio-Temporal Transmission of Global Shocks to Real Effective Exchange Rates in an Infinite VAR
Bussière, Matthieu - 2011
This paper provides evidence on whether the creation of the euro has changed the way global turbulences affect euro area and other economies. Specifically, it considers the impact of global shocks on the competitiveness of individual euro area countries and assesses whether their responses to...
Persistent link: https://www.econbiz.de/10013130602