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ECB Euro Liquidity Lines
Albrizio, Silvia; Kataryniuk, Iván; Molina, Luis; … - 2023
Central bank liquidity lines have gained momentum since the global financial crisis as a crosscurrency liquidity management tool. We provide a complete timeline of the ECB liquidity line announcements and study their signalling and spillback effects. The announcement of an ECB euro liquidity...
Persistent link: https://www.econbiz.de/10014354526
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Central Bank Vulnerability and the Credibility of Commitments : A Value-at-Risk Approach to Currency Crises
Blejer, Mario I.; Schumacher, Liliana B. - 2005
postulates that a loss of solvency increases central bank financial vulnerability and leads to credibility losses regarding its …, such as VaR, are good forward-looking indicators of possible credibility crises. The paper analyzes risks derived both from … in order to reduce the likelihood of credibility crises. Available data and technology permits the tracking of central …
Persistent link: https://www.econbiz.de/10014062266
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Sovereign Debt Sustainability and Central Bank Credibility
Willems, Tim; Zettelmeyer, Jeromin - 2022
”, albeit of limited size. The value of such services depends on the credibility of the central bank, which can be accumulated …
Persistent link: https://www.econbiz.de/10013295141
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A New Wave of Ecb's Unconventional Monetary Policies : Domestic Impact and Spillovers
Varghese, Richard - 2018
ECB President Draghi's Jackson Hole speech in August 2014 arguably marked a new phase of unconventional monetary policies (UMPs) in the euro area. This paper examines the market impact and tranmission channels of this new wave of UMPs using a modified event study framework. They are found to...
Persistent link: https://www.econbiz.de/10012928015
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Legal Aspects of Central Bank Digital Currency : Central Bank and Monetary Law Considerations
Bossu, Wouter; Itatani, Masaru; Margulis, Catalina; … - 2021
This paper analyzes the legal foundations of central bank digital currency (CBDC) under central bank and monetary law. Absent strong legal foundations, the issuance of CBDC poses legal, financial and reputational risks for central banks. While the appropriate design of the legal framework will...
Persistent link: https://www.econbiz.de/10013252024
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Monetary and Macroprudential Policy in an Estimated DSGE Model of the Euro Area
Quint, Dominic - 2013
In this paper, we study the optimal mix of monetary and macroprudential policies in an estimated two-country model of the euro area. The model includes real, nominal and financial frictions, and hence both monetary and macroprudential policy can play a role. Wefind that the introduction of a...
Persistent link: https://www.econbiz.de/10013073679
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Fragmentation and Monetary Policy in the Euro Area
Al-Eyd, Ali - 2013
The ECB has taken a range of actions to address bank funding problems, eliminate excessive risk in sovereign markets, and safeguard monetary transmission. But euro area financial markets have remained fragmented, driving retail interest rates in stressed markets far above those in the core. This...
Persistent link: https://www.econbiz.de/10013073776
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International Capital Flows at the Security Level - Evidence from the ECB's Asset Purchase Programme
Bergant, Katharina - 2020
We analyse euro area investors' portfolio rebalancing during the ECB's Asset Purchase Programme at the security level. Our empirical analysis shows that euro area investors (in particular investment funds and households) actively rebalanced away from securities targeted under the Public Sector...
Persistent link: https://www.econbiz.de/10012836534
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Breaking the Bank? A Probabilistic Assessment of Euro Area Bank Profitability
Elekdag, Selim - 2020
This paper explores the determinants of profitability across large euro area banks using a novel approach based on conditional profitability distributions. Real GDP growth and the NPL ratio are shown to be the most reliable determinants of bank profitability. However, the estimated conditional...
Persistent link: https://www.econbiz.de/10012843521
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Understanding Euro Area Inflation Dynamics : Why so Low for so Long?
Abdih, Yasser - 2018
Despite closing output gaps and tightening labor markets, inflation has remained low inthe euro area. Based on an augmented Phillips Curve framework, we find that thisphenomenon-sometimes attributed to low global inflation-has been primarily causedby a remarkable persistence of inflation,...
Persistent link: https://www.econbiz.de/10012910359