Showing 1 - 10 of 854
Market liquidity is of value to both investors and issuers of securities, and is therefore a crucial factor in asset … pricing. For the important asset class of Eurobonds, significant feedback from liquidity to pricing is established, and it is … shown that bid-ask spreads (a proxy for market liquidity) and yields are closely related to bond characteristics such as …
Persistent link: https://www.econbiz.de/10013406096
This paper investigates the behaviour of credit rating agencies using a natural experiment in monetary policy. We exploit the corporate QE of the Eurosystem and its rating-based specific design which generates exogenous variation in the probability for a bond of becoming eligible for outright...
Persistent link: https://www.econbiz.de/10013405784
This paper assesses whether corporate liquidity needs in the G7 economies were met during the containment phase of the … adversely affected nonfinancial corporate sector cash flows, generating liquidity and solvency pressures. However, corporate … the second quarter. Among listed firms, entities with weaker liquidity or solvency positions before the onset of COVID-19 …
Persistent link: https://www.econbiz.de/10013302781
, liquidity and even solvency, particularly in the hardest hit sectors that are dominated by SMEs and account for a sizeable … bankruptcies and bank fragility. Policy measures taken in the immediate aftermath of the crisis have helped alleviate liquidity …
Persistent link: https://www.econbiz.de/10013249409
This paper provides an overview of the strategic and operational issues as well as institutional challenges, related to the implementation of the Sovereign Asset and Liability Management (SALM) approach. Application of an SALM framework allows the authorities to identify and monitor sovereign...
Persistent link: https://www.econbiz.de/10012843498
Drawing on the 2016 update of the IMF's Central Bank Legislation Database, this paper examines differences in central bank legal frameworks before and after the Global Financial Crisis. Examples from select countries show that many central bank laws have undergone changes in objectives,...
Persistent link: https://www.econbiz.de/10012956503
. Credit support was effective in alleviating liquidity constraints and allaying firm pessimism only for large firms …
Persistent link: https://www.econbiz.de/10014238521
Sector-specific macroprudential regulations increase the riskiness of credit to other sectors. Using firm-level data, this paper computed the measures of the riskiness of corporate credit allocation for 29 advanced and emerging economies. Consistently across these measures, the paper finds that...
Persistent link: https://www.econbiz.de/10013305631
This paper relates the inflationary impact of commodity price shocks across countries to a broad range of structural characteristics and policy frameworks over the period 2001-2010, using several approaches. The analysis suggests that economies with higher food shares in CPI baskets, fuel...
Persistent link: https://www.econbiz.de/10013098581
This paper empirically investigates the effectiveness of monetary policy transmission in the Gulf Cooperation Council (GCC) countries using a structural vector autoregressive model. The results indicate that the interest rate and bank lending channels are relatively effective in influencing...
Persistent link: https://www.econbiz.de/10013098603