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The Scarcity Effect of Quantitative Easing on Repo Rates : Evidence from the Euro Area
Arrata, William - 2019
Most short-term interest rates in the Euro area are below the European Central Bank deposit facility rate, the rate at which the central bank remunerates banks' excess reserves. This unexpected development coincided with the start of the Public Sector Purchase Program (PSPP). In this paper, we...
Persistent link: https://www.econbiz.de/10012895124
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Quantitative Easing and Long-Term Yields in Small Open Economies
Diez de los Rios, Antonio - 2017
We compare the effectiveness of Federal Reserve's asset purchase programs in lowering long term yields with that of similar programs implemented by the Bank of England, the Swedish Riksbank, and the Swiss National Bank's reserve expansion program. We decompose government bond yields into (i) an...
Persistent link: https://www.econbiz.de/10012944960
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Macroprudential Policy and Bank Systemic Risk : Does Inflation Targeting Matter?
Belkhir, Mohamed; Ben Naceur, Sami; Candelon, Bertrand; … - 2023
This paper investigates macroprudential policy effects on bank systemic risk and the role of inflation targeting in such effects. Using bank-level data for 45 countries comprising various monetary and exchange rate regimes, our regime-dependent dynamic panel regression results point to...
Persistent link: https://www.econbiz.de/10014354108
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Did Korean Monetary Policy Help Soften the Impact of the Global Financial Crisis of 2008–09?
Alp, Harun - 2012
Korea was one of the Asian economies hardest hit by the global financial crisis. Anticipating the downturn that would follow the episode of extreme financial stress, the Bank of Korea (BOK) let the exchange rate depreciate as capital flowed out, and preemptively cut the policy rate by 325 basis...
Persistent link: https://www.econbiz.de/10013111411
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Portfolio Rebalancing in Japan : Constraints and Implications for Quantitative Easing
Arslanalp, Serkan - 2015
Portfolio rebalancing is a key transmission channel of quantitative easing in Japan. We construct a realistic …
Persistent link: https://www.econbiz.de/10013015596
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Spillovers from Japan's Unconventional Monetary Policy to Emerging Asia : A Global VAR Approach
Ganelli, Giovanni - 2016
We use a Global VAR model to study spillovers from the Bank of Japan's quantitative and qualitative easing (QQE) on …
Persistent link: https://www.econbiz.de/10012977736
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Should Korea Worry About a Permanently Weak Yen?
Ree, Jack - 2015
Three years have passed since the Bank of Japan's asset purchase program was introduced in 2011, causing a sharp … decline in the value of the Japanese Yen. What would be the implications for Japan and Korea's exporters if the weak Yen is … shocks. We find that if the weak Yen persists, it would strengthen Japan's price competitiveness over time as export prices …
Persistent link: https://www.econbiz.de/10013016594
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Scarcity Effects of Quantitative Easing on Market Liquidity : Evidence from the Japanese Government Bond Market
Han, Fei - 2018
) effects of the Bank of Japan (BOJ)'s JGB purchases on market liquidity. Moreover, we also find evidence that such scarcity …
Persistent link: https://www.econbiz.de/10012913879
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Achieving the Bank of Japan's Inflation Target
Anand, Rahul - 2019
The Bank of Japan has introduced various unconventional monetary policy tools since the launch of Abenomics in 2013, to … analysis (FPAS) for Japan. In the model's baseline scenario, the likelihood of the Bank of Japan reaching its 2 percent …
Persistent link: https://www.econbiz.de/10012858390
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The Liquidation of Government Debt
Sbrancia, M. Belen - 2015
High public debt often produces the drama of default and restructuring. But debt is also reduced through financial repression, a tax on bondholders and savers via negative or below market real interest rates. After WWII, capital controls and regulatory restrictions created a captive audience for...
Persistent link: https://www.econbiz.de/10013027664