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How to release capital requirements during a pandemic? : evidence from euro area banks

Couaillier, Cyril; Reghezza, Alessio; D'Acri, Costanza … - 2022

This paper investigates the impact of the capital relief package adopted to support euro area banks at the outbreak of the COVID-19 pandemic. By leveraging confidential supervisory and credit register data, we uncover two main findings. First, capital relief measures support banks' capacity to...

Persistent link: https://www.econbiz.de/10013367568

Monetary policy strategies for the euro area : optimal rules in the presence of the ELB

Mazelis, Falk; Motto, Roberto; Ristiniemi, Annukka - 2023

We study alternative monetary policy strategies in the presence of the lower bound on nominal interest rates and a low equilibrium real rate using an estimated DSGE model for the euro area. We demonstrate that simple feedback rules that implement inflation targeting result in a binding lower...

Persistent link: https://www.econbiz.de/10014278603

Monetary policy spillovers and the role of prudential policies in the European Union

Coman, Andra - 2023

This paper empirically examines the extent to which prudential policies can help to reduce the macro-financial spillover effects of foreign monetary policy for all 28 EU countries. Using local projection methods, I show that EU countries with tighter prudential policies face significantly...

Persistent link: https://www.econbiz.de/10014477716

The European Monetary Union as a commitment device for new EU member states

Ravenna, Federico (contributor) - 2005

This paper shows that the credibility gain from permanently committing to a fixed exchange rate by joining the European … credibility a pegged exchange rate regime yields a lower loss compared to an inflation targeting policy, even if this policy … ranking would be reversed in a fullcredibility environment. There exists an initial stock of credibility that must be achieved …

Persistent link: https://www.econbiz.de/10003057319

Towards expenditure rules and fiscal sanity in the euro area

Hauptmeier, Sebastian; Fuentes, Jesus Sanchez; … - 2010

The study looks at primary expenditure developments in the euro area, its three largest members and four "macro-imbalances" countries for the period 1999-2009. It compares actual expenditure trends with those that would have prevailed if countries had followed neutral policies based on...

Persistent link: https://www.econbiz.de/10008728760

Determinants of FDI inflows in advanced economies : does the quality of economic structures matter?

Dellis, Konstantinos; Sondermann, David; Vansteenkiste, … - 2017

This paper investigates the role of economic structures as determinants of FDI inflows. We expand on the existing literature by focusing on advanced economies, using a newly available measure of FDI which cleans the data from statistical artefacts, such as financial round tripping, and by...

Persistent link: https://www.econbiz.de/10011647827

Euro area market reactions to the monetary developments press release

Coffinet, Jerome (contributor); … - 2007

Using intra-day data, we assess the impact of the press release on euro area monetary data on the different segments of the euro area yield curve. For this purpose, we estimate a relation between the newsʺ or surpriseʺ in the released data for annual M3 growth and the move in the interest...

Persistent link: https://www.econbiz.de/10003516655

What drives euro area financial market developments? : the role of US spillovers and global risk

Brandt, Lennart; Saint-Guilhem, Arthur; Schröder, … - 2021

Financial asset prices contain a rich set of real-time information on the economy. To extract this information, it is crucial to understand the driving factors behind financial market developments. In this paper, we exploit daily cross-asset price movements in a sign-restricted BVAR model to...

Persistent link: https://www.econbiz.de/10012519484

Tracking growth in the euro area subject to a dimensionality problem

Comunale, Mariarosaria; Mongelli, Francesco Paolo - 2021

We investigate which variables have supported growth in the euro area over the last 30 years. This is a challenging task due to dimensionality problems: a large set of potential determinants, limited data, and the prospect that some variables could be non-stationary. We assemble a set of 35...

Persistent link: https://www.econbiz.de/10012625874

The rise of bond financing in Europe

Darmouni, Olivier; Papoutsi, Melina - 2022

The rise of bond financing in EuropeUsing large panel data of public and private firms, this paper dissects the growth of bond financing in the Euro Area through the lens of the cross-section of issuers. In recent years, the composition of bond issuers has shifted, with the entry of many smaller...

Persistent link: https://www.econbiz.de/10013198743

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