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Lifting the banking veil : credit standards' harmonization through lending transparency
Kang, Jung Koo; Loumioti, Maria; Moerman, Regina Wittenberg - 2020
We explore whether the transparency in banks' lending activities enhances the harmonization of credit terms that a bank … information on loan characteristics and performance. We find that loans originated under the transparency regime share more … convergence in their credit terms, suggesting that transparency facilitates learning across a bank's different geographic regions …
Persistent link: https://www.econbiz.de/10012154163
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From cash- to securities-driven euro area repo markets : the role of financial stress and safe asset scarcity
Brand, Claus; Ferrante, Lorenzo; Hubert, Antoine - 2019
Focussing on repo specialness premia, using ISIN-specific transaction-by-transaction data of one-day maturity repos, we document a gradual shift from cash- to securities-driven transactions in euro area repo markets over the period 2010-2018. Compared to earlier studies focussing only on...
Persistent link: https://www.econbiz.de/10011975490
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Mapping bank securities across euro area sectors : comparing funding and exposure networks
Hüser, Anne-Caroline; Kok Sørensen, Christoffer - 2019
We present new evidence on the structure of euro area securities markets using a multilayer network approach. Layers are broken down by key instruments and maturities as well as the secured nature of the transaction. This paper utilizes a unique dataset of banking sector crossholdings of...
Persistent link: https://www.econbiz.de/10011997550
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Financial integration in Europe through the lens of composite indicators
Hoffmann, Peter; Kremer, Manfred; Zaharia, Sonia - 2019
This paper develops composite indicators of financial integration within the euro area for both price-based and quantity-based indicators covering money, bond, equity and banking markets. Prior to aggregation, individual integration indicators are harmonised by applying the probability integral...
Persistent link: https://www.econbiz.de/10012104477
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Bond risk premia, macroeconomic factors and financial crisis in the euro area
Garcia, Juan Angel; Werner, Sebastian E. V. - 2016
Persistent link: https://www.econbiz.de/10011618758
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Volatility spillovers of Federal Reserve and ECB balance sheet expansions to emerging market economies
Apostolou, Apostolos; Beirne, John - 2017
This paper examines volatility spillovers from changes in the size of the balance sheets of the Federal Reserve (FED) and European Central Bank (ECB) to emerging market economies (EMEs) from 2003 to 2014. We find that EME bond markets are most susceptible to positive volatility spillovers from...
Persistent link: https://www.econbiz.de/10011636172
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Structural asymmetries and financial imbalances in the eurozone
Jaccard, Ivan; Smets, Frank - 2017
Almost two decades after the introduction of the common currency, differences in institutional frameworks remain a major source of cross-country heterogeneity in the eurozone. We develop a two-country model with incomplete international markets in which the availability of credit depends on the...
Persistent link: https://www.econbiz.de/10011662924
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Leaning against the wind : macroprudential policy and the financial cycle
Kockerols, Thore; Kok Sørensen, Christoffer - 2019
Should monetary policy lean against financial stability risks? This has been a subject of fierce debate over the last decades. We contribute to the debate about "leaning against the wind" (LAW) along three lines. First, we evaluate the cost and benefits of LAW using the Svensson (2017) framework...
Persistent link: https://www.econbiz.de/10011959286
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Asset purchase programmes and financial markets : lessons from the euro area
Altavilla, Carlo; Carboni, Giacomo; Motto, Roberto - 2015
Persistent link: https://www.econbiz.de/10011448473
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Finance and growth in the EU : new evidence from the liberalisation and harmonisation of the banking industry
Romero-Ávila, Diego (contributor) - 2003
Persistent link: https://www.econbiz.de/10001820911