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The international bank lending channel of unconventional monetary policy
Gräb, Johannes; Żochowski, Dawid - 2017
We use a confidential euro area bank-level data set of close to 250 banks to assess outward and inward spillovers of unconventional monetary policies on bank lending. We find that euro area banks increase lending to the rest of the world in response to non-standard ECB monetary policy...
Persistent link: https://www.econbiz.de/10011745788
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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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Central bank collateral, asset fire sales, regulation and liquidity
Bindseil, Ulrich - 2013
Persistent link: https://www.econbiz.de/10010210569
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Stress testing with multi-faceted liquidity : the central bank collateral framework as a financial stability tool
Cuzzola, Angelo; Barbieri, Claudio; Bindseil, Ulrich - 2023
The paper studies the central bank collateral framework and its impact on banks' liquidity under an adverse stress test … significantly after the initial shock. We find evidence of a threshold in the benefits of expanding the collateral framework and … institutions can rely on the collateral framework channel. …
Persistent link: https://www.econbiz.de/10014315179
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On the international spillovers of US quantitative easing
Fratzscher, Marcel; Lo Duca, Marco; Straub, Roland - 2013
Persistent link: https://www.econbiz.de/10009766400
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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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Money markets, collateral and monetary policy
De Fiore, Fiorella; Hoerova, Marie; Uhlig, Harald - 2019
unsecured lending and substantial increases in haircuts on posted collateral. This paper seeks to understand the implications of …
Persistent link: https://www.econbiz.de/10011975558
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Bank reserves and broad money in the global financial crisis : a quantitative evaluation
Chadha, Jagjit; Corrado, Luisa; Meaning, Jack; Schuler, … - 2020
private sector collateral and costly monitoring activity. We illustrate this mechanism by examining the role of reserves in …
Persistent link: https://www.econbiz.de/10012271563
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Unconventional monetary policy and funding liquidity risk
Avernas, Adrien d'; Vandeweyer, Quentin; Darracq … - 2020
This paper investigates the efficiency of various monetary policy instruments to stabilize asset prices in a liquidity crisis. We propose a macro-finance model featuring both traditional and shadow banks subject to funding risk. When banks are well capitalized, they have access to money markets...
Persistent link: https://www.econbiz.de/10012137673
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Whatever it takes : what's the impact of a major nonconventional monetary policy intervention?
Alcaraz, Carlo; Claessens, Stijn; Cuadra, Gabriel; … - 2019
We assess how a major, unconventional central bank intervention, Draghi's "whatever it takes" speech, affected lending conditions. Similar to other large interventions, it responded to adverse financial and macroeconomic developments that also influenced the supply and demand for credit. We...
Persistent link: https://www.econbiz.de/10011987129