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Der Beschluss des Bundesverfassungsgerichts zum OMT-Programm der EZB
Zeitler, Franz-Christoph; Fratzscher, Marcel; Murswiek, … - In: Ifo Schnelldienst 67 (2014) 06, pp. 03-25
Das Bundesverfassungsgericht hat im Februar 2014 seine Entscheidung zum Beschluss der Europäischen Zentralbank zum OMT … lediglich über die technische Frage der erlaubten Instrumente der Europäischen Zentralbank entschieden zu haben. Doch auf dem …
Persistent link: https://www.econbiz.de/10010778750
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Macroprudential policy and central bank communication
Born, Benjamin; Ehrmann, Michael; Fratzscher, Marcel - C.E.P.R. Discussion Papers - 2010
In response to the financial crisis of 2007-2010, many central banks are getting involved in macroprudential supervision. Central bank communication will constitute a central policy tool for that purpose. The paper asks how such communication will affect financial markets, exploiting the fact...
Persistent link: https://www.econbiz.de/10008692311
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Drivers of structural change in cross-border banking since the global financial crisis
Bremus, Franziska; Fratzscher, Marcel - In: Journal of International Money and Finance 52 (2015) C, pp. 32-59
The paper analyzes the effects of changes to regulatory policy and to monetary policy on cross-border bank lending since the global financial crisis. Cross-border bank lending has decreased, and the home bias in the credit portfolio of banks has risen sharply, especially among banks in the euro...
Persistent link: https://www.econbiz.de/10011208918
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Unchartered Territory: Large-Scale Asset Purchases by the European Central Bank
Bernoth, Kerstin; König, Philipp; Raab, Carolin; … - In: DIW Economic Bulletin 5 (2015) 13, pp. 189-198
The European Central Bank (ECB) decided at its Council meeting in January to implement a comprehensive program to purchase bonds, including euro area government bonds. The purchases are intended to anchor the rate of inflation and inflation expectations at below but close to two percent again....
Persistent link: https://www.econbiz.de/10011210502
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Unbekanntes Terrain: Anleihekäufe der Europäischen Zentralbank
Bernoth, Kerstin; König, Philipp; Raab, Carolin; … - In: DIW Wochenbericht 82 (2015) 13, pp. 307-316
countries' preparedness for reforms. Auf ihrer Ratssitzung im Januar beschloss die Europäische Zentralbank (EZB) ein umfassendes …
Persistent link: https://www.econbiz.de/10011210504
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The financial trilemma in China and a comparative analysis with India
Aizenman, Joshua; Sengupta, Rajeswari - Volkswirtschaftliche Fakultät, … - 2011
A key challenge facing most emerging market economies today is how to simultaneously maintain monetary independence, exchange rate stability and financial integration subject to the constraints imposed by the Trilemma, in an era of widespread globalization. In this paper we overview and contrast...
Persistent link: https://www.econbiz.de/10011261190
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Inflationserwartungen im Euroraum sind nicht mehr fest verankert: neue Maßnahmen der EZB-Geldpolitik
Bernoth, Kerstin; Fratzscher, Marcel; König, Philipp; … - In: DIW Wochenbericht 81 (2014) 37, pp. 856-867
Zentralbank (EZB) seit Jahren einen expansiv ausgerichteten geldpolitischen Kurs verfolgt, ist die Preisentwicklung im Euroraum … das Risiko, in eine Deflation abzurutschen. Zwar hat die Zentralbank im Juni negative Einlagezinsen eingeführt sowie zur … expansive Geldpolitik braucht dringend Unterstützung von Seiten der Wirtschaftspolitik, um in Europa ein dynamisches …
Persistent link: https://www.econbiz.de/10011266562
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Do China and oil exporters influence major currency configurations?
Fratzscher, Marcel; Mehl, Arnaud - Federal Reserve Bank of Dallas - 2009
This paper analyses the impact of the shift away from a U.S. dollar focus of systemically important emerging market economies (EMEs) on configurations between the U.S. dollar, the euro and the yen. Given the difficulty that fixed or managed U.S. dollar exchange rate regimes remain pervasive and...
Persistent link: https://www.econbiz.de/10005367955
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The financial trilemma in China and a comparative analysis with India
Aizenman, Joshua; Sengupta, Rajeswari - Volkswirtschaftliche Fakultät, … - 2011
A key challenge facing most emerging market economies today is how to simultaneously maintain monetary independence, exchange rate stability and financial integration subject to the constraints imposed by the Trilemma, in the era of deepening globalization. In this paper we study the Trilemma...
Persistent link: https://www.econbiz.de/10009359933
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The financial trilemma in China and a comparative analysis with India
Aizenman, Joshua; Sengupta, Rajeswari - Volkswirtschaftliche Fakultät, … - 2011
A key challenge facing most emerging market economies today is how to simultaneously maintain monetary independence, exchange rate stability and financial integration subject to the constraints imposed by the Trilemma, in an era of widespread globalization. In this paper we overview and contrast...
Persistent link: https://www.econbiz.de/10010556944