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Financial Markets, Financial Intermediation, and Bailout Policy

Vinogradov, Dmitri V. - 2006

The 1980s and 1990s have been marked with a series of financial and banking crises all over the world. This turned the attention of economists to such questions as how a financial system should be structured in order to reduce the vulnerability of an economy to the risk of a crisis, or what...

Persistent link: https://www.econbiz.de/10009476251

Coordination Failures and the Lender of Last Resort: Was Bagehot Right After All?

Rochet, Jean-Charles; Vives, Xavier - 2002

The classical doctrine of the Lender of Last Resort, elaborated by Thornton (1802) and Bagehot (1873), asserts that the Central Bank should lend to "illiquid but solvent" banks under certain conditions. Several authors have argued that this view is now obsolete: when interbank markets are...

Persistent link: https://www.econbiz.de/10009442355

A large central bank balance sheet? : Floor vs corridor systems in a New Keynesian environment

Arce Hortigüela, Óscar Javier; Nuño Barrau, Galo; … - 2018

Las políticas de compra de activos (QE, por sus siglas en inglés) implementadas en los últimos años por los bancos centrales han tenido un impacto profundo en el funcionamiento de los mercados monetarios, dando lugar a un gran exceso de reservas bancarias y presionando los tipos de interés...

Persistent link: https://www.econbiz.de/10012532199

CBDC and the operational framework of monetary policy

Abad, Jorge; Nuño, Galo; Thomas, Carlos

En este trabajo analizamos el impacto de la introducción de una moneda digital emitida por el banco central (CBDC, por sus siglas en inglés) sobre el marco operativo de la política monetaria y la macroeconomía en su conjunto. Para ello, desarrollamos un modelo neokeynesiano con bancos...

Persistent link: https://www.econbiz.de/10014573558

Interbank Markets under Currency Boards

Jurgilas, Marius - 2006

This paper analyzes interbank markets under currency boards. Under such an environment, problematic endogeneity issues common to other monetary regimes do not arise. Using daily data from the interbank markets in Bulgaria and Lithuania we show, that contrary to the existing literature, overnight...

Persistent link: https://www.econbiz.de/10009430031

Empirical Evidence of Pricing Efficiency in Niche Markets

Koch, Sandra Idelle - 2000

Unique and proprietary data of the illiquid, one-year non cancelable for three month Bermudan swaps (1Y NC 3M swaps) and one-year non callable for three months Bermudan CDs (1Y NC 3M CDs), provides evidence of market efficiency. The 1Y NC 3M swap and 1Y NC 3M CD markets efficiently reflected...

Persistent link: https://www.econbiz.de/10009475064

Spread between the euro short-term rate (€STR) and the deposit facility rate

Santalla Pérez, Yasmina; Castillo Lozoya, María del Carmen

Rationale This article analyses the factors that are contributing to the widening of the spread between the euro short-term rate (€STR) and the deposit facility rate, with a view to assessing monetary policy transmission in the Eurosystem. Takeaways •The key factors that explain the...

Persistent link: https://www.econbiz.de/10014334724

Charakterisierung und Analyse von Asset Backed Securities.

Ebberg, Jan - 1997

Ziel dieser Arbeit war es, Asset Backed Securities anhand der Untersuchung von deren Konstruktionsmerkmalen und derDiskussion über deren potentielle Vor- und Nachteile gegenüber traditionellen Finanzierungsalternativen zu charakterisieren undzu analysieren. Insbesondere sollte ein möglicher...

Persistent link: https://www.econbiz.de/10009471904

The efficiency of early warning indicators for financial crises

Rabe, Jens Michael - 2000

The banking and currency crises of the last two decades inflictedsubstantial financial, economic, and social damage on thecountries in which they originated. In this work, the efficiencyof early warning indicators for these disastrous economic eventsis evaluated. An analysis of the traditional...

Persistent link: https://www.econbiz.de/10009471830

The Political Determinants of the Depth of Banking Crises

Winkler, Nicolas - 2006

argumentiert, dass nur schnelle und tiefgreifende Bankensektorreformpolitik eine fortdauernde Vermehrung der Kosten der Bankenkrise … abwenden kann. Die Tiefe der Bankenkrise wird somit zu einer Funktion des Ausmaßes von regulatorischen Wandel, welchen … versucht der empirische Teil dieser Studie, die gebildeten Hypothesen zu belegen. Die Tiefe der Bankenkrise wird dabei …

Persistent link: https://www.econbiz.de/10009471832