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This paper examines the effects of monetary policy on the equity values of European banks. We identify monetary policy shocks by looking at changes in the EONIA one-month and two-year swap contract rates during narrow windows around the press statements and press conferences announcing monetary...
Persistent link: https://www.econbiz.de/10011928956
On 16th November 2009, SUERF, CEPS and the Belgian Financial Forum coorganized a conference "Crisis management at cross-roads" in Brussels. All papers in the present volume are based on contributions at the conference and the SUERF Annual Lecture which followed the event.
Persistent link: https://www.econbiz.de/10011706117
This study analyzes if regionally affiliated Federal Open Market Committee (FOMC) members take their districts … deterioration in a district’s bank health increases the probability that this district’s representative in the FOMC votes to ease … interest rates. According to member-specific characteristics, the effect of regional banking sector instability on FOMC voting …
Persistent link: https://www.econbiz.de/10011460483
Following the June 2012 European Council decision to place the ‘Single Supervisory Mechanism' (SSM) within the European Central Bank, the general presumption in the policy discussions has been that there should be ‘Chinese walls' between the supervisory and monetary policy arms of the ECB....
Persistent link: https://www.econbiz.de/10013089410
Digitalization and Blockchain have fundamentally transformed the structure of the monetary system. The first wave of cryptocurrencies such as Bitcoin, Ethereum or Ripple have failed to gain relevance in terms of their share in monetary transactions. This was due to systemic deficiencies leading...
Persistent link: https://www.econbiz.de/10012840976
Abstract Negative interest rates policies (NIRP), usually depicted in economic textbooks as an impossibility due to the prospect of infinite demand for money, are now a reality in several countries due to different reasons. But while the ZLB has been surpassed when it comes to Central Banks, it...
Persistent link: https://www.econbiz.de/10012899581
It is a stylised fact in the fields of economic growth theory and economic history that innovation is the engine of economic growth. Like the technological innovations, innovations in the financial sector are expected to change all aspects of economic activity, bringing about a greater...
Persistent link: https://www.econbiz.de/10013008989
The paper gives an overview over issues concerning the role of financial stability in monetary policy and the relation between banking supervision and central banking. Following a brief account of developments in the European Monetary Union since its creation, the systematic treatment contains...
Persistent link: https://www.econbiz.de/10013049671
Using an event-study design, we investigate monetary policy interest-rate-to-performance sensitivity of the European banking sector over the 07/2012-06/2017 period when interest rates were (close to) zero. We apply the Wordscores approach to introductory statements of ECB's Governing Council...
Persistent link: https://www.econbiz.de/10011959752
Die Europäische Zentralbank hat im Juni 2014 ihren Einlagezinssatz erstmals in den negativen Bereich gesenkt. Seitdem …
Persistent link: https://www.econbiz.de/10012226804