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Explosive target balances of the German Bundesbank
Potrafke, Niklas; Reischmann, Markus - 2014
Using the recursive unit root test by Phillips et al. (2011) we show that the Target balances of the German Bundesbank have been explosive from the beginning of 2009 to the beginning of 2013. By implementing a full-allotment policy and reducing the required minimum quality of collaterals in...
Persistent link: https://www.econbiz.de/10010380612
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What drives sovereign debt portfolios of banks in a crisis context?
Lamas, Matías; Mencía, Javier - 2019
We study determinants of sovereign portfolios of Spanish banks over a long time-span, starting in 2008. Our findings challenge the view that banks engaged in moral hazard strategies to exploit the regulatory treatment of sovereign exposures. In particular, we show that being a weakly capitalized...
Persistent link: https://www.econbiz.de/10011978836
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Sovereign Debt Sustainability and Central Bank Credibility
Willems, Tim; Zettelmeyer, Jeromin - 2022
This article surveys the literature on sovereign debt sustainability from its origins in the mid-1980s to the present, focusing on four debates. First, the shift from an “accounting based” view of debt sustainability, evaluated using government borrowing rates, to a “model based” view...
Persistent link: https://www.econbiz.de/10013295141
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The European Central Bank and why things are the way they are : a historic monetary policy pivot point and moment of (relative) clarity
Dubois, Robert - 2012
, financial, and political arenas. Apart from the eurozone crisis and global monetary policy issues, for nearly two years all else … divergence and political and social discord across member-states. Given the scale and scope of the eurozone crisis, policy and … become more homogenized, synchronized, and directionally clear than at any time since early 2009. -- Eurozone ; Monetary …
Persistent link: https://www.econbiz.de/10009503821
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ECB worries/European woes : the economic consequences of parochial policy
Barbera, Robert J.; Holtham, Gerald - 2012
; European Central Bank ; eurozone ; eurozone debt crisis ; financial crisis ; financial instability ; financial markets ; fiscal …
Persistent link: https://www.econbiz.de/10009783517
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ECB Worries/European Woes : The Economic Consequences of Parochial Policy
Barbera, Robert - 2013
Financial market crises with the threat of a subsequent debt-deflation depression have occurred with increasing regularity in the United States from 1980 through the present. Almost reflexively, when confronted with such circumstances, US institutions and the policymakers that run them have...
Persistent link: https://www.econbiz.de/10013089327
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The Legality of European Central Bank's Sovereign Bond Purchases
Steinbach, Armin - 2017
The European Central Bank's (ECB) bond purchase program — possibly the most effective anti-crisis tool yet — is compatible with EU law. Proceedings against the ECB's bond purchases have been brought both before the General Court of the Court of Justice of the European Union and the German...
Persistent link: https://www.econbiz.de/10012972336
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Can Central Banks Go Broke?
Buiter, Willem H. - 2014
The paper answers three questions.(1) Does it matter if a central bank suffers a large capital loss? (2) Can the central bank become insolvent? (3) When, how and by whom should the central bank be recapitalised?
Persistent link: https://www.econbiz.de/10013048185
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Funding behaviour of debt management offices and the ECB's Public Sector Purchase Programme
Plessen-Mátyás, Katharina; Kaufmann, Christoph; … - 2021
This paper investigates whether the funding behaviour of euro area debt management offices (DMOs) changed with the start of the ECB's Public Sector Purchase Programme (PSPP). Our results show that (i) lower yield levels and (ii) PSPP purchases supported higher maturities at issuance. The former...
Persistent link: https://www.econbiz.de/10012518265
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The ECB's instruments for crises and normal times : considerations for the policy strategy review
Orphanides, Athanasios - 2020 - Last revised: November 2020
The ongoing policy strategy review presents a unique opportunity for the ECB to examine how to best employ its immense power to fulfil its mandate. Two challenges require urgent attention. First, the “lowflation” problem – the outcome of overly tight policies that allowed inflation to...
Persistent link: https://www.econbiz.de/10012502029