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The EU's Open Strategic Autonomy from a central banking perspective : challenges to the monetary policy landscape from a changing geopolitical environment
2023
Over the past decade, geopolitical developments - and the policy responses to these by major economies around the world - have challenged economic openness and the process of globalisation, with implications for the economic environment in which central banks operate. The return of war to Europe...
Persistent link: https://www.econbiz.de/10014248552
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Following the Imprint of the ECB's Asset Purchase Programme on Global Bond and Deposit Flows
Avdjiev, Stefan - 2019
We trace the imprint of the ECB's expanded asset purchase programme (APP) on international bond portfolios and euro-denominated deposits. Our analysis suggests that non-bank financial institutions (NBFIs) located outside the euro area sold large volumes of euro area government bonds and kept a...
Persistent link: https://www.econbiz.de/10012891111
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The ECB's policy, the recovery fund and the importance of trust : the case of Greece
Dimakopoulou, Vasiliki; Oikonomidēs, Geōrgios; … - 2021
This paper, using a microfounded macroeconomic model that embeds the key features of the Greek economy, studies the efficacy of the various policy measures taken, at national and EU level, to cushion the economic effects of the pandemic shock. The paper attempts to give quantitative answers to...
Persistent link: https://www.econbiz.de/10012650611
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The ECB's Policy, the Recovery Fund and the Importance of Trust : The Case of Greece
Dimakopoulou, Vasiliki; Economides, George; … - 2021
This paper, using a microfounded macroeconomic model that embeds the key features of the Greek economy, studies the efficacy of the various policy measures taken, at national and EU level, to cushion the economic effects of the pandemic shock. The paper attempts to give quantitative answers to...
Persistent link: https://www.econbiz.de/10013323086
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A note concerning government bond yields
Akram, Tanweer - 2020
This paper relates Keynes's discussions of money, the state theory of money, financial markets, investors' expectations, uncertainty, and liquidity preference to the dynamics of government bond yields for countries with monetary sovereignty. Keynes argued that the central bank can influence the...
Persistent link: https://www.econbiz.de/10012317613
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On the negatives of negative interest rates and the positives of exemption thresholds
Berentsen, Aleksander; Buggenum, Hugo van; Ruprecht, Romina - 2020
Major central banks remunerate reserves at negative interest rates and it is increasingly likely that they will keep … equilibrium model with commercial banks funding investment projects and a central bank issuing reserves. Negative rates distort …. Exempting a fraction of reserves from negative rates can resolve profitability concerns without affecting the central bank …
Persistent link: https://www.econbiz.de/10012390071
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Monetary union with a single currency and imperfect credit market integration
Bignon, Vincent; Breton, Régis; Rojas Breu, Mariana - 2015
This paper shows that currency arrangements impact on credit available through default incentives. To this end we build a symmetric two-country model with money and imperfect credit market integration. With the Euro Area context in mind, we capture differences in credit market integration by...
Persistent link: https://www.econbiz.de/10011374047
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The Increase in TARGET Balances in the Euro Area Since 2015
Alves, Pana - 2018
The TARGET2 platform, which is owned by the Eurosystem, processes payments in euro with reserves, i.e. central bank …
Persistent link: https://www.econbiz.de/10012906351
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Numismatic and Monetary Aspects of Introducing the Uniform European Union Currency
Matic, Branko - 2008
The paper quot;Numismatic Aspects of Introducing the Uniform European Union Currencyquot; deals with a subject causing a series of reactions for several years already not only in the European Union countries but also in those nonmember ones. The planed introduction of uniform currency, due to...
Persistent link: https://www.econbiz.de/10012772127
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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