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CBDC and the operational framework of monetary policy

Abad, Jorge; Nuño, Galo; Thomas, Carlos - 2024

We analyze the impact of introducing a central bank-issued digital currency (CBDC) on the operational framework of … frictional interbank market, a central bank with deposit and lending facilities, and household preferences for different liquid … reflects the parallel impact of CBDC on the central bank's operational framework. For relatively moderate CBDC adoption levels …

Persistent link: https://www.econbiz.de/10014456302

Anonymous credentials : secret-free and quantum-safe

Kazmi, Raza Ali; Minwalla, Cyrus - 2023 - Last updated: September 28, 2023

An anonymous credential mechanism is a set of protocols that allows users to obtain credentials from an organization and demonstrate ownership of these credentials without compromising users' privacy. In this work, we construct the first secret-free and quantum-safe credential mechanism. The...

Persistent link: https://www.econbiz.de/10014456631

The bank lending channel of monetary policy transmission in Vietnam : impacts of the COVID-19 pandemic and the financial crisis

Minh Thanh Loi; Van Dan Dang - In: Cogent business & management 10 (2023) 1, pp. 1-20

that adjustments in the monetary policy of the central bank have still been effective in periods of macro difficulty and …

Persistent link: https://www.econbiz.de/10014480274

Excess reserves and monetary policy tightening

Fricke, Daniel; Greppmair, Stefan; Paludkiewicz, Karol - 2024 - This draft: February 2, 2024

We show that the transmission of the European Central Bank’s (ECB) recent monetary policy tightening differs across …

Persistent link: https://www.econbiz.de/10014481115

COVID-19 and the fragmentation of the European interbank market

Pala, Melissa - 2024

This paper provides evidence of a highly fragmented European interbank market that is tightened during the COVID-19 pandemic, when the interbank market was under stress. Using a unique dataset of unsecured, overnight interbank loans at the transactional level allows me to apply advanced panel...

Persistent link: https://www.econbiz.de/10014481123

Banking crises under a Central Bank Digital Currency (CBDC)

Bitter, Lea - 2023

One of the main concerns associated with central bank digital currencies (CBDC) is the disintermediating effect on the … implications also depend on how CBDC is accounted for on the asset side of the central bank balance sheet: if CBDC issuance is …

Persistent link: https://www.econbiz.de/10014495919

A leaky pipeline : macroprudential policy shocks, non-bank financial intermediation and systemic risk in Europe

Krenz, Johanna; Verma, Akhilesh K - 2023

How does macroprudential regulation affect financial stability in the presence of non-bank financial intermediaries? We estimate the contributions of traditional banks vis-'a-vis non-bank financial intermediaries to changes in systemic risk - measured as ∆CoVaR - after macroprudential policy...

Persistent link: https://www.econbiz.de/10014463362

Central bank coordinated policies and bank market power : an insight from the African context

Ofori-Sasu, Daniel; Agbloyor, Elikplimi Komla; … - In: Cogent economics & finance 11 (2023) 1, pp. 1-23

The paper examines the impact of central bank regulatory policies on market power in Africa. The study presents a … the central bank (i.e. monetary and macro-prudential policies) enhance banks' market power. Also, it reveals that central … with strong central bank independence (CBI) framework. However, the coordinated policies are substitutes in determining …

Persistent link: https://www.econbiz.de/10014500771

Unusual changes in the U.S. Treasury security market during the fourth round of quantitative easing

Allen, Kyle D.; Hein, Scott E. - In: Journal of central banking theory and practice 12 (2023) 3, pp. 5-22

The Covid-19 Pandemic and policy response rattled the USTreasury markets. Conventional US Treasuries, inflation adjustedUS Treasuries, and the relationship between the two developed inways such that ignoring changes in real interest rates yielded dis-torted inflation expectations estimates....

Persistent link: https://www.econbiz.de/10014500836

Collateral scarcity and market functioning : insights from the eurosystem securities lending facilities

Greppmair, Stefan; Jank, Stephan - 2023

We utilize the Eurosystem securities lending facilities as a laboratory to investigate the impact of collateral scarcity on market functioning. The reduction of securities lending fees, implemented in November 2020, provides a natural experiment for our analyses. This policy change results in a...

Persistent link: https://www.econbiz.de/10014435510