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Unconventional monetary policy and funding liquidity risk
Avernas, Adrien d'; Vandeweyer, Quentin; Darracq … - 2020
dynamics. Increasing the supply of reserves reduces liquidity risk in the traditional banking sector, but fails to reach the …This paper investigates the efficiency of various monetary policy instruments to stabilize asset prices in a liquidity … shadow banking sector. When the shadow banking sector is large, as in the US in 2008, the central bank can further stabilize …
Persistent link: https://www.econbiz.de/10012137673
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Evolving international monetary and financial architecture and the development challenge : a liquidity preference theoretical perspective
Bibow, Jörg - 2019
's liquidity preference theory informs the analysis of the loss of policy space and widespread instabilities in emerging economies …
Persistent link: https://www.econbiz.de/10012059766
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Procyclical finance : the money view
Li, Ye - 2017
, holding intermediaries' debt as cash. This paper shows that intermediaries' liquidity creation stimulates growth -- firms hold …. Introducing government debt as a competing source of liquidity is a double-edged sword: firms hold more liquidity in every state … of the world, but by squeezing intermediaries' profits and amplifying their leverage cycle, public liquidity increases …
Persistent link: https://www.econbiz.de/10011968932
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ECB monetary operations and the interbank repo market
Dunne, Peter G.; Fleming, Michael J.; Zholos, Andrey - 2013
We examine the relationship between monetary policy operations and interbank borrowing and lending of funds using sovereign bonds as collateral. We first establish that, in the precrisis period, there are important but rather weak relations between these funding sources and that this...
Persistent link: https://www.econbiz.de/10010222894
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Unconventional Monetary Policy and Funding Liquidity Risk
d'Avernas, Adrien - 2019
dynamics. Increasing the supply of reserves reduces liquidity risk in the traditional banking sector, but fails to reach the …This paper investigates the efficiency of various monetary policy instruments to stabilize asset prices in a liquidity … shadow banking sector. When the shadow banking sector is large, as in the US in 2008, the central bank can further stabilize …
Persistent link: https://www.econbiz.de/10012858054
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Unconventional Monetary Policy and Funding Liquidity Risk
d'Avernas, Adrien - 2020
dynamics. Increasing the supply of reserves reduces liquidity risk in the traditional banking sector, but fails to reach the …This paper investigates the efficiency of various monetary policy instruments to stabilize asset prices in a liquidity … shadow banking sector. When the shadow banking sector is large, as in the US in 2008, the central bank can further stabilize …
Persistent link: https://www.econbiz.de/10012844931
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Stock Market Liquidity and Macro-Liquidity Shocks : Evidence from the 2007-2009 Financial Crisis
Florackis, Chris - 2014
We develop an empirical framework that links micro-liquidity, macro-liquidity and stock prices. We provide evidence of … a strong link between macro-liquidity shocks and the returns of UK stock portfolios constructed on the basis of micro-liquidity … measures between 1999-2012. Specifically, macro-liquidity shocks, which are extracted on the meeting days of the Bank of …
Persistent link: https://www.econbiz.de/10013067362
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Asset-liability management with ultra-low interest rates
Grossman, Richard S.; Molyneux, Philip; Lambert, Frederic; … - Conference on Asset-Liability Management with Ultra-Low …; … - 2015
On 11 March 2015, SUERF jointly organised a conference with the Oesterreichische Nationalbank and the Austrian Society for Bank Research (Bankwissenschaftliche Gesellschaft - BWG). The present SUERF Study 2015/2 includes a selection of papers based on the authors' contributions to the Vienna...
Persistent link: https://www.econbiz.de/10011413495
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Liquidity and market efficiency : alive and well?
Liikanen, Erkki; Jylhä, Petri; Pennacchi, George G.; … - Joint Conference with the Bank of Finland in Helsinki …; … - 2015
liquidity and market efficiency. The one-day program consisted of an opening speech, six presentations, including three keynotes …
Persistent link: https://www.econbiz.de/10011414459
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Going below zero - how do banks react?
Michaelis, Henrike - 2022
Exploiting confidential data on individual German bank balance-sheets, I analyse what characterises a bank that opts to apply negative interest rates to corporate deposits. The results suggest that banks that are highly exposed to the negative interest rate policy (NIRP), i.e. funded by a larger...
Persistent link: https://www.econbiz.de/10013361902