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CBDCs, Financial Inclusion, and Monetary Policy
Murakami, David; Shchapov, Ivan; Viswanath-Natraj, Ganesh - 2022
In this paper we study the macroeconomic effects of introducing a retail central bank digital currency (CBDC). Using a two agent framework and endowment economy with banked and unbanked households, we show digital currencies address financial inclusion of the unbanked, by providing a savings...
Persistent link: https://www.econbiz.de/10013289478
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Does the Timing of Central Bank Announcements Matter? Trade-Level Data on Hedge Fund Behavior Before Swiss National Bank Meetings
Farrell, Diana - 2019
Just over three years after enacting a Minimum Exchange Rate policy for the Swiss Franc vs. Euro (EUR/CHF), the Swiss National Bank (SNB) removed it in a surprise announcement on January 15, 2015. The announcement shocked the FX market — EUR/CHF dropped 25.5 percent in the minutes that...
Persistent link: https://www.econbiz.de/10012890284
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Dollar Shortage, Central Bank Actions, and the Cross Currency Basis
Bottazzi, Jean-Marc - 2012
In our model, cross-currency basis, which captures the deviations from covered interest rate parity (CIP), reflects the relative value of the scarcer currency (US dollar) as collateral in funding constraints. Our empirical evidence shows that measures of dollar shortage derived from ECB tenders,...
Persistent link: https://www.econbiz.de/10013098803
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High-frequency Trading around Reserve Bank of Australia (RBA) Announcements
Hua, Vinh Duc Anh - 2019
We study high-frequency trading (HFT) activities and their consequent price impacts on the ASX around RBA announcement. RBA announcement provides an ideal setting for studying the speed advantage of high-frequency traders (HFTs), as the announcement has significant impact on stock prices and...
Persistent link: https://www.econbiz.de/10012894509
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A fistful of dollars : transmission of global funding shocks to EMs
Kumar, Shekhar Hari; Mathur, Aakriti - 2020
interbank markets. Money markets enable banks to engage in risk-sharing against liquidity shocks and are sensitive to global … liquidity shocks to EMs as compared to benchmark short-term bond yields. Next, we disentangle the transmission into its various … of macro-prudential policy like reserve requirements can help alleviate liquidity shocks to the EM banking system …
Persistent link: https://www.econbiz.de/10012171269
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The Impacts of Standard Monetary and Budgetary Policies on Liquidity and Financial Markets : International Evidence from the Credit Freeze Crisis
Gagnon, Marie-Hélène - 2013
spending on several indicators of liquidity, volatility, credit and economic activity. Data from the 2003-2011 period in the … decrease in volatility and increase in liquidity on North American stock markets, the shocks were mainly domestic and … ineffective at generating liquidity in the banking sector. In contrast, government spending shocks had a positive impact on credit …
Persistent link: https://www.econbiz.de/10013091082
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Financial Market Liquidity and the Lender of Last Resort
Ewerhart, Christian - 2010
It has been argued in the literature that emergency liquidity injections should be conducted preferably in the form of … open market operations. As we show in the present paper, this is not necessarily the case when liquidity may be …, targeted liquidity assistance may become strictly superior. The analysis might have a bearing on recent developments in the …
Persistent link: https://www.econbiz.de/10013137286
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COVID-19 and the fragmentation of the European interbank market
Pala, Melissa - 2024
transactional level allows me to apply advanced panel methods. Furthermore, this paper shows liquidity hoarding during the pandemic …
Persistent link: https://www.econbiz.de/10014481123
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Implications for liquidity from innovation and transparency in the European corporate bond market
Laganá, Marco; Peřina, Martin; Köppen-Mertes, Isabel von - 2006
Persistent link: https://www.econbiz.de/10013439505
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Financial Market Integration in the Euro Area
Gjersem, Carl - 2003
Although there is no single yardstick to gauge the degree of integration, there is ample evidence that financial markets in the euro area have some way to go before national demarcation lines will effectively disappear and financial market integration is satisfactory. While there has been a push...
Persistent link: https://www.econbiz.de/10012446663