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Central banks' response to inflation, output gap, and exchange rate in Nigeria and South Africah

Vincent, Olusegun - In: Cogent business & management 8 (2021) 1, pp. 1-12

In Africa, a number of countries like South Africa have adopted inflation targeting. In Nigeria, different monetary policy regimes have been adopted over the years with rather unsatisfactory success. This study examines inflation targeting in Nigeria and South Africa, using fully modified least...

Persistent link: https://www.econbiz.de/10012628924

Hawks vs. Doves : ECB's monetary policy in light of the Fed's policy stance

Hauzenberger, Niko; Huber, Florian; Zörner, Thomas - 2023

The secular increase in globalization led to a substantial increase in the interconnectedness of global financial markets. This has important implications for the conduct of monetary policy, as central bank policies may diverge across countries, potentially affecting key transmission channels of...

Persistent link: https://www.econbiz.de/10014445207

Central bank funding and credit risk-taking

Bednarek, Peter; Dinger, Valeriya; Kaat, Daniel Marcel te; … - 2020

This paper examines the relationship between central bank funding and credit risk-taking. Employing comprehensive bank-firm-level data from the German credit registry during 2009:Q1-2014:Q4, we find that borrowing from the central bank is associated with rebalancing of bank portfolios towards...

Persistent link: https://www.econbiz.de/10012250631

Does monetary policy impact market integration? : evidence from developed and emerging markets

Caporin, Massimiliano; Pelizzon, Loriana; Plazzi, Alberto - 2017

This paper shows that FED policy announcements lead to a significant increase in international co-movement in the cross-section of equity and particularly sovereign CDS market. The effect is strongest for emerging markets, when the FED relaxes unconventionary monetary policies, and for countries...

Persistent link: https://www.econbiz.de/10011874674

Monetary policy under subjective beliefs of banks: optimal central bank collateral requirements

Böser, Florian - 2021 - This version: June 29, 2021

bank's choice of collateral standards in its lending facilities. Optimism on the side of banks, entailing a higher … collateral value of bank loans, can lead to excessive lending and bank default. Pessimism, though, can entail insufficient … lending and productivity losses. With an appropriate haircut on collateral, the central bank can perfectly neutralize the …

Persistent link: https://www.econbiz.de/10012585474

Much ado about nothing : a study of differential pricing and liquidity of short and long term bonds

Driessen, Joost; Nijman, Theodore E.; Simon, Zorka - 2018

Are yields of long-maturity bonds distorted by demand pressure of clientele investors, regulatory effects, or default, flight-to-safety or liquidity premiums? Using data on German nominal bonds between 2005 and 2015, we study the differential pricing and liquidity of short and long maturity...

Persistent link: https://www.econbiz.de/10011940016

The analytical credit dataset : a magnifying glass for analysing credit in the euro area

Israël, Jean-Marc; Damia, Violetta; Bonci, Riccardo; … - 2017

economy, e.g. for monetary policy analysis and operation (risk and collateral management), financial stability, economic …

Persistent link: https://www.econbiz.de/10011639632

The SSM at 1

Laeven, Luc; Draghi, Mario; Dombret, Andreas R.; … - SUERF - The European Money and Finance Forum; Deutsche …; … - 2016

On 3 December EY hosted a SUERF conference on banking reform with Sir Howard Davies, the Chairman of RBS, and Dame Colette Bowe, the Chairman of the Banking Standards Board, as the two keynote speakers. Professor David Miles (Imperial College) gave the SUERF 2015 Annual Lecture on Capital and...

Persistent link: https://www.econbiz.de/10011557140

The short-run effect of monetary policy shocks on credit risk : an analysis of the euro area

Kim, Chi Hyun; Other, Lars - 2019

We examine the credit channel of monetary policy from 2000 to 2015 in the Euro Area using daily monetary policy shock and credit risk measures in an autoregressive distributed lag model. We find that an expansionary monetary policy shock leads to a short-run increase in the credit risk of...

Persistent link: https://www.econbiz.de/10011963607

Estimating the policy rule from money market rates when target rate changes are lumpy

Fontaine, Jean-Sébastien - 2012

Most central banks effect changes to their target or policy rate in discrete increments (e.g., multiples of 0.25%) following public announcements on scheduled dates. Still, for most applications, researchers rely on the assumption that the policy rate changes linearly with economic conditions...

Persistent link: https://www.econbiz.de/10009728132