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The Implications of TARGET2 in the European Balance of Payments Crisis and Beyond
Cesaratto, Sergio - 2015
The paper provides an account of the meaning and implications of TARGET2 in the eurozone (EZ) balance of payments …
Persistent link: https://www.econbiz.de/10013017589
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Future of the Economic and Monetary Union
Gortsos, Christos V. - 2022
The present paper contains a brief presentation and analysis, in a historical perspective through the lens of the recent major crises, of the legal framework governing the European Economic and Monetary Union (EMU), as well as current developments and challenges ahead. It is structured in three...
Persistent link: https://www.econbiz.de/10014077291
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The impact of quantitative easing on bank loan supply and monetary policy implementation in the euro area
Horst, Maximilian; Neyer, Ulrike - 2019
excess reserves, implying a structural liquidity surplus in the euro area banking sector. Against this background, the first … part of this paper analyses the Eurosystem's liquidity management during normal times, crisis times and times of too low in … banks operate under a structural liquidity surplus. The model shows that increasing excess reserves have no or even a …
Persistent link: https://www.econbiz.de/10012099037
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The COVID-19 pandemic : implications for financial market infrastructures and the payments ecosystem in the euro area
Löber, Klaus; Papsdorf, Patrick - In: Journal of payments strategy & systems 14 (2020/2021) 3, pp. 202-206
Persistent link: https://www.econbiz.de/10012521015
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The ECB after the crisis : existing synergies among monetary policy, macroprudential policies and banking supervision
Cassola, Nuno; Kok Sørensen, Christoffer; Mongelli, … - 2019
The prolonged crisis exposed the vulnerability of a monetary union without a banking union. The Single Supervisory Mechanism (SSM), which started operating in November 2014, is an essential step towards restoring banks to health and rebuilding trust in the banking system. The ECB is today...
Persistent link: https://www.econbiz.de/10012132851
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The implications of liquidity regulation for monetary policy implementation and the central bank balance sheet size : an empirical analysis of the euro area
Kedan, Danielle; Ventula Veghazy, Alexia - 2021
We analyse the impact of the Liquidity Coverage Ratio (LCR) on the demand for central bank reserves in the euro area … crisis and the associated introduction of new liquidity regulation. …
Persistent link: https://www.econbiz.de/10012420275
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Cross-border spillover effects of macroprudential policies : a conceptual framework
Kok Sørensen, Christoffer; Reinhardt, Dennis - Europäische Zentralbank / Task Force on Cross-Border … - 2020
Due to the international dimension of the financial sector within the EU and beyond, domestically oriented macroprudential policies have the potential to create material cross-border spillover effects. This occasional paper provides a detailed overview of the academic and empirical literature on...
Persistent link: https://www.econbiz.de/10012254361
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Negative interest rates, COVID-19, and the finances of listed euro firms
Eije, Johan H. von - In: Central European review of economics and management : CEREM 5 (2021) 4, pp. 117-143
. Cross section fixed effects are applied to first differences and dummy variables. For liquidity and non-liquid assets the … liquidity ratios and creditor ratios decline when short-term ECB-rates fall. If ECB rates are negative, liquidity ratios are ….6% smaller, while liquidity ratios increased by 2.3 percentage points. Originality / value of the article: Papers on the …
Persistent link: https://www.econbiz.de/10013202353
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Funding Liquidity, Credit Risk and Unconventional Monetary Policy in the Euro Area : A GVAR Approach
Moramarco, Graziano - 2021
This paper investigates the transmission of funding liquidity shocks, credit risk shocks and unconventional monetary …
Persistent link: https://www.econbiz.de/10013313815
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Negative Interest Rates, Excess Liquidity and Retail Deposits : Banks’ Reaction to Unconventional Monetary Policy in the Euro Area
Demiralp, Selva - 2019
' funding structures jointly with that in their excess liquidity holdings. We find evidence that banks highly exposed to the …, importantly, the explicit consideration of the role of excess liquidity in our analysis …
Persistent link: https://www.econbiz.de/10012869955