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Persistent link: https://www.econbiz.de/10014287218
In March 2020, against the backdrop of a worsening Covid crisis, some segments of the money market fund (MMF) industry faced severe redemption pressures. Given their central role within the short term funding market, MMFs were at the heart of financial stability concerns, and legitimately...
Persistent link: https://www.econbiz.de/10013457651
We develop a sovereign default risk index using natural language processing techniques and 10 million news articles covering over 100 countries. The index is a highfrequency measure of countries' default risk, particularly for those lacking marketbased measures: it correlates with sovereign CDS...
Persistent link: https://www.econbiz.de/10013190704
illiquid. We present evidence that suggests that the primary channel for the increase in liquidity was the elimination of the …
Persistent link: https://www.econbiz.de/10014536091
This paper analyses the magnitude of automatic income and demand stabilization in EU Member States between 2011 to 2019. Our analysis finds that automatic income stabilization in 2019 averaged 41.3 percent at the EU level, with considerable variation among Member States. While the extent of...
Persistent link: https://www.econbiz.de/10014472140
We study asymmetric inflation effects of both conventional and unconventional monetary policy in the euro area during the period of low nominal interest rates. We find that rate cuts are inflationary also during low interest rates. Positive quantitative easing surprises have a deflationary...
Persistent link: https://www.econbiz.de/10014231034
Persistent link: https://www.econbiz.de/10013488846
Persistent link: https://www.econbiz.de/10000398869
Firms' contractual relations with a state may give lenders a positive signal and facilitate access to debt. This paper studies the impact of public procurement contracts on ftrms' access to debt using an extensive survey of Russian manufacturing ftrms combined with accounting and procurement...
Persistent link: https://www.econbiz.de/10013417491
uncertainty (EPU) and bank liquidity hoarding (LH). We focus on the Russian banking sector, which, relative to most of the world … banking sector. While higher economic policy uncertainty tends to increase liquidity hoarding, we find this effect diminishes … affects the impact of economic policy uncertainty on liquidity hoarding takes place via the hoarding of liquid assets. Our …
Persistent link: https://www.econbiz.de/10013417492