Showing 1 - 10 of 46,733
show that large TARGET balances can only arise with excess liquidity. The interpretation of TARGET balances therefore … depends on the monetary policy context in which excess liquidity is created. We distinguish three phases of TARGET balances … excess liquidity is likely to persist on account of higher demand for central bank reserves compared to the pre-crisis period …
Persistent link: https://www.econbiz.de/10013448708
This paper examines German and foreign bank factors that can explain cross-border central bank liquidity flows between … central bank liquidity from abroad than a German bank with fewer existing central bank claims. However, higher overall … liquidity of a German credit institution corresponds to additional net inflows. Foreign bank factors only matter for central …
Persistent link: https://www.econbiz.de/10013411245
maintaining financial stability in the euro area by providing vast liquidity support to commercial banks that are operating in …
Persistent link: https://www.econbiz.de/10009624569
In this paper, we first present the state and the development of the European capital and current account imbalances. We demonstrate how large the heterogeneity among European countries is and that clustering here different types of countries is possible, but that it leads to different groupings...
Persistent link: https://www.econbiz.de/10009303947
We estimate a panel VAR model for the euro area to quantitatively asses the contribution of the TARGET2 system to the propagation of different types of structural economic shocks as well as to the historical evolution of aggregate economic activity in euro area member countries. Our results...
Persistent link: https://www.econbiz.de/10011793977
We estimate a panel VAR model for the euro area to quantitatively assess how the uneven recourse of national banking systems in the euro area to the ECB's unconventional refinancing operations that led to the accumulation of large TARGET2 balances, has contributed to the propagation of different...
Persistent link: https://www.econbiz.de/10012034705
In April 2022, the Bank of Canada announced that it would continue to use a floor system to implement monetary policy by providing a sufficiently large quantity of settlement balances to enable the overnight repo rate to trade at close to the deposit rate. In contrast, the Bank's guiding...
Persistent link: https://www.econbiz.de/10014392970
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
, financial, and political arenas. Apart from the eurozone crisis and global monetary policy issues, for nearly two years all else … struggling to escape liquidity quicksands and stubbornly low or negative growth and employment trends. At the center of the … divergence and political and social discord across member-states. Given the scale and scope of the eurozone crisis, policy and …
Persistent link: https://www.econbiz.de/10009503821
This study discusses recent and current conditions relating to financial stability in the euro area, developing, in particular, on the impact of the current “inflation crisis” on financial stability vulnerabilities. Furthermore, it addresses two related priorities for the Single Resolution...
Persistent link: https://www.econbiz.de/10014258303