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In most economies the banking sector plays the major role in the financial system. Therefore, it is of great importance to analyse and understand the mechanism of transmission of monetary policy and its impact on the banking sector. One of the possible repercussions of changing the level of...
Persistent link: https://www.econbiz.de/10013466238
The article supplements the research on the effectiveness of monetary policy transmission - especially through the bank lending channel. The current study focuses on assessing the transmission of monetary impulses through commercial and cooperative banks as well as through individual loan...
Persistent link: https://www.econbiz.de/10015330115
This study empirically examines the spillover effect from US monetary policy to nineteen European economies using Markov-switching models. The results of the univariate Markov-switching models validate the presence of two distinct regimes for both US monetary policy and the stock markets. We...
Persistent link: https://www.econbiz.de/10014486133
In the last 15 years, Spain has witnessed a large increase in housing prices and in the importance of the housing sector, which has refreshed the debate on the drivers of housing cycles. Since Spain joined the European Monetary Union (EMU), twomain important factors behind the housing boom...
Persistent link: https://www.econbiz.de/10010317123
Advanced economies are increasingly based on intangible capital. Intangible capital has at least two special characteristics compared to tangible capital. First, it can be simultaneously used to produce different goods. Second, it is less suitable as collateral for obtaining external funds than...
Persistent link: https://www.econbiz.de/10014524316
After the global financial crisis, it was observed that price stability alone would not ensure financial stability. The new paradigm indeed insists on the inclusion of financial stability as an additional macroeconomic objective. In this context, it is essential to understand how exactly is the...
Persistent link: https://www.econbiz.de/10014547753
This paper investigates the impact of Covid-19 pandemic and monetary policy measures adopted by the European Central Bank (ECB) on the sovereign risk for the European Monetary Union (EMU) countries for the period between March-2020 and November-2020 using daily data. The impact of Covid-19 and...
Persistent link: https://www.econbiz.de/10014547832
This paper evaluates inflation forecasts made by Norges Bank which is a successful forecast targeting central bank. It is expected that Norges Bank produces inflation forecasts that are on average better than other forecasts, both naive forecasts, and forecasts from econometric models outside...
Persistent link: https://www.econbiz.de/10010306877
As well as implementing the common monetary policy, the national central banks (NCBs) which, together with the European Central Bank (ECB) form the Eurosystem, are also responsible for performing a range of national tasks. Among other things, these include the management of their financial...
Persistent link: https://www.econbiz.de/10011450415
Neben der Durchführung geldpolitischer Operationen nehmen die nationalen Zentralbanken des Eurosystems eine Reihe von nationalen Aufgaben in eigener Verantwortung wahr. Dazu zählt auch die Verwaltung ihrer Portfolios. Damit dies nicht in Konflikt mit der Durchführung der gemeinsamen...
Persistent link: https://www.econbiz.de/10011450755