In order to understand why there is a continuous increase in euro banknote circulation even though the use of cash for transactions is decreasing in the euro area - a phenomenon known as the paradox of banknotes - the members of the Overseas workstream of the Eurosystem Research Network on Cash...

Koronaviruksen taltuttamisen seurauksena talouttamme on kohdannut samanaikaisesti en-nennäkemätön tarjonta-, kysyntä- ja rahoitusmarkkinahäiriö, joka leikkaa ison loven ta-louteemme. Talousvaikutusten arviointi edellyttää tietoa epidemian kestosta, jota mallinne-taan epidemiakäyrän...

Following the discontinuation of the official statistics on industrial new orders by Eurostat in mid-2012, this paper introduces the ECB indicator on euro area industrial new orders, which aims to fill the new statistical gaps for euro area total new orders as well as for various breakdowns....

The European significant risk transfer (SRT) securitisation market is increasingly being used by major EU banks to manage risk and capital, but is not well known. SRT can provide an extra source of capital, flexibly and at a reasonable cost. Despite the bespoke nature of transactions, the SRT...

Der Beitrag behandelt ein zum Teil im nationalsozialistischen ductus gehaltenes Urteil des Reichsgerichts zur sog. "Führerscheinklausel" in der Kraftfahrtversicherung aus dem Jahre 1941. Hintergrund dieses Urteil war eine verbrecherische "Anordnung" von Heinrich Himmler, welche jüdischen...

After addressing the securitisation of non-performing loans (NPLs) within the broader context of the ECB's efforts to reduce NPL stocks and inflows, we investigate the structural and pricing features of NPL securitisations, issued by large banks in the euro area, by drawing on a unique and...

This paper investigates the potential impact of the growing influence of the opinions of credit rating agencies (CRAs) on market dynamics. This impact can be seen as a consequence of the information content of the ratings themselves or indirectly as a consequence of the "hardwiring" of ratings...

In the context of securities clearing and settlement systems, the nature of governance arrangements acquires a dimension that goes beyond their traditional function in corporate law. They constitute a tool for regulators and central banks to achieve their respective policy goals relating to...

Since the March 2023 banking turmoil, a policy debate has emerged concerning the unprecedented scale and speed of the observed deposit outflows. Have recent stress episodes and developments in technology structurally changed depositors' behaviour? Are the Basel III liquidity coverage ratio (LCR)...

Using historical capital market data for Germany (1950-2022) we analyze and compare (individual) defined contribution (IDC-) and collective defined contribution (CDC) pension plans. To this end we define simple asset liability management rules that govern a CDC pension plan and compare these to...