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The Eurosystem and the art of central banking
Heinsohn, Gunnar; Steiger, Otto - 2002
The Eurosystem is the fifth decentralized system in the history of central banks. It consists of the European Central Bank (ECB) and twelve National Central Banks (NCBs) forming the European Monetary Union (EMU). The stark decentrality of this System is so little known that ubiquitous statements...
Persistent link: https://www.econbiz.de/10010515673
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The Eurosystem and the art of central banking
Heinsohn, Gunnar; Steiger, Otto - 2002
Persistent link: https://www.econbiz.de/10001678010
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The European Central Bank as lender of last resort in the government bond markets
De Grauwe, Paul - In: CESifo economic studies : CESifo, a joint initiative of … 59 (2013) 3, pp. 520-535
The sovereign debt crisis has made it clear that central banking is more than keeping inflation low. Central banks are also responsible for financial stability. An essential tool in maintaining financial stability is provided by the capacity of the central bank to be the lender of last resort in...
Persistent link: https://www.econbiz.de/10009793389
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The fragility of two monetary regimes : the European monetary system and the Eurozone
Ji, Yuemei; De Grauwe, Paul - 2013
We analyze the similarities and the differences in the fragility of the European Monetary system (EMS) and the Eurozone … foreign exchange markets while in the Eurozone it was the absence of a lender of last resort in the long-term government bond … Eurozone the roles were reversed. The national central banks that became part of the Eurosystem were strengthened. This came at …
Persistent link: https://www.econbiz.de/10010210104
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The economics of liquidity lines between central banks
Bahaj, Saleem; Reis, Ricardo - In: Annual review of financial economics 14 (2022), pp. 57-74
Persistent link: https://www.econbiz.de/10013461075
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Limits to the independence of the ECB
Wyplosz, Charles - In: Review of world economics 155 (2019) 1, pp. 35-41
Persistent link: https://www.econbiz.de/10012108464
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The four achilles' heels of the Eurosystem : missing central monetary institution, different real rates of interest, nonmarketable securities, and missing lender of last report
Spethmann, Dieter; Steiger, Otto - In: International journal of political economy : a journal … 34 (2004/05) 2, pp. 46-68
Persistent link: https://www.econbiz.de/10003346306
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Funktionswandel der EZB?
In: Wirtschaftsdienst : Zeitschrift für Wirtschaftspolitik 92 (2012) 2, pp. 79-94
Persistent link: https://www.econbiz.de/10009501822
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Der Staat als "Lender of Last Resort" - oder : die Achillesferse des Eurosystems
Steiger, Otto - 2002
The renewed interest in the theory of the lender of last resort (LOLR) as well as the missing LOLR in the Eurosystem has triggered a new thesis on the LOLR: not the central bank but the Minister of Finance is the true LOLR. The classical theorists of central banking - Steuart, Thornton, Bagehot...
Persistent link: https://www.econbiz.de/10010518121
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The future of the eurozone
De Grauwe, Paul; Ji, Yuemei - In: Papers in money, macroeconomics and finance : … 82 (2014), pp. 15-34
Persistent link: https://www.econbiz.de/10011346960