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This paper estimates the factors underlying the volatility of the euro overnight interest rate and its transmission along the euro area money market yield curve. A new multivariate unobserved components model is proposed allowing for both long-memory and stationary cyclical dynamics. Using...
Persistent link: https://www.econbiz.de/10009635972
Four years after the introduction of the euro, this paper provides an overview of the current structure and integration of the euro area financial systems and related policy initiatives. We first compare the euro area financial structure with that of the United States and Japan. Using new and...
Persistent link: https://www.econbiz.de/10009635984
The classical Bagehotu0092s conception of a Lender of Last Resort (LOLR) that lends to illiquid banks has been criticized on two grounds: on the one hand, the distinction between insolvency and illiquidity is not clear cut; on the other a fully collateralized repo market allows Central Banks to...
Persistent link: https://www.econbiz.de/10009636521
Im Rahmen des ifo Konjunkturtests bittet das ifo Institut die Befragungsteilnehmer monatlich, eine Einschätzung zur Kreditvergabebereitschaft der Banken abzugeben. Aus den Meldungen der Unternehmen wird die Kredithürde für die gewerbliche Wirtschaft Deutschlands berechnet. Diese gibt den...
Persistent link: https://www.econbiz.de/10010598507
"Using a panel of 91 countries, this paper econometrically analyzes how different economic freedoms affect employment and unemployment. There are four main findings. Firstly, a small government sector and a legal system characterized by an independent judiciary, impartial courts and an effective...
Persistent link: https://www.econbiz.de/10010732113
In der Debatte über die Zukunft der Eurozone wird auch das Konzept der Bankenunion diskutiert. Hans-Peter Burghof, Universität Hohenheim, sieht unter den gegenwärtigen Bedingungen die Gefahr einer europäischen Bankenunion, in der das Vermögen einiger Länder des Währungsraumes ohne...
Persistent link: https://www.econbiz.de/10010578145
Die Diskussion um die Aufspaltung der Universalbanken ist wieder neu entflammt. Kann die Trennung von Geschäfts- und Investmentbanken zu größerer Stabilität auf den Finanzmärkten führen? Nach Ansicht von Karl Socher, Universität Innsbruck, hat die Zulassung von Universalbanken die...
Persistent link: https://www.econbiz.de/10010603848
Persistent link: https://www.econbiz.de/10011601933
This paper studies frictions in the euro area interbank deposit overnight market, making use of high frequency individual quote and trade data. The aim of the analysis is to determine, in a quantitative way, how efficient this market is. Besides a comprehensive descriptive analysis, the approach...
Persistent link: https://www.econbiz.de/10011604485
The paper evaluates the ability of market participants to anticipate monetary policy decisions in the euro area and in 13 other countries. First, by looking at the magnitude and the volatility of the changes in the money market rates we show that the days of policy meetings are special days for...
Persistent link: https://www.econbiz.de/10011604550