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Bidding Behavior in the SNB's Repo Auctions

Kraenzlin, Sébastien; Schlegel, Martin - Schweizerische Nationalbank (SNB) - 2009

banks' bidding behavior and identify the determinants for the decision to participate as well as on the amount to tender …. Therefore, we estimate bidding functions for banks which participate regularly in the SNB's auctions. We find that a bank's bids … determinant of the bidding behavior is the attractiveness of the SNB's auction rate compared to the prevailing interbank market …

Persistent link: https://www.econbiz.de/10008917444

Financial Integration and Growth -Is Emerging Europe Different?

Friedrich, Christian; Schnabel, Isabel; Zettelmeyer, Jeromin - Volkswirtschaftslehre-Lehrstühle, Gutenberg School of … - 2010

Using industry-level data, this paper shows that the European transition region benefited much more strongly from financial integration in terms of economic growth than other developing countries in the years preceding the current crisis. We analyze several factors that may explain this finding:...

Persistent link: https://www.econbiz.de/10008764242

To switch or not to switch - Can individual lending do better in microfinance than group lending?

Waelde, Helke - Volkswirtschaftslehre-Lehrstühle, Gutenberg School of … - 2011

These days it has been witnessed, that banks other individual loans instead of group loans and develop products based on individual liability in developing coun- tries. In order to study this surprising turn, we expand the conventional approach on decision making of individuals. A social...

Persistent link: https://www.econbiz.de/10008872015

Some preliminary but troubling evidence on group credits in microfinance programmes

Waelde, Helke - Volkswirtschaftslehre-Lehrstühle, Gutenberg School of … - 2010

Group lending programs are said to be the key factor of success of microÂ…nance. They are said to reduce information asymmetries in credit contracts and to increase repayment rates. Despite that, in recent years more and more individual credits without collateral are given, even if there is...

Persistent link: https://www.econbiz.de/10008876210

The safe are rationed, the risky not – an extension of the Stiglitz-Weiss model

Waelde, Helke - Volkswirtschaftslehre-Lehrstühle, Gutenberg School of … - 2011

Using only two risk types in the Stiglitz-Weiss model it turns out that the return function for banks has to be double hump-shaped. We derive the demand for loans and the supply of loans and find that loans are provided at two interest rates in equilibrium. The safe borrowers are rationed at the...

Persistent link: https://www.econbiz.de/10009019871

A Model of the Open Market Operations of the European Central Bank.

Ayuso, J.; Repullo, R. - Centro de Estudios Monetarios y Financieros (CEMFI) - 2000

We construct a model to nalyze the two types of tender procedures used by the European Central Bank in its open market operations. We assume that the ECB minimizes the expected value of a loss function that depends on the quadratic difference between the interbank rate and a target interest rate...

Persistent link: https://www.econbiz.de/10005625766

Central bank liquidity auction mechanism design and the interbank market

Ollikka, Kimmo; Tukiainen, Janne - Suomen Pankki - 2013

relatively general model of strategic bidding with interdependent valuations, and combine it with a stylized model of the …

Persistent link: https://www.econbiz.de/10010698833

Overbidding in Fixed Rate Tenders - An Empirical Assessment of Alternative Explanations

Nautz, Dieter; Oechssler, Jörg - University of Bonn, Germany - 2003

This paper investigates various theories explaining banks' overbidding in the fixed rate tenders of the European Central Bank (ECB). Using auction data from both the Bundesbank and the ECB, we show that none of the theories can on its own explain the observed overbidding. This implies that the...

Persistent link: https://www.econbiz.de/10004968425

Why Did the Banks Overbid? An Empirical Model of the Fixed Rate Tenders of the European Central Bank.

Ayuso, J.; Repullo, R. - 2001

This paper test stwo hypotheses for the overbidding behavior of the banks in the fixed rate tenders conducted by the European Central Bank from January 1999 until June 2000. One hypothesis attributes the overbidding to expectations of a future tightening of monetary policy, while the other...

Persistent link: https://www.econbiz.de/10005657334

Monetary Policy and Housing Booms

Williams, John C. - In: International Journal of Central Banking 7 (2011) 1, pp. 345-355

A multitude of factors contributed to the housing booms and crashes experienced in many countries and the ensuing global financial crisis. Much of the existing research on these issues assumes that agents have complete information about the economic environment and form rational expectations....

Persistent link: https://www.econbiz.de/10008855749