Similar Search Results

Fiscal and monetary policy determinants of the Eurozone crisis and its resolution

Dąbrowski, Marek - 2012

quasi-fiscal rescue operations can undermine this consensus and lead to a disintegration of the Eurozone. There are also … ; Eurozone ; Maastricht Treaty ; European Central Bank ; Euro ; Fiscal union …

Persistent link: https://www.econbiz.de/10009572988

Exit strategies and their impact on the Euro area : a model based view

Belke, Ansgar - 2014

Dieser Beitrag untersucht die Argumente für und gegen einen Ausstieg aus der expansiven Geldpolitik. Der Fokus liegt … dabei auf der Betrachtung der Effekte eines Ausstiegs der amerikanischen Notenbank Fed auf die Eurozone. Dies erscheint … geldpolitischen Ausstiegs der Fed auf die Eurozone auf Basis eines IWF-Modells dar. Abschließend werden die Optionen der Geldpolitk …

Persistent link: https://www.econbiz.de/10010227698

Liquidity in the liquidity crisis : evidence from Divisia monetary aggregates in Germany and the European crisis countries ; conference paper

Shagi, Makram el-; Kelly, Logan - 2013 - Preprint submitted to Economics Letters February 19, 2013

While there has been some debate over the usefulness of monetary aggregates, there has been surprisingly little discussion of the actual implications for liquidity. In this paper, we provide an approximation of the liquidity development in six Euro area countries from 2003 to 2012. We show that...

Persistent link: https://www.econbiz.de/10010339318

Exit strategies and their impact on the Euro area : a model based view

Belke, Ansgar - 2014

This paper comments on the pros and cons of exit strategies. The focus is on the impact on the Euro area economy of the exit from unconventional monetary policies (UMP) by the Fed, which, appears to be the first central bank to lay out an exiting path. In this context, it discusses the issue of...

Persistent link: https://www.econbiz.de/10010371341

ECB collateral criteria : a narrative database 2001 - 2013

Eberl, Jakob; Weber, Christopher - 2014

This paper offers an encompassing analysis of the ECB's collateral criteria between 2001 and 2013. A comprehensive database of changes to collateral criteria is compiled and structured by asset classes. The main findings can be summarized in three stylized facts: (1) Since the outbreak of the...

Persistent link: https://www.econbiz.de/10010248841

Lender of last resort versus buyer of last resort : the impact of the European Central Bank actions on the bank-sovereign nexus

Acharya, Viral V.; Pierret, Diane; Steffen, Sascha - 2016 - This version: February 29, 2016

In summer 2011, elevated sovereign risk in Eurozone peripheral countries increased the solvency risk of Eurozone banks … public funds to increase their exposure to risky domestic debt, so that when solvency risk in the Eurozone worsened the run … of private short-term investors from Eurozone banks intensified. (ii) In contrast, ECB’s announcement of being a …

Persistent link: https://www.econbiz.de/10011436391

Measuring connectedness of Euro area sovereign risk

Gätjen, Rebekka; Schienle, Melanie - 2015

We introduce a methodology for measuring default risk connectedness that is based on an out-of-sample variance decomposition of model forecast errors. The out-of-sample nature of the procedure leads to "realized" measures which, in practice, respond more quickly to crisis occurrences than those...

Persistent link: https://www.econbiz.de/10010503874

Analysis of the Dynamic Relation between the Currency Rates and the Interest Rates from Romania and Euro Area Before and During the Financial Crisis

Stefanescu, Razvan - 2012

This paper examines the changes induced by the actual financial crisis in the dynamic relation between the currency rates and the differentials of the interest rates from Romania and euro area. In the framework of the Uncovered Interest Rate Parity hypothesis we apply the Vector Autoregressive...

Persistent link: https://www.econbiz.de/10013099872

Fiscal and Monetary Policy Determinants of the Eurozone Crisis and Its Resolution

Dabrowski, Marek - 2012

quasi-fiscal rescue operations can undermine this consensus and lead to a disintegration of the Eurozone. There are also …

Persistent link: https://www.econbiz.de/10013102556

The Impact of the Crisis on the Monetary Autonomy of Central and Eastern European Countries

Kiss, Gábor Dávid - 2012

Where a country allows the free movement of capital and follows a free floating exchange rate policy, the monetary trilemma would suggest the existence of monetary autonomy, which is prejudiced when external shocks cause a significant decrease (divergence) or increase (contagion) in market...

Persistent link: https://www.econbiz.de/10013107395