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How to Monitor the Exit from the Eurosystem's Unconventional Monetary Policy : Is EONIA Dead and Gone?

Heijmans, Ronald - 2016

This paper investigates the impact of the “unconventional” monetary policy measures taken by the Eurosystem on both the unsecured and the secured money markets. Furthermore, we provide insight into the shifts between the unsecured and secured markets. We provide a euro area overview and a...

Persistent link: https://www.econbiz.de/10012997091

International Financial Integration, Crises, and Monetary Policy : Evidence from the Euro Area Interbank Crises

Abbassi, Puriya - 2017

We analyze how financial crises affect international financial integration, exploiting euro area proprietary interbank data, crisis and monetary policy shocks, and variation in loan terms to the same borrower on the same day by domestic versus foreign lenders. Crisis shocks reduce the supply of...

Persistent link: https://www.econbiz.de/10012948677

Bad Sovereign or Bad Balance Sheets? Euro Interbank Market Fragmentation and Monetary Policy, 2011-2015

Gabrieli, Silvia - 2018

We measure the relative role of sovereign-dependence risk and balance sheet (credit) risk in euro area interbank market fragmentation from 2011 to 2015. We combine bank-to-bank loan data with detailed supervisory information on banks' cross-border and cross-sector exposures. We study the impact...

Persistent link: https://www.econbiz.de/10012913584

The 2012 Eurozone Crisis and the ECB's OMT Program : A Debt-Overhang Banking and Sovereign Crisis Interpretation

Occhino, Filippo - 2016

This paper develops a model to interpret the 2012 eurozone crisis and the ECB's policy response. In the model, bank …

Persistent link: https://www.econbiz.de/10014130747

The use of the Eurosystem's monetary policy instruments and its monetary policy implementation framework in 2020 and 2021

Corsi, Marco (ed.); Mudde, Yvo (ed.) - 2022

The Eurosystem implements its monetary policy through a set of monetary policy instruments (MPIs) that are either part of the standard toolbox or are developed to deal with major economic and financial events with a potential adverse impact on price stability and/or the transmission of monetary...

Persistent link: https://www.econbiz.de/10013368508

Did the Absence of a Central Bank Backstop in the Sovereign Bond Markets Exacerbate Spillovers During the Euro-Area Crisis?

Tavlas, G. S.; Gibson, Heather D.; Hall, Stephen G.; … - 2022

The euro-area sovereign debt crisis was characterized by feedback loops between (1) sovereign bond ratings and sovereign spreads in single jurisdictions and (2) sovereign spreads and ratings among jurisdictions. One explanation of this circumstance is that the ECB was unable to perform the role...

Persistent link: https://www.econbiz.de/10013492299

The role of financial stability considerations in monetary policy and the interaction with macroprudential policy in the euro area

2023 - Revised June 2023

Since the European Central Bank’s (ECB’s) 2003 strategy review, the importance of macro-financial amplification channels for monetary policy has increasingly gained recognition. This paper takes stock of this evolution and discusses the desirability of further incremental enhancements in the...

Persistent link: https://www.econbiz.de/10014303988

Institutional constraints and liquidity provision in the Eurozone core and periphery before and after crises : a preliminary comparison of the Eurozone crisis and the Coronavirus P...

Eichacker, Nina - In: PSL quarterly review 75 (2022) 303, pp. 403-424

This paper presents a preliminary comparison of the Eurosystem response to the Global Financial Crisis and Eurozone … balance sheets to show the effect of ECB decisions to consrain or enable liquidity provision across the Eurozone, particularly … potential for monetary authorities to structurally influence liquidity preference and provision. As Eurozone governments debate …

Persistent link: https://www.econbiz.de/10014230902

Sovereigns and Banks in the Euro Area : A Tale of Two Crises

Gómez-Puig, Marta - 2015

This study attempts to identify and trace inter-linkages between sovereign and banking risk in the euro area. To this end, we use an indicator of banking risk in each country based on the Contingent Claim Analysis literature, and 10-year government yield spreads over Germany as a measure of...

Persistent link: https://www.econbiz.de/10013030578

Lessons of the European Crisis for Regional Monetary and Financial Integration in East Asia

Volz, Ulrich - 2012

The debt crisis in several member states of the euro area has raised doubts on the viability of European Economic and Monetary Union (EMU) and the future of the euro. While the launch of the euro in 1999 stirred a lot of interest in regional monetary integration and even monetary unification in...

Persistent link: https://www.econbiz.de/10013110301