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What are the real effects of financial market liquidity? : evidence on bank lending from the euro area
Dombret, Andreas R.; Foos, Daniel; Pliszka, Kamil; … - 2018
We analyze the impact of market liquidity on bank lending in the euro area for different segments over the period 2003 … to 2016. Our results on the aggregate level show that market liquidity is positively related to loan volumes and … liquidity has an asymmetric effect on bank lending: The negative impact of a reduction in liquidity is more significant than the …
Persistent link: https://www.econbiz.de/10011897986
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What are the real effects of financial market liquidity? : evidence on bank lending from the Euro area
Dombret, Andreas R.; Foos, Daniel; Pliszka, Kamil; … - In: Journal of international financial markets, … 62 (2019), pp. 152-183
Persistent link: https://www.econbiz.de/10012262523
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The financial accelerator in the euro area : new evidence using a mixture VAR model
Bennani, Hamza; Burgard, Jan Pablo; Neuenkirch, Matthias - 2021 - This Version: July 22, 2021
We estimate a logit mixture vector autoregressive model describing monetary policy transmission in the euro area over the period 2003Q1-2019Q4 with a special emphasis on credit conditions. With the help of this model, monetary policy transmission can be described as mixture of two states (e.g.,...
Persistent link: https://www.econbiz.de/10012320523
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The financial accelerator in the euro area : new evidence using a mixture VAR model
Bennani, Hamza; Neuenkirch, Matthias - 2020
We estimate a logit mixture vector autoregressive model describing monetary policy transmission in the euro area over the period 2003Q1–2019Q4 with a special emphasis on credit conditions. With the help of this model, monetary policy transmission can be described as mixture of two states...
Persistent link: https://www.econbiz.de/10012383710
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The financial accelerator in the euro area : new evidence using a mixture VAR model
Bennani, Hamza; Burgard, Jan Pablo; Neuenkirch, Matthias - 2021 - First draft: November 23, 2020 ; this version: May 17, 2021
We estimate a logit mixture vector autoregressive model describing monetary policy transmission in the euro area over the period 2003Q1-2019Q4 with a special emphasis on credit conditions. With the help of this model, monetary policy transmission can be described as mixture of two states (e.g.,...
Persistent link: https://www.econbiz.de/10013328355
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Negative interest rates, excess liquidity and retail deposits : banks' reaction to unconventional monetary policy in the euro area
Demiralp, Selva; Eisenschmidt, Jens; Vlassopoulos, Thomas - 2019
that reliance on retail deposit funding and the level of excess liquidity holdings may increase banks' responsiveness to … coverage of our loan data and the explicit consideration of banks' excess liquidity holdings are likely reasons for this … different result compared to some earlier literature. We are the first to document the importance of banks' excess liquidity …
Persistent link: https://www.econbiz.de/10012098146
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The impact of quantitative easing on bank loan supply and monetary policy implementation in the euro area
Horst, Maximilian; Neyer, Ulrike - 2019
excess reserves, implying a structural liquidity surplus in the euro area banking sector. Against this background, the first … part of this paper analyses the Eurosystem's liquidity management during normal times, crisis times and times of too low in … banks operate under a structural liquidity surplus. The model shows that increasing excess reserves have no or even a …
Persistent link: https://www.econbiz.de/10012099037
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Negative interest rates, excess liquidity and bank business models : banks' reaction to unconventional monetary policy in the euro area
Demiralp, Selva; Eisenschmidt, J.; Vlassopoulos, T. - 2017
In June 2014 the ECB became the first major central bank to lower one of its key policy rates to negative territory. The theoretical and empirical literature is silent on whether banks’ reaction would be different when the policy rate is lowered to negative levels compared to a standard...
Persistent link: https://www.econbiz.de/10011635511
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Real effects of financial market integration : evidence from an ECB collateral framework change
Hüttl, Pia; Kaldorf, Matthias - 2022
This paper studies the effects of harmonizing collateral policy in a monetary union. In 2007, the European Central Bank replaced national collateral lists with a single list specifying which assets euro area banks can pledge as collateral. Banks holding newly eligible assets experience a...
Persistent link: https://www.econbiz.de/10013279271
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Real effects of financial market integration : evidence from an ECB collateral framework change
Hüttl, Pia; Kaldorf, Matthias - 2022
This paper studies the effects of harmonizing collateral policy in a monetary union. In 2007, the European Central Bank replaced national collateral lists with a single list specifying which assets euro area banks can pledge as collateral. Banks holding newly eligible assets experience a...
Persistent link: https://www.econbiz.de/10013336407