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The European Central Bank and why things are the way they are: A historic monetary policy pivot point and moment of (relative) clarity
Dubois, Robert - 2012
, financial, and political arenas. Apart from the eurozone crisis and global monetary policy issues, for nearly two years all else … struggling to escape liquidity quicksands and stubbornly low or negative growth and employment trends. At the center of the … divergence and political and social discord across member-states. Given the scale and scope of the eurozone crisis, policy and …
Persistent link: https://www.econbiz.de/10010286538
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"The European Central Bank and Why Things Are the Way They Are: A Historic Monetary Policy Pivot Point and Moment of (Relative) Clarity"
Dubois, Robert - Levy Economics Institute - 2012
, financial, and political arenas. Apart from the eurozone crisis and global monetary policy issues, for nearly two years all else … struggling to escape liquidity quicksands and stubbornly low or negative growth and employment trends. At the center of the … divergence and political and social discord across member-states. Given the scale and scope of the eurozone crisis, policy and …
Persistent link: https://www.econbiz.de/10009652087
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A Plan for a Country to Exit the Euro Zone
Vieira, Pedro Cosme - 2012
20 years after the Maastricht Treaty, the Euro Zone (EZ) is on the brick of disaster because some of the EZ countries higher inflation originated the accumulation of massive external deficits. Now the Euro has been converted in a straitjacket that compels those highly indebted countries (HIC) to...
Persistent link: https://www.econbiz.de/10013108039
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Euro Area Monetary Policy and Target Balances : A Trilogy
Eisenschmidt, Jens; Kedan, Danielle; Schmitz, Martin - 2022
show that large TARGET balances can only arise with excess liquidity. The interpretation of TARGET balances therefore … depends on the monetary policy context in which excess liquidity is created. We distinguish three phases of TARGET balances … excess liquidity is likely to persist on account of higher demand for central bank reserves compared to the pre-crisis period …
Persistent link: https://www.econbiz.de/10014238460
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Euro area: Single currency - national money creation
Kooths, Stefan; van Roye, Björn - 2012
maintaining financial stability in the euro area by providing vast liquidity support to commercial banks that are operating in …
Persistent link: https://www.econbiz.de/10010288223
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Lost at sea : the euro needs a Euro Treasury
Bibow, Jörg - 2013
of existing national public debts is involved. Instead, the Euro Treasury is established as a means to pool eurozone … public investment spending and have it funded by proper eurozone treasury securities. …
Persistent link: https://www.econbiz.de/10010204687
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The Portuguese Experience with the Euro - Relevance for New EU Member Countries
Basto, Rita Bessone - 2008
In the years leading to EMU, the Portuguese economy experienced robust growth, lower inflation and reduced budget deficits, allowing the country to meet the Maastricht criteria and participate in EMU. A few years after the adoption of the euro, this scenario changed and the apparent success...
Persistent link: https://www.econbiz.de/10012771942
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Cross-border spillover effects of macroprudential policies : a conceptual framework
Kok Sørensen, Christoffer; Reinhardt, Dennis - Europäische Zentralbank / Task Force on Cross-Border … - 2020
Due to the international dimension of the financial sector within the EU and beyond, domestically oriented macroprudential policies have the potential to create material cross-border spillover effects. This occasional paper provides a detailed overview of the academic and empirical literature on...
Persistent link: https://www.econbiz.de/10012254361
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A Tale of Three Crises : Synergies between ECB Tasks
Kok, Christoffer; Mongelli, Francesco Paolo; … - 2022
This paper provides a chronology of the main financial events over the last 15 years, spanning three main crises. The first is the global financial crisis in 2008-09, and the second is the euro area sovereign debt crisis in 2010-12. Both events heralded significant reforms of the EU’s...
Persistent link: https://www.econbiz.de/10013491770
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Liquidity and Tail-Risk Interdependencies in the Euro Area Sovereign Bond Market
Clancy, Daragh - 2019
The likelihood of severe contractions in an asset's liquidity can feed back to the ex ante risks faced by the … individual providers of such liquidity. These self-reinforcing effects can spread to other assets through informational … find significant own- and cross-market effects that amplify liquidity contractions in the Italian and Spanish bond markets …
Persistent link: https://www.econbiz.de/10012860725