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Liquidity funding shocks : the role of banks' funding mix
Alvarez, Antonio M.; Fernández, Alejandro; … - 2019
systems, we find that following a liquidity funding shock, both credit and GDP decline in different amounts and lengths. GDP …
Persistent link: https://www.econbiz.de/10012004718
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Liquidity provision as a monetary policy tool : the ECB's non-standard measures after the financial crisis
Quint, Dominic; Tristani, Oreste - 2017
area. In a structural VAR, we identify a liquidity shock rooted in the interbank market and use its impulse response … Gertler and Kiyotaki (2010). We highlight two main results. First, an identified liquidity shock causes a sizable and … in 2008–09. Second, the liquidity injected in the market by the ECB played an important role in attenuating the …
Persistent link: https://www.econbiz.de/10011764878
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Liquidity provision as a monetary policy tool : the ECB's non-standard measures after the financial crisis
Quint, Dominic; Tristani, Oreste - 2017
area. In a structural VAR, we identify a liquidity shock rooted in the interbank market and use its impulse response … Gertler and Kiyotaki (2010). We highlight two main results. First, an identi.ed liquidity shock causes a sizable and … in 2008.09. Second, the liquidity injected in the market by the ECB played an important role in attenuating the …
Persistent link: https://www.econbiz.de/10011754899
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An economic perspective on payments migration
Kosse, Anneke; Lu, Zhentong; Xerri, Gabriel - 2020 - Last updated: June 5, 2020
Real-Time Rail (RTR). Lynx and SOE will replace the current Large Value Transfer System (LVTS) and Automated Clearing …
Persistent link: https://www.econbiz.de/10012243367
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A Further View on Current Account, Capital Account and Target2 Balances : Assessing the Effect on Capital Structure and Economic Welfare
Sell, Friedrich L. - 2015
In this paper, we first present the state and the development of the European capital and current account imbalances. We demonstrate how large the heterogeneity among European countries is and that clustering here different types of countries is possible, but that it leads to different groupings...
Persistent link: https://www.econbiz.de/10013028253
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The ECB after the crisis : existing synergies among monetary policy, macroprudential policies and banking supervision
Cassola, Nuno; Kok Sørensen, Christoffer; Mongelli, … - 2019
The prolonged crisis exposed the vulnerability of a monetary union without a banking union. The Single Supervisory Mechanism (SSM), which started operating in November 2014, is an essential step towards restoring banks to health and rebuilding trust in the banking system. The ECB is today...
Persistent link: https://www.econbiz.de/10012132851
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A tale of three crises : synergies between ECB tasks
Hobelsberger, Karin; Kok Sørensen, Christoffer; … - 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 governance...
Persistent link: https://www.econbiz.de/10013368565
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Efficiency and bargaining power in the interbank loan market
Allen, Jason; Chapman, James; Echenique, Federico; … - 2012
well as phases of the 2007- 2008 financial crisis, where more liquidity intervention implies more inefficiency. We find …
Persistent link: https://www.econbiz.de/10009627565
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Interbank market frictions and unconventional policy in a currency union
Swarbrick, Jonathan; Blattner, Tobias - 2017
In this paper we show how interbank market frictions can play an important role in propagating and enhancing the effects of shocks in a currency union, and discuss the efficacy of two unconventional policy measures; multi-period central bank refinance operations and large scale asset purchases....
Persistent link: https://www.econbiz.de/10011653062
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The implications of liquidity regulation for monetary policy implementation and the central bank balance sheet size : an empirical analysis of the euro area
Kedan, Danielle; Ventula Veghazy, Alexia - 2021
We analyse the impact of the Liquidity Coverage Ratio (LCR) on the demand for central bank reserves in the euro area … crisis and the associated introduction of new liquidity regulation. …
Persistent link: https://www.econbiz.de/10012420275