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We quantify the impact that central bank refinancing o perations a nd f unding f acilities had at reducing the banking … reduction (increase) in the ECB lending rate of its refinancing operations reduces (increases) the median of banks' default risk …
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-term refinancing operations (TLTROs) on banks in a simulation exercise, and we estimate the policy functions with monthly data from 200 …
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Motivated by the financial crisis of 2007-2009 several papers have provided explanations for why liquidity may dry up during market stress. This paper also looks at this issue but focuses on the question as to why the liquidity crunch was not uniform across maturities. As funding pressures were...
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funding via targeted longer-term refinancing operations (TLTRO). This effect is stronger when banks face less competition …
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