Direkt zur Hauptnavigation springen Direkt zum Inhalt springen
info(at)avldigital.remove-this.de
Deutsch English
Filtern nach
Aktive Filter
Letzte Suchanfragen

Ergebnisse für *

Zeige Ergebnisse 26 bis 50 von 259.

  1. Dealing with large and volatile capital flows and the role of the IMF
    Erschienen: 2016
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    The last decade has been characterised by the pronounced volatility of capital flows. While cross-border capital flows can have many benefits for both advanced and emerging market economies, they may also carry risks, which require appropriate policy... mehr

    Zugang:
    Resolving-System (kostenfrei)

    Standort:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
    Fernleihe:
    uneingeschränkte Fernleihe, Kopie und Ausleihe

     

    The last decade has been characterised by the pronounced volatility of capital flows. While cross-border capital flows can have many benefits for both advanced and emerging market economies, they may also carry risks, which require appropriate policy responses. Disentangling the push from the pull factors driving capital flows is key to designing appropriate policies to deal with them. Strong institutions, sound fundamentals and a large domestic investor base tend to shield economies from adverse global conditions and attract less volatile types of capital. However, when the policy space for using traditional macroeconomic policies is limited, countries may also turn to macroprudential and capital flow management policies in a pragmatic manner. The IMF can play an important role in helping countries to deal with capital flows, through its surveillance and lending policy and through international cooperation.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Hinweise zum Inhalt
    Quelle: Staatsbibliothek zu Berlin
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789289924856
    Weitere Identifier:
    hdl: 10419/154633
    Körperschaften/Kongresse:
    IRC Task Force on IMF Issues (VerfasserIn)
    Schriftenreihe: Occasional paper series / European Central Bank ; no 180 (September 2016)
    Schlagworte: International Monetary Fund; international cooperation; world economy; international finance; financial institution; public policy
    Umfang: 1 Online-Ressource (circa 57 Seiten), Diagramme
  2. Dark pools in European equity markets
    emergence, competition and implications
    Autor*in: Petrescu, Monica; Wedow, Michael
    Erschienen: July 2017
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    This paper considers the growth of dark pools: trading venues for equities without pre-trade transparency. It first documents the emergence and expansion of dark pools in European equity markets in the context of regulatory changes and increased... mehr

    Zugang:
    Resolving-System (kostenfrei)

    Standort:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
    Fernleihe:
    uneingeschränkte Fernleihe, Kopie und Ausleihe

     

    This paper considers the growth of dark pools: trading venues for equities without pre-trade transparency. It first documents the emergence and expansion of dark pools in European equity markets in the context of regulatory changes and increased high-frequency trading (HFT). It finds that the market share of trading conducted in dark pools has stabilised below 10% and is similar across groups of stocks from different countries. Second, this paper assesses the nature of competition between dark pools, which is based on price and services offered to clients. It documents a substantial degree of horizontal differentiation among European dark pools, with venues providing different options for placing and processing orders likely to attract different types of traders. The hypothesis that most dark pools are primarily used to shield large orders from information leakage is not supported by evidence. This finding is based on a simple indicator that assesses different dark pools in terms of the level of protection from information leakage due to trading with HFT or predatory traders. Finally, this paper evaluates the benefits and costs of the use of dark pools from the perspective of individual traders as well as for market efficiency and financial stability. Recent evidence appears to reject the notion that dark pools adversely affect volatility in stock markets.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Hinweise zum Inhalt
    Volltext (kostenfrei)
    Quelle: Staatsbibliothek zu Berlin
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789289928557
    Weitere Identifier:
    hdl: 10419/175735
    Schriftenreihe: Occasional paper series / European Central Bank ; no 193 (July 2017)
    Schlagworte: financial market; stock-exchange transaction; EU competition policy; liquidity control; economic stabilisation; public policy
    Umfang: 1 Online-Ressource (circa 59 Seiten), Illustrationen
  3. Labour market adjustment in Europe during the crisis
    microeconomic evidence from the Wage Dynamics Network survey
    Autor*in: Izquierdo, Mario; Jimeno, Juan F.; Kosma, Theodora; Lamo, Ana; Millard, Stephen; Rõõm, Tairi; Viviano, Eliana
    Erschienen: June 2017
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    Against the backdrop of continuing adjustment in EU labour markets in response to the Great Recession and the sovereign debt crisis, the European System of Central Banks (ESCB) conducted the third wave of the Wage Dynamics Network (WDN) survey in... mehr

    Zugang:
    Resolving-System (kostenfrei)

    Standort:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
    Fernleihe:
    uneingeschränkte Fernleihe, Kopie und Ausleihe

     

    Against the backdrop of continuing adjustment in EU labour markets in response to the Great Recession and the sovereign debt crisis, the European System of Central Banks (ESCB) conducted the third wave of the Wage Dynamics Network (WDN) survey in 2014-15 as a follow-up to the two previous WDN waves carried out in 2007 and 2009. The WDN survey collected information on wage-setting practices at the firm level. This third wave sampled about 25,000 firms in 25 European countries with the aim of assessing how firms adjusted wages and employment in response to the various shocks and labour market reforms that took place in the European Union (EU) during the period 2010-13. This paper summarises the main results of WDN3 by identifying some patterns in firms' adjustments and labour market reforms. It seeks to lay out the main lessons learnt from the survey in terms of both the general response of EU labour markets to the crisis and how these responses varied across the countries that took part in the survey.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Hinweise zum Inhalt
    Volltext (kostenfrei)
    Quelle: Staatsbibliothek zu Berlin
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789289928540
    Weitere Identifier:
    hdl: 10419/175734
    Schriftenreihe: Occasional paper series / European Central Bank ; no 192 (June 2017)
    Schlagworte: Arbeitsmarkt; Wirtschaftliche Anpassung; Schuldenkrise; Schock; Arbeitskosten; Lohnrigidität; Arbeitsmarktreform; EU-Staaten; labour market; economic recession; employment policy; pay policy; collective bargaining; public policy
    Umfang: 1 Online-Ressource (circa 77 Seiten), Illustrationen
  4. Financial stability assessment of EU candidate and potential candidate countries
    developments since 2014
    Autor*in: Gächter, Martin; Macki, Piotr; Moder, Isabella; Polgár, Éva Katalin; Savelin, Li; Żuk, Piotr
    Erschienen: May 2017
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    This paper reviews and assesses financial stability challenges in countries preparing for EU membership, i.e. Albania, Bosnia and Herzegovina, Kosovo, the former Yugoslav Republic of Macedonia, Montenegro, Serbia and Turkey. The paper focuses on the... mehr

    Zugang:
    Resolving-System (kostenfrei)

    Standort:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
    Fernleihe:
    uneingeschränkte Fernleihe, Kopie und Ausleihe

     

    This paper reviews and assesses financial stability challenges in countries preparing for EU membership, i.e. Albania, Bosnia and Herzegovina, Kosovo, the former Yugoslav Republic of Macedonia, Montenegro, Serbia and Turkey. The paper focuses on the period since 2014 and on the banking sectors that dominate financial systems in this group of countries. It identifies two main near-term challenges applying to most of them. The first relates to credit risk, which remains substantial despite some progress in reducing the burden of non-performing loans on banks’ balance sheets in the period under review. However, progress so far is limited, partly owing to structural impediments. The second relates to the still high share of foreign exchange denominated loans and deposits, which poses an indirect credit risk in the case of lending to unhedged borrowers and impairs the monetary transmission channel. In addition, profitability is worth monitoring going forward, as it remains subdued in many countries given high provisioning needs and a lacklustre credit growth and low interest rate environment. These concerns are generally met with a solid shock-absorbing capacity, as exemplified by robust capital and liquidity buffers.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Hinweise zum Inhalt
    Volltext (kostenfrei)
    Quelle: Staatsbibliothek zu Berlin
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789289928526
    Weitere Identifier:
    hdl: 10419/175732
    Schriftenreihe: Occasional paper series / European Central Bank ; no 190 (May 2017)
    Schlagworte: banking system; accession to the European Union; international finance; economic integration; financial market; financial institution; public policy; Western Balkans
    Umfang: 1 Online-Ressource (circa 51 Seiten), Illustrationen
  5. The transmission channels of monetary, macro- and microprudential policies and their interrelations
    Autor*in: Beyer, Andreas; Nicoletti, Giulio; Papadopoulou, Niki; Papsdorf, Patrick; Rünstler, Gerhard; Schwarz, Claudia; Sousa, João; Vergote, Olivier
    Erschienen: May 2017
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    This paper investigates the interrelations between monetary, macro- and microprudential policies. It first provides an overview of the three policies, starting with their main instruments and objectives. Monetary policy aims at maintaining price... mehr

    Zugang:
    Resolving-System (kostenfrei)

    Standort:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
    Fernleihe:
    uneingeschränkte Fernleihe, Kopie und Ausleihe

     

    This paper investigates the interrelations between monetary, macro- and microprudential policies. It first provides an overview of the three policies, starting with their main instruments and objectives. Monetary policy aims at maintaining price stability and promoting balanced economic growth, macroprudential policies aim at safeguarding the stability of the overall financial system, while microprudential policies contribute to the safety and soundness of individual entities. Subsequently, the paper provides a simplified description of their respective transmission mechanisms and analyses the interactions between them. A conceptual framework is first presented on the basis of which the analysis of the interactions across the different policies can be demonstrated in a stylised manner. These stylised descriptions are then further complemented by model-based simulations illustrating the significant complementarities and interactions between them. Finally, the paper concludes that from a conceptual point of view there are numerous areas of interaction between the policies. These create scope for synergies, which can be reaped by sharing information and expertise across the various policy areas.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Hinweise zum Inhalt
    Volltext (kostenfrei)
    Quelle: Staatsbibliothek zu Berlin
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789289928533
    Weitere Identifier:
    hdl: 10419/175733
    Schriftenreihe: Occasional paper series / European Central Bank ; no 191 (May 2017)
    Schlagworte: central bank; banking policy; monetary policy; banking; financial regulation; public policy
    Umfang: 1 Online-Ressource (circa 62 Seiten), Illustrationen
  6. Strengthening the role of local currencies in EU candidate and potential candidate countries
    Autor*in: Windischbauer, Ulrich
    Erschienen: 2016
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    This paper deals with the phenomenon of high levels of unofficial euroisation in countries preparing for EU membership (Albania, Bosnia and Herzegovina, the former Yugoslav Republic of Macedonia, Serbia and Turkey). The challenges stemming from... mehr

    Zugang:
    Resolving-System (kostenfrei)

    Standort:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
    Fernleihe:
    uneingeschränkte Fernleihe, Kopie und Ausleihe

     

    This paper deals with the phenomenon of high levels of unofficial euroisation in countries preparing for EU membership (Albania, Bosnia and Herzegovina, the former Yugoslav Republic of Macedonia, Serbia and Turkey). The challenges stemming from unofficial euroisation are particularly relevant for central banks as high degrees of euroisation reduce the effectiveness of monetary policy and create risks to financial stability. Unofficial euroisation in these countries is fuelled by legacies of inflation and macroeconomic imbalances, close economic and financial linkages with the euro area, as well as the perspective of EU membership. While euroisation (or, more generally, dollarisation) is typically a sticky phenomenon that is difficult to reverse, entrenched as it is in the behaviour and mind-set of economic agents, the paper finds - based also on the experience of countries outside the region - that there is a set of policies under the competence of domestic authorities which are conducive to strengthening the use of domestic currencies, even though efforts to bring down dollarisation or euroisation rates typically take a long time to show results. In this context, macroeconomic stabilisation is a necessary but not sufficient condition. It needs to be flanked by targeted prudential and regulatory measures, as well as efforts to develop local currency capital markets. Authorities in EU candidate and potential candidate countries have already engaged in such endeavours and euroisation rates have gone down to some extent in recent years, though at different levels and at an uneven pace. Nevertheless, further efforts are needed, while acknowledging that some specific factors like the strong presence of euro area headquartered banks in these countries as well as their EU accession perspective are conducive to euroisation.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Hinweise zum Inhalt
    Quelle: Staatsbibliothek zu Berlin
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789289923330
    Weitere Identifier:
    hdl: 10419/154623
    Schriftenreihe: Occasional paper series / European Central Bank ; no 170 (April 2016)
    Schlagworte: euro area; banking policy; capital market; currency area; economic stabilisation; monetary policy; macroeconomics; central bank; exchange rate; public policy; European Monetary System; international monetary system
    Umfang: 1 Online-Ressource (circa 51 Seiten), Illustrationen
  7. Basel III and recourse to Eurosystem monetary policy operations
    Autor*in: Bucalossi, Annalisa; Fonseca Coutinho, Cristina; Junius, Kerstin; Luskin, Alaoishe; Momtsia, Angeliki; Rahmouni-Rousseau, Imene; Sahel, Benjamin; Scalia, Antonio; Schmitz, Stefan W.; Prior Soares, Rita Isabel; Schobert, Franziska; Wedow, Michael
    Erschienen: 2016
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    Following the emergence of the financial crisis in August 2007, the Basel Committee on Banking Supervision established in 2010 a new global regulatory framework. In addition to raising capital requirements, it introduced three ratios, two of which... mehr

    Zugang:
    Resolving-System (kostenfrei)

    Standort:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
    Fernleihe:
    uneingeschränkte Fernleihe, Kopie und Ausleihe

     

    Following the emergence of the financial crisis in August 2007, the Basel Committee on Banking Supervision established in 2010 a new global regulatory framework. In addition to raising capital requirements, it introduced three ratios, two of which set out minimum standards for liquidity and funding risk, i.e. the liquidity coverage ratio and the net stable funding ratio, and one which aims to limit leverage in the banking system, i.e. the leverage ratio. All three ratios can have a number of implications for monetary policy implementation, in particular the liquidity coverage ratio and the net stable funding ratio owing to the special role of central banks in providing liquidity. This paper investigates the extent to which the regulatory initiatives might have already had an impact on banks' behaviour in Eurosystem monetary policy operations. It also provides an overview of the regulatory state of play and major recent advancements in banks' compliance with the three Basel III ratios. Based on aggregate data, the empirical evidence generally supports some of the theoretically predicted effects of the three ratios. However, no firm conclusions can be drawn as to whether the introduction of the three ratios could cause a significant change in banks' recourse to Eurosystem monetary policy operations. This is partly due to the fact that, in aggregate, major developments, such as substantial fluctuations in the recourse to Eurosystem refinancing operations in the years between 2012 and 2015, have been driven by the financial crisis and the gradual recovery from it, as well as by the accommodative stance of monetary policy.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Hinweise zum Inhalt
    Quelle: Staatsbibliothek zu Berlin
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789289923347
    Weitere Identifier:
    hdl: 10419/154624
    Schriftenreihe: Occasional paper series / European Central Bank ; no 171 (April 2016)
    Schlagworte: public policy; central bank; monetary policy; European Monetary System; economic cycle
    Umfang: 1 Online-Ressource (circa 49 Seiten), Illustrationen
  8. Modelling metadata in central banks
    Autor*in: Bholat, David
    Erschienen: [2016]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    This article discusses a small scale pilot to harmonise three Bank of England statistical and regulatory data forms. The primary purpose of the pilot was to assess opportunities for improved operational efficiency in regulatory reporting. The broader... mehr

    Zugang:
    Resolving-System (kostenfrei)

    Standort:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
    Fernleihe:
    uneingeschränkte Fernleihe, Kopie und Ausleihe

     

    This article discusses a small scale pilot to harmonise three Bank of England statistical and regulatory data forms. The primary purpose of the pilot was to assess opportunities for improved operational efficiency in regulatory reporting. The broader purpose was to demonstrate how common data standards can be created from heterogeneous data sets. In the course of discussing the pilot, the article explains the history of how data has been collected at the Bank of England; how that process is changing in light of the Bank's Strategic Plan; and why a common data standard is a critical financial market infrastructure fundamental to the success of global regulatory reform.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Hinweise zum Inhalt
    Quelle: Staatsbibliothek zu Berlin
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789289923439
    Weitere Identifier:
    hdl: 10419/154648
    Schriftenreihe: Statistics paper series / European Central Bank ; no 13 (April 2016)
    Schlagworte: standard; bank; econometrics; data processing; central bank; economic statistics; financial statistics; microeconomics; financial market; public policy
    Umfang: 1 Online-Ressource (circa 40 Seiten), Illustrationen
  9. Shadow banking in the euro area
    risks and vulnerabilities in the investment fund sector
    Autor*in: Doyle, Nicola; Hermans, Lieven; Molitor, Philippe; Weistroffer, Christian
    Erschienen: 2016
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    This paper first highlights the structural features of shadow banking in the euro area, focussing on investment funds. It then discusses the potential systemic risks that the recent expansion of the investment fund sector presents. While investment... mehr

    Zugang:
    Resolving-System (kostenfrei)

    Standort:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
    Fernleihe:
    uneingeschränkte Fernleihe, Kopie und Ausleihe

     

    This paper first highlights the structural features of shadow banking in the euro area, focussing on investment funds. It then discusses the potential systemic risks that the recent expansion of the investment fund sector presents. While investment funds provide important intermediation services to the real sector, including market and liquidity risk-sharing and the bridging of information gaps, their rapid expansion may present systemic risks that need to be detected, monitored and managed. In particular, the risk of fund outflows and the possible negative impacts on the wider financial system have risen due to the rapid expansion of the investment fund sector, its growing involvement in capital markets, its use of synthetic leverage, and the inherent and growing maturity and liquidity mismatch arising from the demandable nature of fund share investments. While available data suggest that vulnerabilities within the investment fund sector are growing and links to the wider financial system and real economy have strengthened, data limitations prevent drawing a definitive conclusion on the sectors' contribution to systemic risk.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Hinweise zum Inhalt
    Volltext (kostenfrei)
    Quelle: Staatsbibliothek zu Berlin
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789289923378
    Weitere Identifier:
    hdl: 10419/154627
    Schriftenreihe: Occasional paper series / European Central Bank ; no 174 (June 2016)
    Schlagworte: euro area; euro; financial institution; financial services; public policy; shadow banking
    Umfang: 1 Online-Ressource (circa 32 Seiten), Illustrationen
  10. Possibilidades de fomento às firmas Brasileiras de engenharia de projeto da indústria naval
    Autor*in: Cerqueira, Mário José Barbosa
    Erschienen: 2014
    Verlag:  IPEA, Brasília, DF

    This study is to assess the needs and possibilities of fostering the engineering design firms in Brazil, more specifically those targeting the naval industry projects, and also offer a diagnosis to guide the formulation, implementation and evaluation... mehr

    Standort:
    Ibero-Amerikanisches Institut Preußischer Kulturbesitz, Bibliothek
    Fernleihe:
    uneingeschränkte Fernleihe, Kopie und Ausleihe

     

    This study is to assess the needs and possibilities of fostering the engineering design firms in Brazil, more specifically those targeting the naval industry projects, and also offer a diagnosis to guide the formulation, implementation and evaluation of policy support to strengthen this segment of services. The methodological procedures that were adopted primarily involved literature review and interviews with key affiliates of marine engineering design in Brazil, where we seek: to characterize the main types of marine engineering projects, assess the level of training of the leading consulting engineering naval projects in Brazil, analyze the level of technical requirement of the prime contractors of marine engineering projects in Brazil, and examine key technical recommendations for engineering projects by shipbuilders, Navy and ICTs, where it can be seen that the naval engineering consulting companies in Brazil have several opportunities to develop, since there is large market potential. Finally some propositions were presented to enhance the development and competitiveness of the sector of consulting engineering of naval projects in Brazil, which has good training but it is not fully exploited for basic designs, where issues and technological synergies with local producers of equipment could be potentiated, contributing greatly to the development and improvement of the national supply chain of ship parts.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Hinweise zum Inhalt
    Quelle: Verbundkataloge
    Sprache: Portugiesisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/121646
    Schriftenreihe: Texto para discussão / Instituto de Pesquisa Econômica Aplicada ; 1929
    Schlagworte: naval engineering; naval projects; public policy; shipbuilding industry
    Umfang: Online-Ressource (56 S.), Ill., graph. Darst.
    Bemerkung(en):

    Zsfassung in engl. Sprache
  11. Estatuto do idoso
    avanços com contradições
    Autor*in: Moreira, Ana Amélia Camarano de Mello
    Erschienen: 2013
    Verlag:  IPEA, Brasília, DF

    This article discusses advances and contradictions of some proposed actions by Elder's Bill of Rights. This Bill was approved in 2003. Its main objective is to regulate the rights of older people in multiple spheres and dimensions. It gathers in a... mehr

    Standort:
    Ibero-Amerikanisches Institut Preußischer Kulturbesitz, Bibliothek
    Fernleihe:
    uneingeschränkte Fernleihe, Kopie und Ausleihe

     

    This article discusses advances and contradictions of some proposed actions by Elder's Bill of Rights. This Bill was approved in 2003. Its main objective is to regulate the rights of older people in multiple spheres and dimensions. It gathers in a single document many of the bills and policies previously passed. It incorporates new elements, looking to establish measures to provide the welfare of the elderly in the long run. The essence of the Bill is the general rules which provide for the 'full protection' for the elderly. It sets that they should have all the rights inherent to the human beings and that aging is a highly personal right and their protection a social right. The main established rights are: the right to life, protection, health, labor, social security, social assistance, education, culture, leisure, housing and voting...

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Hinweise zum Inhalt
    Quelle: Verbundkataloge
    Sprache: Portugiesisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/91154
    Schriftenreihe: Texto para discussão / Instituto de Pesquisa Econômica Aplicada ; 1840
    Schlagworte: economics of the elderly; economics of the handicapped; non-labor market discrimination; public policy
    Umfang: Online-Ressource (27 S.), graph. Darst.
    Bemerkung(en):

    Zsfassung in engl. Sprache
  12. Literacy skills, equality of educational opportunities and educational outcomes
    an international comparison
    Autor*in: Jovicic, Sonja
    Erschienen: February 2018
    Verlag:  INEQ, Economics of Inequality Research Institute, WU Vienna, Wien

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VS 366 (8)
    Fernleihe:
    keine Fernleihe
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Hinweise zum Inhalt
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: INEQ working paper series ; #8
    Schlagworte: education; skills; inequality; intergenerational mobility; public policy
    Umfang: 1 Online-Ressource (circa 34 Seiten), Illustrationen
  13. From the horse's mouth
    surveying responses to stress by banks and insurers
    Autor*in: Brinkhoff, Jeroen; Langfield, Sam; Weeken, Olaf
    Erschienen: [2018]
    Verlag:  ESRB, European Systemic Risk Board, European System of Financial Supervision, Frankfurt am Main, Germany

    Existing stress tests do not capture feedback loops between individual institutions and the financial system. To identify feedback loops, the European Systemic Risk Board has developed macroprudential surveys that ask banks and insurers how they... mehr

    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 612
    Fernleihe:
    keine Fernleihe

     

    Existing stress tests do not capture feedback loops between individual institutions and the financial system. To identify feedback loops, the European Systemic Risk Board has developed macroprudential surveys that ask banks and insurers how they would behave in a macroeconomic stress scenario. In a pilot application of these surveys, we find evidence of herding behaviour in the banking sector, notably concerning credit retrenchment. Results show that the consequences can be large, potentially undoing the initial effects of banks' remedial actions by worsening their solvency position. In contrast, insurers' responses to the survey provide little evidence of herding in response to macroeconomic stress. These results highlight the usefulness of macroprudential surveys in identifying feedback loops.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Hinweise zum Inhalt
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789294720399
    Weitere Identifier:
    hdl: 10419/193610
    Schriftenreihe: Occasional paper series / European Systemic Risk Board ; no 15 (April 2018)
    Schlagworte: bank; insurance company; banking system; financial market; economic cycle; macroeconomics; public policy
    Umfang: 1 Online-Ressource (circa 63 Seiten), Illustrationen
  14. Availability of high-quality liquid assets and monetary policy operations
    an analysis for the euro area
    Beteiligt: Grandia, Roel (HerausgeberIn); Hänling, Petra (HerausgeberIn); Lo Russo, Michelina (HerausgeberIn); Åberg, Pontus (HerausgeberIn)
    Erschienen: [2019]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    This paper provides an overview of supply and demand factors influencing the availability of euro-denominated debt instruments that qualify as high-quality liquid assets (HQLA) in the euro area. The paper estimates the supply of HQLA issued by the... mehr

    Zugang:
    Resolving-System (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße
    Fernleihe:
    keine Fernleihe

    Standort:
    Staats- und Universitätsbibliothek Bremen
    Fernleihe:
    keine Fernleihe

    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 535
    Fernleihe:
    keine Fernleihe

     

    This paper provides an overview of supply and demand factors influencing the availability of euro-denominated debt instruments that qualify as high-quality liquid assets (HQLA) in the euro area. The paper estimates the supply of HQLA issued by the public and private sectors as well as the aggregated impact of Eurosystem monetary policy operations on the amount and composition of HQLA held by banks and other economic agents. An assessment of the main demand factors is also presented. Finally, the paper provides some insights into the interaction with and implications for the Eurosystem monetary policy implementation framework in the longer run.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Hinweise zum Inhalt
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Quelle: Staatsbibliothek zu Berlin
    Beteiligt: Grandia, Roel (HerausgeberIn); Hänling, Petra (HerausgeberIn); Lo Russo, Michelina (HerausgeberIn); Åberg, Pontus (HerausgeberIn)
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789289936798
    Weitere Identifier:
    hdl: 10419/207605
    Körperschaften/Kongresse:
    Europäische Zentralbank (VerfasserIn)
    Schriftenreihe: Occasional paper series / European Central Bank ; no 218 (February 2019)
    Schlagworte: central bank; banking policy; Eurosystem; euro area; financial market; public policy; regulatory changes; central bank policies; bank regulation; credit operations; asset purchase programme
    Umfang: 1 Online-Ressource (circa 37 Seiten), Illustrationen
  15. Bank recapitalizations and lending
    a little is not enough
    Autor*in: Homar, Timotej
    Erschienen: [2016]
    Verlag:  European Systemic Risk Board, Frankfurt am Main, Germany

    This paper analyzes the effect of bank recapitalizations on lending, funding and asset quality of European banks between 2000 and 2013. Controlling for market implied capital shortfall of banks, we find that banks that receive a sufficiently large... mehr

    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 611
    Fernleihe:
    keine Fernleihe

     

    This paper analyzes the effect of bank recapitalizations on lending, funding and asset quality of European banks between 2000 and 2013. Controlling for market implied capital shortfall of banks, we find that banks that receive a sufficiently large recapitalization increase lending, attract more deposits and clean up their balance sheets. In contrast, banks that receive a small recapitalization relative to their capital shortfall reduce lending and shrink assets. These results suggest recapitalizations need to be large enough to lead to new lending.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Hinweise zum Inhalt
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789295081437
    Weitere Identifier:
    hdl: 10419/193523
    Schriftenreihe: Working paper series / ESRB, European Systemic Risk Board, European System of Financial Supervision ; no 16 (June 2016)
    Schlagworte: banking policy; credit policy; monetary crisis; loan; economic recession; public policy; Bank recapitalization; lending; zombie banks; bank restructuring; banking crisis
    Umfang: 1 Online-Ressource (circa 45 Seiten), Illustrationen
  16. Assessing the costs and benefits of capital-based macroprudential policy
    Autor*in: Behn, Markus; Groß, Marco; Peltonen, Tuomo
    Erschienen: [2016]
    Verlag:  European Systemic Risk Board, Frankfurt am Main, Germany

    We develop an integrated Early Warning Global Vector Autoregressive (EW-GVAR) model to quantify the costs and benefits of capital-based macroprudential policy measures. Our findings illustrate that capital-based measures are transmitted both via... mehr

    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 611
    Fernleihe:
    keine Fernleihe

     

    We develop an integrated Early Warning Global Vector Autoregressive (EW-GVAR) model to quantify the costs and benefits of capital-based macroprudential policy measures. Our findings illustrate that capital-based measures are transmitted both via their impact on the banking system's resilience and via indirect macro-financial feedback effects. The feedback effects relate to dampened credit and asset price growth and, depending on how banks move to higher capital ratios, can account for up to a half of the overall effectiveness of capitalbased measures. Moreover, we document significant cross-country spillover effects, especially for measures implemented in larger countries. Overall, our model helps to understand how and through which channels changes in capitalization affect bank lending and the wider economy and can inform policy makers on the optimal calibration and timing of capital-based macroprudential instruments.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Hinweise zum Inhalt
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789295081444
    Weitere Identifier:
    hdl: 10419/193524
    Schriftenreihe: Working paper series / ESRB, European Systemic Risk Board, European System of Financial Supervision ; no 17 (July 2016)
    Schlagworte: macroeconomics; cost-benefit analysis; economic model; financial market; banking policy; regulation (EU); public policy; Macroprudential policy; cost-benefit analysis; early-warning system; GVAR
    Umfang: 1 Online-Ressource (circa 46 Seiten), Illustrationen
  17. Strategic complementarity in banks' funding liquidity choices and financial stability
    Autor*in: Silva, André
    Erschienen: [2016]
    Verlag:  European Systemic Risk Board, Frankfurt am Main, Germany

    This paper examines whether banks' liquidity and maturity mismatch decisions are affected by the choices of competitors and the impact of these coordinated funding liquidity policies on financial stability. Using a novel identification strategy where... mehr

    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 611
    Fernleihe:
    keine Fernleihe

     

    This paper examines whether banks' liquidity and maturity mismatch decisions are affected by the choices of competitors and the impact of these coordinated funding liquidity policies on financial stability. Using a novel identification strategy where interactions are structured through decision networks, I show that banks do consider their peers' liquidity choices when determining their own. This effect is asymmetric and not present in bank capital choices. Importantly, I find that these strategic funding liquidity decisions increase both individual banks' default risk and overall systemic risk. From a macroprudential perspective, the results highlight the importance of explicitly regulating systemic liquidity risk.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Hinweise zum Inhalt
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789295081468
    Weitere Identifier:
    hdl: 10419/193526
    Schriftenreihe: Working paper series / ESRB, European Systemic Risk Board, European System of Financial Supervision ; no 19 (July 2016)
    Schlagworte: financial market; banking; amortisation; monetary policy; financial regulation; financial institution; public policy; funding liquidity risk; financial stability; macroprudential policy
    Umfang: 1 Online-Ressource (circa 59 Seiten), Illustrationen
  18. A coordenação de programas prioritários sob a perspectiva do núcleo do governo federal (2007-2014)
    Autor*in: Cavalcante, Pedro; Gomide, Alexandre de Ávila; Barbosa, Sheila
    Erschienen: janeiro de 2019
    Verlag:  Instituto de Pesquisa Econômica Aplicada, Brasília

    The paper's main goal is to advance in the knowledge of a key function of the government: the policy coordination. This is even more relevant within the core of the government, which is a set of institutions and actors that provide direct support to... mehr

    Zugang:
    Resolving-System (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 194
    Fernleihe:
    keine Fernleihe

     

    The paper's main goal is to advance in the knowledge of a key function of the government: the policy coordination. This is even more relevant within the core of the government, which is a set of institutions and actors that provide direct support to implementation of priority actions defined by the president. Thus, the research analyzes what mechanisms, instruments and levels of coordination are actually used in the policymaking of four strategic policies during the Lula's and Dilma's administration, namely: i) Programa Bolsa Família (PBF); ii) Programa de Aceleração do Crescimento (PAC); iii) Programa Brasil Sem Miséria (BSM); e iv) Programa de Investimento em Logística (PIL). The investigation employed bibliographic review, content analysis of official publications and, mainly, interviews with actors who occupied key positions in the Presidency and Ministries of Finance and Planning in both administrations. The main conclusion is that in spite of the existence of various formal and procedural coordination instruments, in practice, the instruments most used in priority policies coordination are the ones informal and designed ad hoc for such programs. In addition, the hierarchical mechanism shares space with intra-governmental networking strategies, especially to solve conflicts and disagreements among ministries.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Hinweise zum Inhalt
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Quelle: Verbundkataloge
    Sprache: Portugiesisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/211392
    Schriftenreihe: Texto para discussão / Ipea ; 2440
    Schlagworte: governmental coordination; public policy; core of government; Executive branch; Brazil
    Umfang: 1 Online-Ressource (circa 40 Seiten)
  19. ESBies
    safety in the tranches
    Autor*in: Brunnermeier, Markus Konrad; Langfield, Sam; Pagano, Marco; Reis, Ricardo; Nieuwerburgh, Stijn van; Vayanos, Dimitri
    Erschienen: [2016]
    Verlag:  European Systemic Risk Board, Frankfurt am Main, Germany

    The euro crisis was fueled by the diabolic loop between sovereign risk and bank risk, coupled with cross-border flight-to-safety capital flows. European Safe Bonds (ESBies), a union-wide safe asset without joint liability, would help to resolve these... mehr

    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 611
    Fernleihe:
    keine Fernleihe

     

    The euro crisis was fueled by the diabolic loop between sovereign risk and bank risk, coupled with cross-border flight-to-safety capital flows. European Safe Bonds (ESBies), a union-wide safe asset without joint liability, would help to resolve these problems. We make three contributions. First, numerical simulations show that ESBies would be at least as safe as German bunds and approximately double the supply of euro safe assets when protected by a 30%-thick junior tranche. Second, a model shows how, when and why the two features of ESBies - diversification and seniority - can weaken the diabolic loop and its diffusion across countries. Third, we propose a step-by-step guide on how to create ESBies, starting with limited issuance by public or private-sector entities.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Hinweise zum Inhalt
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789295081512
    Weitere Identifier:
    hdl: 10419/193528
    Auflage/Ausgabe: This draft: September, 2016
    Schriftenreihe: Working paper series / ESRB, European Systemic Risk Board, European System of Financial Supervision ; no 21 (September 2016)
    Schlagworte: Eurobond; Öffentliche Anleihe; Eurozone; Bank; Portfolio-Management; Bankenregulierung; EU-Staaten; financial market; macroeconomics; public policy; bond; European Safe Bonds; safe assets; sovereign risk
    Umfang: 1 Online-Ressource (circa 54 Seiten), Illustrationen
  20. Arbitraging the Basel securitization framework
    evidence from German ABS investment
    Autor*in: Efing, Matthias
    Erschienen: [2016]
    Verlag:  European Systemic Risk Board, Frankfurt am Main, Germany

    This paper provides evidence for regulatory arbitrage within the class of asset-backed securities (ABS) based on individual asset holding data of German banks. I find that banks operating with tight regulatory constraints exploit the low... mehr

    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 611
    Fernleihe:
    keine Fernleihe

     

    This paper provides evidence for regulatory arbitrage within the class of asset-backed securities (ABS) based on individual asset holding data of German banks. I find that banks operating with tight regulatory constraints exploit the low risk-sensitivity of rating-contingent capital requirements for ABS. Unlike unconstrained banks they systematically pick the securities with the highest yield and the lowest collateral performance among ABS with the same regulatory risk weight. This reaching for yield allows constrained banks to increase the return on the capital required for an ABS investment by a factor of four.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Hinweise zum Inhalt
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789295081529
    Weitere Identifier:
    hdl: 10419/193529
    Schriftenreihe: Working paper series / ESRB, European Systemic Risk Board, European System of Financial Supervision ; no 22 (September 2016)
    Schlagworte: bank; banking policy; venture capital; investment; credit policy; financial market; public policy; Germany; Regulatory arbitrage; asset-backed securities; reaching for yield; credit ratings
    Umfang: 1 Online-Ressource (circa 70 Seiten), Illustrationen
  21. (Pro?)-cyclicality of collateral haircuts and systemic illiquidity
    Autor*in: Glaser, Florian; Panz, Sven
    Erschienen: [2016]
    Verlag:  European Systemic Risk Board, Frankfurt am Main, Germany

    Procyclicality of collateral haircuts and margins has become a widely proclaimed behavior and is currently discussed not only by academic literature but also by regulatory authorities in Europe. Procyclicality of haircuts is assumed to be a trigger... mehr

    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 611
    Fernleihe:
    keine Fernleihe

     

    Procyclicality of collateral haircuts and margins has become a widely proclaimed behavior and is currently discussed not only by academic literature but also by regulatory authorities in Europe. Procyclicality of haircuts is assumed to be a trigger of liquidity spirals due to its tightening effect of collateral portfolio values in times of market distress. However, empirical evidence on this topic is quite sparse and the discussions are primarily driven by insights derived from theoretical models. Nonetheless, oversight bodies are discussing macroprudential haircut add-ons in order to curb with the potential effects of procyclicality in distressed periods. Based on a unique data set provided by a large European Central Counterparty we construct a measure of systemic illiquidity of bond collaterals and analyze the relationship between haircuts, the development of periods with explosive behavior and systemic illiquidity. We estimate the noise of bond yields to measure systemic illiquidity with and without considering haircuts. We then apply an explosive roots bubble detection technique to identify irrational periods of each of these two time series and to a combination of both. Finally, we propose a quantitative trigger and design for macroprudential haircut add-ons. Our results confirm that (1) bond collateral markets face irrational, i.e. bubble-like illiquidity during periods of systemic distress. The results indicate that (2) haircuts are not amplifying or increasing with systemic illiquidity. (3) The proposed haircut add-on mechanism exhibits desirable features to mitigate systemic illiquidity during lasting periods of distress.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Hinweise zum Inhalt
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789295081574
    Weitere Identifier:
    hdl: 10419/193534
    Schriftenreihe: Working paper series / ESRB, European Systemic Risk Board, European System of Financial Supervision ; no 27 (October 2016)
    Schlagworte: economic cycle; financial market; market; macroeconomics; public policy; Procyclicality; Collateral Haircuts; Systemic Risk; Macroprudential Add-On
    Umfang: 1 Online-Ressource (circa 38 Seiten), Illustrationen
  22. Predicting vulnerabilities in the EU banking sector
    the role of global and domestic factors
    Autor*in: Behn, Markus; Detken, Carsten; Peltonen, Tuomo; Schudel, Willem
    Erschienen: [2016]
    Verlag:  European Systemic Risk Board, Frankfurt am Main, Germany

    We estimate a multivariate early-warning model to assess the usefulness of private credit and other macro-financial variables in predicting banking sector vulnerabilities. Using data for 23 European countries, we find that global variables and in... mehr

    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 611
    Fernleihe:
    keine Fernleihe

     

    We estimate a multivariate early-warning model to assess the usefulness of private credit and other macro-financial variables in predicting banking sector vulnerabilities. Using data for 23 European countries, we find that global variables and in particular global credit growth are strong predictors of domestic vulnerabilities. Moreover, domestic credit variables also have high predictive power, but should be complemented by other macro-financial indicators like house price growth and banking sector capitalization that play a salient role in predicting vulnerabilities. Our findings can inform decisions on the activation of macroprudential policy measures and suggest that policy makers should take a broad approach in the analytical models that support risk identification and calibration of tools.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Hinweise zum Inhalt
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789295081598
    Weitere Identifier:
    hdl: 10419/193536
    Schriftenreihe: Working paper series / ESRB, European Systemic Risk Board, European System of Financial Supervision ; no 29 (November 2016)
    Schlagworte: Bank; Kreditgeschäft; Bankenkrise; Signalling; Systemrisiko; Frühwarnsystem; Finanzmarktaufsicht; EU-Staaten; monetary crisis; economic model; macroeconomics; credit policy; bank; public policy; early-warning model; banking crises; signalling approach; systemic risk
    Umfang: 1 Online-Ressource (circa 38 Seiten), Illustrationen
  23. The (unintended?) consequences of the largest liquidity injection ever
    Autor*in: Crosignani, Matteo; Faria-e-Castro, Miguel; Fonseca, Luís
    Erschienen: [2016]
    Verlag:  European Systemic Risk Board, Frankfurt am Main, Germany

    We study the design of lender of last resort interventions and show that the provision of long-term liquidity incentivizes purchases of high-yield short-term securities by banks. Using a unique security-level data set, we find that the European... mehr

    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 611
    Fernleihe:
    keine Fernleihe

     

    We study the design of lender of last resort interventions and show that the provision of long-term liquidity incentivizes purchases of high-yield short-term securities by banks. Using a unique security-level data set, we find that the European Central Bank's three-year Long-Term Refinancing Operation incentivized Portuguese banks to purchase short-term domestic government bonds that could be pledged to obtain central bank liquidity. This "collateral trade" effect is large, as banks purchased short-term bonds equivalent to 8.4% of amount outstanding. The resumption of public debt issuance is consistent with a strategic reaction of the debt agency to the observed yield curve steepening.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Hinweise zum Inhalt
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789295081666
    Weitere Identifier:
    hdl: 10419/193538
    Schriftenreihe: Working paper series / ESRB, European Systemic Risk Board, European System of Financial Supervision ; no 31 (December 2016)
    Schlagworte: central bank; money-market liquidity; financial institution; monetary policy; public policy; public debt; Lender of Last Resort; Unconventional Monetary Policy; Sovereign Debt
    Umfang: 1 Online-Ressource (circa 58 Seiten), Illustrationen
  24. Financial contagion with spillover effects
    a multiplex network approach
    Autor*in: Peralta, Gustavo; Crisóstomo, Ricardo
    Erschienen: [2016]
    Verlag:  European Systemic Risk Board, Frankfurt am Main, Germany

    This paper presents a comprehensive model of financial contagion encompassing both direct and indirect transmission channels. We introduce direct contagion through a 2-layered multiplex network to account for the distinct dynamics resulting from... mehr

    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 611
    Fernleihe:
    keine Fernleihe

     

    This paper presents a comprehensive model of financial contagion encompassing both direct and indirect transmission channels. We introduce direct contagion through a 2-layered multiplex network to account for the distinct dynamics resulting from collateralized and uncollateralized transactions. Moreover, the spillover effects of fire sales, haircut prociclicality and liquidity hoarding are specifically considered through indirect transmission channels. This framework allows us to analyze the determinants of systemic crisis and the resilience of different financial network configurations. Our first experiment demonstrates the benefits of counterparty diversification as a way of reducing systemic risk. The second experiment highlights the positive effect of higher initial capital and liquidity levels, while stressing the potentially counterproductive impact of rapidly increasing the minimum capital and liquidity ratios, particularly in times of stress. The third experiment examines the possibility of controlling the maximum haircut rates, although the impact of this measure is modest compared to other alternatives. Finally, our last experiment evidences the fundamental role played by fire sales and market liquidity in either leading or mitigating systemic crises.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Hinweise zum Inhalt
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789295081673
    Weitere Identifier:
    hdl: 10419/193539
    Schriftenreihe: Working paper series / ESRB, European Systemic Risk Board, European System of Financial Supervision ; no 32 (December 2016)
    Schlagworte: financial regulation; economic policy; public policy; banking system; simulation; Multiplex networks; financial contagion; spillover effects; financial regulation; systemic risk; simulations
    Umfang: 1 Online-Ressource (circa 27 Seiten), Illustrationen
  25. Credit conditions, macroprudential policy and house prices
    Autor*in: Kelly, Robert; McCann, Fergal; O'Toole, Conor
    Erschienen: [2017]
    Verlag:  European Systemic Risk Board, Frankfurt am Main, Germany

    We provide a micro-empirical link between the large literature on credit and house prices and the burgeoning literature on macroprudential policy. Using loan-level data on Irish mortgages originated between 2003 and 2010, we construct a measure of... mehr

    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 611
    Fernleihe:
    keine Fernleihe

     

    We provide a micro-empirical link between the large literature on credit and house prices and the burgeoning literature on macroprudential policy. Using loan-level data on Irish mortgages originated between 2003 and 2010, we construct a measure of credit availability which varies at the borrower level as a function of income, wealth, age, interest rates and prevailing market conditions around Loan to Value ratios (LTV), Loan to Income ratios (LTI) and monthly Debt Service Ratios (DSR). We deploy a property-level house price model which shows that a ten per cent increase in credit available leads to an 1.5 per cent increase in the value of property purchased. Coefficients from this model are then used to fit values under scenarios of macroprudential restrictions on LTV, LTI and DSR on credit availability and house prices in Ireland for 2003 and 2006. Our results suggest that macroprudential limits would have had substantial impacts on house prices, and that both the level at which they are set and the timing of their introduction is a crucial determinant of their impact on housing values.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Hinweise zum Inhalt
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789295081956
    Weitere Identifier:
    hdl: 10419/193543
    Schriftenreihe: Working paper series / ESRB, European Systemic Risk Board, European System of Financial Supervision ; no 36 (February 2017)
    Schlagworte: credit policy; real estate credit; property market; central bank; public policy; banking policy; housing need; Mortgages; credit availability; macroprudential policy; house prices
    Umfang: 1 Online-Ressource (circa 36 Seiten), Illustrationen