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Displaying results 1 to 25 of 55.

  1. Kennzahlen
    Author: Vollmuth, J. Hilmar; Zwettler, Robert
    Published: 2015
    Publisher:  Haufe, Stuttgart

    Wie finanziert sich das Unternehmen? Wie rentabel ist es? Kennzahlen schaffen Transparenz und verdeutlichen Zusammenhänge. Aussagekräftige Kennzahlen sind daher die Grundlage für unternehmerisches Planen und Handeln. Die Autoren stellen die... more

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    Wie finanziert sich das Unternehmen? Wie rentabel ist es? Kennzahlen schaffen Transparenz und verdeutlichen Zusammenhänge. Aussagekräftige Kennzahlen sind daher die Grundlage für unternehmerisches Planen und Handeln. Die Autoren stellen die geläufigsten Kennzahlen und ihren Nutzen anschaulich vor. Inhalte: - Liquidität, Rendite, Vermögen - die wichtigsten Kennzahlen und wie man sie ermittelt - Basiswissen zur Gewinnanalyse und Wertschöpfung - Mit großem Trainingsteil: Wie Sie Kennzahlen selbst ermitteln und mit ihnen arbeiten - In der Best of-Edition!

     
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  2. Issuance of Central Bank Securities
    International Experiences and Guidelines
    Author: Gray, Simon
    Published: 2015
    Publisher:  International Monetary Fund, Washington, D.C

    The paper discusses the reasons for central bank (CB) issuance of securities, and reasons for choosing different approaches e.g. in maturities and target market. It provides evidence on the range of different approaches taken by those CBs which do... more

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    The paper discusses the reasons for central bank (CB) issuance of securities, and reasons for choosing different approaches e.g. in maturities and target market. It provides evidence on the range of different approaches taken by those CBs which do issue, as well as suggesting reasons why some CBs do not; and provides operational guidelines on the major building blocks of the issuance of CB securities

     
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  3. The conduct of monetary policy in the future
    instrument use
    Published: 2015
    Publisher:  OECD, Economics Dep., Paris

    The set of monetary policy instruments has expanded since the start of the global financial crisis in the many OECD economies. Against this background, this paper analyses whether some of the new instruments should be retained in the long term when... more

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    The set of monetary policy instruments has expanded since the start of the global financial crisis in the many OECD economies. Against this background, this paper analyses whether some of the new instruments should be retained in the long term when broader financial stability objectives are likely to feature more prominently as monetary policy goals than prior to the crisis. It also assesses if these new instruments should be used during the transition to this situation and when countries are stuck in persistent stagnation. In the post recovery situation, central banks could ultimately revert to targeting short-term market rates with small balance sheets. This might, however, require changes to monetary policy implementation due to new liquidity requirements. The transition to this situation will be lengthy and will require a mixture of liquidity draining instruments. Alternatively, they could adopt a floor system, which may benefit financial stability. The use of unconventional measures as a substitute for policy rate cuts will no longer be needed unless countries remain in persistent stagnation. Nevertheless, in the post-recovery normal, extended collateral and counterparty eligibility could be sustained, and currency swap lines among central banks could be expanded.

     
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    Content information
    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    ECO/WKP(2015)5
    Series: OECD Economics Department working papers ; 1187
    Subjects: Geldpolitik; Liquidität; Wechselkurssystem; OECD-Staaten; Economics
    Scope: Online-Ressource (48 S.), graph. Darst.
    Notes:

    Zsfassung in franz. Sprache
  4. The impact of global liquidity on financial landscapes and risks in the ASEAN-5 countries
    Author: Sun, Tao
    Published: 2015
    Publisher:  International Monetary Fund, Washington, D.C

    This paper analyzes the transmission of global liquidity to the ASEAN-5 countries (ASEAN-5), including the impact on financial landscapes and risks to financial stability. It finds that global liquidity transmission and changing financial landscapes... more

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    This paper analyzes the transmission of global liquidity to the ASEAN-5 countries (ASEAN-5), including the impact on financial landscapes and risks to financial stability. It finds that global liquidity transmission and changing financial landscapes have contributed to increases in risks to financial stability in ASEAN-5. Therefore, policymakers in ASEAN-5 should prepare for possible liquidity tightening, strengthen regulation of nonbanks, and establish a comprehensive financial stability framework. A number of couontries are well-advanced in this process

     
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  5. Delegated portfolio management, benchmarking, and the effects on financial markets
    Author: Igan, Deniz; Pinheiro, Marcelo
    Published: 2015
    Publisher:  International Monetary Fund, Washington, D.C

    We analyze the implications of linking the compensation of fund managers to the return of their portfolio relative to that of a benchmark-a common solution to the agency problem in delegated portfolio management. In the presence of such... more

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    We analyze the implications of linking the compensation of fund managers to the return of their portfolio relative to that of a benchmark-a common solution to the agency problem in delegated portfolio management. In the presence of such relativeperformance- based objectives, investors have reduced expected utility but markets are typically more informative and deeper. Furthermore, in a multiple asset/market framework we show that (i) relative performance concerns lead to an increase in the correlation between markets (financial contagion); (ii) benchmark inclusion increases price volatility; (iii) home bias emerges as a rational outcome. When information is costly, information acquisition is hindered and this attenuates the effects on informativeness and depth of the market

     
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  6. Monetary policy transmission and financial stability in a LIC
    the case of Bangladesh
    Author: Rafiq, Sohrab
    Published: 2015
    Publisher:  IMF, Washington, DC

    This paper explores how monetary policy affects the real economy and its efficacy in promoting financial stability in a large low income country. This paper shows that monetary policy modestly impacts real economic activity and inflation via the bank... more

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    This paper explores how monetary policy affects the real economy and its efficacy in promoting financial stability in a large low income country. This paper shows that monetary policy modestly impacts real economic activity and inflation via the bank lending and financial accelerator channels. Second, money market and treasury rates signal changes in the policy stance, while altering banks' intermediation cost curves due to shifting risk premia. At the same time, evidence points to monetary policy inducing an overshooting in asset prices. These findings suggest that financial stability could be undermined if the calibration of monetary policy is based solely on output and inflation without accounting for the stage of the financial cycle. Finally, the paper discusses policy measures that would enhance the transmission of monetary policy and promote financial stability in Bangladesh

     
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  7. The impact of unconventional monetary policy measures by the systemic four on global liquidity and monetary conditions
    Author: Korniyenko, Yevgeniya; Loukoianova, Elena
    Published: December 2015
    Publisher:  International Monetary Fund, [Washington, D.C.]

    The paper examines the impact of unconventional monetary policy measures (UMPMs) implemented since 2008 in the United States, the United Kingdom, Euro area and Japan- the Systemic Four-on global monetary and liquidity conditions. Overall, the results... more

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    The paper examines the impact of unconventional monetary policy measures (UMPMs) implemented since 2008 in the United States, the United Kingdom, Euro area and Japan- the Systemic Four-on global monetary and liquidity conditions. Overall, the results show positive significant relationships. However, there are differences in the impact of the UMPMs of individual S4 countries on these conditions in other countries. UMPMs of the Bank of Japan have positive association with global liquidity but negative association with securities issuance. The quantitative easing (QE) of the Bank of England has the opposite association. Results for the quantitative easing measures of the United States Federal Reserve System (U.S. Fed) and the ECB UMPMs are more mixed

     
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  8. Fragilities in the U.S. treasury market
    lessons from the “Flash Rally” of October 15, 2014
    Author: Bouveret, Antoine; Breuer, Peter; Chen, Yingyuan; Jones, David; Sasaki, Tsuyoshi
    Published: October 2015
    Publisher:  International Monetary Fund, [Washington, D.C.]

    International capital flows can create significant financial instability in emerging economies because of pecuniary externalities associated with exchange rate movements. Does this make it optimal to impose capital controls or should policymakers... more

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    International capital flows can create significant financial instability in emerging economies because of pecuniary externalities associated with exchange rate movements. Does this make it optimal to impose capital controls or should policymakers rely on domestic macroprudential regulation? This paper presents a tractable model to show that it is desirable to employ both types of instruments: Macroprudential regulation reduces overborrowing, while capital controls increase the aggregate net worth of the economy as a whole by also stimulating savings. The two policy measures should be set higher the greater an economy's debt burden and the higher domestic inequality. In our baseline calibration based on the East Asian crisis countries, we find optimal capital controls and macroprudential regulation in the magnitude of 2 percent. In advanced countries where the risk of sharp exchange rate depreciations is more limited, the role for capital controls subsides. However, macroprudential regulation remains essential to mitigate booms and busts in asset prices

     
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  9. The liquidity effects of official bond market intervention
    Author: Pooter, Michiel de; Martin, Robert F.; Pruitt, Seth
    Published: 2015
    Publisher:  Board of Governors of the Federal Reserve System, Washington, DC

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: International finance discussion papers ; 1138
    Subjects: Geldpolitik; Eurozone; Öffentliche Anleihe; Schuldenübernahme; Zentralbank; Liquidität; EU-Staaten; Securities Markets Programme
    Scope: Online-Ressource (56, 20 S.), graph. Darst.
  10. Self control and commitment
    can decreasing the liquidity of a savings account increase deposits?
    Published: 2015
    Publisher:  Harvard Univ., John F. Kennedy School of Government, Cambridge, Mass.

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Faculty research working paper series / John F. Kennedy School of Government, Harvard University ; 15-048
    Subjects: Einlagengeschäft; Verhaltensökonomik; Experiment; Zins; Liquidität; Theorie
    Scope: Online-Ressource (53 S.), graph. Darst.
  11. The conduct of monetary policy in the future
    instrument use
    Published: 2015
    Publisher:  OECD, Economics Dep., Paris

    The set of monetary policy instruments has expanded since the start of the global financial crisis in the many OECD economies. Against this background, this paper analyses whether some of the new instruments should be retained in the long term when... more

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    The set of monetary policy instruments has expanded since the start of the global financial crisis in the many OECD economies. Against this background, this paper analyses whether some of the new instruments should be retained in the long term when broader financial stability objectives are likely to feature more prominently as monetary policy goals than prior to the crisis. It also assesses if these new instruments should be used during the transition to this situation and when countries are stuck in persistent stagnation. In the post recovery situation, central banks could ultimately revert to targeting short-term market rates with small balance sheets. This might, however, require changes to monetary policy implementation due to new liquidity requirements. The transition to this situation will be lengthy and will require a mixture of liquidity draining instruments. Alternatively, they could adopt a floor system, which may benefit financial stability. The use of unconventional measures as a substitute for policy rate cuts will no longer be needed unless countries remain in persistent stagnation. Nevertheless, in the post-recovery normal, extended collateral and counterparty eligibility could be sustained, and currency swap lines among central banks could be expanded.

     
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    Content information
    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    ECO/WKP(2015)5
    Series: OECD Economics Department working papers ; 1187
    Subjects: Geldpolitik; Liquidität; Wechselkurssystem; OECD-Staaten; Economics
    Scope: Online-Ressource (48 S.), graph. Darst.
    Notes:

    Zsfassung in franz. Sprache
  12. On the theoretical efficacy of quantitative easing at the zero lower bound
    Author: Boel, Paola; Waller, Christopher
    Published: 2015
    Publisher:  Federal Reserve Bank of St. Louis, Research Division, St. Louis, Mo.

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    Niedersächsische Staats- und Universitätsbibliothek Göttingen
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Working paper series / Federal Reserve Bank of St. Louis, Research Division ; 2015-027
    Subjects: Niedrigzinspolitik; Liquidität; Gesamtwirtschaftliche Nachfrage; Inflationserwartung; Antizyklische Finanzpolitik; Wohlfahrtsanalyse; Allgemeines Gleichgewicht; Theorie; Friedman rule
    Scope: Online Resource (35 S.), graph. Darst.
  13. Central Bank collaterALL
    Author: Capel, Jeannette Johanna
    Published: 2015
    Publisher:  DNB, Amsterdam

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Occasional studies / De Nederlandsche Bank ; 13.2015,3
    Subjects: Kreditrisiko; Kreditsicherung; Liquidität; Geldpolitik; Welt
    Scope: Online-Ressource (111 S.), graph. Darst.
  14. Measuring contagion-induced funding liquidity risk in sovereign debt markets
    Published: 2015
    Publisher:  Hong Kong Inst. for Monetary Research, Hong Kong

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: HKIMR working paper ; 2015,18
    Subjects: Schuldenkrise; Liquidität; Risiko; Öffentliche Anleihe; Eurozone
    Scope: Online-Ressource (42 S.)
  15. On the theoretical efficacy of quantitative easing at the zero lower bound
    Author: Boel, Paola; Waller, Christopher
    Published: 2015
    Publisher:  Sveriges Riksbank, Stockholm

    We construct a monetary economy in which agents face aggregate demand shocks and heterogeneous idiosyncratic preference shocks. We show that, even when the Friedman rule is the best interest rate policy the central bank can implement, not all agents... more

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    We construct a monetary economy in which agents face aggregate demand shocks and heterogeneous idiosyncratic preference shocks. We show that, even when the Friedman rule is the best interest rate policy the central bank can implement, not all agents are satiated at the zero lower bound and therefore there is scope for central bank policies of liquidity provision. Indeed, we find that quantitative easing can be welfare improving even at the zero lower bound. This is because such policy temporarily relaxes the liquidity constraint of impatient agents, without harming the patient ones. Moreover, due to a pricing externality, quantitative easing may also have benficial general equilibrium effects for the patient agents even if they are unconstrained in their holdings of real balances. Last, our model suggests that it can be optimal for the central bank to buy private debt claims instead of government debt.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/129724
    Series: Sveriges Riksbank working paper series ; 310
    Subjects: Niedrigzinspolitik; Liquidität; Gesamtwirtschaftliche Nachfrage; Inflationserwartung; Antizyklische Finanzpolitik; Wohlfahrtsanalyse; Allgemeines Gleichgewicht; Theorie; Friedman rule
    Scope: Online-Ressource (35 S.), graph. Darst.
  16. Incomplete markets and aggregate demand
    Author: Werning, Iván
    Published: 2015

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    W 1 (21448)
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Print
    Series: NBER working paper series ; 21448
    Subjects: Privater Konsum; Unvollkommener Markt; Finanzmarkt; Liquidität; Variationsrechnung; Real-Business-Cycle-Theorie; Phillips-Kurve; Theorie
    Scope: 40 S.
    Notes:

    Parallel als Online-Ausg. erschienen
  17. Rumors and runs in opaque markets
    evidence from the panic of 1907
    Author: Frohlin, Caroline; Gehrig, Thomas; Haas, Marlene
    Published: 2015
    Publisher:  Emory Univ., Dep. of Economics, Atlanta, Ga.

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Working papers / Emory University, Department of Economics ; 15,03
    Subjects: Aktienmarkt; Liquidität; Asymmetrische Information; Geld-Brief-Spanne; Finanzkrise; USA
    Scope: Online-Ressource (43 S.), graph. Darst.
  18. Optimal resolution procedures and dividend policy for global-systemically-important-banks
    Author: Güney, Ethem
    Published: 2015
    Publisher:  Türkiye Cumhuriyet Merkez Bankasi, Ankara

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Working paper / Türkiye Cumhuriyet Merkez Bankasi ; 15/09
    Subjects: Liquidität; Bankenregulierung; Ausschüttungspolitik; Systemrisiko; Finanzsystem; Finanzkrise; Internationaler Finanzmarkt; Welt
    Scope: Online-Ressource (52 S.), graph. Darst.
  19. The distribution of optimal liquidity for economic growth and stability
    Author: Pyo, Hak-kil; Song, Saerang
    Published: [2015]
    Publisher:  Korea Institute for International Economic Policy, Sejong-si

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    W 606 (2015,2)
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Print
    ISBN: 9788932242507; 9788932240268
    Series: KIEP working paper ; 15-02
    Subjects: Liquidität; Privater Konsum; Geldmenge; Geldpolitik; DSGE-Modell; Regressionsanalyse; OECD-Staaten
    Scope: 36 Seiten, Illustrationen
    Notes:

    Erscheint auch als Online-Ausgabe
  20. Credit risk, liquidity and lies
    Author: King, Thomas B.; Lewis, Kurt F.
    Published: 2015
    Publisher:  Div. of Research & Statistics and Monetary Affairs, Federal Reserve Board, Washington, DC

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Finance and economics discussion series ; 2015,112
    Subjects: Kreditrisiko; Liquidität; Interbankenmarkt; USA; Misreporting
    Scope: Online-Ressource (41 S.), graph. Darst.
  21. Market efficiency and liquidity
    Author: Rösch, Dominik
    Published: 2015
    Publisher:  ERIM, Rotterdam

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 281 (353)
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    Source: Union catalogues
    Language: English
    Media type: Dissertation
    Format: Online
    ISBN: 9789058924254
    Other identifier:
    hdl: 1765/79121
    Series: ERIM Ph.D. series research in management ; 353
    Subjects: Effizienzmarkthypothese; Liquidität; Arbitrage; Theorie
    Scope: Online-Ressource (164 S.), graph. Darst.
    Notes:

    Rotterdam, Univ., Diss., 2015
  22. Lending-of-last-resort is as lending-of-last-resort does
    central bank liquidity provision and interbank market functioning in the eruo area
    Published: 2015
    Publisher:  Centre for Economic Policy Research, London

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    W 32 (10901)
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    Language: English
    Media type: Book
    Format: Print
    Series: Array ; 10901
    Subjects: Lender of Last Resort; Liquidität; Interbankenmarkt; EU-Staaten
    Scope: 59 S., graph. Darst.
    Notes:

    Parallel als Online-Ausg. erschienen
  23. Precautionary savings, illiquid asssets, and the aggregate consequences of shocks to household income risk
    Published: 2015
    Publisher:  Centre for Economic Policy Research, London

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    W 32 (10849)
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Print
    Series: Array ; 10849
    Subjects: Vorsichtssparen; Konjunktur; Unvollkommener Markt; Liquidität; Kapitalanlage; Schock; Geldpolitik; Theorie; USA
    Scope: 60 S., graph. Darst,
    Notes:

    Parallel als Online-Ausg. erschienen
  24. Interest rate dynamics, variable-rate loan contracts, and the business cycle
    Author: Pintus, Patrick A.; Wen, Yi; Xing, Xiaochuan
    Published: 2015
    Publisher:  Federal Reserve Bank of St. Louis, Research Division, St. Louis, Mo.

    Location:
    Niedersächsische Staats- und Universitätsbibliothek Göttingen
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    Signature:
    VS 65 (2015.32)
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Edition: This version: November 4, 2015
    Series: Working paper series / Federal Reserve Bank of St. Louis, Research Division ; 2015-032
    Subjects: Kreditrationierung; Liquidität; Konjunktur; Schock; Investition; Nachfrage; Sunspots; USA; Kiyotaki-Moore type models
    Scope: Online Resource (50 S.), graph. Darst.
  25. The second wave of global liquidity
    why are firms acting like financial intermediaries?
    Author: Caballero, Julian; Panizza, Ugo; Powell, Andrew
    Published: 2015
    Publisher:  Centre for Economic Policy Research, London

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    W 32 (10926)
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Print
    Series: Array ; 10926
    Subjects: Internationaler Finanzmarkt; Liquidität; Finanzintermediation; Unternehmen; Kapitalverkehrskontrolle; Schwellenländer
    Scope: 39 S., graph. Darst.
    Notes:

    Parallel als Online-Ausg. erschienen