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Displaying results 26 to 50 of 54.

  1. Corporate yields and sovereign yields
    Author: Hale, Galina; Bevilaqua, Julia; Tallman, Eric
    Published: 22 January 2020
    Publisher:  Centre for Economic Policy Research, London

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    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP14344
    Subjects: bond; debt; crisis
    Scope: 1 Online-Ressource (circa 45 Seiten), Illustrationen
  2. Corporate yields
    effect of credit ratings and sovereign yields
    Author: Hale, Galina; Bevilaqua, Julia; Tallman, Eric
    Published: 22 January 2020
    Publisher:  Centre for Economic Policy Research, London

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    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP14345
    Subjects: bond; Rating; Sovereign
    Scope: 1 Online-Ressource (circa 8 Seiten), Illustrationen
  3. Essays on short-term funding markets
    Author: Ballensiefen, Benedikt
    Published: 2023

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    Source: Union catalogues
    Language: English
    Media type: Dissertation
    Format: Online
    Other identifier:
    hdl: 20.500.14171/107699
    5266
    Subjects: Finanzierung; Liquidität; Geldmarkt; Geldpolitik; Bewertung; Staatsanleihe; monetary policy; liquidity; Funding; money market; bond; asset pricing
    Scope: 1 Online-Ressource (circa 228 Seiten), Illustrationen
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    Dissertation, University of St.Gallen, 2022
  4. Portfolio flows and exchange rate volatility
    an empirical estimation for BRICS countries
    Author: Chaudhari, Dipak R.; Trivedi, Pushpa L.; Kumar, Prabhat
    Published: July 2023
    Publisher:  Reserve Bank of India, Department of Economic and Policy Research, [Mumbai]

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    Media type: Book
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    Series: RBI working paper series ; WPS (DEPR) 2023, 08
    Subjects: Portfolio flows; bond; equity; exchange rate volatility; BRICS countries; currency appreciation; GARCH (1, 1); granger causality
    Scope: 1 Online-Ressource (circa 34 Seiten), Illustrationen
  5. The Brechtian Elements in John Arden's and Edward Bond's Plays
    A comprative analytical study
    Author: Ibrahim, Azzah
    Published: 2012
    Publisher:  LAP LAMBERT Academic Publishing, Saarbrücken

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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9783659293627; 3659293628
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    9783659293627
    Edition: 1. Aufl.
    Other subjects: (Produktform)Electronic book text; drama; Comparative Literature; Plays; Marxist; epic; bond; Brecht; Poetic; Arden; (VLB-WN)1562: Allgemeine und Vergleichende Literaturwissenschaft
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  6. Pie Town Rodeo
    Indelible in both minds is the aroma of the other's body. It renews the bond with an offspring, or lover with a beloved
    Author: Ross, Colin
    Published: 2013
    Publisher:  JustFiction Edition, Saarbrücken

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    Media type: Ebook
    Format: Online
    ISBN: 9783845449333; 3845449330
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    9783845449333
    Edition: 1. Aufl.
    Other subjects: (Produktform)Electronic book text; Fiction; (VLB-WN)1110: Belletristik/Erzählende Literatur; Pie; Town; Rodeo; body; bond; offspring; lover; Beloved
    Scope: Online-Ressource
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    Lizenzpflichtig. - Vom Verlag als Druckwerk on demand angeboten
  7. Managing growth in a volatile world
    Published: June 2012
    Publisher:  The World Bank, Washington, DC

    The year began on a positive note. A marked improvement in market sentiment, combined with monetary policy easing in developing countries, was reflected in a rebound in economic activity in both developing and advanced countries. Industrial... more

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    The year began on a positive note. A marked improvement in market sentiment, combined with monetary policy easing in developing countries, was reflected in a rebound in economic activity in both developing and advanced countries. Industrial production, trade and capital goods sales all returned to positive territory, following the slow growth of the fourth quarter of 2011. Although debt levels in developing countries are lower, several countries (notably Jordan, India, and Pakistan) must reduce their structural fiscal balances to reduce debt to 40 percent of Gross domestic Product (GDP) by 2020 (or prevent debt-to-GDP ratios from rising further). As a result, sharp swings in investor sentiment and financial conditions will continue to complicate the conduct of macroeconomic policy in developing countries. In these conditions, policy in developing countries needs to be less reactive to short-term changes in external conditions, and more responsive to medium-term domestic considerations. A return to more neutral macroeconomic policies would also help developing countries reduce their vulnerabilities to external shocks, by rebuilding fiscal space, reducing short-term debt exposures and recreating the kinds of buffers that allowed them to react so resiliently to the 2008/09 crisis.

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10986/12106
    Series: Global economic prospects ; volume 5 (June 2012)
    Subjects: Wirtschaftslage; Welt; Global Economic Prospects; accounting; arbitrage; assets; bailout; bank lending; Bank Loans; banking systems; basis points; binding constraint; bond; bond issuance; Bond Issues; bond spreads; Bond Yields; bonds; borrowing costs; budget constraint; buffers; business confidence; capacity constraints; capital constraints; capital goods; capital inflows; capital markets; Capital outflows; capital requirements; capitalization; CDS; central bank; Commodities; commodity; commodity markets; commodity price; commodity prices; commodity traders; consumer demand; consumer goods; consumer spending; Copyright Clearance; Copyright Clearance Center; country capital; country debt; country Equity; Credit Default; Credit Default Swap; credit squeeze; credit squeezes; crisis countries; Current account balance; current account balances; current account deficit; current account deficits; debt; Debt data; debt flows; debt levels; debt obligations; debt restructuring; debt stocks; debts; decline in investment; deposits; developing countries; developing country; Developing country Equity; developing economies; developing economy; domestic markets; downside scenario; durable; durables; Economic developments; Emerging Markets; Emerging-market; Equities; equity issuance; Equity Issues; Equity market; Equity markets; exchange rate; Exchange Rates; expenditure; expenditures; export growth; export value Interest Rates; exporter; exporters; exposures; external shocks; financial crises; financial crisis; financial institutions; financial integration; financial market; financial markets; financial sector; financial sector developments; financial sectors; financial systems; financing requirements; fiscal consolidation; fiscal deficits; fiscal policies; fiscal policy; food price; food prices; foreign banks; foreign currency; Global Economy; global finance; global financial markets; global financial systems; global output; global trade; Government account; government accounts; Government budget; government debt; government deficit; government deficits; government expenditure; government expenditures; government revenue; government revenues; government spending; Gross debt; growth rate; growth rates; High-Income Countries; high-income country; household savings; human capital; import; import demand; Income; income growth; incomes; Inflation; inflation rates; inflationary pressures; interest rates; International Bank; international business; International capital; International capital flows; international financial institutions; international financial markets; international reserves; International Settlements; International Trade; investing; investment activity; investment spending; lenders; level of risk; loan; local currency; low-income countries; macroeconomic policies; macroeconomic policy; Macroeconomic vulnerabilities; market conditions; market price; market prices; Market regulators; maturity; middle-income countries; Monetary Fund; monetary policies; monetary policy; natural disasters; Net capital; oil commodities; oil price; oil prices; Output; Output Gap; output gaps; political stability; political uncertainty; Portfolio; portfolio capital; post-crisis period; power parity; private banks; Private creditors; Private debt; private inflows; public spending; purchasing power; purchasing power parity; rate of growth; real interest; real interest rates; Regional trade; regulators; remittances; reserve; return; risk assessments; risk aversion; savings; savings rate; short-term debt; small countries; sovereign debt; stock markets; sustainable growth; technological change; trade deficit; trade finance; trading; transition countries; Treasury; Treasury Yields; value index; volatile capital; volatility; weights; withdrawal; world economy; World Trade
    Scope: 1 Online-Ressource (circa 162 Seiten), Illustrationen
  8. Assuring growth over the medium term
    Published: January 2013
    Publisher:  The World Bank, Washington, DC

    More than four years after the global financial crisis hit, high-income countries struggle to restructure their economies and regain fiscal sustainability. Developing countries, where growth is 1-2 percentage points below what it was during the... more

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    More than four years after the global financial crisis hit, high-income countries struggle to restructure their economies and regain fiscal sustainability. Developing countries, where growth is 1-2 percentage points below what it was during the pre-crisis period, have been affected by the weakness in high-income countries. To regain pre-crisis growth rates, they will need to focus on productivity-enhancing domestic policies rather than demand stimulus. Although the major risks to the global economy are similar to those of a year ago, the likelihood that they will materialize has diminished, as has the magnitude of estimated impacts should these events occur. Major downside risks include the loss of access to capital markets by vulnerable Euro Area countries, lack of agreement on U.S. fiscal policy and the debt ceiling, and commodity price shocks. In an environment of slow growth and continued volatility, a steady hand is required in developing countries to avoid pro-cyclical policy and to rebuild macroeconomic buffers so that authorities can react in the case of new external or domestic shocks.

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9780821398821
    Other identifier:
    hdl: 10986/12124
    Series: Global economic prospects ; volume 6 (January 2013)
    Subjects: Wirtschaftswachstum; Produktivitätsentwicklung; Entwicklungsländer; Global Economic Prospects; current account deficit; current account deficits; debt; Debt data; debt flows; debt levels; debt obligations; debt restructuring; debt stocks; debts; decline in investment; deposits; developing countries; developing country; Developing country Equity; developing economies; developing economy; domestic markets; downside scenario; durable; durables; Economic developments; Emerging Markets; Emerging-market; Equities; equity issuance; Equity Issues; Equity market; Equity markets; exchange rate; Exchange Rates; expenditure; expenditures; export growth; export value Interest Rates; exporter; exporters; exposures; external shocks; financial crises; financial crisis; financial institutions; financial integration; financial market; financial markets; financial sector; financial sector developments; financial sectors; financial systems; financing requirements; fiscal consolidation; fiscal deficits; fiscal policies; fiscal policy; food price; food prices; foreign banks; foreign currency; Global Economy; global finance; global financial markets; global financial systems; global output; global trade; Government account; government accounts; Government budget; government debt; government deficit; government deficits; government expenditure; government expenditures; government revenue; government revenues; government spending; Gross debt; growth rate; growth rates; High-Income Countries; high-income country; household savings; human capital; import; import demand; Income; income growth; incomes; Inflation; inflation rates; inflationary pressures; interest rates; International Bank; international business; International capital; International capital flows; international financial institutions; international financial markets; international reserves; International Settlements; International Trade; investing; investment activity; investment spending; lenders; level of risk; loan; local currency; low-income countries; macroeconomic policies; macroeconomic policy; Macroeconomic vulnerabilities; market conditions; market price; market prices; Market regulators; maturity; middle-income countries; Monetary Fund; monetary policies; monetary policy; natural disasters; Net capital; oil commodities; oil price; oil prices; Output; Output Gap; output gaps; political stability; political uncertainty; Portfolio; portfolio capital; post-crisis period; power parity; private banks; Private creditors; Private debt; private inflows; public spending; purchasing power; purchasing power parity; rate of growth; real interest; real interest rates; Regional trade; regulators; remittances; reserve; return; risk assessments; risk aversion; savings; savings rate; short-term debt; small countries; sovereign debt; stock markets; sustainable growth; technological change; trade deficit; trade finance; trading; transition countries; Treasury; Treasury Yields; value index; volatile capital; volatility; weights; withdrawal; world economy; World Trade; accounting; arbitrage; assets; bailout; bank lending; Bank Loans; banking systems; basis points; binding constraint; bond; bond issuance; Bond Issues; bond spreads; Bond Yields; bonds; borrowing costs; budget constraint; buffers; business confidence; capacity constraints; capital constraints; capital goods; capital inflows; capital markets; Capital outflows; capital requirements; capitalization; CDS; central bank; Commodities; commodity; commodity markets; commodity price; commodity prices; commodity traders; consumer demand; consumer goods; consumer spending; Copyright Clearance; Copyright Clearance Center; country capital; country debt; country Equity; Credit Default; Credit Default Swap; credit squeeze; credit squeezes; crisis countries; Current account balance; current account balances
    Scope: 1 Online-Ressource (circa 178 Seiten), Illustrationen
  9. Capital market financing, firm growth, and firm size distribution
    Author: Didier, Tatiana; Levine, Ross; Schmukler, Sergio L.
    Published: [2016]
    Publisher:  European Systemic Risk Board, Frankfurt am Main, Germany

    How many and which firms issue equity and bonds in domestic and international markets, how do these firms grow relative to non-issuing firms, and how does firm performance vary along the firm size distribution (FSD)? To evaluate these questions, we... more

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    How many and which firms issue equity and bonds in domestic and international markets, how do these firms grow relative to non-issuing firms, and how does firm performance vary along the firm size distribution (FSD)? To evaluate these questions, we construct a new dataset by matching data on firm-level capital raising activity with balance sheet data for 45,527 listed firms in 51 countries. Three main patterns emerge from the analysis. (1) Only a few large firms issue equity or bonds, and among them a small subset has raised a large proportion of the funds raised during the 1990s and 2000s. (2) Issuers grow faster than non-issuers in terms of assets, sales, and employment, i.e., firms do not simply use securities markets to adjust their financial accounts. (3) The FSD of issuers evolves differently from that of non-issuers, tightening among issuers and widening among non-issuers.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789295081314
    Other identifier:
    hdl: 10419/193511
    Series: Working paper series / ESRB, European Systemic Risk Board, European System of Financial Supervision ; no 4 (March 2016)
    Subjects: Rentenmarkt; Unternehmenserfolg; Unternehmenswachstum; Unternehmensfinanzierung; Aktienmarkt; business policy; international market; domestic market; competitiveness; benchmarking; bond; business administration; market capitalisation; corporate finance; access to finance; bond markets; capital market development; capital raisings; firm dynamics; firm financing; stock markets
    Scope: 1 Online-Ressource (circa 54 Seiten), Illustrationen
  10. Credit default swap spreads and systemic financial risk
    Author: Giglio, Stefano
    Published: [2016]
    Publisher:  European Systemic Risk Board, Frankfurt am Main, Germany

    This paper measures the joint default risk of financial institutions by exploiting information about counterparty risk in credit default swaps (CDS). A CDS contract written by a bank to insure against the default of another bank is exposed to the... more

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    This paper measures the joint default risk of financial institutions by exploiting information about counterparty risk in credit default swaps (CDS). A CDS contract written by a bank to insure against the default of another bank is exposed to the risk that both banks default. From CDS spreads we can then learn about the joint default risk of pairs of banks. From bond prices we can learn the individual default probabilities. Since knowing individual and pairwise probabilities is not sufficient to fully characterize multiple default risk, I derive the tightest bounds on the probability that many banks fail simultaneously.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789295081420
    Other identifier:
    hdl: 10419/193522
    Series: Working paper series / ESRB, European Systemic Risk Board, European System of Financial Supervision ; no 15 (June 2016)
    Subjects: banking policy; credit policy; financial institution; bond; bank
    Scope: 1 Online-Ressource (circa 45 Seiten), Illustrationen
  11. The pricing of green bonds
    are financial institutions special?
    Author: Fatica, Serena; Panzica, Roberto Calogero; Rancan, Michela
    Published: 2019
    Publisher:  Publications Office of the European Union, Luxembourg

    The financial system plays a major role in the transition to a low-carbon economy. We investigate this issue analyzing the recent developments and challenges in the bond and debt markets. First, we study the pricing of green bonds at issuance. We... more

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    The financial system plays a major role in the transition to a low-carbon economy. We investigate this issue analyzing the recent developments and challenges in the bond and debt markets. First, we study the pricing of green bonds at issuance. We find a premium when green bonds are issued by supranational institutions and corporates while there is no effect for financial institutions. We also document an effect for external review and repeated access to this market. Second, we investigate lending decisions by banks issuing green bonds. Our results show that these lenders reduce their funding towards more polluting segments of the economy but limited to the amount of loans they granted as lead bank in the deal. This evidence may explain why we do not find a green premium for financial issuers. Yet it also suggests that the banking system may play a much larger role in channeling funds towards low-carbon activities, and thus reducing the environmental risks also for the financial system.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789276020424
    Other identifier:
    hdl: 10419/202313
    Series: JRC technical reports
    JRC working papers in economics and finance ; 2019, 7
    Subjects: Anleihe; Nachhaltige Kapitalanlage; Umweltökonomik; Rentenmarkt; EU-Staaten; fixing of prices; bond; environmental economics; reduction of gas emissions; financial institution; environmental risk prevention; banking system; research report
    Scope: 1 Online-Ressource (circa 42 Seiten), Illustrationen
  12. Obligacje we współczesnej gospodarce
    = Bonds in the contemporary economy
    Author: Pawłowski, Jarosław
    Published: 2013
    Publisher:  IER, Institute of Economic Research, Toruń, Sierpień

    Due to its essence, bonds are more and more often used recently. It causes that bonds market has more importance in contemporary economy. Therefore, this paper focuses on the issue of bonds from the perspective of the international bond market. This... more

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    Due to its essence, bonds are more and more often used recently. It causes that bonds market has more importance in contemporary economy. Therefore, this paper focuses on the issue of bonds from the perspective of the international bond market. This article is an attempt of synthetic characteristics of bonds, analysis of size and structure of international bond market and some conclusions. The analysis was based on data contained in reports of Bank for International Settlements. To accomplish this objective were used: a descriptive method, a comparative method, an analysis literature method and case studies.

     
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    Language: Polish
    Media type: Book
    Format: Online
    Series: PTE Toruń and IER working papers ; no 2013, 14
    Subjects: bond; capital market; Bank for International Settlements
    Scope: 1 Online-Ressource (circa 16 Seiten), Illustrationen
  13. Impairments of Greek government bonds under IAS 39 and IFRS 9
    study for the ECON Comitee
    Author: Gebhardt, Günther
    Published: 20 Nov 2015
    Publisher:  Directorate-General for Internal Policies, Policy Department A, Economic and Scientific Policy, Frankfurt am Main

    IFRS 9 introduces new impairment rules responding to the G20 critique that IAS 39 results in the delayed and insufficient recognition of credit losses. In a case study of a Greek government bond for the period 2009 to 2011 when Greeceś credit rating... more

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    IFRS 9 introduces new impairment rules responding to the G20 critique that IAS 39 results in the delayed and insufficient recognition of credit losses. In a case study of a Greek government bond for the period 2009 to 2011 when Greeceś credit rating declined sharply, this study highlights the discretion that preparers have when estimating impairments. IFRS 9 relies more on management expectations and will lead to earlier impairments. However, these appear still delayed and low if compared to the fair value losses.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789282380086
    Other identifier:
    hdl: 10419/129080
    Series: White paper ; no. 30
    Economic und monetary affairs
    Subjects: financial accounting; accounting; bond; economic policy; credit; financial instrument; financial institution; Greece; case study
    Scope: 1 Online-Ressource (circa 54 Seiten), Illustrationen
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    Gesamttitelangabe von der Frontdoor
  14. The great Irish (de)leveraging 2005-14
    Author: Lydon, Reamonn; McIndoe-Calder, Tara
    Published: [2017]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    Drawing on the 2013 Household Finance and Consumption Survey (HFCS) and complementary administrative data sources, we simulate household balance sheets at the micro level for the 2005-14 period. We use this dataset to tell the story of household... more

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    Drawing on the 2013 Household Finance and Consumption Survey (HFCS) and complementary administrative data sources, we simulate household balance sheets at the micro level for the 2005-14 period. We use this dataset to tell the story of household leveraging and deleveraging over a tumultuous period for the Irish economy. We show that deleveraging has proceeded at a signficantly faster pace for older households, when compared with younger age groups. In contrast, we find t hat a higher-incidence of t racker mortgages amongst younger borrowers - which passed through the historically low ECB policy rates since 2009 - relative to older borrowers has played a major role in easing the debt repayment burden in the presence of large income shocks. Notwithstanding historically low interest rates, we show that income shocks are the main factor contributing to mortgage repayment problems. However, there is also a role for equity factors.

     
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    ISBN: 9789289927840
    Other identifier:
    hdl: 10419/175686
    Series: Working paper series / European Central Bank ; no 2062 (May 2017)
    Subjects: household; debt; debt reduction; income; consumption; balance sheet; bond
    Scope: 1 Online-Ressource (circa 44 Seiten), Illustrationen
  15. Bid-to-cover and yield changes around public debt auctions in the euro area
    Author: Beetsma, Roel; Giuliodori, Massimo; Hanson, Jesper; Jong, Frank de
    Published: [2017]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    Earlier research has shown that euro-area primary public debt markets affect secondary markets. We find that more successful auctions of euro area public debt, as captured by higher bid-to-cover ratios, lead to lower secondary-market yields following... more

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    Earlier research has shown that euro-area primary public debt markets affect secondary markets. We find that more successful auctions of euro area public debt, as captured by higher bid-to-cover ratios, lead to lower secondary-market yields following the auctions. This effect is stronger when market volatility is higher. We rationalize both findings using a simple theoretical model of primary dealer behavior, in which the primary dealers receive a signal about the value of the asset auctioned.

     
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    ISBN: 9789289927789
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    hdl: 10419/175680
    Series: Working paper series / European Central Bank ; no 2056 (May 2017)
    Subjects: Öffentliche Anleihe; Auktionstheorie; Signalling; Wertpapierhandel; Sekundärmarkt; Rendite; Volatilität; Schätzung; Eurozone; euro area; public debt; financial market; investment; bond; market; public policy
    Scope: 1 Online-Ressource (circa 49 Seiten), Illustrationen
  16. Spillovers among sovereign debt markets
    identification by absolute magnitude restrictions
    Author: De Santis, Roberto A.; Zimic, Srečko
    Published: [2017]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    This paper studies spillovers among US and European sovereign yields. We provide a new method based on absolute magnitude restrictions of the impact matrix to identify the countries that were the main sources of spillovers. Despite the large size of... more

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    This paper studies spillovers among US and European sovereign yields. We provide a new method based on absolute magnitude restrictions of the impact matrix to identify the countries that were the main sources of spillovers. Despite the large size of shocks from euro area stressed countries, connectedness among sovereign yields declined between 2008 and 2012 due to financial fragmentation, particularly between countries with more divergent business and fiscal cycles. We show that none of the sovereign yields are insulated from foreign shocks and that shocks to the Greek bond market in 2010 explained 20-30% of the variance of sovereign yields in stressed countries, while in 2011-2012 Italy (not Spain) was the source of systemic risk.

     
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    ISBN: 9789289927772
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    hdl: 10419/175679
    Series: Working paper series / European Central Bank ; no 2055 (May 2017)
    Subjects: financial institution; econometrics; euro area; financial market; public debt; economic cycle; bond
    Scope: 1 Online-Ressource (circa 57 Seiten), Illustrationen
  17. Flow effects of central bank asset purchases on euro area sovereign bond yields
    evidence from a natural experiment
    Author: De Santis, Roberto A.; Holm-Hadulla, Fédéric
    Published: [2017]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    We estimate the response of euro area sovereign bond yields to purchase operations under the ECB's Public Sector Purchase Programme (PSPP), using granular data on all PSPP-eligible securities at daily frequency. To avoid simultaneity bias in the... more

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    We estimate the response of euro area sovereign bond yields to purchase operations under the ECB's Public Sector Purchase Programme (PSPP), using granular data on all PSPP-eligible securities at daily frequency. To avoid simultaneity bias in the estimated relationship between yields and purchase volumes, we exploit a PSPP design feature that renders certain securities temporarily ineligible for reasons unrelated to their yields. Using these temporary purchase restrictions as an instrument to identify exogenous variation in purchase volumes, we find that the "flow effect" of PSPP operations has, on average, led to a temporary 7 basis-point decline in sovereign bond yields on the day of purchase. This impact estimate is well above those found in similar studies for the US; at the same time, our results imply that flow effects have accounted for only a limited share of the downward pressure of PSPP on sovereign yields, most of which instead derived from anticipation and announcement effects at the onset of the programme.

     
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    ISBN: 9789289927741
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    hdl: 10419/175676
    Series: Working paper series / European Central Bank ; no 2052 (May 2017)
    Subjects: euro area; central bank; bond; monetary policy; macroeconomics; financial market; public sector
    Scope: 1 Online-Ressource (circa 31 Seiten), Illustrationen
  18. Advanced economy inflation
    the role of global factors
    Author: Mikolajun, Irena; Lodge, David
    Published: 29 Aug 2016
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    A number of studies document the prominent role of global factors in domestic inflation developments (e.g. Borio and Filardo, 2007; Ciccarelli and Mojon, 2010). In this paper we investigate global dimensions of advanced economy inflation. We estimate... more

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    A number of studies document the prominent role of global factors in domestic inflation developments (e.g. Borio and Filardo, 2007; Ciccarelli and Mojon, 2010). In this paper we investigate global dimensions of advanced economy inflation. We estimate open-economy Phillips curves for 19 advanced economies. We include backwardand forward-looking survey measures of inflation expectations and augment Phillips curves with global factors including global economic slack, global inflation and commodity prices. Our results provide little support for the existence of direct effects of global economic slack on domestic inflation. Moreover, the results suggest that the importance of global inflation in forecasting domestic inflation has its roots solely in its ability to capture slow-moving trends in inflation rates. In the Phillips curve context much the same role is performed by domestic forward-looking inflation expectations. With the exception of commodity prices therefore our results reveal little reason to include global factors into traditional reduced form Phillips curves.

     
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    ISBN: 9789289921961
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    hdl: 10419/154381
    Series: Working paper series / European Central Bank ; no 1948 (August 2016)
    Subjects: macroeconomics; inflation; financial market; bond; euro area; monetary crisis; economic forecasting
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  19. The rise in home currency issuance
    Author: Hale, Galina; Jones, Peter; Spiegel, Mark
    Published: 2014
    Publisher:  Federal Reserve Bank of San Francisco, San Francisco, Calif.

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    Series: Working papers series / Federal Reserve Bank of San Francisco ; 2014-19
    Subjects: original sin; bond; debt; crisis; currency
    Scope: Online-Ressource (34 S.), graph. Darst.
  20. Managing growth in a volatile world
    Published: June 2012
    Publisher:  The World Bank, Washington, DC

    The year began on a positive note. A marked improvement in market sentiment, combined with monetary policy easing in developing countries, was reflected in a rebound in economic activity in both developing and advanced countries. Industrial... more

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    The year began on a positive note. A marked improvement in market sentiment, combined with monetary policy easing in developing countries, was reflected in a rebound in economic activity in both developing and advanced countries. Industrial production, trade and capital goods sales all returned to positive territory, following the slow growth of the fourth quarter of 2011. Although debt levels in developing countries are lower, several countries (notably Jordan, India, and Pakistan) must reduce their structural fiscal balances to reduce debt to 40 percent of Gross domestic Product (GDP) by 2020 (or prevent debt-to-GDP ratios from rising further). As a result, sharp swings in investor sentiment and financial conditions will continue to complicate the conduct of macroeconomic policy in developing countries. In these conditions, policy in developing countries needs to be less reactive to short-term changes in external conditions, and more responsive to medium-term domestic considerations. A return to more neutral macroeconomic policies would also help developing countries reduce their vulnerabilities to external shocks, by rebuilding fiscal space, reducing short-term debt exposures and recreating the kinds of buffers that allowed them to react so resiliently to the 2008/09 crisis.

     
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    Media type: Book
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    Other identifier:
    hdl: 10986/12106
    Series: Global economic prospects ; volume 5 (June 2012)
    Subjects: Wirtschaftslage; Welt; Global Economic Prospects; accounting; arbitrage; assets; bailout; bank lending; Bank Loans; banking systems; basis points; binding constraint; bond; bond issuance; Bond Issues; bond spreads; Bond Yields; bonds; borrowing costs; budget constraint; buffers; business confidence; capacity constraints; capital constraints; capital goods; capital inflows; capital markets; Capital outflows; capital requirements; capitalization; CDS; central bank; Commodities; commodity; commodity markets; commodity price; commodity prices; commodity traders; consumer demand; consumer goods; consumer spending; Copyright Clearance; Copyright Clearance Center; country capital; country debt; country Equity; Credit Default; Credit Default Swap; credit squeeze; credit squeezes; crisis countries; Current account balance; current account balances; current account deficit; current account deficits; debt; Debt data; debt flows; debt levels; debt obligations; debt restructuring; debt stocks; debts; decline in investment; deposits; developing countries; developing country; Developing country Equity; developing economies; developing economy; domestic markets; downside scenario; durable; durables; Economic developments; Emerging Markets; Emerging-market; Equities; equity issuance; Equity Issues; Equity market; Equity markets; exchange rate; Exchange Rates; expenditure; expenditures; export growth; export value Interest Rates; exporter; exporters; exposures; external shocks; financial crises; financial crisis; financial institutions; financial integration; financial market; financial markets; financial sector; financial sector developments; financial sectors; financial systems; financing requirements; fiscal consolidation; fiscal deficits; fiscal policies; fiscal policy; food price; food prices; foreign banks; foreign currency; Global Economy; global finance; global financial markets; global financial systems; global output; global trade; Government account; government accounts; Government budget; government debt; government deficit; government deficits; government expenditure; government expenditures; government revenue; government revenues; government spending; Gross debt; growth rate; growth rates; High-Income Countries; high-income country; household savings; human capital; import; import demand; Income; income growth; incomes; Inflation; inflation rates; inflationary pressures; interest rates; International Bank; international business; International capital; International capital flows; international financial institutions; international financial markets; international reserves; International Settlements; International Trade; investing; investment activity; investment spending; lenders; level of risk; loan; local currency; low-income countries; macroeconomic policies; macroeconomic policy; Macroeconomic vulnerabilities; market conditions; market price; market prices; Market regulators; maturity; middle-income countries; Monetary Fund; monetary policies; monetary policy; natural disasters; Net capital; oil commodities; oil price; oil prices; Output; Output Gap; output gaps; political stability; political uncertainty; Portfolio; portfolio capital; post-crisis period; power parity; private banks; Private creditors; Private debt; private inflows; public spending; purchasing power; purchasing power parity; rate of growth; real interest; real interest rates; Regional trade; regulators; remittances; reserve; return; risk assessments; risk aversion; savings; savings rate; short-term debt; small countries; sovereign debt; stock markets; sustainable growth; technological change; trade deficit; trade finance; trading; transition countries; Treasury; Treasury Yields; value index; volatile capital; volatility; weights; withdrawal; world economy; World Trade
    Scope: 1 Online-Ressource (circa 162 Seiten), Illustrationen
  21. Assuring growth over the medium term
    Published: January 2013
    Publisher:  The World Bank, Washington, DC

    More than four years after the global financial crisis hit, high-income countries struggle to restructure their economies and regain fiscal sustainability. Developing countries, where growth is 1-2 percentage points below what it was during the... more

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    More than four years after the global financial crisis hit, high-income countries struggle to restructure their economies and regain fiscal sustainability. Developing countries, where growth is 1-2 percentage points below what it was during the pre-crisis period, have been affected by the weakness in high-income countries. To regain pre-crisis growth rates, they will need to focus on productivity-enhancing domestic policies rather than demand stimulus. Although the major risks to the global economy are similar to those of a year ago, the likelihood that they will materialize has diminished, as has the magnitude of estimated impacts should these events occur. Major downside risks include the loss of access to capital markets by vulnerable Euro Area countries, lack of agreement on U.S. fiscal policy and the debt ceiling, and commodity price shocks. In an environment of slow growth and continued volatility, a steady hand is required in developing countries to avoid pro-cyclical policy and to rebuild macroeconomic buffers so that authorities can react in the case of new external or domestic shocks.

     
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    ISBN: 9780821398821
    Other identifier:
    hdl: 10986/12124
    Series: Global economic prospects ; volume 6 (January 2013)
    Subjects: Wirtschaftswachstum; Produktivitätsentwicklung; Entwicklungsländer; Global Economic Prospects; current account deficit; current account deficits; debt; Debt data; debt flows; debt levels; debt obligations; debt restructuring; debt stocks; debts; decline in investment; deposits; developing countries; developing country; Developing country Equity; developing economies; developing economy; domestic markets; downside scenario; durable; durables; Economic developments; Emerging Markets; Emerging-market; Equities; equity issuance; Equity Issues; Equity market; Equity markets; exchange rate; Exchange Rates; expenditure; expenditures; export growth; export value Interest Rates; exporter; exporters; exposures; external shocks; financial crises; financial crisis; financial institutions; financial integration; financial market; financial markets; financial sector; financial sector developments; financial sectors; financial systems; financing requirements; fiscal consolidation; fiscal deficits; fiscal policies; fiscal policy; food price; food prices; foreign banks; foreign currency; Global Economy; global finance; global financial markets; global financial systems; global output; global trade; Government account; government accounts; Government budget; government debt; government deficit; government deficits; government expenditure; government expenditures; government revenue; government revenues; government spending; Gross debt; growth rate; growth rates; High-Income Countries; high-income country; household savings; human capital; import; import demand; Income; income growth; incomes; Inflation; inflation rates; inflationary pressures; interest rates; International Bank; international business; International capital; International capital flows; international financial institutions; international financial markets; international reserves; International Settlements; International Trade; investing; investment activity; investment spending; lenders; level of risk; loan; local currency; low-income countries; macroeconomic policies; macroeconomic policy; Macroeconomic vulnerabilities; market conditions; market price; market prices; Market regulators; maturity; middle-income countries; Monetary Fund; monetary policies; monetary policy; natural disasters; Net capital; oil commodities; oil price; oil prices; Output; Output Gap; output gaps; political stability; political uncertainty; Portfolio; portfolio capital; post-crisis period; power parity; private banks; Private creditors; Private debt; private inflows; public spending; purchasing power; purchasing power parity; rate of growth; real interest; real interest rates; Regional trade; regulators; remittances; reserve; return; risk assessments; risk aversion; savings; savings rate; short-term debt; small countries; sovereign debt; stock markets; sustainable growth; technological change; trade deficit; trade finance; trading; transition countries; Treasury; Treasury Yields; value index; volatile capital; volatility; weights; withdrawal; world economy; World Trade; accounting; arbitrage; assets; bailout; bank lending; Bank Loans; banking systems; basis points; binding constraint; bond; bond issuance; Bond Issues; bond spreads; Bond Yields; bonds; borrowing costs; budget constraint; buffers; business confidence; capacity constraints; capital constraints; capital goods; capital inflows; capital markets; Capital outflows; capital requirements; capitalization; CDS; central bank; Commodities; commodity; commodity markets; commodity price; commodity prices; commodity traders; consumer demand; consumer goods; consumer spending; Copyright Clearance; Copyright Clearance Center; country capital; country debt; country Equity; Credit Default; Credit Default Swap; credit squeeze; credit squeezes; crisis countries; Current account balance; current account balances
    Scope: 1 Online-Ressource (circa 178 Seiten), Illustrationen
  22. The optimal conduct of central bank asset purchases
    Author: Hubrich, Kirstin; Skudelny, Frauke
    Published: 11 Nov 2016
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    We analyse the effects of central bank government bond purchases in an estimated DSGE model for the euro area. In the model, central bank asset purchases are relevant in so far as agency costs distort banks asset allocation between loans and bonds,... more

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    We analyse the effects of central bank government bond purchases in an estimated DSGE model for the euro area. In the model, central bank asset purchases are relevant in so far as agency costs distort banks asset allocation between loans and bonds, and households face transaction costs when trading government bonds. Such frictions in the banking sector induce inefficient time-variation in the term premia and open up for a credit channel of central bank government bond purchases. Considering first ad hoc asset purchase programmes like the one implemented by the ECB, we show that their macroeconomic multipliers are stronger as the lower bound on the policy rate becomes binding and when the purchasing path is fully communicated and anticipated by economic agents. From a more normative standpoint, interest rate policy and asset purchases feature strong strategic complementarities during both normal and crisis times. In a lower bound environment, optimal policy conduct features long lower bound periods and activist asset purchase policy. Our results also point to a clear sequencing of the exit strategy, stopping first the asset purchases and later on, lifting off the policy rate. In terms of macroeconomic stabilisation, optimal asset purchase strategies bring sizeable benefits and have the potential to largely offset the costs of the lower bound on the policy rate.

     
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    ISBN: 9789289922210
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    hdl: 10419/154406
    Series: Working paper series / European Central Bank ; no 1973 (November 2016)
    Subjects: central bank; European Central Bank; banking; banking policy; euro area; bond
    Scope: 1 Online-Ressource (circa 69 Seiten), Illustrationen
  23. Determinants of sub-sovereign bond yield spreads: the role of fiscal fundamentals and federal bailout expectations
    Author: Beck, Roland; Ferrucci, Gianluigi; Hantzsche, Arno; Rau-Goehring, Matthias
    Published: 09 Dec 2016
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    This paper investigates to what extent yield spreads on bonds issued by sub-sovereign entities within federations are driven by bailout expectations and investors' risk appetite, as opposed to fundamental values related to default risk. The question... more

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    This paper investigates to what extent yield spreads on bonds issued by sub-sovereign entities within federations are driven by bailout expectations and investors' risk appetite, as opposed to fundamental values related to default risk. The question is analysed both across and within federations using a novel dataset for sub-sovereign governments that includes Australian states, Canadian provinces, Swiss cantons, German Länder, US states, Spanish communities, and Indian states. The paper finds that, regardless of the prevailing set-up of the federal system, sub-sovereign debt levels relative to GDP and global risk aversion are important drivers of sub-sovereign spreads. Moreover, within federations, the market's expectation of a federal bailout of the sub-sovereign entity and the capacity of the federal government to provide support to the weaker members of the federation affect the extent to which fundamental factors are priced into spreads. In particular, the paper shows that the positive link between debt and risk premia tends to break down when sub-sovereign government debt rises above certain thresholds. This could reflect the market's expectation of a federal bailout as fundamentals deteriorate. Additionally, larger sub-sovereign entities tend to pay higher premia as fundamentals worsen which could be linked to the limited capacity of the federal government to provide support as the size of the expected bailout increases. A pattern of rising risk premia as fundamentals worsen is also found for sub-sovereign entities when the central government faces borrowing constraints.

     
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    ISBN: 9789289922364
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    hdl: 10419/154420
    Series: Working paper series / European Central Bank ; no 1987 (December 2016)
    Subjects: euro area; macroeconomics; public debt; public finance; bond; government; fiscal policy
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  24. Macroeconomic stabilization, monetary-fiscal interactions, and Europe’s monetary union
    Author: Corsetti, Giancarlo; Dedola, Luca; Jarociński, Marek; Maćkowiak, Bartosz; Schmidt, Sebastian
    Published: 15 Dec 2016
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    The euro area has been experiencing a prolonged period of weak economic activity and very low inflation. This paper reviews models of business cycle stabilization with an eye to formulating lessons for policy in the euro area. According to standard... more

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    The euro area has been experiencing a prolonged period of weak economic activity and very low inflation. This paper reviews models of business cycle stabilization with an eye to formulating lessons for policy in the euro area. According to standard models, after a large recessionary shock accommodative monetary and fiscal policy together may be necessary to stabilize economic activity and inflation. The paper describes practical ways for the euro area to be able to implement an effective monetary-fiscal policy mix.

     
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    ISBN: 9789289922371
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    hdl: 10419/154421
    Series: Array ; no 1988 (December 2016)
    Discussion papers
    Subjects: Währungsunion; Stabilisierungspolitik; Geldpolitik; Finanzpolitik; Eurozone; macroeconomics; economic stabilisation; monetary policy; fiscal policy; monetary union; monetary cooperation; euro area; bond; economic model
    Scope: 1 Online-Ressource (circa 28 Seiten), Illustrationen
  25. Pricing of bonds and equity when the zero lower bound is relevant
    Author: Kick, Heinrich
    Published: [2017]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    This paper investigates the joint dynamics of nominal bond yields, real bond yields and dividend yields from the 80s up to the aftermath of the financial crisis by mapping them on a set of macro factors. It builds on an existing discrete time affine... more

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    This paper investigates the joint dynamics of nominal bond yields, real bond yields and dividend yields from the 80s up to the aftermath of the financial crisis by mapping them on a set of macro factors. It builds on an existing discrete time affine Gaussian model of the term structure model of nominal bonds, real bonds and equity and extends it by three important innovations. Firstly, allowing for structural shifts in inflation expectations. Secondly, accounting for the relevance of the zero lower bound in the period after 2008 by modelling a so-called shadow rate and deriving asset prices by explicitly considering the zero lower bound. Finally, calculating the standard errors to correctly capture the multi-step nature of the estimation process, which results in substantially larger standard errors than previously reported for the model. We achieve statistically significant risk premia by imposing restrictions on the matrix of risk premia. Taken together, these modifications allow to better model asset prices also during the financial crisis and the ensuing economic environment of sluggish growth, low inflation rates, interest rates close to zero and quantitative easing.

     
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    ISBN: 9789289927147
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    hdl: 10419/154425
    Series: Working paper series / European Central Bank ; no 1992 (January 2017)
    Subjects: monetary crisis; interest; financial market; bond
    Scope: 1 Online-Ressource (circa 39 Seiten), Illustrationen