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  1. The use of the Eurosystem's monetary policy instruments and its monetary policy implementation framework Q2 2016-Q4 2017
    Published: [2018]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    This paper provides a comprehensive overview of the use of the Eurosystem's monetary policy instruments and the operational framework from the second quarter of 2016 to the last quarter of 2017. It reviews the context of Eurosystem market operations;... more

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    This paper provides a comprehensive overview of the use of the Eurosystem's monetary policy instruments and the operational framework from the second quarter of 2016 to the last quarter of 2017. It reviews the context of Eurosystem market operations; the design and operation of the Eurosystem's counterparty and collateral frameworks; the fulfilment of minimum reserve requirements; participation in credit operations and recourse to standing facilities; and the conduct of outright asset purchase programmes. The paper also discusses the impact of monetary policy implementation on the Eurosystem's balance sheet, excess liquidity and money market liquidity conditions.

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289933681
    Other identifier:
    hdl: 10419/192957
    Corporations / Congresses:
    Task Force on the use of monetary policy instruments (VerfasserIn)
    Series: Occasional paper series / European Central Bank ; no 209 (April 2018)
    Subjects: monetary policy; central bank; microeconomics; interest; economic policy; money-market liquidity; monetary policy implementation; central bank counterparty framework; central bank collateral framework; central bank liquidity management; non-standard monetary policy measures
    Scope: 1 Online-Ressource (55 Seiten), Diagramme
  2. Yield curve modelling and a conceptual framework for estimating yield curves
    evidence from the European Central Bank's yield curves
    Author: Nymand-Andersen, Per
    Published: [2018]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    The European Central Bank (ECB), as part of its forward-looking strategy, needs high-quality financial market statistical indicators as a means to facilitate evidence-based and sound decision-making. Such indicators include timely market intelligence... more

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    The European Central Bank (ECB), as part of its forward-looking strategy, needs high-quality financial market statistical indicators as a means to facilitate evidence-based and sound decision-making. Such indicators include timely market intelligence and information to gauge investors' expectations and reaction functions with regard to policy decisions. The main use of yield curve estimations from an ECB monetary policy perspective is to obtain a proper empirical representation of the term structure of interest rates for the euro area which can be interpreted in terms of market expectations of monetary policy, economic activity and inflation expectations over short-, medium- and long-term horizons. Yield curves therefore play a pivotal role in the monitoring of the term structure of interest rates in the euro area. In this context, the purpose of this paper is twofold: firstly, to pave the way for a conceptual framework with recommendations for selecting a high-quality government bond sample for yield curve estimations, where changes mainly reflect changes in the yields-to-maturity rather than in other attributes of the underlying debt securities and models; and secondly, to supplement the comprehensive - mainly theoretical - literature with the more empirical side of term structure estimations by applying statistical tests to select and produce representative yield curves for policymakers and market-makers.

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
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    ISBN: 9789289933568
    Other identifier:
    hdl: 10419/194010
    Series: Statistics paper series / European Central Bank ; no 27 (February 2018)
    Subjects: European Central Bank; financial market; economic indicator; statistical method; monetary policy; euro area; interest; term structure; yield curve models; data quality
    Scope: 1 Online-Ressource (77 Seiten), Illustrationen
  3. External debt composition and domestic credit cycles
    Author: Avdjiev, Stefan; Binder, Stephan; Sousa, Ricardo M.
    Published: 2018
    Publisher:  ESM, Luxembourg

    We assess the role of external debt in shaping the dynamics of domestic credit cycles. Using quarterly data for 40 countries between 1980 and 2015, we examine four dimensions of external debt composition: instrument, sector, currency and maturity. We... more

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    We assess the role of external debt in shaping the dynamics of domestic credit cycles. Using quarterly data for 40 countries between 1980 and 2015, we examine four dimensions of external debt composition: instrument, sector, currency and maturity. We show that the first two dimensions provide valuable information about the likelihood of credit booms and busts. In particular, we find that a higher share of external bank lending in the form of bonds is associated with a greater likelihood of credit booms. Our results also reveal that credit busts tend to be associated with a lower share of interbank lending and a higher share of lending from banks to nonbanks.

     
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    Source: Union catalogues
    Language: English
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    Format: Online
    ISBN: 9789295085497
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    Series: Working paper series / European Stability Mechanism ; 28
    Subjects: credit cycles; external debt composition; macroeconomics; interest; monetary policy; credit; external debt
    Scope: 1 Online-Ressource (circa 53 Seiten), Illustrationen
  4. Collateral scarcity premia in euro area repo markets
    Author: Ferrari, Massimo; Guagliano, Claudia; Mazzacurati, Julien
    Published: [2017]
    Publisher:  European Systemic Risk Board, Frankfurt am Main, Germany

    Collateral plays a very important role in financial markets. Without easy access to high-quality collateral, dealers and market participants would find it more costly to trade, with a negative impact on market liquidity and the real economy through... more

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    Collateral plays a very important role in financial markets. Without easy access to high-quality collateral, dealers and market participants would find it more costly to trade, with a negative impact on market liquidity and the real economy through increased financing costs. The role of collateral has become increasingly significant since the global financial crisis, partly due to regulatory reforms. Using bond-level data from both repo and securities lending markets, this paper introduces a new measure of collateral reuse and studies the drivers of the cost of obtaining high-quality collateral, i.e. the collateral scarcity premium, proxied by specialness of government bond repos. We find that the cost of obtaining high-quality collateral increases with demand pressures in the cash market (short-selling activities), even in calm financial market conditions. In bear market conditions - when good collateral is needed the most - this could lead to tensions in some asset market segments. Collateral reuse may alleviate some of these tensions by reducing the collateral scarcity premia. Yet, it requires transparency and monitoring due to the financial stability risks associated. Finally, we find that the launch of the ECB quantitative easing programme has a statistically significant, albeit limited, impact on sovereign collateral scarcity premia, but this impact is offset by the beginning of the ECB Securities Lending Programme.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789295210424
    Other identifier:
    hdl: 10419/193562
    Series: Working paper series / ESRB, European Systemic Risk Board, European System of Financial Supervision ; no 55 (October 2017)
    Subjects: interest; euro area; monetary policy; financial market; financial institution; Repos; securities lending; collateral; specialness; short selling; collateral reuse; negative interest rates; quantitative easing
    Scope: 1 Online-Ressource (circa 38 Seiten), Illustrationen
  5. Using elasticities to derive optimal bankruptcy exemptions
    Author: Dávila, Eduardo
    Published: [2016]
    Publisher:  European Systemic Risk Board, Frankfurt am Main, Germany

    This paper studies the optimal determination of bankruptcy exemptions for risk averse borrowers who use unsecured contracts but have the possibility of defaulting. I show that, in a large class of economies, knowledge of four variables is sufficient... more

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    This paper studies the optimal determination of bankruptcy exemptions for risk averse borrowers who use unsecured contracts but have the possibility of defaulting. I show that, in a large class of economies, knowledge of four variables is sufficient to determine whether a bankruptcy exemption level is optimal, or should be increased or decreased. These variables are: the sensitivity to the exemption level of the interest rate schedule offered by lenders to borrowers, the borrowers' leverage, the borrowers' bankruptcy probability, and the change in bankrupt borrowers' consumption. An application of the framework to US data suggests that the optimal bankruptcy exemption is higher than the current average bankruptcy exemption, but of the same order of magnitude.

     
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    Source: Union catalogues
    Language: English
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    ISBN: 9789295081567
    Other identifier:
    hdl: 10419/193533
    Series: Working paper series / ESRB, European Systemic Risk Board, European System of Financial Supervision ; no 26 (October 2016)
    Subjects: bankruptcy; interest; investment; market; microeconomics; bankruptcy; default; sufficient statistics; unsecured credit; general equilibrium with incomplete markets
    Scope: 1 Online-Ressource (circa 52 Seiten), Illustrationen
  6. In-depth review 2024
    Portugal
    Published: 2024
    Publisher:  Publications Office of the European Union, Luxembourg

    This in-depth review (IDR) analyses the evolution of Portugal's vulnerabilities related to high private, government and external debt, and possibly newly emerging risks. This year's IDR, which follows the 2024 Alert Mechanism Report (AMR) published... more

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    This in-depth review (IDR) analyses the evolution of Portugal's vulnerabilities related to high private, government and external debt, and possibly newly emerging risks. This year's IDR, which follows the 2024 Alert Mechanism Report (AMR) published in November 2023, assesses the persistence or unwinding of the vulnerabilities identified last year, potential emerging risks, and relevant policy progress and policy options that could be considered for the future.

     
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    Source: Union catalogues
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    ISBN: 9789268137901
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    Series: Array ; 285 (April 2024)
    Subjects: macroeconomics; euro area; loan; financial stability; financial supervision; household consumption; gross domestic product; inflation; interest; Portugal
    Scope: 1 Online-Ressource (circa 26 Seiten)
  7. Implications of higher inflation and interest rates for macroprudential policy stance
    Author: Hempell, Hannah S.; Silva, Fatima; Scalone, Valerio; Borkó, Tamás; Cornacchia, Wanda; Di Virgilio, Domenica; Espic, Aurélien; Garcia, Salomón; Heires, Marcel; Herrera, Luis; Kärkkäinen, Samu; Kent, Luke; Kerbl, Stefan; Löhe, Sebastian; Oliveira, Vitor; Palligkinis, Spyros; Segura, Anatoli; Steikūnė, Paulina
    Published: [2024]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    In recent years, monetary policy and inflation considerations have been playing an increasingly important role for macroprudential authorities in their policy setting. This paper aims to assess the implications of high inflation and rising interest... more

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    In recent years, monetary policy and inflation considerations have been playing an increasingly important role for macroprudential authorities in their policy setting. This paper aims to assess the implications of high inflation and rising interest rates for macroprudential policy stance. The conceptual discussions and model-based analyses included in this paper reflect on the appropriate direction and impact of macroprudential policies at the different stages of financial and business cycles, given cross-country and banking system heterogeneities. In this context, a key objective of the paper is to assess to what extent the interaction between macroprudential and monetary policies differs, given the heterogeneity across euro area countries exposed to a homogenous monetary policy. While both policies are to a large extent complementary, monetary policy may generate relevant spillovers due to its impact on the financial cycle and, potentially, on financial stability. The paper argues that the recent focus of macroprudential policy on resilience, when banking sector conditions ensure no unwarranted procyclical effects of macroprudential tightening, suggests an expansion of the notion of "complementarity" with monetary policy. Specifically, with the build-up of resilience, macroprudential policy acts de facto countercyclically, supporting monetary policy in its pursuit of price stability. In this regard, the paper stresses that the source of the inflationary shock (supply versus demand side) and the monetary environment primarily affect the intensity, speed and extent of buffer build-up or release within each stage of the financial cycle while affecting borrower-based measures in their bindingness.

     
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    Source: Union catalogues
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    ISBN: 9789289968744
    Other identifier:
    hdl: 10419/306600
    Series: Occasional paper series / European Central Bank ; no 358
    Subjects: banks; macroprudential policy; capital buffers; borrower-based measures; Financial stability; monetary policy; financial risk; bank; interest; inflation
    Scope: 1 Online-Ressource (circa 55 Seiten), Illustrationen
  8. Investment decisions in a high-inflation environment
    Author: Schito, Marco; Klimavičiūtė, Luka; Pál, Rozália
    Published: August 2024
    Publisher:  European Investment Bank, Luxembourg

    Does increasing inflation affect firms' investment decisions? This article employs the European Investment Bank Investment Survey (EIBIS) dataset to explore the association between the increased inflation that the EU countries have experienced since... more

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    Does increasing inflation affect firms' investment decisions? This article employs the European Investment Bank Investment Survey (EIBIS) dataset to explore the association between the increased inflation that the EU countries have experienced since 2021, and firms' investment decisions. We find evidence that very high rates of inflation (over 20%) are associated with higher probabilities of investment, likely driven by measures to improve energy efficiency (particularly for SMEs) and a desire to avoid the devaluation of cash reserves (for large firms). We further find a positive association between SMEs' ability to pass costs onto consumers (the so-called pass-through rate) and investment decision, suggesting a higher degree of reliance on the generation of continuous revenues for investment purposes compared with large firms. Inflation's by-products (increased interest rates, difficulties in accessing external financing, increasing uncertainty) are found to be important negative factors in investment decisions. (146 words)

     
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    Source: Union catalogues
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    Media type: Ebook
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    ISBN: 9789286158025
    Other identifier:
    hdl: 10419/301874
    Series: Economics - working papers ; 2024, 03
    Subjects: EIBIS; cost pass-through rate; financial tightening; SMEs; inflation; investment; small and medium-sized enterprises; corporate finance; interest; price of energy; EU Member State
    Scope: 1 Online-Ressource (circa 52 Seiten), Illustrationen
  9. IFRS 9 overlays and model improvements for novel risks
    identifying best practices for capturing novel risks in loan loss provisions
    Published: July 2024
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    In recent years, banks have constantly faced new risks that need to be assessed. The COVID-19 pandemic itself revealed that health risks and related restrictions can threaten the solvency of borrowers. After this threat was managed with the help of... more

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    In recent years, banks have constantly faced new risks that need to be assessed. The COVID-19 pandemic itself revealed that health risks and related restrictions can threaten the solvency of borrowers. After this threat was managed with the help of public support, a stream of other novel risks emerged, like energy supply, geopolitical stability, high interest rates, inflation, and climate change. And since the list of such novel risks is unlikely to be exhaustive, it is only reasonable to expect further surprises. This new risk environment poses a significant challenge to banking supervisors, who draw on a traditional supervisory framework largely reliant on historical data series. But such data series lack scope for dealing with risks looming large on the horizon. For this reason, ECB Banking Supervision places a particular focus on supervisory tools and regulations offering a forward-looking perspective. If properly applied, they allow banks to prepare for and cushion against those risks. One of the areas the ECB is looking into is expected loan loss provisioning under IFRS 9. The accounting requirements are principle-based and require comprehensive consideration of forward-looking information. The resulting provisions impact prudential capital ratios, so adequate accounting provisions for novel risks also act as a prudential safeguard should these risks materialise. While the ECB is not an accounting supervisor, it has been granted a prudential mandate to challenge and influence banks' provisioning practices when there is a particular prudential concern about adequate risk coverage. The topic of IFRS 9 provisioning was also mentioned in the ECB's supervisory priorities for 2022-2024.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289968225
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    Subjects: financial risk; risk management; loan; banking supervision; financial solvency; financial aid; public authorities; energy supply; inflation; geopolitics; interest; climate change; financial supervision; European Central Bank
    Scope: 1 Online-Ressource (circa 22 Seiten)
  10. Public debt and the balance sheet of the private sector
    Author: Gersbach, Hans; Rochet, Jean-Charles; Thadden, Elu von
    Published: 04 August 2022
    Publisher:  Centre for Economic Policy Research, London

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    Universitätsbibliothek Mannheim
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP17529
    Subjects: Incomplete financial markets; debt; interest; growth; Ponzi Games; HeterogeneousAgents
    Scope: 1 Online-Ressource (circa 43 Seiten), Illustrationen
  11. The ECB’s transmission protection instrument
    a legal & economic analysis : study requested by the ECON committee
    Author: Bernoth, Kerstin; Dietz, Sara; Ider, Gökhan; Lastra, Rosa M.
    Published: September 2022
    Publisher:  European Parliament, Luxembourg

    With the rise in interest rates and the phasing out of ECB's asset purchase programmes, highly indebted countries such as Italy and Greece are facing a sharper rise in their bond yields than Germany - a development often referred to as `bond market... more

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    Bundesverfassungsgericht, Bibliothek
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    With the rise in interest rates and the phasing out of ECB's asset purchase programmes, highly indebted countries such as Italy and Greece are facing a sharper rise in their bond yields than Germany - a development often referred to as `bond market fragmentation'. In response, the Governing Council of the European Central Bank announced the Transmission Protection Instrument on 21 July 2022. This paper provides a legal and economic examination of this new monetary policy instrument. It is compared with other non-conventional instruments in the context of the Treaty framework and the doctrine of the European Court of Justice.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
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    ISBN: 9789284697410
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    Series: Monetary dialogue papers ; September 2022
    Subjects: economic analysis; interest; public debt; bond; Court of Justice of the European Union; legal basis; financial risk; monetary policy; European Central Bank; risk management; EU financial instrument; Treaty on the Functioning of the EU
    Scope: 1 Online-Ressource (36 Seiten), Diagramme
    Notes:

    Manuscript completed: September 2022
  12. The effective rate of interest on target balances
    Author: Sinn, Hans-Werner
    Published: [2019]
    Publisher:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    While the formal decision of the ECB Council to impose interest on Target claims and liabilities is meaningless, this paper shows that the pooling of primary interest income among national central banks in the Eurozone implies that Target and cash... more

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    While the formal decision of the ECB Council to impose interest on Target claims and liabilities is meaningless, this paper shows that the pooling of primary interest income among national central banks in the Eurozone implies that Target and cash balances do, in fact, bear an effective rate of interest. The magnitude of this effective rate of interest is given by a weighted average of the ECB's policy interest rates where (i) the relative country sizes and (ii) the uses of alternative sources and sinks of international liquidity flows determine the weights. Without countervailing transactions, which would effectively service the Target claims and liabilities, Target balances grow with compound interest. The payment of interest on Target balances internalizes the competitive externality that otherwise could induce excessive money supply in a decentralized monetary system of the kind characterizing the Eurozone. It also implies that the recording of Target balances in the balance sheets of national central banks is compatible with fair value accounting. Highlights * The Eurozone's Target and cash balances carry an effective rate of interest. * The effective rate of interest is a weighted average of the ECB's policy rates. * Target balances grow with compound interest. * Aizenman's competitive seignorage externality is absent in the Eurozone. * Target balances are recorded in line with fair value accounting.

     
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    Media type: Book
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    Other identifier:
    hdl: 10419/207269
    Series: CESifo working paper ; no. 7878 (September 2019)
    Subjects: Target2; ECB; interest; competitive seignorage externality
    Scope: 1 Online-Ressource (circa 20 Seiten), Illustrationen
  13. Macroeconomic effects of fiscal shocks in Portugal
    Author: Bova, Elva; Klyviene, Violeta
    Published: 2019
    Publisher:  Publications Office of the European Union, Luxembourg

    This study analyses the impact of fiscal shocks on GDP, inflation and interest rates in Portugal over 1995-2017. In line with the relevant literature, we estimate multipliers using a structural VAR a' la Blanchard and Perotti (2002) based on OECD... more

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    This study analyses the impact of fiscal shocks on GDP, inflation and interest rates in Portugal over 1995-2017. In line with the relevant literature, we estimate multipliers using a structural VAR a' la Blanchard and Perotti (2002) based on OECD elasticities. As fiscal shocks, we include changes in direct and indirect taxes on the revenue side, and, on the expenditure side, changes in public consumption, investment and transfers. We find small tax multipliers and larger government consumption multipliers for growth, while short-term responses to shocks in transfer and investment spending are found to be negligible. We find an ambiguous impact of fiscal shocks on inflation, with both indirect and direct taxes having an inflationary impact but government consumption having the contrary impact. Fiscal shocks of an expansionary nature are found to trigger declines in real interest rates, possibly through the inflation channel. The results are robust to different orderings of the variables used in the structural VAR and to the selection of alternative time periods. Overall, the analysis of output multipliers compares well with some other studies conducted on the Portuguese economy and confirms the importance of the disposable income channel in the transmission of fiscal shocks to the rest of the economy.

     
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    ISBN: 9789279774331
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    Series: Array ; 096 (May 2019)
    Subjects: inflation; fiscal policy; interest; gross domestic product; macroeconomics; Portugal; Fiscal shocks; structural VAR; Portugal
    Scope: 1 Online-Ressource (circa 68 Seiten), Illustrationen
  14. Niedrigzinsen - eine echte Gefahr für Banken oder Gejammer auf hohem Niveau!?
    Author: Hastenteufel, Jessica; Fuchs, Lena
    Published: [2020]
    Publisher:  IUBH Internationale Hochschule, Erfurt

    The current phase of low interest rates poses major challenges for banks. A continuous decline in the interest result, which is so important for the profitability of banks, has been observed for years, as it is becoming in-creasingly difficult for... more

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    The current phase of low interest rates poses major challenges for banks. A continuous decline in the interest result, which is so important for the profitability of banks, has been observed for years, as it is becoming in-creasingly difficult for banks to generate sufficient income from the interest margin. This is partlydue to the European Central Bank's expansive monetary policy. However, other factors, such as advancing digitization, also play a role here. The structure of the German banking market and the mostly strong focus of German banks on interest-bearing business are also increasingly becoming a problem. Still, the question arises, whether the current phase of low interest rates is actually a serious threat to banks or whether they are complaining at a high level.

     
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    Source: Union catalogues
    Language: German
    Media type: Book
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    hdl: 10419/229174
    Series: Array ; vol. 3, Band 13 (Dez. 2020)
    Subjects: Zinsen; Niedrigzinsphase; Banken; Geldpolitik; interest; low interest rate phase; banking; monetary policy
    Scope: 1 Online-Ressource (circa 34 Seiten)
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    Datei wurde von der herausgebenden Institution entfernt
  15. Niedrigzinsen - eine echte Gefahr für Banken oder Gejammer auf hohem Niveau!?
    Author: Hastenteufel, Jessica; Fuchs, Lena
    Published: [2021]
    Publisher:  IUBH Internationale Hochschule, Erfurt

    The current phase of low interest rates poses major challenges for banks. A continuous decline in the interest result, which is so important for the profitability of banks, has been observed for years, as it is becoming in-creasingly difficult for... more

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    The current phase of low interest rates poses major challenges for banks. A continuous decline in the interest result, which is so important for the profitability of banks, has been observed for years, as it is becoming in-creasingly difficult for banks to generate sufficient income from the interest margin. This is partlydue to the European Central Bank's expansive monetary policy. However, other factors, such as advancing digitization, also play a role here. The structure of the German banking market and the mostly strong focus of German banks on interest-bearing business are also increasingly becoming a problem. Still, the question arises, whether the current phase of low interest rates is actually a serious threat to banks or whether they are complaining at a high level.

     
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    Source: Union catalogues
    Language: German
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/235489
    Series: Array ; vol. 4, issue 1 (Jan. 2021)
    Subjects: Zinsen; Niedrigzinsphase; Banken; Geldpolitik; interest; low interest rate phase; banking; monetary policy
    Scope: 1 Online-Ressource (circa 34 Seiten)
  16. Política monetaria expansiva: efectos sobre márgenes, tasas de interés y subsidios crediticios
    Author: Clavijo Vergara, Sergio
    Published: [2020]
    Publisher:  CEDE, Centro de Estudios sobre Desarrollo Económico, Bogotá, D.C., Colombia

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    Language: Spanish
    Media type: Book
    Format: Online
    Series: Array ; 2020, 43 (noviembre de 2020)
    Subjects: inflation; interest; monetary policy; financial institutions LATAM
    Scope: 1 Online-Ressource (circa 39 Seiten), Illustrationen
  17. Incomes from capital in alternative economic theories
    Author: Fratini, Saverio M.
    Published: July 2020
    Publisher:  Centro di ricerche e documentazione "Piero Sraffa", Roma (Italy)

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    Media type: Book
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    Series: Centro Sraffa working papers ; n. 42
    Subjects: Capital profit; interest
    Scope: 1 Online-Ressource (circa 17 Seiten)
  18. Pension fund statistics compilation guide
    Published: October 2020
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    Pension funds (PFs) are financial corporations and quasi-corporations that are mainly engaged in financial intermediation as a consequence of the pooling of the social risks and needs of their members and beneficiaries (social insurance). As social... more

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    Pension funds (PFs) are financial corporations and quasi-corporations that are mainly engaged in financial intermediation as a consequence of the pooling of the social risks and needs of their members and beneficiaries (social insurance). As social insurance schemes, PFs provide income in retirement and often provide benefits in the event of death and disability. PFs in Europe are highly diverse in terms of their legal and regulatory set-ups, corresponding to their roles in the various countries' social protection systems. Occupational pension plans are often negotiated by social partners and subject to national social and labour law. PFs play an important role in the economy. They invest pension savings in financial and non-financial assets and transform those assets into a post-employment income at a later stage. Moreover, those investments help to ensure economic innovation and growth. The financial crisis, the low-interest rate environment and the ageing population in Europe all highlight the need for higher-quality, more granular and more comparable data on this sector. Harmonised and comparable data on the PF sector are hard to collect. This stems from the many different types of PF and the fact that their characteristics vary across countries. The current gaps in the available data make it difficult to establish a comprehensive understanding of the cash flows and risks associated with pension obligations. Regulation ECB/2018/2 on statistical reporting requirements for pension funds (hereinafter, "the Regulation") was adopted on 26 January 2018. The first harmonised information that PFs will report under the Regulation will be quarterly data for the third quarter of 2019 and annual data for 2019. In order to minimise the reporting burden for the industry, the European Insurance and Occupational Pensions Authority (EIOPA) and the ECB have worked closely together in order to derive statistical reporting requirements from supervisory reporting. This gives national authorities the option of implementing a single reporting flow for common reporters. Decision EIOPA-BOS/18-114 of the Board of Supervisors on EIOPA's regular information requests towards NCAs regarding provision of occupational pensions information set out reporting templates and formats in accordance with the provisions of Directive (EU) 2016/2341 on the activities and supervision of institutions for occupational retirement provision (IORPs).

     
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    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289944380
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    Subjects: pension fund; social security; pension scheme; social partners; European Insurance and Occupational Pensions Authority; social legislation; work; monetary crisis; interest; financial regulation; European Central Bank; directive (EU); financial statistics
    Scope: 1 Online-Ressource (circa 63 Seiten), Illustrationen
  19. Convergence report
    2024
    Published: 2024
    Publisher:  Publications Office of the European Union, Luxembourg

    The 2024 Convergence Report covers the following six Member States with a derogation: Bulgaria, Czechia, Hungary, Poland, Romania and Sweden. The staff working document accompanying this report provides a more detailed assessment of the state of... more

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    The 2024 Convergence Report covers the following six Member States with a derogation: Bulgaria, Czechia, Hungary, Poland, Romania and Sweden. The staff working document accompanying this report provides a more detailed assessment of the state of convergence in these Member States. Article 140(1) TFEU requires the reports to include an examination of the compatibility of national legislation, including the statutes of national central banks, with Articles 130 and 131 TFEU and the Statute of the European System of Central Banks and of the European Central Bank ('the ESCB/ECB Statute'). The reports must also examine whether a high degree of sustainable convergence has been achieved in the Member State concerned by reference to the fulfilment of the four convergence criteria (price stability, public finances, exchange rate stability and long-term interest rates), and by taking account of other factors relevant to economic integration and convergence mentioned in the final subparagraph of Article 140(1) TFEU. The four convergence criteria are developed further in a protocol annexed to the Treaties (Protocol No 13 on the convergence criteria).

     
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    Language: English
    Media type: Article (journal)
    Format: Online
    ISBN: 9789268169650
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    Parent title: Convergence report - Show all bands
    Series: Array ; 294 (June 2024)
    Subjects: economic convergence; convergence criteria; economic growth; inflation; public finance; exchange rate; interest; monetary policy; international trade; Treaty on the Functioning of the EU; euro area; price of energy; economic stabilisation; stability pact; EU Member State; report
    Scope: 1 Online-Ressource (circa 176 Seiten)
  20. Endogenous growth, downward wage rigidity and optimal inflation
    Author: Abbritti, Mirko; Consolo, Agostino; Weber, Sebastian
    Published: [2021]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    Standard New Keynesian (NK) models feature an optimal inflation target well below two percent, limited welfare losses from business cycle fluctuations and long-term monetary neutrality. We develop a NK framework with labour market frictions,... more

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    Standard New Keynesian (NK) models feature an optimal inflation target well below two percent, limited welfare losses from business cycle fluctuations and long-term monetary neutrality. We develop a NK framework with labour market frictions, endogenous productivity and downward wage rigidity (DWR) which challenges these results. The model features a non-vertical long-run Phillips curve between inflation and unemployment and a trade-off between price distortions and output hysteresis that change the welfare-maximizing inflation level. For a plausible set of parameters, the optimal inflation target is in excess of two percent, a target value commonly used across central banks. Deviations from the optimal target carry welfare costs multiple times higher than in traditional NK models. The main reason is that endogenous growth and DWR generate asymmetric and hysteresis effects on unemployment and output. Price level targeting or a Taylor-rule responding to the unemployment rate can handle better the asymmetric and hysteresis effects in our model and deliver significant welfare gains. Our results are robust to the inclusion of the effective lower bound on the monetary policy interest rate.

     
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    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289949682
    Other identifier:
    hdl: 10419/249908
    Series: Working paper series / European Central Bank ; no 2635 (December 2021)
    Subjects: Endogenous Growth; Optimal Inflation Target,Downward Wage Rigidity; Monetary Policy Invariance Hypothesis; Zero LowerBound; Monetary Policy; pay cut; inflation; economic model; economic growth; interest; labour market; social well-being; unemployment
    Scope: 1 Online-Ressource (circa 50 Seiten), Illustrationen
  21. House prices and ultra-low interest rates
    exploring the non-linear nexus
    Author: Dieckelmann, Daniel; Hempell, Hannah S.; Jarmulska, Barbara; Lang, Jan Hannes; Rusnàk, Marek
    Published: [2023]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    The acceleration of house price growth amidst falling interest rates to record-low levels across euro area countries between 2015 and 2021 has sparked renewed interest in the link between the two variables. Asset-pricing theory suggests that real... more

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    The acceleration of house price growth amidst falling interest rates to record-low levels across euro area countries between 2015 and 2021 has sparked renewed interest in the link between the two variables. Asset-pricing theory suggests that real house prices respond to changes in real interest rates in a non-linear fashion. This non-linearity should be especially pronounced at very low real interest rates. Most existing empirical studies estimate models with a constant semi-elasticity, thereby ruling out by design the potential non-linearities between house prices and interest rates. To address this issue, we estimate a panel model for the euro area countries with a constant interest rate elasticity (as opposed to a constant semi-elasticity), which is consistent with asset pricing theory. Our empirical results suggest that, in a low interest rate environment such as the period between 2015 and 2021, non-linearities in the house price response to interest rate changes are important: an increase of real interest rates from ultra-low levels could lead to downward pressure on real house prices three to eight times higher than the literature suggests.

     
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    Language: English
    Media type: Ebook
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    ISBN: 9789289959858
    Other identifier:
    hdl: 10419/278365
    Series: Working paper series / European Central Bank ; no 2789 (February 2023)
    Subjects: house prices; interest rates; elasticity; non-linearity; property market; price increase; interest; euro area
    Scope: 1 Online-Ressource (circa 40 Seiten), Illustrationen
  22. Aggregate uncertainty, HANK, and the ZLB
    Author: Lin, Alessandro; Peruffo, Marcel
    Published: [2024]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    We propose a novel methodology for solving Heterogeneous Agents New Keynesian (HANK) models with aggregate uncertainty and the Zero Lower Bound (ZLB) on nominal interest rates. Our efficient solution strategy combines the sequence-state Jacobian... more

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    We propose a novel methodology for solving Heterogeneous Agents New Keynesian (HANK) models with aggregate uncertainty and the Zero Lower Bound (ZLB) on nominal interest rates. Our efficient solution strategy combines the sequence-state Jacobian methodology in Auclert et al. (2021) with a tractable structure for aggregate uncertainty by means of a two-regimes shock structure. We apply the method to a simple HANK model to show that: 1) in the presence of aggregate non-linearities such as the ZLB, a dichotomy emerges between the aggregate impulse responses under aggregate uncertainty against the deterministic case; 2) aggregate uncertainty amplifies downturns at the ZLB, and household heterogeneity increases the strength of this amplification; 3) the effects of forward guidance are stronger when there is aggregate uncertainty.

     
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    Language: English
    Media type: Ebook
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    ISBN: 9789289963916
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    hdl: 10419/297351
    Series: Working paper series / European Central Bank ; no 2911
    Subjects: New-Keynesian Models; Liquidity Traps; Zero Lower Bound; Computational Methods; Monetary Policy; economic model; macroeconomics; economic analysis; interest
    Scope: 1 Online-Ressource (circa 57 Seiten), Illustrationen
  23. As interest rates surge
    flighty deposits and lending
    Author: Cappelletti, Giuseppe; Marqués Ibáñez, David; Reghezza, Alessio; Salleo, Carmelo
    Published: [2024]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    How a historic drop in bank deposits shapes banks' loan supply? We exploit the effects of a large, and unexpected, increase in monetary policy rates to estimate the deposit channel of monetary policy using an extensive credit register that includes... more

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    How a historic drop in bank deposits shapes banks' loan supply? We exploit the effects of a large, and unexpected, increase in monetary policy rates to estimate the deposit channel of monetary policy using an extensive credit register that includes all bank-firm lending relationships in all euro area countries. We find that banks experiencing large deposit outflows reduce credit, but not the interest rate they charge, to the same borrower relative to other lenders. This credit restriction is stronger for fixed rate and longer maturity loans, but not for riskier borrowers. The effect is mostly driven by banks coming into the hiking period with a larger unhedged duration gap that renders borrowers of those banks more vulnerable to credit restrictions due to the deposit outflows as interest rates surge. We resort to the deposit beta as an instrument variable and a matched estimator that bear out the thrust of our results.

     
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    ISBN: 9789289964036
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    hdl: 10419/297363
    Series: Working paper series / European Central Bank ; no 2923
    Subjects: Banks; Bank deposits; Monetary policy; bank deposit; loan; interest; bank
    Scope: 1 Online-Ressource (circa 57 Seiten), Illustrationen
  24. The impact of the EIB’s intermediated lending to businesses in the Western Balkans
    Author: Gatti, Matteo; Sinnott, Emily; Weiers, Georg; Fratto, Chiara; Van Der Wielen, Wouter
    Published: 2023
    Publisher:  European Investment Bank, Luxembourg

    This report assesses the impact of the intermediated lending of the European Investment Bank (EIB) on small and medium enterprises (SMEs) in the Western Balkans, with a particular focus on employment. The EIB plays a central role in the financing of... more

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    This report assesses the impact of the intermediated lending of the European Investment Bank (EIB) on small and medium enterprises (SMEs) in the Western Balkans, with a particular focus on employment. The EIB plays a central role in the financing of SMEs and mid-caps in the Western Balkans (Bosnia and Herzegovina, Montenegro, North Macedonia and Serbia), where firms' access to bank-lending finance is low compared to EU standards. With the aim of spurring firms' growth, the EIB channels liquidity through financial intermediaries on favourable conditions, such as providing lower interest rates or longer tenure.

     
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    ISBN: 9789286156519
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    Series: Array
    Subjects: small and medium-sized enterprises; EIB loan; economic consequence; job creation; interest; Bosnia and Herzegovina; Montenegro; North Macedonia; Serbia; impact study
    Scope: 1 Online-Ressource (circa 30 Seiten)
  25. Euro25
    where has the euro area been? : where does it go from here? : in-depth analysis requested by the ECON committee
    Author: Siklos, Pierre L.
    Published: February 2024
    Publisher:  European Parliament, Brussels

    When it comes to the euro, policy makers should not follow the expression: "if it ain't broke, don't fix it". A review of the first 25 years of the euro suggests that mistakes were made. Yet, the ECB has also been remarkably adaptable under difficult... more

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    When it comes to the euro, policy makers should not follow the expression: "if it ain't broke, don't fix it". A review of the first 25 years of the euro suggests that mistakes were made. Yet, the ECB has also been remarkably adaptable under difficult circumstances. Improvements to the resilience of the euro area are possible. This paper looks back over an eventful quarter century and offer a peak into the euro area's possible future challenges. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 15 February 2024.

     
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    ISBN: 9789284815432
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    Series: Monetary dialogue papers ; February 2024
    Subjects: Geldpolitik; Inflationsbekämpfung; Zentralbank; Führungsorganisation; EU-Staaten; monetary policy; European Central Bank; economic stabilisation; interest; economic recession; euro area
    Scope: 1 Online-Ressource (circa 34 Seiten)