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Displaying results 1 to 16 of 16.

  1. Fund fragility
    the role of fund ownership base
    Author: Allaire, Nolwenn; Breckenfelder, Johannes; Hoerova, Marie
    Published: 01 July 2024
    Publisher:  Centre for Economic Policy Research, London

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    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße
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    Universitätsbibliothek Freiburg
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Universitätsbibliothek Mannheim
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    Universität Potsdam, Universitätsbibliothek
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP19201
    Subjects: mutual funds; runs; liquidity; fund ownership; March 2020 liquidity crisis
    Scope: 1 Online-Ressource (circa 62 Seiten), Illustrationen
  2. Liquid equity and boom-bust dynamics
    Author: Buggenum, Hugo van
    Published: 2024-07
    Publisher:  KOF, Zurich, Switzerland

    I develop and analyze a monetary model with liquid equity. Equity is a claim on the profits of firms acting as sellers in the search-and-matching market. Buyers in that market devote search to obtain matches with firms, and use the equity to relax a... more

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 297
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    I develop and analyze a monetary model with liquid equity. Equity is a claim on the profits of firms acting as sellers in the search-and-matching market. Buyers in that market devote search to obtain matches with firms, and use the equity to relax a liquidity constraint. The dual nature of equity in the search-and-matching market entails a strategic complementary in search operating through buyers' liquidity constraint, and it gives rise to endogenous booms and busts. The economy is stable in an inflation-targeting regime if combined with asset purchases, meaning the government effectively puts a floor below the value of equity.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 20.500.11850/685405
    hdl: 10419/301212
    Series: KOF working papers ; no. 519 (07/2024)
    Subjects: coordination; equity; liquidity; money-search; sunspots
    Scope: 1 Online-Ressource (circa 73 Seiten), Illustrationen
  3. Monetary policy and illiquidity
    Author: Toporowski, Jan
    Published: [2024]
    Publisher:  Institute for New Economic Thinking, New York, NY

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    VS 919
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: Working paper / Institute for New Economic Thinking ; no. 218
    Subjects: monetary policy; liquidity; debt management; yield curve control
    Scope: 1 Online-Ressource (circa 15 Seiten)
  4. Bank recovery and resolution planning, liquidity management and fragility
    Author: Deidda, Luca G.; Panetti, Ettore
    Published: Novembre 2024
    Publisher:  Arkadia, Cagliari

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9788868515478
    Edition: Prima edizione
    Series: Working papers / CRENoS ; 2024, 20
    Subjects: banks; liquidity; financial fragility; financial regulation; resolution
    Scope: 1 Online-Ressource (circa 43 Seiten), Illustrationen
  5. Growth-friendly taxation in a high-inflation environment
    Author: Kiss, Áron; Leodolter, Alexander; Turrini, Alessandro; Ványolós, István
    Published: 2024
    Publisher:  Publications Office of the European Union, Luxembourg

    Recent EU country-specific recommendations to make taxation more growth-friendly have advocated a stronger use of recurrent taxes on immovable property and a shift of the tax burden from labour income, including a reduction of the labour tax burden... more

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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Recent EU country-specific recommendations to make taxation more growth-friendly have advocated a stronger use of recurrent taxes on immovable property and a shift of the tax burden from labour income, including a reduction of the labour tax burden of low-income taxpayers. This Economic Brief focuses on challenges related to these two types of tax reforms during periods of high inflation. The challenges linked to immovable property taxation include the update of the property values as well as issues relating to liquidity problems for households with property but relatively low income. Regarding reforms aimed at reducing the labour tax burden on low-income taxpayers, their impact may be challenged by the so-called bracket creep (or fiscal drag) phenomenon, i.e., the shift of taxpayers into higher tax brackets due to an increase of nominal incomes. The present paper highlights the relevance of these issues on the basis of recent empirical evidence and discusses current practices and possible solutions.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789268125311
    Other identifier:
    Series: Array ; 079 (March 2024)
    Subjects: Tax; taxation; tax policy; immovable property; property value; cadastral value; property valuation; asset-rich cash-poor; liquidity; bracket creep; fiscal drag; indexation; inflation; housing; personal income tax; tax reform; tax system; financial risk; real property
    Scope: 1 Online-Ressource (circa 20 Seiten)
  6. Through stormy seas: how fragile is liquidity across asset classes and time?
    Author: Aliyev, Nihad; Aquilina, Matteo; Rzayev, Khaladdin; Zhu, Sonya
    Published: November 2024
    Publisher:  Bank for International Settlements, Monetary and Economic Department, [Basel]

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    VS 546
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: BIS working papers ; no 1229
    Subjects: liquidity; market resiliency; high frequency trading; fragmentation
    Scope: 1 Online-Ressource (circa 47 Seiten), Illustrationen
  7. Market impacts of the 2020 short selling bans
    Author: Spolaore, Alessandro; Le Moign, Caroline
    Published: 11 January 2024
    Publisher:  European Securities and Markets Authority (ESMA), Economics, Financial Stability and Risk Department, Paris

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: ESMA working paper ; no. 2024, 1
    Subjects: short selling; market quality; financial crisis; COVID-19; liquidity; regulation impact; short selling ban
    Scope: 1 Online-Ressource (circa 40 Seiten), Illustrationen
  8. A map of the euro area financial system
    Author: Andersen, Isabel; Sánchez Serrano, Antonio
    Published: [2024]
    Publisher:  ESRB, European Systemic Risk Board, European System of Financial Supervision, Frankfurt am Main, Germany

    We present a methodology based on quarterly sectoral accounts to build a map of the euro area financial system. The map can be used to visualise existing cross-sectoral interconnections and exposures, to analyse how the main bilateral positions have... more

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    We present a methodology based on quarterly sectoral accounts to build a map of the euro area financial system. The map can be used to visualise existing cross-sectoral interconnections and exposures, to analyse how the main bilateral positions have evolved over time, and to understand how past episodes of financial stress affected balance sheet structures and inter-sectoral flows. We find that the euro area financial system was essentially bank-centric when it entered the global financial crisis, and only afterwards has the importance of investment funds, government debt and central banks increased substantially. In particular, investment funds are used by euro area economic agents to gain exposure to the rest of the world and vice versa. We also document weak dynamics since the global financial crisis in lending between euro area banks and non-financial corporations. Next, we look at the financial system during the global financial crisis and the outbreak of the COVID-19 pandemic, a further four episodes of financial stress (sovereign debt crisis, the US taper tantrum, the Brexit referendum, the start of Russia's invasion of Ukraine) and the monetary policy tightening between 2005 and 2007. While there are differences across them, we unveil interesting common features. The map can be useful in determining which sectors are resilient enough to absorb losses and whether they can serve as transmitters of stress. Finally, turning to liquidity, bank deposits, money market fund shares and securities financing transactions are key to ensure a smooth supply of liquidity and should continuously be on the radar of policymakers.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/306587
    Series: Occasional paper series / European Systemic Risk Board ; no 26
    Subjects: Interconnections; flow of funds; financial crisis; financial intermediation; liquidity
    Scope: 1 Online-Ressource (circa 94 Seiten), Illustrationen
  9. The collateral spread puzzle
    why do repo rates often exceed unsecured rates?
    Author: Nyborg, Kjell G.
    Published: 16 July 2024
    Publisher:  Centre for Economic Policy Research, London

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    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße
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    Universitätsbibliothek Freiburg
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Universitätsbibliothek Mannheim
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    Universität Potsdam, Universitätsbibliothek
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP19243
    Subjects: liquidity; repo; collateral spread; trilateral linkage; liquidity premium; general collat-eral; financial stress
    Scope: 1 Online-Ressource (circa 59 Seiten), Illustrationen
  10. The collateral spread puzzle
    why do repo rates often exceed unsecured rates?
    Author: Nyborg, Kjell G.
    Published: [2024]
    Publisher:  Swiss Finance Institute, Geneva

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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Source: Union catalogues
    Language: English
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    Format: Online
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    Series: Swiss Finance Institute research paper series ; no 24, 37
    Subjects: liquidity; repo; collateral spread; trilateral linkage; liquidity premium; general collateral; financial stress
    Scope: 1 Online-Ressource (circa 58 Seiten)
  11. Exchanges for government bonds?
    evidence during COVID-19
    Author: Kutai, Ari; Nathan, Daniel; Wittwer, Milena
    Published: [2024]
    Publisher:  Research Department, Bank of Israel, Jerusalem, Israel

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    VS 875
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Discussion paper / Bank of Israel Research Department ; 2024, 03 (March 2024)
    Subjects: Exchange; OTC market; government bonds; liquidity; crisis
    Scope: 1 Online-Ressource (circa 71 Seiten), Illustrationen
  12. Non-standard errors
    Author: Menkveld, Albert J.; Valente, Giorgio
    Published: [2024]
    Publisher:  Hong Kong Institute for Monetary and Financial Research, [Hong Kong]

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Source: Union catalogues
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    Series: HKIMR working paper ; 2024, no. 01 (March 2024)
    Subjects: non-standard errors; multi-analyst approach; liquidity
    Scope: 1 Online-Ressource (circa 60 Seiten), Illustrationen
  13. Drivers of dollar share in foreign exchange reserves
    Author: Goldberg, Linda S.; Hannaoui, Oliver
    Published: [2024]
    Publisher:  Federal Reserve Bank of New York, [New York, NY]

    The share of U.S. dollar assets in the official foreign exchange reserve portfolios of central banks is sometimes taken as an indicator of dollar status. We show that the observed decline in the aggregate share of U.S. dollar assets does not stem... more

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    DS 207
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    The share of U.S. dollar assets in the official foreign exchange reserve portfolios of central banks is sometimes taken as an indicator of dollar status. We show that the observed decline in the aggregate share of U.S. dollar assets does not stem from a systematic shift in currency preferences away from holding dollar assets. Instead, a small group of countries with large foreign exchange reserve balances drive the dollar share decline observed in aggregate statistics. This arises either due to countries conducting monetary policy vis-à-vis the euro or due to preference shifts away from dollars. Regression analysis shows that interest rate differentials between traditional and nontraditional reserve currencies can tilt portfolio composition, particularly in relation to the scale of investment tranches within overall central bank portfolios. Geopolitical distance from the United States and financial sanctions are associated with lower U.S. dollar shares, especially if the primary foreign currency liquidity needs of the central bank are already satisfied.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/300453
    Series: Staff reports / Federal Reserve Bank of New York ; no. 1087 (March 2024)
    Subjects: foreign exchange reserves; dollar; liquidity; convenience yields; currency of international debt; foreign exchange reserve management
    Scope: 1 Online-Ressource (circa 53 Seiten), Illustrationen
  14. Monetary-fiscal interaction and the liquidity of government debt
    Author: Cantore, Cristiano; Leonardi, Edoardo
    Published: January 2024
    Publisher:  [London School of Economics and Political Science], [London, UK]

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: [CFM discussion paper series] ; [CFM-DP 2024, 06]
    Subjects: monetary-fiscal interaction; liquidity; government debt; HANK
    Scope: 1 Online-Ressource (circa 34 Seiten)
  15. The collateral spread puzzle
    why do repo rates often exceed unsecured rates?
    Author: Nyborg, Kjell G.
    Published: 16 July 2024
    Publisher:  Centre for Economic Policy Research, London

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    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
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    Universität Potsdam, Universitätsbibliothek
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP19243
    Subjects: liquidity; repo; collateral spread; trilateral linkage; liquidity premium; general collat-eral; financial stress
    Scope: 1 Online-Ressource (circa 59 Seiten), Illustrationen
  16. Fund fragility
    the role of fund ownership base
    Author: Allaire, Nolwenn; Breckenfelder, Johannes; Hoerova, Marie
    Published: 01 July 2024
    Publisher:  Centre for Economic Policy Research, London

    Access:
    Verlag (Deutschlandweit zugänglich)
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    Location:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
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    Unlimited inter-library loan, copies and loan

    Location:
    Universität Potsdam, Universitätsbibliothek
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP19201
    Subjects: mutual funds; runs; liquidity; fund ownership; March 2020 liquidity crisis
    Scope: 1 Online-Ressource (circa 62 Seiten), Illustrationen