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Displaying results 51 to 65 of 65.

  1. Multiple lending, credit lines and financial contagion
    Author: Cappelletti, Giuseppe; Mistrulli, Paolo Emilio
    Published: [2017]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    Multiple lending has been widely investigated from both an empirical and a theoretical perspective. Nevertheless, the implications of multiple lending for the stability of the banking system still need to be understood. By lending to a common set of... more

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    Multiple lending has been widely investigated from both an empirical and a theoretical perspective. Nevertheless, the implications of multiple lending for the stability of the banking system still need to be understood. By lending to a common set of borrowers, banks are interconnected and then exposed to financial contagion phenomena, even if not directly. In this paper, we investigate a specific type of externality that originates from those borrowers that obtain liquidity from more than one bank. In this case, contagion may occur if a bank hit by a liquidity shock calls in some loans and borrowers then pay them back by drawing money from other banks. We show that, under certain circumstances that make other sources of liquidity unavailable or too costly, multiple lending might be responsible for a large liquidity shortage.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
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    ISBN: 9789289928113
    Other identifier:
    hdl: 10419/175713
    Series: Working paper series / European Central Bank ; no 2089 (July 2017)
    Subjects: loan; credit; financial policy; banking policy; money-market liquidity; banking system
    Scope: 1 Online-Ressource (circa 36 Seiten), Illustrationen
  2. Student debt in selected countries
    = Die Verschuldung von Studierenden in ausgewählten Ländern
    Author: Del Rey, Elena; Schiopu, Ioana
    Published: November 2015
    Publisher:  Publications Office of the European Union, Luxembourg

    Increasing costs of higher education and the expansion of access, together with greater cost-sharing by students and their families, have led to higher indebtedness of former students in many countries. This report reviews the extent of this burden,... more

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    Increasing costs of higher education and the expansion of access, together with greater cost-sharing by students and their families, have led to higher indebtedness of former students in many countries. This report reviews the extent of this burden, as well as the available evidence on the impact of graduate indebtedness in selected countries.

     
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    Source: Union catalogues
    Language: English
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    ISBN: 9789279494093
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    Series: EENEE analytical report ; no. 25
    Subjects: Studierende; Studienfinanzierung; Private Verschuldung; Kredittilgung; USA; Australien; Kanada; Nordeuropa; Großbritannien; EU-Staaten; higher education; education costs; student; indebtedness; education policy; loan; reimbursement of aid; Erasmus+
    Scope: 1 Online-Ressource (circa 35 Seiten), Illustrationen
  3. Estimating the impact of shocks to bank capital in the euro area
    Author: Kanngiesser, Derrick; Martin, Reiner; Maurin, Laurent; Moccero, Diego
    Published: [2017]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    We contribute to the empirical literature on the impact of shocks to bank capital in the euro area by estimating a Bayesian VAR model identified with sign restrictions. The variables included in the VAR are those typically used in monetary policy... more

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    We contribute to the empirical literature on the impact of shocks to bank capital in the euro area by estimating a Bayesian VAR model identified with sign restrictions. The variables included in the VAR are those typically used in monetary policy analysis, extended to include aggregate banking sector variables. We estimate two shocks affecting the euro area economy, namely a demand shock and a shock to bank capital. The main findings of the paper are as follows: i) Impulse-response analysis shows that in response to a shock to bank capital, banks boost capital ratios by reducing their relative exposure to riskier assets and by adjusting lending to a larger extent than they increase the level of capital and reserves per se; ii) Historical shock decomposition analysis shows that bank capital shocks have contributed to increasing capital ratios since the crisis, impairing bank lending growth and contributing to widen bank lending spreads; and iii) counterfactual analysis shows that higher capital ratios pre-crisis would have helped dampening the euro area credit and business cycle. This suggests that going forward the use of capital-based macroprudential policy instruments may be helpful to avoid a repetition of the events seen since the start of the global financial crisis.

     
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    ISBN: 9789289927994
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    hdl: 10419/175701
    Series: Working paper series / European Central Bank ; no 2077 (June 2017)
    Subjects: banking policy; euro area; monetary crisis; economic model; economic cycle; loan
    Scope: 1 Online-Ressource (circa 36 Seiten), Illustrationen
  4. Does employment protection legislation affect credit access?
    evidence from Europe
    Author: Moro, Andrea; Maresch, Daniela; Ferrando, Annalisa; Udell, Gregory F.
    Published: [2017]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    We investigate the impact of employment protection on firms' credit access by looking at both credit obtained from banks and firms' decision to apply for a loan. We find that greater flexibility in structuring the employees' working hours and in... more

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    We investigate the impact of employment protection on firms' credit access by looking at both credit obtained from banks and firms' decision to apply for a loan. We find that greater flexibility in structuring the employees' working hours and in dismissing employees increases the probability that firms obtain credit and that greater flexibility in dismissing employees decreases the probability that firms are discouraged from applying for credit. However, our findings also reveal that firms perceive regulations providing flexibility with regard to the employees' working hours differently from banks, leading to a situation in which firms are more likely to be discouraged from applying for a loan, even though the probability to obtain a loan increases. Our results are robust to confounding, endogeneity, selection bias as well as to alternative specifications.

     
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    ISBN: 9789289927857
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    hdl: 10419/175687
    Series: Working paper series / European Central Bank ; no 2063 (May 2017)
    Subjects: credit policy; job preservation; banking policy; type of business; labour law; loan
    Scope: 1 Online-Ressource (circa 57 Seiten), Illustrationen
  5. 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
  6. Uncertainties and vulnerabilities
    Published: January 2012
    Publisher:  Washington, DC, DC

    The world economy has entered a dangerous period. Some of the financial turmoil in Europe has spread to developing and other high-income countries, which until earlier had been unaffected. This contagion has pushed up borrowing costs in many parts of... more

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    The world economy has entered a dangerous period. Some of the financial turmoil in Europe has spread to developing and other high-income countries, which until earlier had been unaffected. This contagion has pushed up borrowing costs in many parts of the world, and pushed down stock markets, while capital flows to developing countries have fallen sharply. Europe appears to have entered recession. At the same time, growth in several major developing countries (Brazil, India and, to a lesser extent, Russia, South Africa and Turkey) is significantly slower than it was earlier in the recovery, mainly reflecting policy tightening initiated in late 2010 and early 2011 in order to combat rising inflationary pressures. As a result, and despite a strengthening of activity in the United States and Japan, global growth and world trade have slowed sharply.

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10986/12105
    Series: Global economic prospects ; volume 4 (January 2012)
    Subjects: Wirtschaftslage; Welt; access to bond markets; accounting; asset base; asset prices; bailout; balance of payments; bank activity; bank assets; bank balance sheets; Bank Debt; bank lending; bank loans; Banking Assets; banking crises; banking sector; banking sectors; banking system; banking systems; basis point; basis points; binding constraint; bond auctions; Bond Bank; bond funds; bond indexes; bond issuances; bond issuer; bond sales; bond spreads; Bond yields; bonds; borrowing costs; business cycle; capital adequacy; capital flow; Capital flows; capital markets; capital outflows; capital requirements; capital stock; CDS; Central Bank; central banks; collateral; commercial banks; Commodities; commodity; commodity exports; commodity price; Commodity Prices; consumer durables; contingency planning; Copyright Clearance; Copyright Clearance Center; corporate bond; corporate bond issuance; country debt; credit default; credit default swap; credit default swaps; credit histories; credit squeeze; credit squeezes; creditors; cross-border flows; currency depreciations; currency risk; Current Account Deficit; current account deficits; debt crisis; debt flows; debt holdings; debt issues; debt levels; debt ratios; Debt Repayment; debts; defaults; deficits; deposit; depositors; deposits; developing countries; Developing country; developing??country; domestic bank; domestic banking; domestic banks; domestic bond; domestic bond markets; Domestic bonds; downside scenario; downside scenarios; economic developments; emerging market; emerging market equities; Emerging Markets; emerging-market; enforcement mechanisms; equity flows; equity funds; equity issuance; equity markets; equity values; exchange rate; Exchange Rates; expenditure; expenditures; export growth; exporters; exposure; external debt; finances; financial crises; financial crisis; Financial flows; financial institutions; financial markets; Financial Stability; financial stress; financial support; financial systems; financing requirements; fiscal deficits; fixed investment; food prices; foreign banks; foreign capital; foreign currency; foreign holdings; foreign investment; foreign investor; Global Economic Prospects; Global Economy; global financial markets; global markets; global trade; government bonds; government deficit; government deficits; government financing; government revenues; growth rates; holding; holdings; host countries; Income; incomes; Inflation; inflation rate; inflationary pressures; insurance; interest rate; interest rates; International Bank; international bond; International capital; International capital flows; international financial market; International Trade; investment vehicles; liquidity; loan; loan exposures; loan portfolios; local currency; local government; local markets; local stock markets; long term debt; long-term debt; long-term yields; loss of confidence; mark-to-market; market competition; market conditions; market confidence; market equity; market participants; market price; market prices; market value; middle-income countries; monetary policy; Net debt; non-performing loan; nonperforming loans; oil price; oil prices; output; pension; pension system; policy response; political uncertainty; portfolio; power parity; private banks; private capital; private capital inflows; Private creditors; private debt; prudential regulation; purchasing power; remittance; remittances; reserves; return; risk aversion; safety net; secondary bond markets; short-term bonds; short-term debt; short-term finance; Short-term yields; social safety net; solvency; sovereign bond; sovereign debt; sovereign yields; stock markets; sustainable growth; swap; tax; trade finance; trade sectors; trading; tranche; transition countries; valuations; wholesale funding; world economy; world trade
    Scope: 1 Online-Ressource (circa 165 Seiten), Illustrationen
  7. 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
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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
  8. What makes a good "Bad Bank"?
    the Irish, Spanish and German experience
    Author: Medina Cas, Stephanie; Peresa, Irena
    Published: 2016
    Publisher:  Publications Office of the European Union, Luxembourg

    This paper examines the experience of three asset management companies (AMCs) or ʽbad banksʼ established in the euro area following the 2008 global financial crisis. Specifically, it studies NAMA, Sareb and FMS Wertmanagement (FMS). These AMCs were... more

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    This paper examines the experience of three asset management companies (AMCs) or ʽbad banksʼ established in the euro area following the 2008 global financial crisis. Specifically, it studies NAMA, Sareb and FMS Wertmanagement (FMS). These AMCs were set up to purchase growing nonperforming loans on banks' balance sheets with the aim of their eventual disposal. The study seeks to identify factors that support an AMC's success. It also analyses the impact of the European regulatory framework, including the Eurostat rules, State-aid regulations and bank resolution rules, on the AMCs' design. It also reflects on the way recent changes to EU bank resolution rules now limit the involvement of State aid in AMCs. The study finds that the type of assets transferred and the macroeconomic environment are crucially important for successful asset disposals. The paper also focuses on additional success factors, such as clean asset documentation, a solid valuation process, efficient asset servicing, a strong legal framework and skilled staff. Though challenges remain, the three AMCs have contributed to banking sector stabilisation as they have been undertaken alongside bank restructuring measures. The financial backing of the authorities, decisive in the cases analysed, has however come at a fiscal cost.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789279544446
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    Series: Array ; 036 (September 2016)
    Subjects: Bankenkrise; Bad Bank; Erfolgsfaktor; Deutschland; Irland; Spanien; bank; banking policy; loan; monetary crisis; resolution; fiscal policy; State aid; financial institution; Ireland; Spain; Germany
    Scope: 1 Online-Ressource (circa 48 Seiten), Illustrationen
  9. Mending the broken link
    heterogeneous bank lending and monetary policy pass-through
    Author: Altavilla, Carlo; Canova, Fabio; Ciccarelli, Matteo
    Published: 16 Nov 2016
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    We analyse the pass-through of monetary policy measures to lending rates to firms and households in the euro area using a unique bank-level dataset. Bank balance sheet characteristics such as the capital ratio and the exposure to sovereign debt are... more

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    We analyse the pass-through of monetary policy measures to lending rates to firms and households in the euro area using a unique bank-level dataset. Bank balance sheet characteristics such as the capital ratio and the exposure to sovereign debt are responsible for the heterogeneity of pass-through of conventional monetary policy changes. The location of a bank is instead irrelevant. Non-standard measures normalized the capacity of banks to grant loans resulting in a significant compression in lending rates. Banks with a high level of non-performing loans and a low capital ratio were the most responsive to the measures. Finally, we quantify the effects of non-standard policies on the real economic activity using a standard macroeconomic model and find that in absence of these measures both inflation and output would have been significantly lower.

     
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    ISBN: 9789289922265
    Other identifier:
    hdl: 10419/154411
    Series: Working paper series / European Central Bank ; no 1978 (November 2016)
    Subjects: Geldpolitische Transmission; Kreditzins; VAR-Modell; Eurozone; monetary policy; euro area; loan; balance sheet; econometrics; money; financial institution
    Scope: 1 Online-Ressource (circa 54 Seiten), Illustrationen
  10. Bank efficiency and regional growth in Europe
    new evidence from micro-data
    Author: Belke, Ansgar; Haskamp, Ulrich; Setzer, Ralph
    Published: 21 Nov 2016
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    This paper examines whether European regions which incorporate banks with a higher intermediation quality grow faster and are more resilient to negative shocks than its less efficient peers. For this purpose, we measure a bank's intermediation... more

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    This paper examines whether European regions which incorporate banks with a higher intermediation quality grow faster and are more resilient to negative shocks than its less efficient peers. For this purpose, we measure a bank's intermediation quality by estimating its profit and cost efficiency while taking the changing banking environment after the financial crisis into account. Next, we aggregate the efficiencies of all banks within a NUTS 2 region to obtain a regional proxy for financial quality in twelve European countries. Our results show that relatively more profit efficient banks foster growth in their region. The link between financial quality and growth is valid both in the pre-crisis and post-crisis period. These results provide evidence to the importance of swiftly restoring bank profitability in euro area crisis countries through addressing high non-performing loans ratios and decisive actions on bank recapitalization.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289922319
    Other identifier:
    hdl: 10419/154416
    Series: Working paper series / European Central Bank ; no 1983 (November 2016)
    Subjects: euro area; economic growth; banking policy; regional policy; loan; European Union
    Scope: 1 Online-Ressource (circa 35 Seiten), Illustrationen
  11. Interbank loans, collateral and modern monetary policy
    Author: Wolski, Marcin; Leur, Michiel van de
    Published: 12 Sep 2016
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    This study develops a novel agent-based model of the interbank market with endogenous credit risk formation mechanisms. We allow banks to exchange funds through unsecured and secured transactions in order to facilitate the ow of funds to the most... more

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    This study develops a novel agent-based model of the interbank market with endogenous credit risk formation mechanisms. We allow banks to exchange funds through unsecured and secured transactions in order to facilitate the ow of funds to the most profitable investment projects. Our model confirms basic stylized facts on (i) bank balance sheet distributions, (ii) interbank interest rates and (iii) interbank lending volumes, for both the secured and the unsecured market segments. We also find that network structures within the secured market segment are characterized by the presence of dealer banks, while we do not observe similar patterns in the unsecured market. Finally, we illustrate the usefulness of our model for analysing a number of policy scenarios.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289922074
    Other identifier:
    hdl: 10419/154392
    Series: Working paper series / European Central Bank ; no 1959 (September 2016)
    Subjects: monetary policy; banking policy; banking; loan; macroeconomics; interest; central bank
    Scope: 1 Online-Ressource (circa 53 Seiten), Illustrationen
  12. Got rejected? Real effects of not getting a loan
    Author: Berg, Tobias
    Published: 13 Sep 2016
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    Using a lender cut-off rule that generates plausibly exogenous variation in credit supply, I analyze real effects of loan rejections in a sample of small and medium-sized enterprises. I find that loan rejections reduce asset growth, investments, and... more

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    Using a lender cut-off rule that generates plausibly exogenous variation in credit supply, I analyze real effects of loan rejections in a sample of small and medium-sized enterprises. I find that loan rejections reduce asset growth, investments, and employment, and these effects are concentrated among low liquidity firms. Precautionary savings motives aggravate real effects: firms whose loan applications got rejected increase cash holdings and cut non-cash assets in excess of the requested loan amount. These results point to the amplifying effect of precautionary savings motives in the transmission of credit supply shocks.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289922081
    Other identifier:
    hdl: 10419/154393
    Series: Working paper series / European Central Bank ; no 1960 (September 2016)
    Subjects: banking; banking policy; loan; financial institution; financing policy; credit policy
    Scope: 1 Online-Ressource (circa 50 Seiten), Illustrationen
  13. The euro area bank lending survey
    role, development and usein monetary policy preparation
    Author: Köhler-Ulbrich, Petra; Hempell, Hannah S.; Scopel, Silvia
    Published: 2016
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    The euro area bank lending survey (BLS) serves as an important tool in the analysis of bank lending conditions in the euro area and across euro area countries, providing otherwise unobservable qualitative information on bank loan demand and supply... more

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    Staats- und Universitätsbibliothek Bremen
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    The euro area bank lending survey (BLS) serves as an important tool in the analysis of bank lending conditions in the euro area and across euro area countries, providing otherwise unobservable qualitative information on bank loan demand and supply from/to euro area enterprises and households. Since its introduction in 2003, the BLS has received growing attention and has become of key importance for the analysis and assessment of bank lending conditions in the euro area and at the national level. In particular in the context of the financial crisis, the BLS was used to gather additional information on the impact of the crisis and of the ECB's monetary policy measures on banks' funding situation and bank lending conditions. Following a description of the design and development of the BLS, this paper focuses on the analysis of bank lending supply and demand in the euro area and on their contributing factors. The results of the BLS are put into a wider economic perspective by relating them to other macroeconomic and financial variables. Analyses based on individual bank replies complement the picture further by providing more granular evidence on loan developments. In addition, an overview of the use of the euro area BLS as an analytical tool for investigating bank lending conditions in the euro area is presented.

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289923422
    Other identifier:
    hdl: 10419/154632
    Series: Occasional paper series / European Central Bank ; no 179 (September 2016)
    Subjects: euro area; monetary policy; credit; credit institution; loan; financial market
    Scope: 1 Online-Ressource (circa 92 Seiten), Diagramme
  14. Carving out legacy assets
    a successful tool for bank restructuring?
    Author: Hellwig, Martin
    Published: March 2017
    Publisher:  Max Planck Institute for Research on Collective Goods, Bonn

    Beginning with the proposal by Enria (2017), the paper discusses the scope for successful bank restructuring through a carveout of impaired assets and a transfer of these assets to a government-sponsored asset management company. The paper argues... more

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    Beginning with the proposal by Enria (2017), the paper discusses the scope for successful bank restructuring through a carveout of impaired assets and a transfer of these assets to a government-sponsored asset management company. The paper argues that the success of such an operation requires a use of public funds, either outright or through contingent commitments. Clawback provisions are problematic because they create contingent liabilities that merely shift risks from the assets side to the liabilities sides of banks' balance sheets. The paper distinguishes between asset impairments coming from considerations of prospective returns and asset impairments coming from frictions in the markets in which these assets are traded. It also distinguishes between threats to bank solvency and threats to bank funding/liquidity. In each case, the success of bank restructuring from asset carveouts depends on the extent to which threats to the bank's solvency is eliminated. If these threats concern bank funding and asset liquidations at depressed prices, public funds may eventually not be needed. If threats to bank solvency come from nonperforming loans, taxpayer support may be essential. The notion of "real economic value" as the price at which assets should be transferred is problematic and leaves ample room for hidden subsidies. The success of restructuring of the individual bank may itself come at a risk to financial stability as the preservation of existing capacities maintains competitive pressure and depresses bank profitability. Additional risks may come from the burden on the government's fiscal stance.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789284606108
    Other identifier:
    hdl: 10419/162222
    Series: Preprints of the Max Planck Institute for Research on Collective Goods ; 2017, 3
    Subjects: banking policy; euro area; monetary crisis; loan; economic policy; financial policy; State aid; public financing; financial solvency; money-market liquidity
    Scope: 1 Online-Ressource (circa 33 Seiten)
  15. Credit market competition and liquidity crises
    Author: Carletti, Elena; Leonello, Agnese
    Published: 07 Jul 2016
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    We develop a model where banks invest in reserves and loans, and trade loans on the interbank market to deal with liquidity shocks. Two types of equilibria emerge, depending on the degree of credit market competition and the level of aggregate... more

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    We develop a model where banks invest in reserves and loans, and trade loans on the interbank market to deal with liquidity shocks. Two types of equilibria emerge, depending on the degree of credit market competition and the level of aggregate liquidity risk. In one equilibrium, all banks keep enough reserves and remain solvent. In the other, some banks default with positive probability. The latter equilibrium exists when competition is not too intense and high liquidity shocks are not too likely. The model delivers several implications concerning the severity of crises and credit availability along the business cycle.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289921800
    Other identifier:
    hdl: 10419/154365
    Series: Working paper series / European Central Bank ; no 1932 (July 2016)
    Subjects: financial market; banking system; economic cycle; banking policy; financial institution; economic model; loan; money-market liquidity; credit policy
    Scope: 1 Online-Ressource (circa 65 Seiten), Illustrationen