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  1. The great lockdown
    pandemic response policies and bank lending conditions
    Autor*in: Altavilla, Carlo; Barbiero, Francesca; Boucinha, Miguel; Burlon, Lorenzo
    Erschienen: [2020]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    This study analyses the policy measures taken in the euro area in response to the outbreak and the escalating diffusion of new coronavirus (COVID-19) pandemic. We focus on monetary, microprudential and macroprudential policies designed specifically... mehr

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 534
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    This study analyses the policy measures taken in the euro area in response to the outbreak and the escalating diffusion of new coronavirus (COVID-19) pandemic. We focus on monetary, microprudential and macroprudential policies designed specifically to support bank lending conditions. For identification, we use proprietary data on participation in central bank liquidity operations, high-frequency reactions to monetary policy announcements, and confidential supervisory information on bank capital requirements. The results show that in the absence of the funding cost relief and capital relief associated with the pandemic response measures, banks' ability to supply credit would have been severely affected. The results also indicate that the coordinated intervention by monetary and prudential authorities amplified the effects of the individual measures in supporting liquidity conditions and helping to sustain the flow of credit to the private sector. Finally, we investigate the potential real effects of the joint pandemic response measures by estimating the adjustment in labour input variables for firms that in the past have been more exposed to similar policies. We find that, in absence of monetary and prudential policies, the pandemic would lead to a significantly larger decline in firms' employment.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789289943826
    Weitere Identifier:
    hdl: 10419/229079
    Schriftenreihe: Working paper series / European Central Bank ; no 2465 (September 2020)
    Umfang: 1 Online-Ressource (circa 56 Seiten), Illustrationen
  2. The great lockdown
    pandemic response policies and bank lending conditions
    Autor*in: Altavilla, Carlo; Barbiero, Francesca; Boucinha, Miguel; Burlon, Lorenzo
    Erschienen: 16 September 2020
    Verlag:  Centre for Economic Policy Research, London

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    Universitätsbibliothek Mannheim
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: Array ; DP15298
    Umfang: 1 Online-Ressource (circa 56 Seiten), Illustrationen
  3. Monetary policy and bank stability
    the analytical toolbox reviewed
    Autor*in: Albertazzi, Ugo; Barbiero, Francesca; Marqués Ibáñez, David; Popov, Alexander; D'Acri, Costanza Rodriguez; Vlassopoulos, Thomas
    Erschienen: [2020]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    The response of major central banks to the global financial crisis has revived the debate around the interactions between monetary policy (MP) and bank stability. This technical paper sheds light, quantitatively, on the different mechanisms... mehr

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    The response of major central banks to the global financial crisis has revived the debate around the interactions between monetary policy (MP) and bank stability. This technical paper sheds light, quantitatively, on the different mechanisms underlying the relationship between MP and bank stability. It does so by reviewing microeconometric studies from the academic literature as well as those conducted internally at the ECB. The paper proceeds chronologically, using the recent crisis as a touchstone. First, it provides a brief overview of the main theoretical channels linking bank stability and the transmission of MP. It then analyses the evidence from the pre-crisis period in the light of the structural trends leading up to the crisis. As the crisis erupted, unconventional monetary policy (UMP) measures were deployed, and the paper suggests that these were essential to buttress bank stability and halt a systemic crisis. At the same time, these measures involved trade-offs, and the adverse spillovers on banks' intermediation capacity and risk-taking require close monitoring. The paper ends by offering a critical review of the methodologies employed and suggestions for the areas where analytical efforts should be focussed in the future.

     
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    Sprache: Englisch
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    ISBN: 9789289940207
    Weitere Identifier:
    hdl: 10419/228991
    Schriftenreihe: Array ; no 2377 (February 2020)
    Umfang: 1 Online-Ressource (circa 95 Seiten), Illustrationen
  4. Debt overhang and investment efficiency
    Autor*in: Barbiero, Francesca; Popov, Alexander; Wolski, Marcin
    Erschienen: 08 March 2018
    Verlag:  Centre for Economic Policy Research, London

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Schriftenreihe: Array ; DP 12784
    Schlagworte: Unternehmen; Verbindlichkeiten; Investition; Bankenkrise
    Umfang: 45 Seiten
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    Erscheint auch als Online-Ausgabe
  5. Debt overhang and investment efficiency
    Autor*in: Barbiero, Francesca; Popov, Alexander; Wolski, Marcin
    Erschienen: December, 2018
    Verlag:  European Investment Bank, Luxembourg

    Using a pan-European data set of 8.5 million firms, this paper finds that firms with high debt overhang invest relatively more than otherwise similar firms if they are operating in sectors facing good global growth opportunities. At the same time,... mehr

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    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Using a pan-European data set of 8.5 million firms, this paper finds that firms with high debt overhang invest relatively more than otherwise similar firms if they are operating in sectors facing good global growth opportunities. At the same time, the positive impact of a marginal increase in debt on investment efficiency disappears if firm debt is already excessive, if it is dominated by short maturities, and during systemic banking crises. The results are consistent with theories of the disciplining role of debt, as well as with models highlighting the negative link between agency problems at firms and banks and investment efficiency.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789286140570; 9789286140587
    Weitere Identifier:
    hdl: 10419/190959
    Schriftenreihe: Economics - working papers ; 2018, 08
    Schlagworte: Unternehmen; Verbindlichkeiten; Investition; Bankenkrise
    Umfang: 1 Online-Ressource (circa 56 Seiten), Illustrationen
  6. Debt overhang and investment efficiency
    Autor*in: Popov, Alexander; Barbiero, Francesca; Wolski, Marcin
    Erschienen: [2018]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    Using a pan-European dataset of 8.5 million firms, we find that firms with high debt overhang invest relatively more than otherwise similar firms if they are operating in sectors facing good global growth opportunities. At the same time, the positive... mehr

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 534
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    Using a pan-European dataset of 8.5 million firms, we find that firms with high debt overhang invest relatively more than otherwise similar firms if they are operating in sectors facing good global growth opportunities. At the same time, the positive impact of a marginal increase in debt on investment efficiency disappears if firm debt is already excessive, if it is dominated by short maturities, and during systemic banking crises. Our results are consistent with theories of the disciplining role of debt, as well as with models highlighting the negative link between agency problems at firms and banks and investment efficiency.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789289933186
    Weitere Identifier:
    hdl: 10419/208247
    Schriftenreihe: Working paper series / European Central Bank ; no 2213 (December 2018)
    Schlagworte: Unternehmen; Verbindlichkeiten; Investition; Bankenkrise
    Umfang: 1 Online-Ressource (circa 51 Seiten)
  7. In sickness and in health
    protecting and supporting public investment in Europe
    Autor*in: Barbiero, Francesca; Darvas, Zsolt M.
    Erschienen: 2014
    Verlag:  Bruegel, Brussels

    The long-term decline in gross public investment in European Union countries mirrors the trend in other advanced economies, but recent developments have been different: public investment has increased elsewhere, but in the EU it has declined and even... mehr

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    The long-term decline in gross public investment in European Union countries mirrors the trend in other advanced economies, but recent developments have been different: public investment has increased elsewhere, but in the EU it has declined and even collapsed in the most vulnerable countries, exaggerating the output fall. The provisions in the EU fiscal framework to support public investment are very weak.The recently inserted 'investment clause' is almost no help. In the short term, exclusion of national co-funding of EU-supported investments from the fiscal indicators considered in the Stability and Growth Pact would be sensible. In the medium term, the EU fiscal framework should be extended with an asymmetric 'golden rule' to further protect public investment in bad times, while limiting adverse incentives in good times. During a downturn, a European investment programme is needed and the European Semester should encourage greater investment by member states with healthy public finances and low public investment rates. Reform and harmonisation of budgeting, accounting, transparency and project assessment is also needed to improve the quality of public investment.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/106326
    Schriftenreihe: Bruegel policy contribution ; 2014/02
    Schlagworte: Öffentliche Investition; Europäischer Stabilitätsmechanismus; Finanzpolitik; EU-Staaten
    Umfang: Online-Ressource (18 S.), graph. Darst.
  8. Liquidation value and loan pricing
    Autor*in: Barbiero, Francesca; Schepens, Glenn; Sigaux, Jean-David
    Erschienen: [2022]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    We show that the liquidation value of collateral depends on who is pledging it. We employ transaction-level data on overnight repurchase agreements (repo) and loan-level credit registry data on corporate loans. We find that borrowers on the repo... mehr

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    We show that the liquidation value of collateral depends on who is pledging it. We employ transaction-level data on overnight repurchase agreements (repo) and loan-level credit registry data on corporate loans. We find that borrowers on the repo market pay a 2.6 basis points rate premium when their default risk is positively correlated with the risk of the collateral that they pledge. The premium in corporate loan markets amounts to 25 basis points. Our results imply that liquidation value contains a component at the borrower-collateral level, and that lenders monitor and price-in the interdependency between borrower and collateral risk.

     
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    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789289949781
    Weitere Identifier:
    hdl: 10419/261179
    Schriftenreihe: Working paper series / European Central Bank ; no 2645 (February 2022)
    Schlagworte: Collateral; Money markets; Corporate loans; Wrong-way risk; LGD
    Umfang: 1 Online-Ressource (circa 44 Seiten), Illustrationen
  9. Targeted monetary policy, dual rates and bank risk taking
    Autor*in: Barbiero, Francesca; Burlon, Lorenzo; Dimou, Maria; Toczynski, Jan
    Erschienen: [2022]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    We assess whether central bank credit operations influence the size and composition of bank credit in a negative interest rate environment. We exploit confidential information from the newly established European credit registry to capture bank... mehr

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    DS 534
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    We assess whether central bank credit operations influence the size and composition of bank credit in a negative interest rate environment. We exploit confidential information from the newly established European credit registry to capture bank lending conditions and bank risk-taking. For identification, we use high-frequency reactions of bank bonds around the announcement of the April 2020 recalibration of the ECB's Targeted Longer-Term Refinancing Operations (TLTROs). We find that the credit easing measures had a strong positive effect on bank credit, even when controlling for possible confounding factors. The increase in lending was not accompanied by excessive risk-taking, especially for banks with low intermediation margin, that is, those that were poised to benefit the most from TLTROs' borrowing rates below the interest rates on central bank reserves.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
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    Format: Online
    ISBN: 9789289952668
    Weitere Identifier:
    hdl: 10419/269089
    Schriftenreihe: Working paper series / European Central Bank ; no 2682 (July 2022)
    Schlagworte: unconventional monetary policy; bank lending; risk-taking; dual rates
    Umfang: 1 Online-Ressource (circa 50 Seiten), Illustrationen