Direkt zur Hauptnavigation springen Direkt zum Inhalt springen
info(at)avldigital.remove-this.de
Deutsch English
Letzte Suchanfragen

Ergebnisse für *

Zeige Ergebnisse 1 bis 11 von 11.

  1. Two-tier system for remunerating excess reserve holdings
    Autor*in: Boucinha, Miguel; Burlon, Lorenzo; Corsi, Marco; Della Valle, Guido; Eisenschmidt, Jens; Marmara, Iwona; Pool, Sebastiaan; Schumacher, Julian; Vergote, Olivier
    Erschienen: [2022]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    This paper reviews the experience of the ECB with the two-tier system for excess reserve remuneration that exempted a portion of banks' excess liquidity (EL) holdings from the negative interest rate of the ECB's deposit facility. The two-tier system... mehr

    Zugang:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
    Fernleihe:
    uneingeschränkte Fernleihe, Kopie und Ausleihe

     

    This paper reviews the experience of the ECB with the two-tier system for excess reserve remuneration that exempted a portion of banks' excess liquidity (EL) holdings from the negative interest rate of the ECB's deposit facility. The two-tier system aimed to support the bank-based transmission of monetary policy, while preserving the positive effect of the ECB's negative interest rate policy on the accommodative stance of monetary policy. By signalling that the side effects of the negative interest rate policy could be mitigated, the two-tier system supported the ECB's forward guidance on key policy rates. Banks made swift use of the system by filling their allowances through money market transactions, reserves reallocation within their banking groups or by reducing security holdings. Although introducing the system increased turnover of reserves between banks, money market rates remained fully anchored to the deposit facility rate. The system effectively safeguarded the pass-through of monetary policy by providing significant relief to banks from their cost of holding EL and supporting banks' net interest rate margins and net worth. Factoring in the rates at which banks obtain EL shows that the net cost of holding EL for banks in 2021 remained substantially below the levels seen before the exemption was introduced. Ultimately, the system supported the transmission of monetary policy to the real economy, in particular the transmission of negative interest rates to lower lending rates.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Staatsbibliothek zu Berlin
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789289952439
    Weitere Identifier:
    hdl: 10419/268046
    Schriftenreihe: Occasional paper series / European Central Bank ; no 302 (September 2022)
    Schlagworte: exemption scheme; two-tier system; excess liquidity; monetary policytransmission; negative interest rates
    Umfang: 1 Online-Ressource (circa 53 Seiten), Illustrationen
  2. The Eurosystem, the banking sector and the money market
    Autor*in: Mercier, Paul
    Erschienen: 2013
    Verlag:  bcl, Luxembourg

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Fernleihe:
    keine Fernleihe
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Hinweise zum Inhalt
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: Cahier d'études / Banque Centrale du Luxembourg ; 92
    Schlagworte: monetary policy implementation; central bank; central banks balance sheet; money market; liquidity deficit; excess liquidity
    Umfang: Online-Ressource (55 S.), graph. Darst.
    Bemerkung(en):

    Zsfassung in franz. Sprache
  3. Finance as perpetual orgy
    how the "new alchemists" twisted Kindleberger's cycle of "manias, panics and crashes" to "manias, panics and renewed-manias"
    Autor*in: Palma, José Gabriel
    Erschienen: [2020]
    Verlag:  University of Cambridge, Faculty of Economics, Cambridge

    Zugang:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VSP 1362
    Fernleihe:
    keine Fernleihe
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    Schriftenreihe: Cambridge working paper in economics ; 2094
    Schlagworte: manias; panics; financialisation; QE; excess liquidity; "disconnect" between the financial and the real worlds; emerging markets; Latin America; Asia; Keynes; Kindleberger; Minsky; Buchanan
    Umfang: 1 Online-Ressource (circa 42 Seiten), Illustrationen
  4. Euro area monetary policy and TARGET balances: a trilogy
    Autor*in: Eisenschmidt, Jens; Kedan, Danielle; Schmitz, Martin
    Erschienen: [2022]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    The growth in TARGET balances after 2009 has given rise to intense academic and public debate. Our paper offers a systematic exposition of the necessary conditions for TARGET balances to emerge and provides a clear link to monetary policy. We show... mehr

    Zugang:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 534
    Fernleihe:
    keine Fernleihe

     

    The growth in TARGET balances after 2009 has given rise to intense academic and public debate. Our paper offers a systematic exposition of the necessary conditions for TARGET balances to emerge and provides a clear link to monetary policy. We show that large TARGET balances can only arise with excess liquidity. The interpretation of TARGET balances therefore depends on the monetary policy context in which excess liquidity is created. We distinguish three phases of TARGET balances growth and propose some easy-to-derive metrics for policy makers and academics to assess developments in TARGET balances. We develop a comprehensive econometric framework to account for relevant factors driving TARGET balances in the different phases. We find that while financial market stress and economic imbalances were the drivers of TARGET balances during the great financial and sovereign debt crises, the implementation of Eurosystem asset purchases was the driving force since March 2015. As excess liquidity is likely to persist on account of higher demand for central bank reserves compared to the pre-crisis period, TARGET balances have the potential to remain sizeable in the future.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789289953986
    Weitere Identifier:
    hdl: 10419/278225
    Schriftenreihe: Working paper series / European Central Bank ; no 2750 (November 2022)
    Schlagworte: TARGET2; asset purchase programme; excess liquidity; balance of payments
    Umfang: 1 Online-Ressource (circa 37 Seiten), Illustrationen
  5. A tiering rule to balance the impact of negative policy rates on banks
    Autor*in: Girotti, Mattia; Nguyen, Benoît; Sahuc, Jean-Guillaume
    Erschienen: [2022]
    Verlag:  EconomiX - UMR7235, Université Paris Nanterre, Nanterre

    Zugang:
    Verlag (kostenfrei)
    Verlag (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VS 334
    Fernleihe:
    keine Fernleihe
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: Working paper / EconomiX ; 2022, 4
    Schlagworte: Negative interest rates; excess liquidity; tiering system; bank profitability; interbank market
    Umfang: 1 Online-Ressource (circa 12 Seiten), Illustrationen
  6. Is European Money Demand Still Stable?
    Autor*in: Carstensen, Kai
    Erschienen: 2004
    Verlag:  Kiel Institute for the World Economy (IfW), Kiel

    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/17750
    RVK Klassifikation: QD 000 ; QD 000
    Schriftenreihe: Kiel Working Paper ; 1179
    Schlagworte: Geldnachfrage; Börsenkurs; Volatilität; Schätzung
    Weitere Schlagworte: (stw)Geldnachfrage; (stw)Börsenkurs; (stw)Volatilität; (stw)Schätzung; (stw)EU-Staaten; jel:E41; Money demand; EMU; excess liquidity; Geldnachfrage (STW); Börsenkurs (STW); Volatilität (STW); Schätzung (STW); EU-Staaten (STW); Arbeitspapier; Graue Literatur
    Umfang: Online-Ressource
  7. Two-tier system for remunerating excess reserve holdings
    Autor*in: Boucinha, Miguel; Burlon, Lorenzo; Corsi, Marco; Della Valle, Guido; Eisenschmidt, Jens; Marmara, Iwona; Pool, Sebastiaan; Schumacher, Julian; Vergote, Olivier
    Erschienen: [2022]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    This paper reviews the experience of the ECB with the two-tier system for excess reserve remuneration that exempted a portion of banks' excess liquidity (EL) holdings from the negative interest rate of the ECB's deposit facility. The two-tier system... mehr

    Zugang:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 535
    Fernleihe:
    keine Fernleihe

     

    This paper reviews the experience of the ECB with the two-tier system for excess reserve remuneration that exempted a portion of banks' excess liquidity (EL) holdings from the negative interest rate of the ECB's deposit facility. The two-tier system aimed to support the bank-based transmission of monetary policy, while preserving the positive effect of the ECB's negative interest rate policy on the accommodative stance of monetary policy. By signalling that the side effects of the negative interest rate policy could be mitigated, the two-tier system supported the ECB's forward guidance on key policy rates. Banks made swift use of the system by filling their allowances through money market transactions, reserves reallocation within their banking groups or by reducing security holdings. Although introducing the system increased turnover of reserves between banks, money market rates remained fully anchored to the deposit facility rate. The system effectively safeguarded the pass-through of monetary policy by providing significant relief to banks from their cost of holding EL and supporting banks' net interest rate margins and net worth. Factoring in the rates at which banks obtain EL shows that the net cost of holding EL for banks in 2021 remained substantially below the levels seen before the exemption was introduced. Ultimately, the system supported the transmission of monetary policy to the real economy, in particular the transmission of negative interest rates to lower lending rates.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Staatsbibliothek zu Berlin
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789289952439
    Weitere Identifier:
    hdl: 10419/268046
    Schriftenreihe: Occasional paper series / European Central Bank ; no 302 (September 2022)
    Schlagworte: exemption scheme; two-tier system; excess liquidity; monetary policytransmission; negative interest rates
    Umfang: 1 Online-Ressource (circa 53 Seiten), Illustrationen
  8. Financialisation as a (it's-not-meant-to-make-sense) gigantic global joke
    Autor*in: Palma, José Gabriel
    Erschienen: [2022]
    Verlag:  University of Cambridge, Faculty of Economics, Cambridge

    Zugang:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VSP 1362
    Fernleihe:
    keine Fernleihe
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    Schriftenreihe: Cambridge working paper in economics ; 2211
    Schlagworte: manias; panics; financialisation; QE; excess liquidity; "disconnect" between the financial and the real worlds; emerging markets; Latin America; Asia; Keynes; Kindleberger; Minsky; Buchanan
    Umfang: 1 Online-Ressource (circa 57 Seiten), Illustrationen
  9. Going below zero - how do banks react?
    Autor*in: Michaelis, Henrike
    Erschienen: [2022]
    Verlag:  Deutsche Bundesbank, Frankfurt am Main

    Exploiting confidential data on individual German bank balance-sheets, I analyse what characterises a bank that opts to apply negative interest rates to corporate deposits. The results suggest that banks that are highly exposed to the negative... mehr

    Zugang:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    Leibniz-Institut für Wirtschaftsforschung Halle, Bibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 12
    Fernleihe:
    keine Fernleihe

     

    Exploiting confidential data on individual German bank balance-sheets, I analyse what characterises a bank that opts to apply negative interest rates to corporate deposits. The results suggest that banks that are highly exposed to the negative interest rate policy (NIRP), i.e. funded by a larger share of household deposits, are more likely to apply negative corporate deposit rates. Furthermore, I examine whether banks adjusted their fee and commission strategy during the NIRP period and if they do what characterises those banks. My results show that banks adjusted their strategy in deposit business with households during the NIRP period. Compared with before, they generated higher net commission income on their outstanding household deposit holdings.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9783957299079
    Weitere Identifier:
    hdl: 10419/265429
    Schriftenreihe: Discussion paper / Deutsche Bundesbank ; no 2022, 33
    Schlagworte: Monetary policy transmissions; negative rates; deposits; excess liquidity; interest rate pass-through; fees and commissions
    Umfang: 1 Online-Ressource (circa 42 Seiten), Illustrationen
  10. Macroeconomic effects of a government overdraft on its central bank account
    Autor*in: Khemraj, Tarron
    Erschienen: May 2024
    Verlag:  Levy Economics Institute, Annandale-on-Hudson, NY

    The Guyana government, from 2015 to 2021, accumulated a large overdraft on its central bank account. It owed this overdraft to a binding debt ceiling limit and fractious political environment that prevented an increase in the ceiling, allowing for... mehr

    Zugang:
    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 88
    Fernleihe:
    keine Fernleihe

     

    The Guyana government, from 2015 to 2021, accumulated a large overdraft on its central bank account. It owed this overdraft to a binding debt ceiling limit and fractious political environment that prevented an increase in the ceiling, allowing for the auctioning of Treasury bills to create the liquidity reflux necessary to refill the account. This paper studies the macroeconomic effects of reflux (one-sided sales of Treasury bills) and broken or incomplete reflux (base money expansion) by focusing on domestic inflation, the foreign exchange (FX) rate, and the quantity of FX traded in the local market. The empirical results suggest that the inflation rate is largely driven by foreign price and oil shocks. Nevertheless, the broken reflux adversely affected the local FX market by increasing the demand for foreign currencies, marginally depreciating the exchange rate, and slightly increasing the inflation rate. The latter finding has important implications for the enormous post-2020 budget spending since the discovery of offshore oil. However, reflux was found to have a stabilizing effect on the demand for FX and inflation. Granger predictability tests provide strong evidence that the government spends first from its central bank account before reflux occurs. Finally, the paper discusses a few novel institutional features of Guyana which resemble the monetary circuit framework (with government) of neochartalists.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/300488
    Schriftenreihe: Working paper / Levy Economics Institute of Bard College ; no. 1050
    Schlagworte: neo-chartalism; fiscal-monetary nexus; government account overdraft; inflation; excess liquidity
    Umfang: 1 Online-Ressource (circa 25 Seiten), Illustrationen
  11. Excess reserves and monetary policy tightening
    Autor*in: Fricke, Daniel; Greppmair, Stefan; Paludkiewicz, Karol
    Erschienen: [2024]
    Verlag:  Deutsche Bundesbank, Frankfurt am Main

    We show that the transmission of the European Central Bank’s (ECB) recent monetary policy tightening differs across banks depending on their level of excess reserves. Specifically, the net worth of reserve-rich banks may display a boost when the... mehr

    Zugang:
    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    Leibniz-Institut für Wirtschaftsforschung Halle, Bibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 12
    Fernleihe:
    keine Fernleihe

     

    We show that the transmission of the European Central Bank’s (ECB) recent monetary policy tightening differs across banks depending on their level of excess reserves. Specifically, the net worth of reserve-rich banks may display a boost when the interest rate paid on reserves increases strongly. Focusing on the ECB’s 2022 rate hiking cycle, we show that reserve-rich banks’ credit supply is less sensitive to the monetary policy tightening compared to other banks. The effect varies in the cross-section of both banks and firms. The results are binding at the firm level, indicating the presence of real effects.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9783957299741
    Weitere Identifier:
    hdl: 10419/284406
    Auflage/Ausgabe: This draft: February 2, 2024
    Schriftenreihe: Discussion paper / Deutsche Bundesbank ; no 2024, 05
    Schlagworte: interest rates; bank lending; excess liquidity; monetary policy
    Umfang: 1 Online-Ressource (circa 51 Seiten), Illustrationen