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  1. Effects of QE on sovereign bond spreads through the safe asset channel
    Autor*in: End, Jan-Willem van den
    Erschienen: [2019]
    Verlag:  De Nederlandsche Bank NV, Amsterdam, the Netherlands

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Schriftenreihe: Working paper / De Nederlandsche Bank NV ; no. 647 (August 2019)
    Schlagworte: interest rates; central banks and their policies; monetary policy
    Umfang: 1 Online-Ressource (circa 31 Seiten), Illustrationen
  2. What triggers consumer adoption of CBDC?
    Autor*in: Bijlsma, Michiel J.; Cruijsen, Carin van der; Jonker, Nicole; Reijerink, Jelmer
    Erschienen: [2021]
    Verlag:  De Nederlandsche Bank NV, Amsterdam, The Netherlands

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    Schriftenreihe: Working paper / De Nederlandsche Bank NV ; no. 709 (April 2021)
    Schlagworte: CBDC; consumers; public money; private money; bank accounts; trust; interest rates
    Umfang: 1 Online-Ressource (circa 33 Seiten), Illustrationen
  3. Information frictions among firms and households
    Autor*in: Link, Sebastian; Peichl, Andreas; Roth, Christopher; Wohlfart, Johannes
    Erschienen: [2021]
    Verlag:  The University of Warwick, Centre for Competitive Advantage in the Global Economy, Department of Economics, Coventry, United Kingdom

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    Schriftenreihe: Working paper series / Centre for Competitive Advantage in the Global Economy ; no. 556 (April 2021)
    Schlagworte: Information frictions; firms; households; expectation formation; interest rates
    Umfang: 1 Online-Ressource (circa 95 Seiten)
  4. The multifaceted impact of US trade policy on financial markets
    Autor*in: Boer, Lukas; Menkhoff, Lukas; Rieth, Malte
    Erschienen: 2021
    Verlag:  DIW Berlin, German Institute for Economic Research, Berlin

    We study the multifaceted effects and persistence of trade policy shocks on financial markets in a structural vector autoregression. The model is identified via event day heteroskedasticity. We find that restrictive US trade policy shocks affect US... mehr

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    We study the multifaceted effects and persistence of trade policy shocks on financial markets in a structural vector autoregression. The model is identified via event day heteroskedasticity. We find that restrictive US trade policy shocks affect US and international stock prices heterogeneously, but generally negatively, increasing market uncertainty, lowering interest rates, and leading to an appreciation of the US-Dollar. The effects are significant for several weeks or quarters. Regarding shock types, we reveal a dominating trade policy uncertainty shock and a weaker level shock. Chinese trade policy shocks against the US further hurt US stocks.

     
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    Weitere Identifier:
    hdl: 10419/235764
    Schriftenreihe: Discussion papers / Deutsches Institut für Wirtschaftsforschung ; 1956
    Schlagworte: Außenwirtschaftspolitik; Aktienmarkt; Wechselkurs; Zins; Wirkungsanalyse; VAR-Modell; USA; China; Trade policy shock; structural VAR; stock prices; exchange rates; interest rates; heteroskedasticity
    Umfang: 1 Online-Ressource (circa 78 Seiten), Illustrationen
  5. What triggers consumer adoption of Central Bank digital currency?
    Autor*in: Bijlsma, Michiel J.; Cuijsen, Carin van der; Jonker, Nicole; Reijerink, Jelmer
    Erschienen: April 30, 2021
    Verlag:  CentER, Center for Economic Research, Tilburg

    Central banks around the world are examining the possibility of introducing Central Bank Digital Currency (CBDC). The public’s preferences concerning the usage of CBDC for paying and saving are important determinants of the success of CBDC. Using... mehr

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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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    Central banks around the world are examining the possibility of introducing Central Bank Digital Currency (CBDC). The public’s preferences concerning the usage of CBDC for paying and saving are important determinants of the success of CBDC. Using data from a representative panel of Dutch consumers we find that roughly half of the public would open a CBDC current account. The same holds for a CDBC savings account. Thus, we find clear potential for CBDC in the Netherlands. This suggests that consumers perceive CBDC as distinct from current and savings accounts offered by traditional banks. Intended adoption is positively related to respondents’ knowledge of CBDC and trust in banks and in the central bank. Price incentives matter as well. The amount respondents want to deposit in the CBDC savings account depends on the interest rate offered. Furthermore, intended usage of the CBDC current account is highest among people who find privacy and security important and among consumers with low trust in banks in general. These results suggest that central banks can steer consumers’ adoption of CBDC via the interest rate, by a design of CBDC that takes into account the public’s need for security and privacy, and by clear communication about what CBDC entails

     
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    Schriftenreihe: TILEC discussion paper ; DP 2021, 009
    Schlagworte: CBDC; consumers; public money; private money; bank accounts; trust; interest rates
    Umfang: 1 Online-Ressource (circa 32 Seiten), Illustrationen
  6. Information frictions among firms and households
    Autor*in: Link, Sebastian; Peichl, Andreas; Roth, Christopher; Wohlfart, Johannes
    Erschienen: [2021]
    Verlag:  CEBI, Department of Economics, University of Copenhagen, Copenhagen

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Weitere Identifier:
    hdl: 10419/258951
    Schriftenreihe: CEBI working paper series ; 21, 07
    Schlagworte: Information frictions; firms; households; expectation formation; interest rates
    Umfang: 1 Online-Ressource (circa 95 Seiten), Illustrationen
  7. CAROs
    Climate risk-adjusted refinancing operations
    Autor*in: Böser, Florian; Colesanti Senni, Chiara
    Erschienen: [2021]
    Verlag:  CER-ETH - Center of Economic Research at ETH Zurich, Zürich

    Policy makers have argued that markets are not pricing climate risk appropriately yet, which may lead to a misallocation of resources and financial instability. Climate riskadjusted refinancing operations (CAROs) conducted by the central bank are one... mehr

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    Policy makers have argued that markets are not pricing climate risk appropriately yet, which may lead to a misallocation of resources and financial instability. Climate riskadjusted refinancing operations (CAROs) conducted by the central bank are one possible instrument to address this issue. CAROs are characterized by interest rates on reserve loans, which depend on the climate risk exposure of the assets held by the borrowing bank. If private agents and the central bank have differing beliefs about the likelihood of the transition to a low-carbon economy, the allocation emerging without CAROs is, from the central bank's perspective, suboptimal and may lead to financial instability. We find that an appropriate design of CAROs allows the central bank to influence bank lending in a way that induces the optimal allocation under its beliefs and eliminates financial instability. Moreover, we show that investment into climate risk mitigation reduces the need for central bank intervention, and that CAROs can be used to achieve specific climate-related allocation targets.

     
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    Weitere Identifier:
    hdl: 10419/235040
    Auflage/Ausgabe: This Version: June 2, 2021
    Schriftenreihe: Working paper / CER-ETH - Center of Economic Research at ETH Zurich ; 21, 354 (June 2021)
    Schlagworte: central bank; banks; refinancing operations; interest rates; climate risk
    Umfang: 1 Online-Ressource (circa 60 Seiten), Illustrationen
  8. Peer M´monitoring vs. search costs in the interbank market
    evidence from payment flow data in Norway
    Autor*in: Findreng, Jon
    Erschienen: [2021]
    Verlag:  Norges Bank, Oslo

    Bilateral payment flows between banks may provide private information about a borrowing bank's liquidity position. This paper analyses whether private information on the bilateral payment flow of central bank reserves foster peer monitoring or... mehr

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    Bilateral payment flows between banks may provide private information about a borrowing bank's liquidity position. This paper analyses whether private information on the bilateral payment flow of central bank reserves foster peer monitoring or whether the information is used to reduce search costs in the unsecured interbank market. In the former, banks with outflows of liquidity are penalized by their counterparties, while in the latter, these banks benefit through reduced search costs to find a liquidity provider. I use data from Norges Bank's real time gross settlement system over the period 2012 to 2015 to identify unsecured overnight interbank loans and payment flows. The results suggest that banks are using private information from payment flows to reduce search costs and not for peer monitoring. This has important implications for regulators' assessment of the pros and cons of a centralized versus a decentralized interbank market.

     
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    ISBN: 9788283791938
    Weitere Identifier:
    hdl: 11250/2758395
    hdl: 10419/246123
    Schriftenreihe: Working paper / Norges Bank ; 2021, 2
    Schlagworte: Peer monitoring; search cost; unsecured overnight interbank market; interest rates; central bank liquidity policy and OTC markets
    Umfang: 1 Online-Ressource (circa 37 Seiten), Illustrationen
  9. Essays in macro-finance
    Autor*in: Zimmermann, Kaspar
    Erschienen: 2021
    Verlag:  Universitäts- und Landesbibliothek Bonn, Bonn

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    Universitätsbibliothek Braunschweig
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    Staats- und Universitätsbibliothek Bremen
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    Universitätsbibliothek Clausthal
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    Fachhochschule Erfurt, Hochschulbibliothek
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    Niedersächsische Staats- und Universitätsbibliothek Göttingen
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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    Technische Universität Hamburg, Universitätsbibliothek
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    Bibliothek der Hochschule Hannover
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    Bibliothek im Kurt-Schwitters-Forum
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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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    Zentrale Hochschulbibliothek Lübeck
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    Leuphana Universität Lüneburg, Medien- und Informationszentrum, Universitätsbibliothek
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    Hochschule Magdeburg-Stendal, Hochschulbibliothek
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    Hochschule Osnabrück, Bibliothek Campus Westerberg
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    Hochschule Magdeburg-Stendal, Standort Stendal, Bibliothek
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    UB Weimar
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Dissertation
    Format: Online
    Weitere Identifier:
    hdl: 20.500.11811/9214
    Schlagworte: Langfristige Zeitreihen; Trends; Aktienmarkt; Zinsen; Finanzkrisen; Staatsbanktrott; long-run data; stock market; interest rates; financial crises; government bankruptcy
    Umfang: 1 Online-Ressource (circa 312 Seiten), Illustrationen
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    Dissertation, Rheinische Friedrich-Wilhelms-Universität Bonn, 2021
  10. Market power and monetary policy transmission
    Autor*in: Duval, Romain; Furceri, Davide; Lee, Raphael; Mendes Tavares, Marina
    Erschienen: July 2021
    Verlag:  International Monetary Fund, [Washington, D.C.]

    We show that firms' market power dampens the response of their output to monetary policy shocks, using firm-level data for the United States and a large cross-country firm-level dataset for 14 advanced economies. The estimated impact of a firm's... mehr

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    We show that firms' market power dampens the response of their output to monetary policy shocks, using firm-level data for the United States and a large cross-country firm-level dataset for 14 advanced economies. The estimated impact of a firm's markup on its response to a monetary policy shock is large enough to materially affect monetary policy transmission. We also find some evidence that the role of markup in monetary policy transmission, while independent from other channels, is greater for firms whose characteristics - notably size and age - are likely to be associated with greater financial constraints. We rationalize these findings through a simple partial equilibrium model in which borrowing constraints amplify disproportionately low-markup firms' responses to changes in interest rates

     
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    Quelle: Staatsbibliothek zu Berlin
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    ISBN: 9781513588001
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    Schriftenreihe: IMF working paper ; WP/21, 184
    Schlagworte: Monetary policy; interest rates; imperfect competition; market power; markups; Central Banks and Their Policies; Market Structure and Pricing; Monetary Policy; Production, Pricing, and Market Structure; Size Distribution of Firms
    Umfang: 1 Online-Ressource (circa 56 Seiten), Illustrationen
  11. Taylor rules and the inflation surge
    the case of the Fed
    Autor*in: Tatar, Balint; Wieland, Volker
    Erschienen: 11 March 2024
    Verlag:  Centre for Economic Policy Research, London

    The Federal Reserve has been publishing federal funds rate prescriptions from Taylor rules in its Monetary Policy Report since 2017. The signals from the rules aligned with Fed action on many occasions, but in some cases the Fed opted for a different... mehr

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    The Federal Reserve has been publishing federal funds rate prescriptions from Taylor rules in its Monetary Policy Report since 2017. The signals from the rules aligned with Fed action on many occasions, but in some cases the Fed opted for a different route. This paper reviews the implications of the rules during the coronavirus pandemic and the subsequent inflation surge and derives projections for the future. In 2020, the Fed took the negative prescribed rates, which were far below the effective lower bound on the nominal interest rate, as support for extensive and long-lasting quantitative easing. Yet, the calculations overstate the extent of the constraint, because they neglect the supply side effects of the pandemic. The paper proposes a simple model-based adjustment to the resource gap used by the rules for 2020. In 2021, the rules clearly signaled the need for tightening because of the rise of inflation, yet the Fed waited until spring 2022 to raise the federal funds rate. With the decline of inflation over the course of 2023, the rules’ prescriptions have also come down. They fall below the actual federal funds rate target range in 2024. Several caveats concerning the projections of the interest rate prescriptions are discussed.

     
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    Schriftenreihe: Array ; DP18910
    Schlagworte: Monetary policy; interest rates; Federal Reserve; Taylor rule; New Keynesian macro-epidemic models
    Umfang: 1 Online-Ressource (circa 22 Seiten), Illustrationen
  12. Managing growth in a volatile world
    Erschienen: June 2012
    Verlag:  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... mehr

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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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    Quelle: Staatsbibliothek zu Berlin
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10986/12106
    Schriftenreihe: Global economic prospects ; volume 5 (June 2012)
    Schlagworte: 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
    Umfang: 1 Online-Ressource (circa 162 Seiten), Illustrationen
  13. Uncertainties and vulnerabilities
    Erschienen: January 2012
    Verlag:  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... mehr

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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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    Weitere Identifier:
    hdl: 10986/12105
    Schriftenreihe: Global economic prospects ; volume 4 (January 2012)
    Schlagworte: 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
    Umfang: 1 Online-Ressource (circa 165 Seiten), Illustrationen
  14. Navigating strong currents
    Erschienen: January 2011
    Verlag:  The World Bank, Washington, DC

    Economic activity in most developing countries has, or is close to having, recovered. Supported by resurgence in international and domestic financial flows and higher commodity prices, most of the spare capacity in developing countries that was... mehr

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    Economic activity in most developing countries has, or is close to having, recovered. Supported by resurgence in international and domestic financial flows and higher commodity prices, most of the spare capacity in developing countries that was created by the crisis has been reabsorbed, and developing countries have regained trend growth rates close to those observed in the pre-crisis period. The remainder of this report is organized as follows. The next section discusses recent developments in global production, trade, and financial markets, and presents updates of the World Bank's forecast for the global economy and developing countries. The global economy is transitioning from the bounce-back phase of the recovery toward a period of slower but more sustainable growth. Growth in most developing countries is increasingly running into capacity constraints, while in high-income and developing Europe and Central Asia growth is hampered by the concentrated nature of slack and ongoing restructuring. In this environment, policy needs to be moving away from short-term demand stimulus toward measures that generate additional employment by enhancing the supply potential of economies. The global policy environment has become highly charged and uncertain, and presents multiple risks to prospects for developing countries. As emphasized at the recent G-20 meetings in Seoul (G-20 2010), both developing and high-income countries will need to take care to minimize the negative external consequences of their domestic policy actions. Concretely, this means that while countries must remain mindful of domestic conditions, when opportunities present themselves to pursue domestic policy objectives in a manner that support adjustment elsewhere in the global economy these should be taken up.

     
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    Schriftenreihe: Global economic prospects ; volume 2 (January 2011)
    Schlagworte: Wirtschaftslage; Welt; Global Economic Prospects; asset price; auction; Bank Bond; Bank Equity; bank lending; bank loan; banking assets; banking sector; banking sectors; banking system; basis points; Bond; bond flows; bond issuance; Bond Portfolio; bond yield; bonds; capacity constraints; capital control; capital controls; capital flows; capital formation; capital gains; capital inflow; Capital inflows; capital markets; capital outflows; capital shortages; CDS; Central Bank; commodities; commodity; commodity prices; consumer debt; consumer demand; consumer goods; contingent liabilities; Copyright Clearance; Copyright Clearance Center; corporate bonds; credit default; credit default swap; credit default swaps; credit rating; creditors; Current account balance; current account balances; current account deficit; current account deficits; current account surpluses; debt flows; debt relief; deposits; developing countries; Developing country; developing economies; dividends; dollar value; domestic credit; domestic economy; durable; durable goods; economic developments; economic performance; emerging markets; equipment; equities; equity flows; equity issues; equity market; equity markets; exchange rate; exchange rate movements; exchange rates; exporters; exposure; financial crisis; financial flows; financial inflows; financial institutions; financial integration; financial market; financial markets; financial sector; financial sector policies; Financial Stability; financial support; fiscal consolidation; fiscal consolidations; fiscal deficits; fiscal policy; Fixed investment; flows of capital; Food price; food prices; foreign banks; foreign capital; Foreign direct investment; foreign exchange; foreign exchange market; foreign holdings; foreign investors; fund managers; future growth; futures; global economy; global exports; global financial markets; global investors; global pension; global trade; government finances; government spending; growth rate; growth rates; hedge funds; holdings; host country; import costs; income; incomes; indebtedness; inflation; inflationary pressure; inflationary pressures; infrastructure investment; institutional development; Institutional investor; interest income; interest rate; interest rate differentials; interest rates; International Bank; international bond; International capital; International capital flows; international financial markets; International settlements; investment climate; investment flows; investment funds; investment projects; investment rates; investment spending; investment vehicles; labor market; liquidity; local currency; local economy; local market; long-term interest; loss of confidence; Low-income countries; macroeconomic management; macroeconomic policy; market developments; market expectations; market index; market makers; market participants; market price; market prices; market valuations; market volatility; maturity; middle-income countries; monetary policy; money market; money supply; monopoly; Net debt; oil price; oil prices; output; output gap; output gaps; pension; pension funds; pension systems; political stability; Portfolio; portfolio investment; portfolios; power parity; price volatility; private capital; private capital flows; Private creditors; private savings; public finances; purchasing power; rapid expansion; regulatory requirements; remittance; remittances; repayments; reserve; reserve requirements; reserves; savings; savings rates; securities; short-term assets; short-term debt; sovereign debt; sovereign debt markets; speculative bubble; supply shocks; tax; tax rate; tax rates; Technological change; trading; transaction costs; transition countries; transition economies; Treasuries; Unemployment rates; volatility; withdrawal; world economy; world trade; yield spreads
    Umfang: 1 Online-Ressource (circa 129 Seiten), Illustrationen
  15. Assuring growth over the medium term
    Erschienen: January 2013
    Verlag:  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... mehr

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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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    ISBN: 9780821398821
    Weitere Identifier:
    hdl: 10986/12124
    Schriftenreihe: Global economic prospects ; volume 6 (January 2013)
    Schlagworte: Wirtschaftswachstum; Produktivitätsentwicklung; Entwicklungsländer; 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
    Umfang: 1 Online-Ressource (circa 178 Seiten), Illustrationen
  16. The global economy in transition
    Erschienen: June 2015
    Verlag:  World Bank Group, Washington, D.C

    Global growth is expected to be 2.8 percent in 2015, but is expected to pick up to 3.2 percent in 2016–17. Growth in developing countries and some high-income countries is set to disappoint again this year. The prospect of rising borrowing costs will... mehr

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    Global growth is expected to be 2.8 percent in 2015, but is expected to pick up to 3.2 percent in 2016–17. Growth in developing countries and some high-income countries is set to disappoint again this year. The prospect of rising borrowing costs will compound the challenges many developing countries are facing as they adapt to an era of low commodity prices. Risks to this outlook remain tilted to the downside. This edition of Global Economic Prospects includes two Special Features that analyze the policy challenges raised by the two transitions in developing countries: the risks associated with the first U.S. central bank interest rate increase since 2006 and the implications of persistently low commodity prices for low-income countries. Global Economic Prospects is a World Bank Group Flagship Report that examines global economic developments and prospects, with a special focus on developing countries, on a semiannual basis (in January and June). The January edition includes in-depth analyses of topical policy challenges faced by developing countries while the June edition contains shorter analytical pieces

     
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    ISBN: 9781464804854
    Weitere Identifier:
    hdl: 10986/21999
    Schriftenreihe: Global economic prospects ; June 2015
    A World Bank Group flagship report
    Schlagworte: Internationale Wirtschaft; Strukturwandel; Wirtschaftsprognose; Economic forecasting; Economic forecasting; International economic relations; Capital flows; commodities; developing countries; emerging markets; financial markets; global economy; interest rates; low-income countries; oil prices; poverty; trade
    Umfang: 1 Online-Ressource (circa 199 Seiten), illustrations (mostly color)
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    Includes bibliographical references
  17. Productivity and welfare
    an application to the Spanish banking industry
    Autor*in: Martín Oliver, Alfredo; Ruano, Sonia; Salas-Fumás, Vicente
    Erschienen: 2014
    Verlag:  Banco de España, Madrid

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    Schriftenreihe: Documentos de trabajo / Banco de España, Eurosistema ; no. 1426
    Schlagworte: banking spatial competition; bank branch productivity; interest rates; branch dynamics; bank economic profits
    Umfang: 1 Online-Ressource (circa 43 Seiten), Illustrationen
    Bemerkung(en):

    Zusammenfassung in spanischer Sprache
  18. The convergence of international interest rates prior to Monetary Union
    Autor*in: Wilfling, Bernd
    Erschienen: 2001
    Verlag:  HWWA, Öffentlichkeitsarbeit, Hamburg

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  19. The multifaceted impact of US trade policy on financial markets
    Autor*in: Boer, Lukas; Menkhoff, Lukas; Rieth, Malte
    Erschienen: 2023
    Verlag:  Humboldt-Universität zu Berlin, Berlin

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    Übergeordneter Titel: In: Journal of applied econometrics, Band 38, Ausgabe 3, Seite 388-406, 2022
    Schlagworte: Außenwirtschaftspolitik; Handelspolitik; Aktienmarkt; Wechselkurs; Zins; Wirkungsanalyse; Vektor-autoregressives Modell
    Weitere Schlagworte: (stw)Außenwirtschaftspolitik; (stw)Aktienmarkt; (stw)Wechselkurs; (stw)Zins; (stw)Wirkungsanalyse; (stw)VAR-Modell; (stw)USA; (stw)China; Trade policy shock; structural VAR; stock prices; exchange rates; interest rates; heteroskedasticity; Graue Literatur; Kongressbeitrag
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  20. Market power and monetary policy transmission
    Autor*in: Duval, Romain; Furceri, Davide; Lee, Raphael; Mendes Tavares, Marina
    Erschienen: July 2021
    Verlag:  International Monetary Fund, [Washington, D.C.]

    We show that firms' market power dampens the response of their output to monetary policy shocks, using firm-level data for the United States and a large cross-country firm-level dataset for 14 advanced economies. The estimated impact of a firm's... mehr

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    We show that firms' market power dampens the response of their output to monetary policy shocks, using firm-level data for the United States and a large cross-country firm-level dataset for 14 advanced economies. The estimated impact of a firm's markup on its response to a monetary policy shock is large enough to materially affect monetary policy transmission. We also find some evidence that the role of markup in monetary policy transmission, while independent from other channels, is greater for firms whose characteristics - notably size and age - are likely to be associated with greater financial constraints. We rationalize these findings through a simple partial equilibrium model in which borrowing constraints amplify disproportionately low-markup firms' responses to changes in interest rates

     
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  21. What drove the rise in bank lending rates in Lithuania during the low-rate era?
    Autor*in: Karmelavičius, Jaunius; Mikaliūnaitė-Jouvanceau, Ieva; Buteikis, Andrius
    Erschienen: [2022]
    Verlag:  Bank of Lithuania, Vilnius

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    hdl: 11159/12453
    Schriftenreihe: Occasional paper series / Lietuvos Bankas ; no. 43 (2022)
    Schlagworte: interest rates; loan pricing; banking; concentration; capital requirements
    Umfang: 1 Online-Ressource (circa 44 Seiten), Illustrationen
  22. Preferred habitat and monetary policy through the looking-glass
    Autor*in: Carboni, Giacomo; Ellison, Martin
    Erschienen: [2022]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    The ability of monetary policy to influence the term structure of interest rates and the macroeconomy depends on the extent to which financial market participants prefer to hold bonds of different maturities. We microfound such preferred-habitat... mehr

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    The ability of monetary policy to influence the term structure of interest rates and the macroeconomy depends on the extent to which financial market participants prefer to hold bonds of different maturities. We microfound such preferred-habitat demand in a fully-specified dynamic stochastic general equilibrium model of the macroeconomy where the term structure is arbitrage-free. The source of preferred habitat demand is an insurance fund that issues annuities and adopts a liability-driven strategy to minimise the duration risk on its balance sheet. The optimising behaviour of the insurance fund implies a preferred- habitat demand function that is upward-sloping in bond prices and downward-sloping in bond yields, especially when interest rates are low. This supports the operation of a recruitment channel at low interest rates, whereby long-term interest rates react strongly to short-term policy rates because of complementary changes in term premia induced by preferred-habitat demand. The strong reaction extends to in‡ation and output in general equilibrium, a through-the-looking-glass result that challenges conventional wisdom that preferred habitat weakens the transmission of monetary policy.

     
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    hdl: 10419/269104
    Schriftenreihe: Working paper series / European Central Bank ; no 2697 (August 2022)
    Schlagworte: general equilibrium; interest rates; preferred habitat; term structure
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  23. Stock return predictability before the First World War
    Autor*in: Stuart, Rebecca
    Erschienen: [2022]
    Verlag:  Université de Neuchâtel, Institute de Recherches Économiques, [Neuchâtel]

    This paper studies the predictability of stock returns using monthly data on eight markets over the period 1876-1913. In contrast to much of the existing literature I find broad predictability across stock markets. Market interest rates and seasonal... mehr

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    This paper studies the predictability of stock returns using monthly data on eight markets over the period 1876-1913. In contrast to much of the existing literature I find broad predictability across stock markets. Market interest rates and seasonal dummies generally have predictive power, and in almost all of series studied there is a statistically significant autoregressive component. These relationships appear to be stable over the sample period. Testing returns from multiple indices for the same market indicates that the compilation of the index does not systematically affect its predictability. Finally, the results are robust to the exclusion of extreme observations.

     
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    hdl: 10419/265180
    Schriftenreihe: IRENE working paper ; 22, 02
    Schlagworte: stock returns; interest rates; Gold Standard
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  24. Information frictions among firms and households
    Autor*in: Link, Sebastian; Peichl, Andreas; Roth, Christopher; Wohlfart, Johannes
    Erschienen: March 2021
    Verlag:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    We leverage survey data from Germany, Italy, and the US to document several novel stylized facts about the extent of information frictions among firms and households. First, firms’ expectations about the central bank policy rate, inflation, and... mehr

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    We leverage survey data from Germany, Italy, and the US to document several novel stylized facts about the extent of information frictions among firms and households. First, firms’ expectations about the central bank policy rate, inflation, and aggregate unemployment are more aligned with expert forecasts and less dispersed than households’. Second, there is substantially more heterogeneity in information frictions within households than within firms. Third, consistent with firms having stronger priors, they update their policy rate expectations significantly less compared to households when provided with an expert forecast. Our results have important implications for modeling heterogeneity in macroeconomic models.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/235339
    Schriftenreihe: CESifo working paper ; no. 8969 (2021)
    Schlagworte: information frictions; firms; households; expectation formation; interest rates
    Umfang: 1 Online-Ressource (circa 96 Seiten), Illustrationen
  25. Economic consequences of high public debt
    evidence from three large scale DSGE models
    Autor*in: Burriel, Pablo; Checherita-Westphal, Cristina; Jacquinot, Pascal; Schön, Matthias; Stähler, Nikolai
    Erschienen: 2020
    Verlag:  Banco de España, Madrid

    Zugang:
    Verlag (kostenfrei)
    Verlag (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VS 470
    Fernleihe:
    keine Fernleihe
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: Documentos de trabajo / Banco de España, Eurosistema ; no. 2029
    Schlagworte: government debt; interest rates; economic growth; fiscal sustainability
    Umfang: 1 Online-Ressource (circa 34 Seiten), Illustrationen