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  1. Essays on monetary policy, safe assets, and the repo market
    Autor*in: Bechtel, Alexander
    Erschienen: 2021

    This dissertation analyzes topics related to unconventional monetary policy, safe assets, short-term funding, and the market for repurchase agreements. mehr

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    Verlag (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Fernleihe:
    keine Fernleihe

     

    This dissertation analyzes topics related to unconventional monetary policy, safe assets, short-term funding, and the market for repurchase agreements.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Dissertation
    Format: Online
    Weitere Identifier:
    Dissertation no. 5091
    Schlagworte: Geldmarkt; Geldpolitik; Wertpapierpensionsgeschäft; Interbankgeschäft; liquidity risk; repos; interbank market; funding risk; sovereign-bank nexus; safe assets; quantitative easing; repurchase agreements; money market
    Umfang: 1 Online-Ressource (circa 160 Seiten), Illustrationen
    Bemerkung(en):

    Dissertation, University of St. Gallen, 2021
  2. Quantitative easing and the safe asset illusion
    Autor*in: Bechtel, Alexander; Eisenschmidt, Jens; Ranaldo, Angelo; Ventula Veghazy, Alexia
    Erschienen: June 9, 2021
    Verlag:  School of Finance, University of St. Gallen, St. Gallen

    The massive recourse to quantitative easing (QE) calls for a better understanding of its effects on safe assets. Based on a simple balance sheet framework, we show how QE impacts the total amount, cross-sectional distribution, and composition of safe... mehr

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    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)
    Verlag (kostenfrei)

    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VS 314
    Fernleihe:
    keine Fernleihe

     

    The massive recourse to quantitative easing (QE) calls for a better understanding of its effects on safe assets. Based on a simple balance sheet framework, we show how QE impacts the total amount, cross-sectional distribution, and composition of safe assets in the economy. Analyzing the ECB’s Public Sector Purchase Programme (PSPP), we find that the amount of universally accessible safe assets decreases and there is a transfer of safe assets from the non-bank to the banking sector. We call this phenomenon the safe asset illusion. The sectoral shift in the holding structure of safe assets has important implications for financial stability and the cost of secured liquidity

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    Schriftenreihe: Working papers on finance / Swiss Institute of Banking and Finance (S/BF - HSG) ; no. 2021, 10
    Schlagworte: Safe assets; quantitative easing; Public Sector Purchase Programme; secured deposits; repurchase agreements
    Umfang: 1 Online-Ressource (circa 52 Seiten), Illustrationen