Skip to main navigation Skip to main content
info(at)avldigital.remove-this.de
Deutsch English
Last searches

Results for *

Displaying results 1 to 25 of 39.

  1. Discriminatory pricing of over-the-counter derivatives
    Author: Hau, Harald; Hoffmann, Peter; Langfield, Sam; Timmer, Yannick
    Published: [2017]
    Publisher:  European Systemic Risk Board, Frankfurt am Main, Germany

    New regulatory data reveal extensive discriminatory pricing in the foreign exchange derivatives market, in which dealer-banks and their non-financial clients trade over-the-counter. After controlling for contract characteristics, dealer fixed... more

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 611
    Inter-library loan:
    No inter-library loan

     

    New regulatory data reveal extensive discriminatory pricing in the foreign exchange derivatives market, in which dealer-banks and their non-financial clients trade over-the-counter. After controlling for contract characteristics, dealer fixed effects, and market conditions, we find that the client at the 75th percentile of the spread distribution pays an average of 30 pips over the market mid-price, compared to competitive spreads of less than 2.5 pips paid by the bottom 25% of clients. Higher spreads are paid by less sophisticated clients. However, trades on multi-dealer request-for-quote platforms exhibit competitive spreads regardless of client sophistication, thereby eliminating discriminatory pricing.

     
    Export to reference management software   RIS file
      BibTeX file
    Content information
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789295210486
    Other identifier:
    hdl: 10419/193568
    Series: Working paper series / ESRB, European Systemic Risk Board, European System of Financial Supervision ; no 61 (December 2017)
    Subjects: Währungsderivat; Währungsmanagement; Hedging; OTC-Handel; Preisdifferenzierung
    Scope: 1 Online-Ressource (circa 42 Seiten), Illustrationen
  2. Discriminatory pricing of over-the-counter derivatives
    Author: Hau, Harald; Hoffmann, Peter; Langfield, Sam; Timmer, Yannick
    Published: December 16, 2017
    Publisher:  Swiss Finance Institute, [Geneva]

    For the first time, new regulatory data allow precise measurement of price discrimination against non-financial clients in the FX derivatives market. Consistent with the theoretical literature, transaction costs vary systematically with measures of... more

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

    Location:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    Keine Speicherung
    Inter-library loan:
    No inter-library loan

     

    For the first time, new regulatory data allow precise measurement of price discrimination against non-financial clients in the FX derivatives market. Consistent with the theoretical literature, transaction costs vary systematically with measures of client sophistication. The median client pays 10.9 pips more than blue-chip companies due to its lower level of sophistication, which compares with a sample average effective spread of 6.9 pips. However, price discrimination is fully eliminated when clients trade electronically on multi-dealer platforms. We also document that less sophisticated clients incur additional costs when trading with their relationship bank and in fast-moving markets, but only for bilaterally negotiated contracts

     
    Export to reference management software   RIS file
      BibTeX file
    Content information
    Volltext (kostenfrei)
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    Series: Swiss Finance Institute research paper ; no. 17, 70
    Subjects: Währungsderivat; Währungsmanagement; Hedging; OTC-Handel; Preisdifferenzierung
    Scope: 1 Online-Ressource (circa 41 Seiten), Illustrationen
  3. Discriminatory pricing of over-the-counter derivatives
    Author: Hau, Harald; Hoffmann, Peter; Langfield, Sam; Timmer, Yannick
    Published: 2019
    Publisher:  International Monetary Fund, [Washington, DC]

    New regulatory data reveal extensive price discrimination against non-financial clients in the FX derivatives market. The client at the 90th percentile pays an effective spread of 0.5%, while the bottom quarter incur transaction costs of less than... more

    Access:
    Verlag (kostenfrei)

    Location:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße
    Inter-library loan:
    No inter-library loan

    Location:
    Universitätsbibliothek Braunschweig
    Inter-library loan:
    No inter-library loan

    Location:
    Staats- und Universitätsbibliothek Bremen
    Inter-library loan:
    No inter-library loan

    Location:
    Universitätsbibliothek Erfurt / Forschungsbibliothek Gotha, Universitätsbibliothek Erfurt
    Inter-library loan:
    No inter-library loan

    Location:
    Bibliothek der Pädagogischen Hochschule Freiburg/Breisgau
    Inter-library loan:
    No inter-library loan

    Location:
    Niedersächsische Staats- und Universitätsbibliothek Göttingen
    Inter-library loan:
    No inter-library loan

    Location:
    Universitäts- und Landesbibliothek Sachsen-Anhalt / Zentrale
    Inter-library loan:
    No inter-library loan

    Location:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    Technische Universität Hamburg, Universitätsbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    Duale Hochschule Baden-Württemberg Heidenheim, Bibliothek
    Signature:
    e-Book Nationallizenz
    Inter-library loan:
    No inter-library loan

    Location:
    Thüringer Universitäts- und Landesbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    Fachhochschule Kiel, Zentralbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    LZ 142
    Inter-library loan:
    No inter-library loan

    Location:
    Universitätsbibliothek Leipzig
    Inter-library loan:
    No inter-library loan

    Location:
    Leuphana Universität Lüneburg, Medien- und Informationszentrum, Universitätsbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    Duale Hochschule Baden-Württemberg Mosbach, Bibliothek
    Signature:
    E-Book Nationallizenz IMF
    Inter-library loan:
    No inter-library loan

    Location:
    Hochschule Offenburg, University of Applied Sciences, Bibliothek Campus Offenburg
    Signature:
    E-Book International Monetary Fund
    Inter-library loan:
    No loan of volumes, only paper copies will be sent

    Location:
    Hochschulbibliothek Pforzheim, Bereichsbibliothek Technik und Wirtschaft
    Signature:
    e-Book International Monetary Fund eLibrary
    Inter-library loan:
    No loan of volumes, only paper copies will be sent

    Location:
    Duale Hochschule Baden-Württemberg Ravensburg, Bibliothek
    Signature:
    E-Book IMF
    Inter-library loan:
    No inter-library loan

    Location:
    Hochschule Albstadt-Sigmaringen, Bibliothek Sigmaringen
    Inter-library loan:
    No loan of volumes, only paper copies will be sent

     

    New regulatory data reveal extensive price discrimination against non-financial clients in the FX derivatives market. The client at the 90th percentile pays an effective spread of 0.5%, while the bottom quarter incur transaction costs of less than 0.02%. Consistent with models of search frictions in over-the-counter markets, dealers charge higher spreads to less sophisticated clients. However, price discrimination is eliminated when clients trade through multi-dealer request-for-quote platforms. We also document that dealers extract rents from captive clients and market opacity, but only for contracts negotiated bilaterally with unsophisticated clients

     
    Export to reference management software   RIS file
      BibTeX file
    Content information
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9781498303774
    Other identifier:
    Series: IMF working paper ; WP/19, 100
    Subjects: Währungsderivat; Währungsmanagement; Hedging; OTC-Handel; Preisdifferenzierung
    Scope: 1 Online-Ressource (circa 46 Seiten), Illustrationen
  4. Intervening against the fed
    Author: Rodnyansky, Alexander; Timmer, Yannick; Yago, Naoki
    Published: July 2023
    Publisher:  CESifo, Munich, Germany

    This paper studies the spillovers of US monetary policy and the mitigating role of foreign exchange interventions (FXI) by combining deviations from a daily FXI policy rule with high-frequency US monetary policy shocks, daily exchange rates, and... more

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

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 63
    Inter-library loan:
    No inter-library loan

     

    This paper studies the spillovers of US monetary policy and the mitigating role of foreign exchange interventions (FXI) by combining deviations from a daily FXI policy rule with high-frequency US monetary policy shocks, daily exchange rates, and firm-level stock prices, as well as firm-level balance sheet variables across several countries. We first present evidence that-without interventions- contractionary US monetary policy shocks spill over through a balance sheet channel: foreign exchange rates depreciate and stock prices fall, driven by those firms with US dollar debt. However, when countries counter-intervene, the spillover of US monetary policy tightening is muted. FXIs entirely offset the depreciation of the domestic exchange rate and the reduction in stock price for firms with US dollar debt, suggesting that "intervening against the Fed" protects economies from the adverse spillover of US monetary policy tightening through the balance sheet channel of exchange rates.

     
    Export to reference management software   RIS file
      BibTeX file
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/279326
    Series: CESifo working papers ; 10575 (2023)
    Scope: 1 Online-Ressource (circa 50 Seiten), Illustrationen
  5. Exchange rate elasticities of international tourism and the role of dominant currency pricing
    Author: Ding, Ding; Timmer, Yannick
    Published: [2023]
    Publisher:  Board of Governors of the Federal Reserve System, [Washington, DC]

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

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 201
    Inter-library loan:
    No inter-library loan
    Export to reference management software   RIS file
      BibTeX file
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    Series: International finance discussion papers ; number 1378 (August 2023)
    Subjects: Exchange Rates; Trade Flows; Tourism; Dominant Currency Pricing
    Scope: 1 Online-Ressource (circa 52 Seiten), Illustrationen
  6. Exchange rate elasticities of international tourism and the role of dominant currency pricing
    Author: Ding, Ding; Timmer, Yannick
    Published: May 2022
    Publisher:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    We estimate exchange rate elasticities of international tourism. We show that, in addition to the bilateral exchange rate, the exchange rate between the tourism origin country vis-à-vis the U.S. dollar is an important driver of tourism flows,... more

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

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 63
    Inter-library loan:
    No inter-library loan

     

    We estimate exchange rate elasticities of international tourism. We show that, in addition to the bilateral exchange rate, the exchange rate between the tourism origin country vis-à-vis the U.S. dollar is an important driver of tourism flows, indicating a strong role of U.S. dollar pricing. The U.S. dollar exchange rate is more important for tourism destination countries with higher U.S. dollar borrowing, pointing toward a complementarity between U.S. dollar pricing and financing. Country-specific dominant currencies (CSDCs) play only a minor role for the average country but are important for tourism-dependent countries and those with a high concentration of tourists. The importance of the U.S. dollar exchange rate represents a strong piece of evidence of dominant currency pricing (DCP) in the international trade of services and suggests that the benefits of exchange rate flexibility for tourism-dependent countries may be weaker than previously thought.

     
    Export to reference management software   RIS file
      BibTeX file
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/260873
    Series: CESifo working paper ; no. 9743 (2022)
    Subjects: exchange rates; trade; tourism; dominant currency pricing
    Scope: 1 Online-Ressource (circa 41 Seiten), Illustrationen
  7. Does it help?
    information technology in banking and entrepreneurship
    Author: Ahnert, Toni; Dörr, Sebastian; Pierri, Nicola; Timmer, Yannick
    Published: 29 May 2022
    Publisher:  Centre for Economic Policy Research, London

    Access:
    Verlag (lizenzpflichtig)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    LZ 161
    Inter-library loan:
    No inter-library loan

    Location:
    Universitätsbibliothek Mannheim
    Inter-library loan:
    No inter-library loan
    Export to reference management software   RIS file
      BibTeX file
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP17335
    Subjects: technology in banking; entrepreneurship; Information Technology; Collateral; screening
    Scope: 1 Online-Ressource (circa Seiten)
  8. Does IT help?
    information technology in banking and entrepreneurship
    Author: Ahnert, Toni; Dörr, Sebastian; Pierri, Nicola; Timmer, Yannick
    Published: August 2021
    Publisher:  International Monetary Fund, [Washington, D.C.]

    This paper analyzes the importance of information technology (IT) in banking for entrepreneurship. To guide our empirical analysis, we build a parsimonious model of bank screening and lending that predicts that IT in banking can spur entrepreneurship... more

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

    Location:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
    Inter-library loan:
    Unlimited inter-library loan, copies and loan

     

    This paper analyzes the importance of information technology (IT) in banking for entrepreneurship. To guide our empirical analysis, we build a parsimonious model of bank screening and lending that predicts that IT in banking can spur entrepreneurship by making it easier for startups to borrow against collateral. We provide empirical evidence that job creation by young firms is stronger in US counties that are more exposed to ITintensive banks. Consistent with a strengthened collateral lending channel for IT banks, entrepreneurship increases more in IT-exposed counties when house prices rise. In line with the model's implications, IT in banking increases startup activity without diminishing startup quality and it also weakens the importance of geographical distance between borrowers and lenders. These results suggest that banks' IT adoption can increase dynamism and productivity

     
    Export to reference management software   RIS file
      BibTeX file
    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9781513591803
    Other identifier:
    Series: IMF working paper ; WP/21, 214
    Subjects: technology in banking; entrepreneurship; information technology; collateral; screening; Banks; Depository Institutions; Information and Market Efficiency; Micro Finance Institutions; Mortgages
    Scope: 1 Online-Ressource (circa 57 Seiten), Illustrationen
  9. Dominant currencies and external adjustment
    Author: Adler, Gustavo; Casas, Camila; Cubeddu, Luis; Gopinath, Gita; Li, Nan; Meleshchuk, Sergii; Osorio Buitron, Carolina; Puy, Damien; Timmer, Yannick
    Published: 2020
    Publisher:  International Monetary Fund, [Washington, D.C.]

    The extensive use of the US dollar when firms set prices for international trade (dubbed dominant currency pricing) and in their funding (dominant currency financing) has come to the forefront of policy debate, raising questions about how exchange... more

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

    Location:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
    Inter-library loan:
    Unlimited inter-library loan, copies and loan

     

    The extensive use of the US dollar when firms set prices for international trade (dubbed dominant currency pricing) and in their funding (dominant currency financing) has come to the forefront of policy debate, raising questions about how exchange rates work and the benefits of exchange rate flexibility. This Staff Discussion Note documents these features of international trade and finance and explores their implications for how exchange rates can help external rebalancing and buffer macroeconomic shocks

     
    Export to reference management software   RIS file
      BibTeX file
    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9781513512150
    Other identifier:
    Series: IMF staff discussion note ; SDN/20, 05 (July 2020)
    Subjects: trade pricing; trade invoicing; exchange rate; external adjustment
    Scope: 1 Online-Ressource (circa 47 Seiten), Illustrationen
  10. Financial frictions and the great productivity slowdown
    Author: Duval, Romain; Hong, Gee Hee; Timmer, Yannick
    Published: May 2017
    Publisher:  International Monetary Fund, [Washington, D.C.]

    We study the role of financial frictions in explaining the sharp and persistent productivity growth slowdown in advanced economies after the 2008 global financial crisis. Using a rich cross-country, firm-level data set and exploiting... more

    Access:
    Verlag (kostenfrei)

    Location:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
    Inter-library loan:
    Unlimited inter-library loan, copies and loan

     

    We study the role of financial frictions in explaining the sharp and persistent productivity growth slowdown in advanced economies after the 2008 global financial crisis. Using a rich cross-country, firm-level data set and exploiting quasi-experimental variation in firm-level exposure to the crisis, we find that the combination of pre-existing firm-level financial fragilities and tightening credit conditions made an important contribution to the post-crisis productivity slowdown. Specifically: (i) firms that entered the crisis with weaker balance sheets experienced decline in total factor productivity growth relative to their less vulnerable counterparts after the crisis; (ii) this decline was larger for firms located in countries where credit conditions tightened more; (iii) financially fragile firms cut back on intangible capital investment compared to more resilient firms, which is one plausible way through which financial frictions undermined productivity. All of these effects are highly persistent and quantitatively large-possibly accounting on average for about a third of the post-crisis slowdown in within-firm total factor productivity growth. Furthermore, our results are not driven by more vulnerable firms being less productive or having experienced slower productivity growth before the crisis, or differing from less vulnerable firms along other dimensions

     
    Export to reference management software   RIS file
      BibTeX file
    Content information
    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9781484300701
    Other identifier:
    Series: IMF working paper ; WP/17, 129
    Subjects: Finanzkrise; Produktivitätsentwicklung; Investitionsentscheidung; Immaterielle Werte; Vulnerabilitätsanalyse
    Scope: 1 Online-Ressource (circa 33 Seiten), Illustrationen
  11. Exchange rate elasticities of international tourism and the role of dominant currency pricing
    Author: Ding, Ding; Timmer, Yannick
    Published: 2022 FEB
    Publisher:  International Monetary Fund, [Washington, D.C.]

    We estimate a variety of exchange rate elasticities of international tourism. We show that, in addition to the bilateral exchange rate between the tourism origin and destination countries, the exchange rate vis-a-vis the US dollar is also an... more

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

    Location:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
    Inter-library loan:
    Unlimited inter-library loan, copies and loan

     

    We estimate a variety of exchange rate elasticities of international tourism. We show that, in addition to the bilateral exchange rate between the tourism origin and destination countries, the exchange rate vis-a-vis the US dollar is also an important driver of tourism flows and pricing. The effect of US dollar pricing is stronger for tourism destination countries with higher dollar borrowing, indicating a complementarity between dominant currency pricing and financing. Country-specific dominant currencies (CSDCs) play only a minor role for the average country, but are important for tourism-dependent countries and those with a high concentration of tourists. The importance of the dollar exchange rate represents a strong piece of evidence of dominant currency pricing (DCP) in the international trade of services and suggests that the benefits of exchange rate flexibility for tourism-dependent countries may be weaker than previously thought

     
    Export to reference management software   RIS file
      BibTeX file
    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9781616358563
    Other identifier:
    Series: Working paper / International Monetary Fund ; WP/22, 24
    Subjects: International tourism; trade of services; exchange rate elasticity; dominant currency pricing; dominant currency financing; Central Banks and Their Policies; Current Account Adjustment; Foreign Exchange; International Tourism; Short-term Capital Movements; Trade of Services
    Scope: 1 Online-Ressource (circa 36 Seiten), Illustrationen
  12. Discriminatory pricing of over-the-counter derivatives
    Author: Hau, Harald; Hoffmann, Peter; Langfield, Sam; Timmer, Yannick
    Published: 2019
    Publisher:  International Monetary Fund, [Washington, DC]

    New regulatory data reveal extensive price discrimination against non-financial clients in the FX derivatives market. The client at the 90th percentile pays an effective spread of 0.5%, while the bottom quarter incur transaction costs of less than... more

    Access:
    Verlag (kostenfrei)

    Location:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
    Inter-library loan:
    Unlimited inter-library loan, copies and loan

     

    New regulatory data reveal extensive price discrimination against non-financial clients in the FX derivatives market. The client at the 90th percentile pays an effective spread of 0.5%, while the bottom quarter incur transaction costs of less than 0.02%. Consistent with models of search frictions in over-the-counter markets, dealers charge higher spreads to less sophisticated clients. However, price discrimination is eliminated when clients trade through multi-dealer request-for-quote platforms. We also document that dealers extract rents from captive clients and market opacity, but only for contracts negotiated bilaterally with unsophisticated clients

     
    Export to reference management software   RIS file
      BibTeX file
    Content information
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9781498303774
    Other identifier:
    Series: IMF working paper ; WP/19, 100
    Subjects: Währungsderivat; Währungsmanagement; Hedging; OTC-Handel; Preisdifferenzierung
    Scope: 1 Online-Ressource (circa 46 Seiten), Illustrationen
  13. Financial frictions and the great productivity slowdown
    Author: Duval, Romain; Hong, Gee Hee; Timmer, Yannick
    Published: May 2017
    Publisher:  International Monetary Fund, [Washington, D.C.]

    We study the role of financial frictions in explaining the sharp and persistent productivity growth slowdown in advanced economies after the 2008 global financial crisis. Using a rich cross-country, firm-level data set and exploiting... more

    Access:
    Verlag (kostenfrei)

    Location:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße
    Inter-library loan:
    No inter-library loan

    Location:
    Universitätsbibliothek Braunschweig
    Inter-library loan:
    No inter-library loan

    Location:
    Staats- und Universitätsbibliothek Bremen
    Inter-library loan:
    No inter-library loan

    Location:
    Universitätsbibliothek Erfurt / Forschungsbibliothek Gotha, Universitätsbibliothek Erfurt
    Inter-library loan:
    No inter-library loan

    Location:
    Bibliothek der Pädagogischen Hochschule Freiburg/Breisgau
    Inter-library loan:
    No inter-library loan

    Location:
    Niedersächsische Staats- und Universitätsbibliothek Göttingen
    Inter-library loan:
    No inter-library loan

    Location:
    Universitäts- und Landesbibliothek Sachsen-Anhalt / Zentrale
    Inter-library loan:
    No inter-library loan

    Location:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    Technische Universität Hamburg, Universitätsbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    Duale Hochschule Baden-Württemberg Heidenheim, Bibliothek
    Signature:
    e-Book Nationallizenz
    Inter-library loan:
    No inter-library loan

    Location:
    Thüringer Universitäts- und Landesbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    Fachhochschule Kiel, Zentralbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 301 (2017,129)
    Inter-library loan:
    No inter-library loan

    Location:
    Universitätsbibliothek Leipzig
    Inter-library loan:
    No inter-library loan

    Location:
    Leuphana Universität Lüneburg, Medien- und Informationszentrum, Universitätsbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    Duale Hochschule Baden-Württemberg Mosbach, Bibliothek
    Signature:
    E-Book Nationallizenz IMF
    Inter-library loan:
    No inter-library loan

    Location:
    Hochschule Offenburg, University of Applied Sciences, Bibliothek Campus Offenburg
    Signature:
    E-Book International Monetary Fund
    Inter-library loan:
    No loan of volumes, only paper copies will be sent

    Location:
    Hochschulbibliothek Pforzheim, Bereichsbibliothek Technik und Wirtschaft
    Signature:
    e-Book International Monetary Fund eLibrary
    Inter-library loan:
    No loan of volumes, only paper copies will be sent

    Location:
    Duale Hochschule Baden-Württemberg Ravensburg, Bibliothek
    Signature:
    E-Book IMF
    Inter-library loan:
    No inter-library loan

    Location:
    Hochschule Albstadt-Sigmaringen, Bibliothek Sigmaringen
    Inter-library loan:
    No loan of volumes, only paper copies will be sent

     

    We study the role of financial frictions in explaining the sharp and persistent productivity growth slowdown in advanced economies after the 2008 global financial crisis. Using a rich cross-country, firm-level data set and exploiting quasi-experimental variation in firm-level exposure to the crisis, we find that the combination of pre-existing firm-level financial fragilities and tightening credit conditions made an important contribution to the post-crisis productivity slowdown. Specifically: (i) firms that entered the crisis with weaker balance sheets experienced decline in total factor productivity growth relative to their less vulnerable counterparts after the crisis; (ii) this decline was larger for firms located in countries where credit conditions tightened more; (iii) financially fragile firms cut back on intangible capital investment compared to more resilient firms, which is one plausible way through which financial frictions undermined productivity. All of these effects are highly persistent and quantitatively large-possibly accounting on average for about a third of the post-crisis slowdown in within-firm total factor productivity growth. Furthermore, our results are not driven by more vulnerable firms being less productive or having experienced slower productivity growth before the crisis, or differing from less vulnerable firms along other dimensions

     
    Export to reference management software   RIS file
      BibTeX file
    Content information
    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9781484300701
    Other identifier:
    Series: IMF working paper ; WP/17, 129
    Subjects: Finanzkrise; Produktivitätsentwicklung; Investitionsentscheidung; Immaterielle Werte; Vulnerabilitätsanalyse
    Scope: 1 Online-Ressource (circa 33 Seiten), Illustrationen
  14. Monetary policy, inflation outlook, and recession probabilities
    Author: Ajello, Andrea; Benzoni, Luca; Schwinn, Makena; Timmer, Yannick; Vazquez-Grande, Francisco
    Published: [2022]
    Publisher:  Federal Reserve Bank of Chicago, [Chicago, Illinois]

    Why does the short-term slope of the yield curve predict recessions? We explore the economic forces underlying Treasury yields' fluctuations and highlight the roles of a tight monetary policy stance and expectations of lower inflation in predicting... more

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

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 244
    Inter-library loan:
    No inter-library loan

     

    Why does the short-term slope of the yield curve predict recessions? We explore the economic forces underlying Treasury yields' fluctuations and highlight the roles of a tight monetary policy stance and expectations of lower inflation in predicting downturns. While the monetary policy stance is still accommodative, indicating a low recession probability, the negative inflation slope points to higher odds of a recession within a year. An aggressive removal of policy accommodation increases the recession probability to 60%.

     
    Export to reference management software   RIS file
      BibTeX file
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/267986
    Series: [Working paper] / Federal Reserve Bank of Chicago ; WP 2022, 31 (July 6, 2022)
    Subjects: yield-curve slope; recession forecasts; monetary policy; bond risk premia; policy path; inflation forecasts; near-term forward spread
    Scope: 1 Online-Ressource (circa 19 Seiten), Illustrationen
  15. Exchange rate elasticities of international tourism and the role of dominant currency pricing
    Author: Ding, Ding; Timmer, Yannick
    Published: 2022 FEB
    Publisher:  International Monetary Fund, [Washington, D.C.]

    We estimate a variety of exchange rate elasticities of international tourism. We show that, in addition to the bilateral exchange rate between the tourism origin and destination countries, the exchange rate vis-a-vis the US dollar is also an... more

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

    Location:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße
    Inter-library loan:
    No inter-library loan

    Location:
    Universitätsbibliothek Braunschweig
    Inter-library loan:
    No inter-library loan

    Location:
    Staats- und Universitätsbibliothek Bremen
    Inter-library loan:
    No inter-library loan

    Location:
    Universitätsbibliothek Erfurt / Forschungsbibliothek Gotha, Universitätsbibliothek Erfurt
    Inter-library loan:
    No inter-library loan

    Location:
    Bibliothek der Pädagogischen Hochschule Freiburg/Breisgau
    Inter-library loan:
    No inter-library loan

    Location:
    Niedersächsische Staats- und Universitätsbibliothek Göttingen
    Inter-library loan:
    No inter-library loan

    Location:
    Universitäts- und Landesbibliothek Sachsen-Anhalt / Zentrale
    Inter-library loan:
    No inter-library loan

    Location:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    Technische Universität Hamburg, Universitätsbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    Duale Hochschule Baden-Württemberg Heidenheim, Bibliothek
    Signature:
    e-Book Nationallizenz
    Inter-library loan:
    No inter-library loan

    Location:
    Thüringer Universitäts- und Landesbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    Fachhochschule Kiel, Zentralbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 301
    Inter-library loan:
    No inter-library loan

    Location:
    Universitätsbibliothek Leipzig
    Inter-library loan:
    No inter-library loan

    Location:
    Leuphana Universität Lüneburg, Medien- und Informationszentrum, Universitätsbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    Duale Hochschule Baden-Württemberg Mosbach, Bibliothek
    Signature:
    E-Book Nationallizenz IMF
    Inter-library loan:
    No inter-library loan

    Location:
    Hochschule Offenburg, University of Applied Sciences, Bibliothek Campus Offenburg
    Signature:
    E-Book International Monetary Fund
    Inter-library loan:
    No loan of volumes, only paper copies will be sent

    Location:
    Hochschulbibliothek Pforzheim, Bereichsbibliothek Technik und Wirtschaft
    Signature:
    e-Book International Monetary Fund eLibrary
    Inter-library loan:
    No loan of volumes, only paper copies will be sent

    Location:
    Duale Hochschule Baden-Württemberg Ravensburg, Bibliothek
    Signature:
    E-Book IMF
    Inter-library loan:
    No inter-library loan

    Location:
    Hochschule Albstadt-Sigmaringen, Bibliothek Sigmaringen
    Inter-library loan:
    No loan of volumes, only paper copies will be sent

     

    We estimate a variety of exchange rate elasticities of international tourism. We show that, in addition to the bilateral exchange rate between the tourism origin and destination countries, the exchange rate vis-a-vis the US dollar is also an important driver of tourism flows and pricing. The effect of US dollar pricing is stronger for tourism destination countries with higher dollar borrowing, indicating a complementarity between dominant currency pricing and financing. Country-specific dominant currencies (CSDCs) play only a minor role for the average country, but are important for tourism-dependent countries and those with a high concentration of tourists. The importance of the dollar exchange rate represents a strong piece of evidence of dominant currency pricing (DCP) in the international trade of services and suggests that the benefits of exchange rate flexibility for tourism-dependent countries may be weaker than previously thought

     
    Export to reference management software   RIS file
      BibTeX file
    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9781616358563
    Other identifier:
    Series: Working paper / International Monetary Fund ; WP/22, 24
    Subjects: International tourism; trade of services; exchange rate elasticity; dominant currency pricing; dominant currency financing; Central Banks and Their Policies; Current Account Adjustment; Foreign Exchange; International Tourism; Short-term Capital Movements; Trade of Services
    Scope: 1 Online-Ressource (circa 36 Seiten), Illustrationen
  16. Mixing QE and interest rate policies at the effective lower bound
    micro evidence from the Euro Area
    Author: Bittner, Christian; Rodnyansky, Alexander; Saidi, Farzad; Timmer, Yannick
    Published: 21 January 2023
    Publisher:  Centre for Economic Policy Research, London

    Access:
    Verlag (lizenzpflichtig)
    Verlag (lizenzpflichtig)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    LZ 161
    Inter-library loan:
    No inter-library loan

    Location:
    Universitätsbibliothek Mannheim
    Inter-library loan:
    No inter-library loan
    Export to reference management software   RIS file
      BibTeX file
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP17827
    Subjects: Negative Interest Rates; Quantitative Easing; Unconventional Monetary Policy; BankLending Channel
    Scope: 1 Online-Ressource (circa 71 Seiten), Illustrationen
  17. Mixing QE and interest rate policies at the effective lower bound
    micro evidence from the euro area
    Author: Bittner, Christian; Rodnyansky, Alexander; Saidi, Farzad; Timmer, Yannick
    Published: October 2021
    Publisher:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    In the presence of negative monetary-policy rates and a zero lower bound on deposit rates, banks that are more exposed to central banks' asset-purchase programs reduce their lending to the real economy by more than their counterparts. When banks face... more

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

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 63
    Inter-library loan:
    No inter-library loan

     

    In the presence of negative monetary-policy rates and a zero lower bound on deposit rates, banks that are more exposed to central banks' asset-purchase programs reduce their lending to the real economy by more than their counterparts. When banks face a lower bound on customer deposit rates, an asset swap between securities and reserves reduces banks' net worth as the cost of holding reserves cannot be matched with a reduction in their cost of funding. Exploiting euro-area syndicated lending data and the German credit registry, we provide evidence that deposit-reliant banks with relatively higher funding costs and greater exposure to large-scale asset purchases reduce corporate lending relatively more, have lower stock returns, and rebalance their interbank lending from safe to risky countries.

     
    Export to reference management software   RIS file
      BibTeX file
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/248908
    Edition: First version: June 15, 2021, this version: October 12, 2021
    Series: CESifo working paper ; no. 9363 (2021)
    Subjects: negative interest rates; quantitative easing; unconventional monetary policy; bank lending channel
    Scope: 1 Online-Ressource (circa 52 Seiten), Illustrationen
  18. Discriminatory pricing of over-the-counter derivatives
    Author: Hau, Harald; Hoffmann, Peter; Langfield, Sam; Timmer, Yannick
    Published: 21 December 2017
    Publisher:  Centre for Economic Policy Research, London

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    W 32 (12525)
    Inter-library loan:
    Unlimited inter-library loan, copies and loan
    Export to reference management software   RIS file
      BibTeX file
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Print
    Series: Array ; DP 12525
    Subjects: Währungsderivat; Währungsmanagement; Hedging; OTC-Handel; Preisdifferenzierung
    Scope: 39 Seiten, Illustrationen
    Notes:

    Erscheint auch als Online-Ausgabe
  19. Dominant currencies and external adjustment
    Author: Adler, Gustavo; Casas, Camila; Cubeddu, Luis; Gopinath, Gita; Li, Nan; Meleshchuk, Sergii; Osorio Buitron, Carolina; Puy, Damien; Timmer, Yannick
    Published: 2020
    Publisher:  International Monetary Fund, [Washington, D.C.]

    The extensive use of the US dollar when firms set prices for international trade (dubbed dominant currency pricing) and in their funding (dominant currency financing) has come to the forefront of policy debate, raising questions about how exchange... more

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

    Location:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße
    Inter-library loan:
    No inter-library loan

    Location:
    Universitätsbibliothek Braunschweig
    Inter-library loan:
    No inter-library loan

    Location:
    Staats- und Universitätsbibliothek Bremen
    Inter-library loan:
    No inter-library loan

    Location:
    Universitätsbibliothek Erfurt / Forschungsbibliothek Gotha, Universitätsbibliothek Erfurt
    Inter-library loan:
    No inter-library loan

    Location:
    Bibliothek der Pädagogischen Hochschule Freiburg/Breisgau
    Inter-library loan:
    No inter-library loan

    Location:
    Niedersächsische Staats- und Universitätsbibliothek Göttingen
    Inter-library loan:
    No inter-library loan

    Location:
    Universitäts- und Landesbibliothek Sachsen-Anhalt / Zentrale
    Inter-library loan:
    No inter-library loan

    Location:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    Technische Universität Hamburg, Universitätsbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    Max-Planck-Institut für ausländisches öffentliches Recht und Völkerrecht, Bibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    Duale Hochschule Baden-Württemberg Heidenheim, Bibliothek
    Signature:
    e-Book Nationallizenz
    Inter-library loan:
    No inter-library loan

    Location:
    Thüringer Universitäts- und Landesbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    Fachhochschule Kiel, Zentralbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    LZ 140
    Inter-library loan:
    No inter-library loan

    Location:
    Universitätsbibliothek Leipzig
    Inter-library loan:
    No inter-library loan

    Location:
    Leuphana Universität Lüneburg, Medien- und Informationszentrum, Universitätsbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    Duale Hochschule Baden-Württemberg Mosbach, Bibliothek
    Signature:
    E-Book Nationallizenz IMF
    Inter-library loan:
    No inter-library loan

    Location:
    Hochschule Offenburg, University of Applied Sciences, Bibliothek Campus Offenburg
    Signature:
    E-Book International Monetary Fund
    Inter-library loan:
    No loan of volumes, only paper copies will be sent

    Location:
    Hochschulbibliothek Pforzheim, Bereichsbibliothek Technik und Wirtschaft
    Signature:
    e-Book International Monetary Fund eLibrary
    Inter-library loan:
    No loan of volumes, only paper copies will be sent

    Location:
    Duale Hochschule Baden-Württemberg Ravensburg, Bibliothek
    Signature:
    E-Book IMF
    Inter-library loan:
    No inter-library loan

    Location:
    Hochschule Albstadt-Sigmaringen, Bibliothek Sigmaringen
    Inter-library loan:
    No loan of volumes, only paper copies will be sent

     

    The extensive use of the US dollar when firms set prices for international trade (dubbed dominant currency pricing) and in their funding (dominant currency financing) has come to the forefront of policy debate, raising questions about how exchange rates work and the benefits of exchange rate flexibility. This Staff Discussion Note documents these features of international trade and finance and explores their implications for how exchange rates can help external rebalancing and buffer macroeconomic shocks

     
    Export to reference management software   RIS file
      BibTeX file
    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9781513512150
    Other identifier:
    Series: IMF staff discussion note ; SDN/20, 05 (July 2020)
    Subjects: trade pricing; trade invoicing; exchange rate; external adjustment
    Scope: 1 Online-Ressource (circa 47 Seiten), Illustrationen
  20. Does IT help?
    information technology in banking and entrepreneurship
    Author: Ahnert, Toni; Dörr, Sebastian; Pierri, Nicola; Timmer, Yannick
    Published: August 2021
    Publisher:  International Monetary Fund, [Washington, D.C.]

    This paper analyzes the importance of information technology (IT) in banking for entrepreneurship. To guide our empirical analysis, we build a parsimonious model of bank screening and lending that predicts that IT in banking can spur entrepreneurship... more

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

    Location:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße
    Inter-library loan:
    No inter-library loan

    Location:
    Universitätsbibliothek Braunschweig
    Inter-library loan:
    No inter-library loan

    Location:
    Staats- und Universitätsbibliothek Bremen
    Inter-library loan:
    No inter-library loan

    Location:
    Universitätsbibliothek Erfurt / Forschungsbibliothek Gotha, Universitätsbibliothek Erfurt
    Inter-library loan:
    No inter-library loan

    Location:
    Bibliothek der Pädagogischen Hochschule Freiburg/Breisgau
    Inter-library loan:
    No inter-library loan

    Location:
    Niedersächsische Staats- und Universitätsbibliothek Göttingen
    Inter-library loan:
    No inter-library loan

    Location:
    Universitäts- und Landesbibliothek Sachsen-Anhalt / Zentrale
    Inter-library loan:
    No inter-library loan

    Location:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    Technische Universität Hamburg, Universitätsbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    Duale Hochschule Baden-Württemberg Heidenheim, Bibliothek
    Signature:
    e-Book Nationallizenz
    Inter-library loan:
    No inter-library loan

    Location:
    Thüringer Universitäts- und Landesbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    Fachhochschule Kiel, Zentralbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 301
    Inter-library loan:
    No inter-library loan

    Location:
    Universitätsbibliothek Leipzig
    Inter-library loan:
    No inter-library loan

    Location:
    Leuphana Universität Lüneburg, Medien- und Informationszentrum, Universitätsbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    Duale Hochschule Baden-Württemberg Mosbach, Bibliothek
    Signature:
    E-Book Nationallizenz IMF
    Inter-library loan:
    No inter-library loan

    Location:
    Hochschule Offenburg, University of Applied Sciences, Bibliothek Campus Offenburg
    Signature:
    E-Book International Monetary Fund
    Inter-library loan:
    No loan of volumes, only paper copies will be sent

    Location:
    Hochschulbibliothek Pforzheim, Bereichsbibliothek Technik und Wirtschaft
    Signature:
    e-Book International Monetary Fund eLibrary
    Inter-library loan:
    No loan of volumes, only paper copies will be sent

    Location:
    Duale Hochschule Baden-Württemberg Ravensburg, Bibliothek
    Signature:
    E-Book IMF
    Inter-library loan:
    No inter-library loan

    Location:
    Hochschule Albstadt-Sigmaringen, Bibliothek Sigmaringen
    Inter-library loan:
    No loan of volumes, only paper copies will be sent

     

    This paper analyzes the importance of information technology (IT) in banking for entrepreneurship. To guide our empirical analysis, we build a parsimonious model of bank screening and lending that predicts that IT in banking can spur entrepreneurship by making it easier for startups to borrow against collateral. We provide empirical evidence that job creation by young firms is stronger in US counties that are more exposed to ITintensive banks. Consistent with a strengthened collateral lending channel for IT banks, entrepreneurship increases more in IT-exposed counties when house prices rise. In line with the model's implications, IT in banking increases startup activity without diminishing startup quality and it also weakens the importance of geographical distance between borrowers and lenders. These results suggest that banks' IT adoption can increase dynamism and productivity

     
    Export to reference management software   RIS file
      BibTeX file
    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9781513591803
    Other identifier:
    Series: IMF working paper ; WP/21, 214
    Subjects: technology in banking; entrepreneurship; information technology; collateral; screening; Banks; Depository Institutions; Information and Market Efficiency; Micro Finance Institutions; Mortgages
    Scope: 1 Online-Ressource (circa 57 Seiten), Illustrationen
  21. Mixing QE and interest rate policies at the effective lower bound
    micro evidence from the euro area
    Author: Bittner, Christian; Rodnyansky, Alexander; Saidi, Farzad; Timmer, Yannick
    Published: April 2024
    Publisher:  ECONtribute, [Bonn]

    We study the interaction of expansionary rate-based monetary policy and quantitative easing, despite their concurrent implementation, by exploiting heterogeneous banks and the introduction of negative monetary-policy rates in a fragmented euro area.... more

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

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 711
    Inter-library loan:
    No inter-library loan

     

    We study the interaction of expansionary rate-based monetary policy and quantitative easing, despite their concurrent implementation, by exploiting heterogeneous banks and the introduction of negative monetary-policy rates in a fragmented euro area. Quantitative easing increases credit supply less, translating into weaker employment growth, when banks' funding costs do not decrease. Using administrative data from Germany, we uncover that among banks selling their securities, central-bank reserves remain disproportionately with high-deposit banks that are constrained due to sticky customer deposits at the zero lower bound. Affected German banks lend relatively less to ffrms while increasing their interbank exposure in the euro area.

     
    Export to reference management software   RIS file
      BibTeX file
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/293975
    Series: ECONtribute discussion paper ; no. 292
    Subjects: Negative Interest Rates; Quantitative Easing; Unconventional Monetary Policy; Bank Lending Channel
    Scope: 1 Online-Ressource (circa 70 Seiten), Illustrationen
  22. Cyclical investment behavior across financial institutions
    Author: Timmer, Yannick
    Published: [2016]
    Publisher:  European Systemic Risk Board, Frankfurt am Main, Germany

    This paper examines the investment behavior of different financial institutions in debt securities with a particular focus on their response to price changes. For identification, we use security-level data from the German Microdatabase Securities... more

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 611
    Inter-library loan:
    No inter-library loan

     

    This paper examines the investment behavior of different financial institutions in debt securities with a particular focus on their response to price changes. For identification, we use security-level data from the German Microdatabase Securities Holdings Statistics. Our results suggest that banks and investment funds may destabilize the market by responding in a pro-cyclical manner to price changes. In contrast, insurance companies and pension funds buy securities when their prices fall and vice versa. While investment funds and banks sell securities that are trading at a discount and whose prices are falling, they buy securities that are trading at premium and whose prices are rising. The opposite is the case for insurance companies and pension funds. This counter-cyclical investment behavior of insurance companies and pension funds may stabilize markets whenever prices have been pushed away from fundamentals. Since our results suggest that institutions with impermanent balance sheet characteristics may exacerbate price dynamics, it is of crucial importance for financial stability to monitor the investor base as well as the balance sheets of both levered and non-levered investors.

     
    Export to reference management software   RIS file
      BibTeX file
    Content information
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789295081451
    Other identifier:
    hdl: 10419/193525
    Series: Working paper series / ESRB, European Systemic Risk Board, European System of Financial Supervision ; no 18 (July 2016)
    Scope: 1 Online-Ressource (circa 36 Seiten), Illustrationen
  23. Cyclical investment behavior across financial institutions
    Author: Timmer, Yannick
    Published: [2018]
    Publisher:  European Systemic Risk Board, Frankfurt am Main, Germany

    This paper contrasts the investment behavior of different financial institutions in debt securities as a response to past returns. For identification, I use unique security-level data from the German Micro-database Securities Holdings Statistics.... more

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 611
    Inter-library loan:
    No inter-library loan

     

    This paper contrasts the investment behavior of different financial institutions in debt securities as a response to past returns. For identification, I use unique security-level data from the German Micro-database Securities Holdings Statistics. Banks and investment funds respond in a pro-cyclical manner to past security-specific holding period returns. In contrast, insurance companies and pension funds act counter-cyclically; they buy when returns have been negative and sell after high returns. The heterogeneous responses can be explained by differences in their balance sheet structure. I exploit within-sector variation in the financial constraint to show that tighter constraints are associated with relatively more pro-cyclical investment behavior.

     
    Export to reference management software   RIS file
      BibTeX file
    Content information
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789294720443
    Other identifier:
    hdl: 10419/193584
    Series: Working paper series / ESRB, European Systemic Risk Board, European System of Financial Supervision ; no 77 (July 2018)
    Scope: 1 Online-Ressource (circa 55 Seiten), Illustrationen
  24. Tech in Fin before FinTech
    blessing or curse for financial stability?
    Author: Pierri, Nicola; Timmer, Yannick
    Published: January 2020
    Publisher:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    Motivated by the world-wide surge of FinTech lending, we analyze the implications of lenders' information technology adoption for financial stability. We estimate bank-level intensity of IT adoption before the global financial crisis using a novel... more

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

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 63
    Inter-library loan:
    No inter-library loan

     

    Motivated by the world-wide surge of FinTech lending, we analyze the implications of lenders' information technology adoption for financial stability. We estimate bank-level intensity of IT adoption before the global financial crisis using a novel dataset that provides information on hardware used in US commercial bank branches after mapping them to their parent bank. We find that higher intensity of IT-adoption led to significantly lower non-performing loans when the crisis hit: banks with a one standard deviation higher IT-adoption experienced 10% lower non-performing loans. High-IT-adoption banks were not less exposed to the crisis through their geographical footprint, business model, funding sources, or other observable characteristics. Loan-level analysis indicates that high-IT-adoption banks originated mortgages with better performance and did not offload low-quality loans. We apply a simple text-analysis algorithm to the biographies of top executives and find that banks led by more "tech-oriented" managers adopted IT more intensively and experienced lower non-performing loans during the crisis. Our results suggest that technology adoption in lending can enhance financial stability through the production of more resilient loans.

     
    Export to reference management software   RIS file
      BibTeX file
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/215069
    Series: CESifo working paper ; no. 8067 (2020)
    Scope: 1 Online-Ressource (circa 44 Seiten), Illustrationen
  25. IT shields
    technology adoption and economic resilience during the COVID-19 pandemic
    Author: Oikonomou, Myrto; Pierri, Nicola; Timmer, Yannick
    Published: [2023]
    Publisher:  Divisions of Research & Statistics and Monetary Affairs, Federal Reserve Board, Washington, D.C.

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

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 412
    Inter-library loan:
    No inter-library loan
    Export to reference management software   RIS file
      BibTeX file
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    Series: Finance and economics discussion series ; 2023, 010
    Subjects: Unemployment Rate; Technology; IT Adoption; Inequality; Skill-Biased Technical Change
    Scope: 1 Online-Ressource (circa 51 Seiten), Illustrationen