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Displaying results 1 to 12 of 12.

  1. Negative interest rates, excess liquidity and retail deposits
    banks' reaction to unconventional monetary policy in the euro area
    Author: Demiralp, Selva; Eisenschmidt, Jens; Vlassopoulos, Thomas
    Published: [2019]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    Negative monetary policy rates are associated with a particular friction because the remuneration of retail deposits tends to be floored at zero. We investigate whether this friction affects banks’ reactions when the policy rate is lowered to... more

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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 534
    Inter-library loan:
    No inter-library loan

     

    Negative monetary policy rates are associated with a particular friction because the remuneration of retail deposits tends to be floored at zero. We investigate whether this friction affects banks’ reactions when the policy rate is lowered to negative levels, compared to a standard rate cut in the euro area. We exploit the cross-sectional variation in banks’ funding structures jointly with that in their excess liquidity holdings. We find evidence that banks highly exposed to the policy tend to grant more loans. This confirms studies that point to higher risk taking by banks as a reaction to negative rates. It, however, contrasts some earlier research associating negative rates with a contraction in loans. We illustrate that the difference is likely driven by the broader coverage of our loan data, longer time span of our sample and, importantly, the explicit consideration of the role of excess liquidity in our analysis.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289935456
    Other identifier:
    hdl: 10419/208317
    Series: Working paper series / European Central Bank ; no 2283 (May 2019)
    Scope: 1 Online-Ressource (circa 63 Seiten), Illustrationen
  2. Monetary policy and bank stability
    the analytical toolbox reviewed
    Author: Albertazzi, Ugo; Barbiero, Francesca; Marqués Ibáñez, David; Popov, Alexander; D'Acri, Costanza Rodriguez; Vlassopoulos, Thomas
    Published: [2020]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

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

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 534
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    The response of major central banks to the global financial crisis has revived the debate around the interactions between monetary policy (MP) and bank stability. This technical paper sheds light, quantitatively, on the different mechanisms underlying the relationship between MP and bank stability. It does so by reviewing microeconometric studies from the academic literature as well as those conducted internally at the ECB. The paper proceeds chronologically, using the recent crisis as a touchstone. First, it provides a brief overview of the main theoretical channels linking bank stability and the transmission of MP. It then analyses the evidence from the pre-crisis period in the light of the structural trends leading up to the crisis. As the crisis erupted, unconventional monetary policy (UMP) measures were deployed, and the paper suggests that these were essential to buttress bank stability and halt a systemic crisis. At the same time, these measures involved trade-offs, and the adverse spillovers on banks' intermediation capacity and risk-taking require close monitoring. The paper ends by offering a critical review of the methodologies employed and suggestions for the areas where analytical efforts should be focussed in the future.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289940207
    Other identifier:
    hdl: 10419/228991
    Series: Array ; no 2377 (February 2020)
    Scope: 1 Online-Ressource (circa 95 Seiten), Illustrationen
  3. Negative interest rates, excess liquidity and retail deposits
    banks' reaction to unconventional monetary policy in the euro area
    Author: Demiralp, Selva; Eisenschmidt, Jens; Vlassopoulos, Thomas
    Published: [2019]
    Publisher:  Koç University - TÜSİAD Economic Research Forum, Sarıyer/Istanbul

    Negative interest rate policy (NIRP) is associated with a particular friction. The remuneration of banks' retail deposits tends to be floored at zero, which limits the typical transmission of policy rate cuts to bank funding costs. We investigate... more

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    Negative interest rate policy (NIRP) is associated with a particular friction. The remuneration of banks' retail deposits tends to be floored at zero, which limits the typical transmission of policy rate cuts to bank funding costs. We investigate whether this friction affects banks' reactions under NIRP compared to a standard rate cut in the euro area. We argue that reliance on retail deposit funding and the level of excess liquidity holdings may increase banks' responsiveness to NIRP. We find evidence that banks highly exposed to NIRP tend to grant more loans. This confirms studies pointing to higher risk taking by banks under NIRP and contrasts results that associate NIRP with a contraction in bank loans. Broader coverage of our loan data and the explicit consideration of banks' excess liquidity holdings are likely reasons for this different result compared to some earlier literature. We are the first to document the importance of banks' excess liquidity holdings for the effectiveness of NIRP, pointing to a strong complementarity of NIRP with central bank liquidity injections, e.g. via asset purchases.

     
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    Volltext (kostenfrei)
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/227905
    Series: Koç University - TÜSİAD Economic Research Forum working paper series ; 1910 (September 2019)
    Scope: 1 Online-Ressource (circa 53 Seiten), Illustrationen
  4. Central bank digital currency and monetary policy implementation
    Author: Caccia, Enea; Tapking, Jens; Vlassopoulos, Thomas
    Published: [2024]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    This paper discusses the impact that a retail central bank digital currency (CBDC) could have on the implementation of monetary policy. Monetary policy implementation could be affected if the introduction of the retail CBDC changes the volume of... more

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    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
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    This paper discusses the impact that a retail central bank digital currency (CBDC) could have on the implementation of monetary policy. Monetary policy implementation could be affected if the introduction of the retail CBDC changes the volume of commercial bank deposits held by customers, which would, in turn, affect central bank reserves. While it is often assumed that customer deposits would decrease if a CBDC was introduced, we provide arguments why this is by no means clear cut and deposits could even increase. If bank deposits do decrease, banks would need to draw on, and therefore reduce, their central bank reserve holdings. Moreover, uncertainty as to the timing and extent of any conversions of deposits into CBDC might prompt banks to scale up their demand for central bank reserves in order to hold larger precautionary buffers. Consequently, central banks might need to adjust their reserve supply and other features of their monetary policy implementation, depending, for example, on whether they use a floor or a corridor system for monetary policy implementation. In the specific case of the digital euro, the features already envisaged for its design would make it possible to minimise the risk of negative consequences for monetary policy implementation.

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289964135
    Other identifier:
    Series: Occasional paper series / European Central Bank ; no 345
    Subjects: Monetary policy implementation; central bank digital currency; central bank reserves
    Scope: 1 Online-Ressource (circa 53 Seiten), Illustrationen
  5. Evolution of the ECB's analytical framework
    Author: Holm-Hadulla, Fédéric; Musso, Alberto; Rodriguez Palenzuela, Diego; Vlassopoulos, Thomas
    Published: [2021]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    This paper discusses the role of economic and monetary analysis in the monetary policy strategy of the European Central Bank (ECB). Both areas of analysis have evolved since the 2003 strategy review. Economic analysis has assigned an increasingly... more

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    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
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    This paper discusses the role of economic and monetary analysis in the monetary policy strategy of the European Central Bank (ECB). Both areas of analysis have evolved since the 2003 strategy review. Economic analysis has assigned an increasingly relevant role to the Eurosystem and ECB staff macroeconomic projections in forming a view on the medium-term outlook for economic activity and inflation. Furthermore, its focus has strengthened with regard to structural trends in shaping key economic relationships. Similarly, monetary analysis has shifted in focus: while the 2003 review emphasised the information value of monetary dynamics for detecting risks to price stability over medium-term to longer-term horizons, the focus of monetary analysis has increasingly been redirected to the assessment of monetary policy transmission. This evolution has opened a gap between the formal description of the strategy following the 2003 review and the practice of economic and monetary analysis in informing the ECB’s policy deliberations. This paper concludes by presenting options for closing this gap and aligning the strategy formulation with the evolved role of economic and monetary analysis.

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289948319
    Other identifier:
    hdl: 10419/246208
    Series: Occasional paper series / European Central Bank ; no 277 (September 2021)
    ECB strategy review
    Subjects: Economic analysis; monetary analysis; ECB two-pillar framework
    Scope: 1 Online-Ressource (64 Seiten), Diagramme
  6. The interaction between mortgage financing and housing prices in Greece
    Author: Brissimis, Sophocles N.; Vlassopoulos, Thomas
    Published: 2007

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    W 1583 (58)
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    ifo Institut für Wirtschaftsforschung an der Universität München, Bibliothek
    Signature:
    04/229 B-58
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Print
    Series: Working paper / Bank of Greece ; 58
    Subjects: Hypothek; Immobilienfinanzierung; Immobilienpreis; Kointegration; Schätzung; Griechenland
    Scope: 32 S.
  7. Corporate finance in the euro area
    including background material
    Contributor: Drudi, Francesco (MitwirkendeR); Ferrando, Annalisa (MitwirkendeR); Köhler-Ulbrich, Petra (MitwirkendeR); Marqués Ibáñez, David (MitwirkendeR); Cour, Philippine (MitwirkendeR); Baugnet, Vanessa (MitwirkendeR); Stoess, Elmar (MitwirkendeR); Vlassopoulos, Thomas (MitwirkendeR); Martínez-Carrascal, Carmen (MitwirkendeR); Tombois, Katia (MitwirkendeR); McGoldrick, Peter (MitwirkendeR); Salleo, Carmelo (MitwirkendeR); Perrard, Romain (MitwirkendeR); Hendrikx, Maarten (MitwirkendeR); Waschiczek, Walter (MitwirkendeR); Antão, Paula (MitwirkendeR); Rantala, Anssi (MitwirkendeR); Nahmias, Laurent (MitwirkendeR); Sauvé, Annie (MitwirkendeR); Reininger, Thomas (MitwirkendeR); Walko, Zoltan (MitwirkendeR); Altunbaş, Yener (MitwirkendeR); Maddaloni, Angela (MitwirkendeR); Borgioli, Stefano (MitwirkendeR); Drejer, Peter (MitwirkendeR); Grintzalis, Ioannis (MitwirkendeR); Bevilacqua, Franco (MitwirkendeR); Lagana, Marco (MitwirkendeR)
    Published: [2007]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    This report analyses the financial position of non-financial enterprises in the euro area, in particular the amount of external financing, the choice between debt and equity and the composition and maturity structure of debt. It aims at identifying... more

    Location:
    Staats- und Universitätsbibliothek Bremen
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 535 (63)
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    This report analyses the financial position of non-financial enterprises in the euro area, in particular the amount of external financing, the choice between debt and equity and the composition and maturity structure of debt. It aims at identifying the main features of the euro area, as well as the peculiarities that depend on the country of origin and the sector of activity. Attention is also devoted to assessing whether a country’s institutional eatures are correlated with different financial structures by firms. In light of the particular interest in the access of small and medium-sized enterprises (SMEs) to financing, the report also analyses how financing patterns differ across large, medium-sized and small enterprises. Finally, the report discusses the recent trends observed in the corporate finance landscape of the euro area over the past few years. Although it is still too early to pass final judgement, vast structural changes are underway that could have already influenced in a positive way in the availability of external funds for firms. All in all, a comprehensive understanding of corporate finance in the euro area is important from a monetary policy perspective, given its impact on the transmission mechanism and for productivity and economic growth. Moreover, such an understanding is also relevant from a financial stability perspective. A first assessment is now possible eight years into the third stage of Economic and Monetary Union (EMU), given that sufficient data have been accumulated during this period. This assessment is particularly important as the introduction of the single currency has had significant structural effects on the working of financial markets, increasing their size and liquidity, and fostering cross-border competition. The data available for this report generally cover the period 1995-2005, and the cut-off date for the statistics included is 10 March 2007.

     
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    Source: Union catalogues
    Contributor: Drudi, Francesco (MitwirkendeR); Ferrando, Annalisa (MitwirkendeR); Köhler-Ulbrich, Petra (MitwirkendeR); Marqués Ibáñez, David (MitwirkendeR); Cour, Philippine (MitwirkendeR); Baugnet, Vanessa (MitwirkendeR); Stoess, Elmar (MitwirkendeR); Vlassopoulos, Thomas (MitwirkendeR); Martínez-Carrascal, Carmen (MitwirkendeR); Tombois, Katia (MitwirkendeR); McGoldrick, Peter (MitwirkendeR); Salleo, Carmelo (MitwirkendeR); Perrard, Romain (MitwirkendeR); Hendrikx, Maarten (MitwirkendeR); Waschiczek, Walter (MitwirkendeR); Antão, Paula (MitwirkendeR); Rantala, Anssi (MitwirkendeR); Nahmias, Laurent (MitwirkendeR); Sauvé, Annie (MitwirkendeR); Reininger, Thomas (MitwirkendeR); Walko, Zoltan (MitwirkendeR); Altunbaş, Yener (MitwirkendeR); Maddaloni, Angela (MitwirkendeR); Borgioli, Stefano (MitwirkendeR); Drejer, Peter (MitwirkendeR); Grintzalis, Ioannis (MitwirkendeR); Bevilacqua, Franco (MitwirkendeR); Lagana, Marco (MitwirkendeR)
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/154516
    RVK Categories: QM 430
    Series: Occassional paper series / European Central Bank ; no 63 (June 2007)
    Subjects: Unternehmensfinanzierung; Kapitalstruktur; Eurozone; EU-Staaten
    Scope: 1 Online-Ressource (circa 156 Seiten), Illustrationen
  8. Home bias in bank sovereign bond purchases and the bank-sovereign nexus
    Author: Andreeva, Desislava Č.; Vlassopoulos, Thomas
    Published: 16 Nov 2016
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 534 (1977)
    Inter-library loan:
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289922258
    Other identifier:
    hdl: 10419/154410
    Series: Working paper series / European Central Bank ; no 1977 (November 2016)
    Subjects: Öffentliche Anleihe; Portfoliodiversifikation; Portfolio-Management; Bankrisiko; Risikoprämie; Eurozone
    Scope: 1 Online-Ressource (circa 44 Seiten), Illustrationen
  9. Evolution of the ECB's analytical framework
    Author: Holm-Hadulla, Fédéric; Musso, Alberto; Rodriguez Palenzuela, Diego; Vlassopoulos, Thomas
    Published: [2021]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    This paper discusses the role of economic and monetary analysis in the monetary policy strategy of the European Central Bank (ECB). Both areas of analysis have evolved since the 2003 strategy review. Economic analysis has assigned an increasingly... more

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

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

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 535
    Inter-library loan:
    No inter-library loan

     

    This paper discusses the role of economic and monetary analysis in the monetary policy strategy of the European Central Bank (ECB). Both areas of analysis have evolved since the 2003 strategy review. Economic analysis has assigned an increasingly relevant role to the Eurosystem and ECB staff macroeconomic projections in forming a view on the medium-term outlook for economic activity and inflation. Furthermore, its focus has strengthened with regard to structural trends in shaping key economic relationships. Similarly, monetary analysis has shifted in focus: while the 2003 review emphasised the information value of monetary dynamics for detecting risks to price stability over medium-term to longer-term horizons, the focus of monetary analysis has increasingly been redirected to the assessment of monetary policy transmission. This evolution has opened a gap between the formal description of the strategy following the 2003 review and the practice of economic and monetary analysis in informing the ECB’s policy deliberations. This paper concludes by presenting options for closing this gap and aligning the strategy formulation with the evolved role of economic and monetary analysis.

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289948319
    Other identifier:
    hdl: 10419/246208
    Series: Occasional paper series / European Central Bank ; no 277 (September 2021)
    ECB strategy review
    Subjects: Economic analysis; monetary analysis; ECB two-pillar framework
    Scope: 1 Online-Ressource (64 Seiten), Diagramme
  10. Loan guarantees, bank lending and credit risk reallocation
    Author: Altavilla, Carlo; Ellul, Andrew; Pagano, Marco; Polo, Andrea; Vlassopoulos, Thomas
    Published: [2021]
    Publisher:  Center for Financial Studies, Goethe University, Frankfurt am Main, Germany

    We investigate whether government credit guarantee schemes, extensively used at the onset of the Covid-19 pandemic, led to substitution of non-guaranteed with guaranteed credit rather than fully adding to the supply of lending. We study this issue... more

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    Verlag (kostenfrei)
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    Location:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 108
    Inter-library loan:
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    We investigate whether government credit guarantee schemes, extensively used at the onset of the Covid-19 pandemic, led to substitution of non-guaranteed with guaranteed credit rather than fully adding to the supply of lending. We study this issue using a unique euro-area credit register data, matched with supervisory bank data, and establish two main findings. First, guaranteed loans were mostly extended to small but comparatively creditworthy firms in sectors severely affected by the pandemic, borrowing from large, liquid and well-capitalized banks. Second, guaranteed loans partially substitute pre-existing non-guaranteed debt. For firms borrowing from multiple banks, the substitution mainly arises from the lending behavior of the bank extending guaranteed loans. Substitution was highest for funding granted to riskier and smaller firms in sectors more affected by the pandemic, and borrowing from larger and stronger banks. Overall, the evidence indicates that government guarantees contributed to the continued extension of credit to relatively creditworthy firms hit by the pandemic, but also benefited banks’ balance sheets to some extent.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/248407
    Series: CFS working paper series ; no. 672
    Subjects: loan guarantees; bank lending; COVID-19 pandemic; substitution; credit risk
    Scope: 1 Online-Ressource (circa 46 Seiten), Illustrationen
  11. Loan guarantees, bank lending and credit risk reallocation
    Author: Altavilla, Carlo; Ellul, Andrew; Pagano, Marco; Polo, Andrea; Vlassopoulos, Thomas
    Published: 15 November 2021
    Publisher:  Centre for Economic Policy Research, London

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    LZ 161
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    Location:
    Universitätsbibliothek Mannheim
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP16727
    Subjects: loan guarantees; bank lending; Covid-19 pandemic; substitution; credit risk
    Scope: 1 Online-Ressource (circa 46 Seiten), Illustrationen
  12. Central bank digital currency and monetary policy implementation
    Author: Caccia, Enea; Tapking, Jens; Vlassopoulos, Thomas
    Published: [2024]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    This paper discusses the impact that a retail central bank digital currency (CBDC) could have on the implementation of monetary policy. Monetary policy implementation could be affected if the introduction of the retail CBDC changes the volume of... more

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

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

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 535
    Inter-library loan:
    No inter-library loan

     

    This paper discusses the impact that a retail central bank digital currency (CBDC) could have on the implementation of monetary policy. Monetary policy implementation could be affected if the introduction of the retail CBDC changes the volume of commercial bank deposits held by customers, which would, in turn, affect central bank reserves. While it is often assumed that customer deposits would decrease if a CBDC was introduced, we provide arguments why this is by no means clear cut and deposits could even increase. If bank deposits do decrease, banks would need to draw on, and therefore reduce, their central bank reserve holdings. Moreover, uncertainty as to the timing and extent of any conversions of deposits into CBDC might prompt banks to scale up their demand for central bank reserves in order to hold larger precautionary buffers. Consequently, central banks might need to adjust their reserve supply and other features of their monetary policy implementation, depending, for example, on whether they use a floor or a corridor system for monetary policy implementation. In the specific case of the digital euro, the features already envisaged for its design would make it possible to minimise the risk of negative consequences for monetary policy implementation.

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289964135
    Other identifier:
    Series: Occasional paper series / European Central Bank ; no 345
    Subjects: Monetary policy implementation; central bank digital currency; central bank reserves
    Scope: 1 Online-Ressource (circa 53 Seiten), Illustrationen