Narrow Search
Last searches

Results for *

Displaying results 1 to 25 of 71.

  1. The optimal allocation of risks under prospect theory
    Published: 2002
    Publisher:  European Central Bank, Frankfurt am Main

    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße
    6 B 50348
    Unlimited inter-library loan, copies and loan
    Staats- und Universitätsbibliothek Bremen
    bc 1389-161
    Unlimited inter-library loan, copies and loan
    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
    KAP 11997
    Unlimited inter-library loan, copies and loan
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    W 1225 (161)
    Unlimited inter-library loan, copies and loan
    Export to reference management software   RIS file
      BibTeX file
    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Book
    Format: Print
    Series: Working paper series / European Central Bank ; 161
    Subjects: Bewertung; Nutzen; Erwartungsbildung; Prospect Theory; Risikopräferenz; Prinzipal-Agent-Theorie; Kosten-Nutzen-Analyse; Theorie
    Scope: 30 S
    Notes:
  2. The functional form of the demand for Euro area M 1
    Published: 2001
    Publisher:  European Central Bank, Frankfurt am Main

    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße
    6 B 45680
    Unlimited inter-library loan, copies and loan
    Staats- und Universitätsbibliothek Bremen
    bc 1389-51
    Unlimited inter-library loan, copies and loan
    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
    KAP 11084
    Unlimited inter-library loan, copies and loan
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    W 1225 (51)
    Unlimited inter-library loan, copies and loan
    Export to reference management software   RIS file
      BibTeX file
    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Book
    Format: Print
    Series: Working paper series / European Central Bank ; 51
    Subjects: Geldmenge; Geldnachfrage; Zins; Elastizität; Eurozone; Kointegration; EU-Staaten; Zustandsraummodell
    Scope: 39 S, graph. Darst
    Notes:

    Literaturverz. S. 34 - 36

  3. The functional form of the demand for Euro area M 1
    Published: 2001
    Publisher:  European Central Bank, Frankfurt am Main

    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
    Unlimited inter-library loan, copies and loan
    Export to reference management software   RIS file
      BibTeX file
    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Book
    Format: Print
    Series: Working paper series / European Central Bank ; 51
    Subjects: Geldmenge; Geldnachfrage; Zins; Elastizität; Eurozone; Kointegration; EU-Staaten; Zustandsraummodell
    Scope: 39 S, graph. Darst
    Notes:

    Literaturverz. S. 34 - 36

  4. Does liquidity matter?
    Properties of synthetic divisia monetary aggregate in the Euro area
    Published: 2001
    Publisher:  European Central Bank, Frankfurt am Main

    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
    Unlimited inter-library loan, copies and loan
    Export to reference management software   RIS file
      BibTeX file
    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Book
    Format: Print
    Series: Working paper series / European Central Bank ; 79
    Subjects: Geldmenge; Geldnachfrage; Liquidität; Geldpolitik; Eurozone; EU-Staaten
    Scope: 53 S, graph. Darst
    Notes:
  5. Non-standard Central Bank loss functions, skewed risks, and certainty equivalence
    Published: 2002
    Publisher:  Europ. Central Bank, Frankfurt am Main

    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
    Unlimited inter-library loan, copies and loan
    TU Berlin, Universitätsbibliothek
    Unlimited inter-library loan, copies and loan
    Export to reference management software   RIS file
      BibTeX file
    Content information
    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Book
    Series: Working paper series / European Central Bank ; 129
    Subjects: Inflationstheorie; Wirtschaftspsychologie; Geldpolitik; Risiko
    Scope: 36 S.
  6. Does liquidity matter?
    properties of a synthetic divisia monetary aggregate in the euro area
    Published: 2001
    Publisher:  European Central Bank, Frankfurt am Main

    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
    Unlimited inter-library loan, copies and loan
    Export to reference management software   RIS file
      BibTeX file
    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Book
    Format: Print
    RVK Categories: QM 430
    Series: Working paper / European Central Bank ; 79
    Subjects: Geldmenge; Geldnachfrage; Liquidität; Geldpolitik; Eurozone; EU-Staaten
    Scope: 53 S., graph. Darst.
    Notes:
  7. Non-standard central bank loss functions, skewed risks, and certainty equivalence
    Published: 2002
    Publisher:  European Central Bank, Frankfurt am Main

    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße
    6 B 50314
    Unlimited inter-library loan, copies and loan
    Staats- und Universitätsbibliothek Bremen
    bc 1389-129
    Unlimited inter-library loan, copies and loan
    Leibniz-Institut für Wirtschaftsforschung Halle, Bibliothek
    Mag9291
    Unlimited inter-library loan, copies and loan
    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
    KAP 11680
    Unlimited inter-library loan, copies and loan
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    W 1225 (129)
    Unlimited inter-library loan, copies and loan
    Export to reference management software   RIS file
      BibTeX file
    Content information
    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Book
    Format: Print
    Series: Working paper series / European Central Bank ; 129
    Subjects: Geldpolitik; Inflationserwartung; Risiko; Wirtschaftspsychologie; Theorie
    Scope: 36 S, b
    Notes:
  8. Does liquidity matter?
    Properties of synthetic divisia monetary aggregate in the Euro area
    Published: 2001
    Publisher:  European Central Bank, Frankfurt am Main

    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße
    6 B 47671
    Unlimited inter-library loan, copies and loan
    Staats- und Universitätsbibliothek Bremen
    bc 1389-79
    Unlimited inter-library loan, copies and loan
    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
    KAP 11414
    Unlimited inter-library loan, copies and loan
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    W 1225 (79)
    Unlimited inter-library loan, copies and loan
    Export to reference management software   RIS file
      BibTeX file
    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Book
    Format: Print
    Series: Working paper series / European Central Bank ; 79
    Subjects: Geldmenge; Geldnachfrage; Liquidität; Geldpolitik; Eurozone; EU-Staaten
    Scope: 53 S, graph. Darst
    Notes:
  9. How does the ECB allot liquidity in its weekly main refinancing operations?
    a look at the empirical evidence
    Published: 2003
    Publisher:  Europ. Central Bank, Frankfurt am Main

    Export to reference management software   RIS file
      BibTeX file
    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Print
    DDC Categories: 330; 380; 650; 670
    Series: Working paper series / European Central Bank ; Eurosystem ; No. 244
    Subjects: Geldpolitik; Bankenliquidität; Zinstheorie; Notenbank; Wahrscheinlichkeitsverteilung
    Other subjects: (stw)Geldpolitik; (stw)Bankenliquidität; (stw)Liquiditätseffekt; (stw)Zentralbank; (stw)EU-Staaten; (stw)Martingal; Arbeitspapier; Graue Literatur
    Scope: 50 S., graph. Darst., 30 cm
  10. Non-standard Central Bank loss functions, skewed risks, and certainty equivalence
    Published: 2002
    Publisher:  Europ. Central Bank, Frankfurt am Main

    Export to reference management software   RIS file
      BibTeX file
    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Print
    DDC Categories: 330; 380; 650; 670
    Series: Working paper series / European Central Bank ; Eurosystem ; No. 129
    Subjects: Geldpolitik; Inflationstheorie; Risiko; Wirtschaftspsychologie; Theorie
    Other subjects: (stw)Geldpolitik; (stw)Inflationserwartung; (stw)Risiko; (stw)Wirtschaftspsychologie; (stw)Theorie; Arbeitspapier; Graue Literatur; Buch; Online-Publikation
    Scope: 28 S., graph. Darst., 30 cm
    Notes:

    Literaturverz. S. 25 - 27

  11. The optimal allocation of risks under prospect theory
    Published: 2002
    Publisher:  Europ. Central Bank, Frankfurt am Main

    Export to reference management software   RIS file
      BibTeX file
    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Print
    RVK Categories: QM 430
    DDC Categories: 330; 380; 650; 670
    Series: Working paper series / European Central Bank ; Eurosystem ; No. 161
    Subjects: Sachwert; Bewertung; Nutzen; Erwartungsbildung; Prospect-Theorie; Risikoverhalten; LEN-Modell; Kosten-Nutzen-Analyse; Theorie
    Other subjects: (stw)Bewertung; (stw)Nutzen; (stw)Erwartungsbildung; (stw)Prospect Theory; (stw)Risikopräferenz; (stw)Prinzipal-Agent-Theorie; (stw)Kosten-Nutzen-Analyse; (stw)Theorie; Arbeitspapier; Graue Literatur; Buch; Online-Publikation; Arbeitspapier; Graue Literatur
    Scope: 30 S., graph. Darst., 30 cm
  12. The optimal allocation of risks under prospect theory
    Published: 2002
    Publisher:  European Central Bank, Frankfurt am Main

    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße
    6 B 50348
    Unlimited inter-library loan, copies and loan
    Staats- und Universitätsbibliothek Bremen
    bc 1389-161
    Unlimited inter-library loan, copies and loan
    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
    KAP 11997
    Unlimited inter-library loan, copies and loan
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    W 1225 (161)
    Unlimited inter-library loan, copies and loan
    Kommunikations-, Informations- und Medienzentrum der Universität Hohenheim
    1422/383
    Unlimited inter-library loan, copies and loan
    Export to reference management software   RIS file
      BibTeX file
    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Book
    Format: Print
    RVK Categories: QM 430
    Series: Working paper / European Central Bank ; 161
    Subjects: Bewertung; Nutzen; Erwartungsbildung; Prospect Theory; Risikopräferenz; Prinzipal-Agent-Theorie; Kosten-Nutzen-Analyse; Theorie
    Scope: 30 S.
    Notes:
  13. Does liquidity matter?
    properties of a synthetic divisia monetary aggregate in the Euro area
    Published: 2001
    Publisher:  Europ. Central Bank, Frankfurt am Main

    Export to reference management software   RIS file
      BibTeX file
    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Print
    RVK Categories: QM 430
    DDC Categories: 330; 380; 650; 670
    Series: Working paper series / European Central Bank ; Eurosystem ; No. 79
    Subjects: Geldmenge; Geldnachfrage; Geldpolitik; :z Geschichte 1980-2000
    Other subjects: (stw)1980-2000; (stw)Geldmenge; (stw)Geldnachfrage; (stw)Liquidität; (stw)Geldpolitik; (stw)Eurozone; (stw)EU-Staaten; Arbeitspapier; Graue Literatur; Buch; Online-Publikation; Arbeitspapier; Graue Literatur
    Scope: 53 S., graph. Darst., 30 cm
  14. Crypto-Assets
    implications for financial stability, monetary policy, and payments and market infrastructures
    Contributor: Manaa, Mehdi (MitwirkendeR); Chimienti, Maria Teresa (MitwirkendeR); Adachi, Mitsutoshi M. (MitwirkendeR); Athanassiou, Phoebus (MitwirkendeR); Balteanu, Irina (MitwirkendeR); Calza, Alessandro (MitwirkendeR); Devaney, Conall (MitwirkendeR); Diaz Fernandez, Ester (MitwirkendeR); Eser, Fabian (MitwirkendeR); Ganoulis, Ioannis (MitwirkendeR); Laot, Maxime (MitwirkendeR); Philipp, Günther (MitwirkendeR); Poignet, Raphael (MitwirkendeR); Sauer, Stephan (MitwirkendeR); Schneeberger, Doris (MitwirkendeR); Stracca, Livio (MitwirkendeR); Tapking, Jens (MitwirkendeR); Toolin, Colm (MitwirkendeR); Tyler, Carolyn (MitwirkendeR); Wacket, Helmut (MitwirkendeR)
    Published: Mai 2019
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    This paper summarises the outcomes of the analysis of the ECB Crypto-Assets Task Force. First, it proposes a characterisation of crypto-assets in the absence of a common definition and as a basis for the consistent analysis of this phenomenon.... more

    Access:
    Resolving-System (kostenfrei)
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße
    No inter-library loan
    Staats- und Universitätsbibliothek Bremen
    No inter-library loan
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    DS 535
    No inter-library loan

     

    This paper summarises the outcomes of the analysis of the ECB Crypto-Assets Task Force. First, it proposes a characterisation of crypto-assets in the absence of a common definition and as a basis for the consistent analysis of this phenomenon. Second, it analyses recent developments in the crypto-assets market and unfolding links with financial markets and the economy. Finally, it assesses the potential impact of crypto-assets on monetary policy, payments and market infrastructures, and financial stability. The analysis shows that, in the current market, crypto-assets’ risks or potential implications are limited and/or manageable on the basis of the existing regulatory and oversight frameworks. However, this assessment is subject to change and should not prevent the ECB from continuing to monitor crypto-assets, raise awareness and develop preparedness.

     

    Export to reference management software   RIS file
      BibTeX file
    Content information
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Source: Staatsbibliothek zu Berlin
    Contributor: Manaa, Mehdi (MitwirkendeR); Chimienti, Maria Teresa (MitwirkendeR); Adachi, Mitsutoshi M. (MitwirkendeR); Athanassiou, Phoebus (MitwirkendeR); Balteanu, Irina (MitwirkendeR); Calza, Alessandro (MitwirkendeR); Devaney, Conall (MitwirkendeR); Diaz Fernandez, Ester (MitwirkendeR); Eser, Fabian (MitwirkendeR); Ganoulis, Ioannis (MitwirkendeR); Laot, Maxime (MitwirkendeR); Philipp, Günther (MitwirkendeR); Poignet, Raphael (MitwirkendeR); Sauer, Stephan (MitwirkendeR); Schneeberger, Doris (MitwirkendeR); Stracca, Livio (MitwirkendeR); Tapking, Jens (MitwirkendeR); Toolin, Colm (MitwirkendeR); Tyler, Carolyn (MitwirkendeR); Wacket, Helmut (MitwirkendeR)
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289936880
    Other identifier:
    hdl: 10419/207609
    Series: Occasional paper series / European Central Bank ; no 223
    Scope: 1 Online-Ressource (40 Seiten), Illustrationen, Diagramme
  15. Much ado about nothing?
    the shale oil revolution and the global supply curve
    Published: [2019]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    We focus on the implications of the shale oil boom for the global supply of oil. We begin with a stylized model with two producers, one facing low production costs and one higher production costs but potentially lower adjustment costs, competing á la... more

    Access:
    Resolving-System (kostenfrei)
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    DS 534
    No inter-library loan

     

    We focus on the implications of the shale oil boom for the global supply of oil. We begin with a stylized model with two producers, one facing low production costs and one higher production costs but potentially lower adjustment costs, competing á la Stackelberg. We find that the supply function is atter for the high cost producer, and that the supply function for shale oil producers becomes more responsive to demand shocks when adjustment costs decline. On the empirical side, we apply an instrumental variable approach using estimates of demand-driven oil price changes derived from a standard structural VAR of the oil market. A main finding is that global oil supply is rather vertical, practically all the time. Moreover, for the global oil market as a whole, we do not find evidence of a major shift to a more price elastic supply as a result of the shale oil boom.

     

    Export to reference management software   RIS file
      BibTeX file
    Content information
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289935715
    Other identifier:
    hdl: 10419/208343
    Series: Working paper series / European Central Bank ; no 2309 (August 2019)
    Scope: 1 Online-Ressource (circa 27 Seiten), Illustrationen
  16. The global financial cycle and capital flow episodes
    a wobbly link?
    Published: [2019]
    Publisher:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    We add to the literature on the influence of the global financial cycle (GFC) and gyrations in capital flows. First, we build a new measure of the GFC based on a structural factor approach, which incorporates theoretical priors in its definition.... more

    Access:
    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    DS 63
    No inter-library loan

     

    We add to the literature on the influence of the global financial cycle (GFC) and gyrations in capital flows. First, we build a new measure of the GFC based on a structural factor approach, which incorporates theoretical priors in its definition. This measure can also be decomposed in a price-based and quantity-based version of the GFC, which is novel in the literature. Second, we compare our measure to other common existing indicators of the GFC. Third, we estimate the influence of the fluctuations in the GFC on capital flow episodes (sudden stops, flights, retrenchments, surges) and currency crises, also testing for its stability and linearity. We find that the nexus between the GFC and capital flow episodes is generally consistent and not very wobbly. In line with theoretical priors, we find some evidence that the GFC is more important for sudden stops when it is more negative, i.e. the relationship is (mildly) convex, in keeping with a role for occasionally binding constraints, but the evidence for this feature is not strong.

     

    Export to reference management software   RIS file
      BibTeX file
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/214969
    Series: Array ; no. 7967 (November 2019)
    Scope: 1 Online-Ressource (circa 47 Seiten), Illustrationen
  17. The global financial cycle and capital flow episodes
    a wobbly link?
    Published: [2019]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    We add to the literature on the influence of the global financial cycle (GFC) and gyrations in capital flows. First, we build a new measure of the GFC based on a structural factor approach, which incorporates theoretical priors in its definition.... more

    Access:
    Resolving-System (kostenfrei)
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    DS 534
    No inter-library loan

     

    We add to the literature on the influence of the global financial cycle (GFC) and gyrations in capital flows. First, we build a new measure of the GFC based on a structural factor approach, which incorporates theoretical priors in its definition. This measure can also be decomposed in a price-based and quantity-based version of the GFC, which is novel in the literature. Second, we compare our measure to other common existing indicators of the GFC. Third, we estimate the influence of the fluctuations in the GFC on capital flow episodes (sudden stops, ights, retrenchments, surges) and currency crises, also testing for its stability and linearity. We find that the nexus between the GFC and capital flow episodes is generally consistent and not very wobbly. In line with theoretical priors, we find some evidence that the GFC is more important for sudden stops when it is more negative, i.e. the relationship is (mildly) convex, in keeping with a role for occasionally binding constraints, but the evidence for this feature is not strong.

     

    Export to reference management software   RIS file
      BibTeX file
    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289939065
    Other identifier:
    hdl: 10419/228215
    Series: Working paper series / European Central Bank ; no 2337 (December 2019)
    Scope: 1 Online-Ressource (circa 49 Seiten), Illustrationen
  18. The functional form of the demand for euro area M I
    Published: 2001
    Publisher:  European Central Bank, Frankfurt am Main

    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße
    6 B 45680
    Unlimited inter-library loan, copies and loan
    Staats- und Universitätsbibliothek Bremen
    bc 1389-51
    Unlimited inter-library loan, copies and loan
    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
    KAP 11084
    Unlimited inter-library loan, copies and loan
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    W 1225 (51)
    Unlimited inter-library loan, copies and loan
    Kommunikations-, Informations- und Medienzentrum der Universität Hohenheim
    2523/275
    Unlimited inter-library loan, copies and loan
    Export to reference management software   RIS file
      BibTeX file
    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Book
    Format: Print
    Series: Working paper / European Central Bank ; 51
    Subjects: Geldmenge; Geldnachfrage; Zins; Elastizität; Eurozone; Kointegration; EU-Staaten; Zustandsraummodell
    Scope: 39 S., graph. Darst.
    Notes:

    Literaturverz. S. 34 - 36

  19. What do we know about the global financial safety net?
    rationale, data and possible evolution
    Published: 2016
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    Access:
    Verlag (kostenfrei)
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
    Unlimited inter-library loan, copies and loan
    Export to reference management software   RIS file
      BibTeX file
    Content information
    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289923408
    Other identifier:
    hdl: 10419/154630
    Series: Occasional paper series / European Central Bank ; no 177 (September 2016)
    Scope: 1 Online-Ressource (circa 53 Seiten), Illustrationen, Diagramme, Karten
  20. Public and private risk sharing
    friends or foes : the interplay between different forms of risk sharing
    Published: [2022]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    Well-functioning risk-sharing arrangements are essential for the shock absorbing capacity and resilience of an economy, even more so for countries in a monetary union where the single monetary policy is unable to address asymmetric shocks. The common... more

    Access:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)
    Resolving-System (kostenfrei)
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
    Unlimited inter-library loan, copies and loan

     

    Well-functioning risk-sharing arrangements are essential for the shock absorbing capacity and resilience of an economy, even more so for countries in a monetary union where the single monetary policy is unable to address asymmetric shocks. The common shocks that euro area member states have been facing over the past years are just that: common. Yet their impacts are far from equal across countries, implying that risk sharing remains an important issue. This paper discusses the different forms and channels of risk sharing and reviews the main arguments in favour and against the development of different forms of public and private risk sharing in the euro area, focusing in particular on whether they act as complements or substitutes. It proposes a stylised theoretical model of a monetary union to test the complementarity or substitutability between public and private risk sharing. While the model calibration finds that substitutability prevails, the model also contains an interesting complementarity whereby a central fiscal capacity makes private risk sharing more efficient, especially in crisis times. Our findings are relevant for the ongoing policy discussion on EMU deepening as the provision of public risk sharing as well as the overall degree of risk sharing are still comparatively low in the euro area.

     

    Export to reference management software   RIS file
      BibTeX file
    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289948494
    Other identifier:
    hdl: 10419/268039
    Series: Occasional paper series / European Central Bank ; no 295 (June 2022)
    Subjects: Risk sharing; Economic and Monetary Union; monetary union
    Scope: 1 Online-Ressource (48 Seiten), Illustrationen
  21. Crypto-Assets
    implications for financial stability, monetary policy, and payments and market infrastructures
    Contributor: Manaa, Mehdi (MitwirkendeR); Chimienti, Maria Teresa (MitwirkendeR); Adachi, Mitsutoshi M. (MitwirkendeR); Athanassiou, Phoebus (MitwirkendeR); Balteanu, Irina (MitwirkendeR); Calza, Alessandro (MitwirkendeR); Devaney, Conall (MitwirkendeR); Diaz Fernandez, Ester (MitwirkendeR); Eser, Fabian (MitwirkendeR); Ganoulis, Ioannis (MitwirkendeR); Laot, Maxime (MitwirkendeR); Philipp, Günther (MitwirkendeR); Poignet, Raphael (MitwirkendeR); Sauer, Stephan (MitwirkendeR); Schneeberger, Doris (MitwirkendeR); Stracca, Livio (MitwirkendeR); Tapking, Jens (MitwirkendeR); Toolin, Colm (MitwirkendeR); Tyler, Carolyn (MitwirkendeR); Wacket, Helmut (MitwirkendeR)
    Published: Mai 2019
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    This paper summarises the outcomes of the analysis of the ECB Crypto-Assets Task Force. First, it proposes a characterisation of crypto-assets in the absence of a common definition and as a basis for the consistent analysis of this phenomenon.... more

    Access:
    Resolving-System (kostenfrei)
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
    Unlimited inter-library loan, copies and loan

     

    This paper summarises the outcomes of the analysis of the ECB Crypto-Assets Task Force. First, it proposes a characterisation of crypto-assets in the absence of a common definition and as a basis for the consistent analysis of this phenomenon. Second, it analyses recent developments in the crypto-assets market and unfolding links with financial markets and the economy. Finally, it assesses the potential impact of crypto-assets on monetary policy, payments and market infrastructures, and financial stability. The analysis shows that, in the current market, crypto-assets’ risks or potential implications are limited and/or manageable on the basis of the existing regulatory and oversight frameworks. However, this assessment is subject to change and should not prevent the ECB from continuing to monitor crypto-assets, raise awareness and develop preparedness.

     

    Export to reference management software   RIS file
      BibTeX file
    Content information
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Source: Staatsbibliothek zu Berlin
    Contributor: Manaa, Mehdi (MitwirkendeR); Chimienti, Maria Teresa (MitwirkendeR); Adachi, Mitsutoshi M. (MitwirkendeR); Athanassiou, Phoebus (MitwirkendeR); Balteanu, Irina (MitwirkendeR); Calza, Alessandro (MitwirkendeR); Devaney, Conall (MitwirkendeR); Diaz Fernandez, Ester (MitwirkendeR); Eser, Fabian (MitwirkendeR); Ganoulis, Ioannis (MitwirkendeR); Laot, Maxime (MitwirkendeR); Philipp, Günther (MitwirkendeR); Poignet, Raphael (MitwirkendeR); Sauer, Stephan (MitwirkendeR); Schneeberger, Doris (MitwirkendeR); Stracca, Livio (MitwirkendeR); Tapking, Jens (MitwirkendeR); Toolin, Colm (MitwirkendeR); Tyler, Carolyn (MitwirkendeR); Wacket, Helmut (MitwirkendeR)
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289936880
    Other identifier:
    hdl: 10419/207609
    Series: Occasional paper series / European Central Bank ; no 223
    Scope: 1 Online-Ressource (40 Seiten), Illustrationen, Diagramme
  22. The functional form of the demand for euro area M I
    Published: 2001
    Publisher:  European Central Bank, Frankfurt am Main

    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
    Unlimited inter-library loan, copies and loan
    Export to reference management software   RIS file
      BibTeX file
    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Book
    Format: Print
    Series: Working paper / European Central Bank ; 51
    Subjects: Geldmenge; Geldnachfrage; Zins; Elastizität; Eurozone; Kointegration; EU-Staaten; Zustandsraummodell
    Scope: 39 S., graph. Darst.
    Notes:

    Literaturverz. S. 34 - 36

  23. Economics and politics
    interest rate covergence in Europe and EMU
    Published: 1999
    Publisher:  Univ., Fac. of Social Sciences, Dep. of Economics, Leicester

    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    W 772 (99.6)
    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: Discussion papers in European economic studies ; 99/6
    Subjects: Zins; Zinsstruktur; Währungsderivat; Arbitrage Pricing; Eurozone; EU-Staaten
    Scope: 43 S, graph. Darst
    Notes:

    Literaturverz. S. 42 - 43

  24. Does it pay to have the euro?
    Italy's politics and financial markets under the lira and the euro
    Published: 2009
    Publisher:  European Central Bank, Frankfurt am Main

    There is a broad consensus that the quality of the political system and its institutions are fundamental for a country's prosperity. The paper focuses on political events in Italy over the past 35 years and asks whether the adoption of the euro in... more

    Staats- und Universitätsbibliothek Bremen
    No inter-library loan
    Niedersächsische Staats- und Universitätsbibliothek Göttingen
    No inter-library loan
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    DS 534 (1064)
    No inter-library loan
    ifo Institut für Wirtschaftsforschung an der Universität München, Bibliothek
    No inter-library loan

     

    There is a broad consensus that the quality of the political system and its institutions are fundamental for a country's prosperity. The paper focuses on political events in Italy over the past 35 years and asks whether the adoption of the euro in 1999 has helped insulate Italy's financial markets from the adverse consequences of its traditionally unstable political system. We find that important political events have exerted a statistically and economically significant effect on Italy's financial markets throughout the 1970s, 1980s and 1990s. The introduction of the euro appears to have indeed played a major role in insulating financial markets from such adverse shocks. The findings of the paper there-fore suggest another important economic dimension and channel through which Italy may have been affected by EMU. Our analysis could also be potentially interesting for other countries with weak institutions considering adopting a currency based on stronger institutions. -- Euro ; Italy ; political economy ; exchange rates ; asset prices ; financial markets ; shocks

     

    Export to reference management software   RIS file
      BibTeX file
    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/153498
    Series: Working paper series / European Central Bank ; 1064
    Subjects: Finanzmarkt; Finanzkrise; Eurozone; Politik; Italien
    Scope: Online-Ressource, (41 S., 1,27 MB)
  25. Housing finance and monetary policy
    Published: 2009
    Publisher:  European Central Bank, Frankfurt am Main

    We study how the structure of housing finance affects the transmission of monetary policy shocks. We document three main facts: first, the features of residential mortgage markets differ markedly across industrialized countries; second, and according... more

    Staats- und Universitätsbibliothek Bremen
    No inter-library loan
    Niedersächsische Staats- und Universitätsbibliothek Göttingen
    No inter-library loan
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    DS 534 (1069)
    No inter-library loan
    ifo Institut für Wirtschaftsforschung an der Universität München, Bibliothek
    No inter-library loan

     

    We study how the structure of housing finance affects the transmission of monetary policy shocks. We document three main facts: first, the features of residential mortgage markets differ markedly across industrialized countries; second, and according to a wide range of indicators, the transmission of monetary policy shocks to residential investment and house prices is significantly stronger in those countries with larger flexibility/development of mortgage markets; third, the transmission to consumption is stronger only in those countries where mortgage equity release is common and mortgage contracts are predominantly of the variable-rate type. We build a two-sector DSGE model with price stickiness and collateral constraints and analyze how the response of consumption and residential investment to monetary policy shocks is affected by alternative values of two institutional features: (i) downpayment rate; (ii) interest rate mortgage structure (variable vs. fixed rate). In line with our empirical evidence, the sensitivity of both variables to monetary policy shocks increases with lower values of the down-payment rate and is larger under a variablerate mortgage structure. -- Housing finance ; mortgage markets ; collateral constraint ; monetary policy

     

    Export to reference management software   RIS file
      BibTeX file
    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/153503
    Series: Working paper series / European Central Bank ; 1069
    Subjects: Immobilienfinanzierung; Hypothekenbank; Zinsstruktur; Immobilienpreis; Geldpolitik; Geldpolitische Transmission; OECD-Staaten
    Scope: Online-Ressource, (49 S., 1,29 MB)