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A more effective euro area monetary policy than OMTs : gold-backed sovereign debt
Belke, Ansgar - 2013
This paper argues that using gold as collateral for highly distressed bonds would bring great benefits to the euro area … in the context of the euro crisis. This move is then compared to the ECB’s now terminated Securities Market Programme …
Persistent link: https://www.econbiz.de/10010255196
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Equilibrium real interest rates, secular stagnation, and the financial cycle : empirical evidence for euro-area member countries
Belke, Ansgar; Klose, Jens - 2018
Is the Euro area as a whole, or are individual Euro-area member countries facing a period of sustained lower economic …, we expand our model to incorporate the financial cycle. We estimate the model for the Euro area as a whole and for nine … Euro-area member countries. Incorporating the financial cycle changes the estimated equilibrium real interest rates: For …
Persistent link: https://www.econbiz.de/10011894437
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(How) do the ECB and the fed react to financial market uncertainty? : the Taylor rule in times of crisis
Belke, Ansgar; Klose, Jens - 2010
We assess differences that emerge in Taylor rule estimations for the Fed and the ECB before and after the start of the subprime crisis. For this purpose, we apply an explicit estimate of the equilibrium real interest rate and of potential output in order to account for variations within these...
Persistent link: https://www.econbiz.de/10010208788
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A more effective euro area monetary policy than OMTs : gold-backed sovereign debt
Belke, Ansgar - In: Intereconomics : review of European economic policy 48 (2013) 4, pp. 237-242
Given the shortcomings of the current responses to the sovereign debt crisis in the eurozone, the author proposes utilising national gold reserves as collateral for government debt. Gold backing would be quite attractive to bond investors and would significantly ease the burden of high sovereign...
Persistent link: https://www.econbiz.de/10009775696
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Long-term interest rate spillovers from major advanced economies to emerging Asia
Belke, Ansgar; Dubova, Irina; Volz, Ulrich - 2016
This paper explores the extent to which changes to long-term interest rates in major advanced economies have influenced long-term government bond yields in Emerging Asia. To gauge long-term interest spillover effects, the paper uses VAR variance decompositions with high frequency data. Our...
Persistent link: https://www.econbiz.de/10011582282
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Finance access of SMEs : what role for the ECB?
Belke, Ansgar - 2013
Small and medium size enterprises (SMEs) of southern euro-area economies (e.g. Italy, Spain) pay significantly higher … market failures prevent SMEs in southern euro area countries from access to key inputs, in particular access to finance. This …
Persistent link: https://www.econbiz.de/10010255130
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Eurosystem collateral policy and framework : post-Lehman time as a new collateral space
Belke, Ansgar - In: Intereconomics : review of European economic policy 50 (2015) 2, pp. 82-90
Collateral plays a central role in monetary policy. In recent years, its importance has increased as uncollateralised inter-bank borrowing has gradually been replaced by collateralised central bank lending. This has in turn affected collateral availability and the need for high-quality assets....
Persistent link: https://www.econbiz.de/10010504556
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How much fiscal backing must the ECB have? : the euro area is not the Philippines
Belke, Ansgar - 2010
losses. Thirdly, the ECB can draw on substantial reserves of the euro area national banks. …
Persistent link: https://www.econbiz.de/10010208780
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Financial crisis, global liquidity and monetary exit strategies
Belke, Ansgar - 2010
technically out of reach within the euro area. …
Persistent link: https://www.econbiz.de/10010208781
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Exit strategies and their impact on the Euro area : a model based view
Belke, Ansgar - 2014
This paper comments on the pros and cons of exit strategies. The focus is on the impact on the Euro area economy of the … impact of the Fed’s exit from UMP in 2014 on the Euro area economy using new and innovative global IMF models. Finally …
Persistent link: https://www.econbiz.de/10010371341