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Bank mergers, competition and liquidity
Carletti, Elena; Hartmann, Philipp; Spagnolo, Giancarlo - 2003
We model the impact of bank mergers on loan competition, banks' reserve holdings and aggregate liquidity. Banks compete … in liquidity risk and expected liquidity needs for each bank and for the banking system. Large mergers tend to increase … expected aggregate liquidity needs, and thus the liquidity provision by the central bank. Comparative statics suggest that a …
Persistent link: https://www.econbiz.de/10009635892
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How does the ECB allot liquidity in its weekly main refinancing operations?
Ejerskov, Steen; Moss, Clara Martin; Stracca, Livio - 2003
This paper provides a simple weekly model of the regular supply of liquidity in the euro area, with a view to understanding the functioning of the euro area money market. The main result of the analysis is that liquidity has normally been provided by the ECB in a neutral and smooth manner, but...
Persistent link: https://www.econbiz.de/10009635957
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The lender of last resort
Freixas, Xavier; Parigi, Bruno M.; Rochet, Jean-Charles - 2003
The classical Bagehotu0092s conception of a Lender of Last Resort (LOLR) that lends to illiquid banks has been criticized on two grounds: on the one hand, the distinction between insolvency and illiquidity is not clear cut; on the other a fully collateralized repo market allows Central Banks to...
Persistent link: https://www.econbiz.de/10009636521
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The output composition puzzle
Angeloni, Ignazio; Kashyap, Anil K.; Mojon, Benoît; … - 2003
We revisit recent evidence on how monetary policy affects output and prices in the U.S. and in the euro area. The response patterns to a shift in monetary policy are similar in most respects, but differ noticeably as to the composition of output changes. In the euro area investment is the...
Persistent link: https://www.econbiz.de/10009635907
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Financial factors in economic fluctuations
Christiano, Lawrence; Motto, Roberto; Rostagno, Massimo - 2010
We augment a standard monetary DSGE model to include a banking sector and financial markets. We fit the model to Euro Area and US data. We find that agency problems in financial contracts, liquidity constraints facing banks and shocks that alter the perception of market risk and hit financial...
Persistent link: https://www.econbiz.de/10009640348
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Financial imbalances and financial fragility
Boissay, Frédéric - 2011
equilibrium is characterized by a deep market with highly leveraged banks. The crisis times equilibrium is characterized by bank …
Persistent link: https://www.econbiz.de/10009640693
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Measurement of contagion in banks' equity prices
Gropp, Reint; Moerman, Gerard - 2003
. Further, the paper proposes a simple metric, which is used to identify contagion from one bank to another and identify …
Persistent link: https://www.econbiz.de/10009636520
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Deposit insurance, moral hazard and market monitoring
Gropp, Reint; Vesala, Jukka - 2004
-deposit creditors. Testing the model using EU bank level data yields evidence consistent with the model, suggesting that explicit …
Persistent link: https://www.econbiz.de/10009636525
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Cooperation in international banking supervision
Holthausen, Cornelia; Rønde, Thomas - 2004
multinational bank. We take a political economy approach to regulation and assume that supervisors maximize the welfare of their own … interests are, the higher is welfare; (3) the bank can allocate its investments strategically across countries to escape closure. …
Persistent link: https://www.econbiz.de/10009636539
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Optimal allotment policy in the Eurosystem's main refinancing operations
Ewerhart, Christian; Cassola, Nuno; Ejerskov, Steen; … - 2003
On several occasions during the period 2001-2003, the European Central Bank (ECB) decided to deviate from its "neutral …
Persistent link: https://www.econbiz.de/10009636518