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The Riksbank faces challenges with regard to each of its three core functions, conducting monetary policy with the objective of stabilising inflation around the inflation target and resource utilisation around a sustainable level, promoting a safe and efficient payment system and thereby...
Persistent link: https://www.econbiz.de/10011083263
Central banks’ economic and political importance has grown in advanced economies since the start of the Great Financial Crisis in 2007. An unwillingness or inability of governments to use countercyclical fiscal policy has made monetary policy the only stabilization tool in town. However, much...
Persistent link: https://www.econbiz.de/10011084413
UK adopting the Euro. Instability increases substantially, particularly for inflation and real interest rates. A key … factor is the extent of the Euro's instability against the dollar; by adopting a regional currency the UK imports this source …
Persistent link: https://www.econbiz.de/10005504668
Entering a currency union without any political union European countries have taken a gamble: will the needs of the currency union force a political integration (as anticipated by Monnet) or will the tensions create a backlash, as suggested by Kaldor, Friedman and many others? We try to answer...
Persistent link: https://www.econbiz.de/10011266537
We investigate the behaviour of gross capital flows and net capital flows for euro area member countries. We highlight …-deficit countries. Finally, we describe the reforms that can improve macro-financial stability across the euro area. …
Persistent link: https://www.econbiz.de/10011084164
conversion rates between the euro and the currencies of EMU members states. Current EU legislation, notably the Maastricht Treaty … prices of EMU member currencies against the euro. Unfortunately, most of these have potentially damaging side effects. One … approach, based on official Stage 2 offers of contingent euro forward contracts with value dates at the start of Stage 3 …
Persistent link: https://www.econbiz.de/10005789076
The paper establishes that sovereigns, like banks, need a lender of last resort (LoLR). In the euro area the ECB, with … guaranteed/indemnified by the 17 euro area member states. …
Persistent link: https://www.econbiz.de/10011083551
The euro area is experiencing a severe and highly complex crisis. It comprises three problem areas, the difficulties of … European banking system and disappointing growth prospects in the euro area periphery. To make matters even worse, these … fundamental doubts over its integrity. To overcome this systemic crisis, it would not be sufficient, if only the stronger euro …
Persistent link: https://www.econbiz.de/10011083564
We study the liquidity demand of large settlement (first-tier) banks in the UK and its effect on the Sterling Money Markets before and during the sub-prime crisis of 2007-08. Liquidity holdings of large settlement banks experienced on average a 30% increase in the period immediately following...
Persistent link: https://www.econbiz.de/10011084226
Since the 2008 global financial crisis, and after decades of relative neglect, the importance of the financial system and its episodic crises as drivers of macroeconomic outcomes has attracted fresh scrutiny from academics, policy makers, and practitioners. Theoretical advances are following a...
Persistent link: https://www.econbiz.de/10011213304