Showing 1 - 10 of 86
This paper develops and tests a theoretical model that allows for the endogenous decision of banks to engage in international and global banking. International banking, where banks raise capital in the home market and lend it abroad, is driven by differences in factor endowments across...
Persistent link: https://www.econbiz.de/10013117453
This paper investigates the interaction of market views on the sustainability of sovereign debt and the perceived credit risk of banks. This interaction came into spotlight during the recent financial crisis, as government interventions in support of the financial sector were associated with...
Persistent link: https://www.econbiz.de/10014176478
Migrant remittances increased strongly since the 1980s, becoming an important and reliable source of funds for many developing countries. Therefore, there is a strong incentive for receiving countries to attract more remittances, especially through formal channels that turn to be either less...
Persistent link: https://www.econbiz.de/10014176637
The interest rate in the second series of ECB targeted longer-term refinancing operations is conditional on a participant-specific lending benchmark. The restrictiveness of this benchmark varies between banks. We employ estimations on a unique micro dataset and investigate the relationship...
Persistent link: https://www.econbiz.de/10014106687
This paper investigates cross-border spillover effects from the Eurosystem’s Public Sector Purchase Programme (PSPP) on euro area government bond yields. We distinguish between the direct effects of domestic bond purchases by national central banks and the indirect effects from bond purchases...
Persistent link: https://www.econbiz.de/10013250793
This paper takes stock of European banks’ accumulated losses since 2007 and relates these to bank characteristics. In line with previous studies, we find that large, market-oriented banks were particularly hit by the 2007-2009 global financial crisis whereas smaller, retail-oriented banks...
Persistent link: https://www.econbiz.de/10014112706
This paper investigates the impact of the “unconventional” monetary policy measures taken by the Eurosystem on both the unsecured and the secured money markets. Furthermore, we provide insight into the shifts between the unsecured and secured markets. We provide a euro area overview and a...
Persistent link: https://www.econbiz.de/10012997091
Monetary policy in the US has been documented to have switched from reacting weakly to inflation fluctuations during the ‘70s, to fighting inflation aggressively from the early ‘80s onwards. In this paper, I analyze the impact of the US monetary policy regime switches on the Eurozone. I...
Persistent link: https://www.econbiz.de/10012946396
According to the so-called ‘fiscal theory of the price level' (FTPL), under a non-Ricardian regime the price level has to adjust to fulfil the government's budget constraint. In contrast, under a Ricardian regime, government balances adjust in order to preserve government solvency. We...
Persistent link: https://www.econbiz.de/10012951676
Enforcement of European fiscal rules, to a large extent, hinges on the fiscal forecasts prepared by the European Commission (EC). The reliability of these forecasts has received little attention in the literature, despite the fact that i) the forecasts have potentially far-reaching consequences...
Persistent link: https://www.econbiz.de/10013040182