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Sovereign stress, banking stress, and the monetary transmission mechanism in the Euro area

Holtemöller, Oliver; Scherer, Jan-Christopher - 2018

In this paper, we investigate to what extent sovereign stress and banking stress have contributed to the increase in the level and in the heterogeneity of nonfinancial firms' financing costs in the Euro area during the European debt crisis and how both have affected the monetary transmission...

Persistent link: https://www.econbiz.de/10011787375

The extreme risk problem for monetary policies of the Euro-candidates

Gabrisch, Hubert; Orłowski, Lucjan T. - 2010

Wir argumentieren, dass die Geldpolitik in den Euro-Kandidatenländern darauf abzielen sollte, die exzessive … Instabilität in den zentralen Ziel- und Instrumentenvariablen der Geldpolitik zu mildern, insbesondere in Phasen turbulenter … Zentralbanken wären daher gut beraten, neben den üblichen Instrumenten der Geldpolitik auch unorthodoxe Maßnahmen der Geldpolitik …

Persistent link: https://www.econbiz.de/10003969864

Sovereign stress, banking stress, and the monetary transmission mechanism in the Euro area

Holtemöller, Oliver; Scherer, Jan-Christopher - 2022 - This version: May 2022

In this paper, we investigate to what extent sovereign stress and banking stress have contributed to the increase in the level and in the heterogeneity of non-financial firms’ refinancing costs in the Euro area during the European debt crisis and how they did affect the monetary transmission...

Persistent link: https://www.econbiz.de/10013473968

Inflation dynamics during the financial crisis in Europe : cross-sectional identification of long-run inflation expectations

Dany-Knedlik, Geraldine; Holtemöller, Oliver - 2017

We investigate drivers of Euro area inflation dynamics using a panel of regional Phillips curves and identify long-run inflation expectations by exploiting the crosssectional dimension of the data. Our approach simultaneously allows for the inclusion of country-specific inflation and...

Persistent link: https://www.econbiz.de/10011764910

Money and inflation : the role of persistent velocity movements

Shagi, Makram el-; Giesen, Sebastian - 2010

kann. Schließlich illustrieren wir auf der Grundlage unserer Schätzungen die Konsequenzen der jüngsten Geldpolitik der …

Persistent link: https://www.econbiz.de/10003943488

Dilemma and global financial cycle : evidence from capital account liberalisation episodes

Li, Xiang - 2021 - This version: October 2021

By focusing on the episodes of substantial capital account liberalisation and adopting a new methodology, this paper provides new evidence on the dilemma and global financial cycle theory. I first identify the capital account liberalisation episodes for 95 countries from 1970 to 2016, and then...

Persistent link: https://www.econbiz.de/10012695669

Borrowers under water! : rare disasters, regional banks, and recovery lending

Koetter, Michael; Noth, Felix; Rehbein, Oliver - 2016

We test if and how banks adjust their lending in response to disaster risk in the form of a natural catastrophe striking its customers: the 2013 Elbe flooding. The flood affected firms in East and South Germany, and we identify shocked banks based on bank-firm relationships gathered for more...

Persistent link: https://www.econbiz.de/10011566474

Borrowers under water! : rare disasters, regional banks, and recovery lending

Koetter, Michael; Noth, Felix; Rehbein, Oliver - 2016 - This draft: January 29, 2019

We show that local banks provide corporate recovery lending to firms affected by adverse regional macro shocks. Banks that reside in counties unaffected by the natural disaster that we specify as macro shock increase lending to firms inside affected counties by 3%. Firms domiciled in flooded...

Persistent link: https://www.econbiz.de/10011961070

Banks' funding stress, lending supply and consumption expenditure

Damar, H. Evren; Gropp, Reint; Mordel, Adi - 2019

We employ a unique identification strategy linking survey data on household consumption expenditure to bank-level data to estimate the effects of bank funding stress on consumer credit and consumption expenditures. We show that households whose banks were more exposed to funding shocks report...

Persistent link: https://www.econbiz.de/10012012737

Banking globalization, local lending, and labor market effects : micro-level evidence from Brazil

Noth, Felix; Ossandon Busch, Matias - 2019 - This Draft: September 23, 2019

Little is known about how banks’ domestic funding networks affect the transmission of capital flows reversals to the real economy. Our robust results show that a foreign funding shock to banks in Brazil negatively affects lending by their regional branches, especially when they are subjected...

Persistent link: https://www.econbiz.de/10012101181