Based on a review of the analytical underpinnings of the effects of the NSFR on banks� choices, this paper attempts to relate banks� strategies to developments in the value of the ratio in the euro area. In spite of a not-so-near implementation date, the evidence is that the NSFR...

[fre] Le problème économique posé au départ de cette étude est d'estimer la demande potentielle de monnaie étrangère par les entreprises compte tenu de la part des transactions commerciales réalisées en devises. Cette problématique est conçue par référence à la situation du yen. La...

[eng] Japan's adaptation to new market related risk control and assessment regulations . The extension of Cooke's ratio to market risks as well as the development of many other new rules and market related risk control « good practices » have triggered an adaptation process from financial...

This paper provides an assessment of the impact of the covered bond purchase programme (hereafter referred to as the CBPP) relative to its policy objectives. The analysis presented on the impact of the CBPP on both the primary and secondary bond markets indicates that the Programme has been an...

The degree of smoothness of interest rates alongside the maturity spectrum can provide indications regarding the degree of quot;arbitrage trading activityquot; in interest rate markets, which in turn may be related, to some extent, to market expectations, risk aversion and market liquidity. We...

This book combines currency matters with competitiveness considerations, with a view to raising the understanding of exchange rate dynamics and to analysing the role of exchange rates in reinforcing economic competitiveness.

I estimate a two-equation system on the Czech koruna-euro exchange rate and order flow at hourly frequency with transactions data from the Reuters Spot Matching market in the second half of 2002, during which the Czech National Bank intervened to stem the appreciation of the koruna. I find a...