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Lender of last resort versus buyer of last resort : evidence from the European sovereign debt crisis
Acharya, Viral V.; Pierret, Diane; Steffen, Sascha - 2018
We document the mechanism through which the risk of fire sales in the sovereign bond market contributed to the effectiveness of two major central bank interventions designed to restore financial stability during the European sovereign debt crisis. As a lender of last resort via the long-term...
Persistent link: https://www.econbiz.de/10011899821
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Public interventions in the European banking sector : implications for financial stability and the real economy
Borchert, Lea - 2018
Persistent link: https://www.econbiz.de/10012012954
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The SSM at 1
Laeven, Luc; Draghi, Mario; Dombret, Andreas R.; … - SUERF - The European Money and Finance Forum; Deutsche …; … - 2016
On 3 December EY hosted a SUERF conference on banking reform with Sir Howard Davies, the Chairman of RBS, and Dame Colette Bowe, the Chairman of the Banking Standards Board, as the two keynote speakers. Professor David Miles (Imperial College) gave the SUERF 2015 Annual Lecture on Capital and...
Persistent link: https://www.econbiz.de/10011557140
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Does the lack of financial stability impair the transmission of monetary policy?
Acharya, Viral V.; Imbierowicz, Björn; Steffen, Sascha; … - 2019
We investigate the transmission of central bank liquidity to bank deposits and loan spreads in Europe over the period from January 2006 to June 2010. We find evidence consistent with an impaired transmission channel due to bank risk. Central bank liquidity does not translate into lower loan...
Persistent link: https://www.econbiz.de/10012155137
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Syndication, interconnectedness, and systemic risk
Cai, Jian; Eidam, Frederik; Saunders, Anthony; Steffen, … - In: Journal of financial stability 34 (2018), pp. 105-120
Persistent link: https://www.econbiz.de/10012156794
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Does lack of financial stability impair the transmission of monetary policy?
Acharya, Viral V.; Imbierowicz, Björn; Steffen, Sascha; … - In: Essays in empirical finance, (pp. 1-66). 2016
Persistent link: https://www.econbiz.de/10011710548
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Government guarantees and bank risk taking incentives
Fischer, Markus; Hainz, Christa; Rocholl, Jörg; … - 2014
This paper analyzes the effect of the removal of government guarantees on bank risk taking. We exploit the removal of guarantees for German Landesbanken which results in lower credit ratings, higher funding costs, and a loss in franchise value. This removal was announced in 2001, but...
Persistent link: https://www.econbiz.de/10010257239
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Government guarantees and bank risk taking incentives
Fischer, Markus; Hainz, Christa; Rocholl, Jörg; … - 2014
This paper analyzes the effect of the removal of government guarantees on bank risk taking. We exploit the removal of guarantees for German Landesbanken which results in lower credit ratings, higher funding costs, and a loss in franchise value. This removal was announced in 2001, but...
Persistent link: https://www.econbiz.de/10010258417
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Does the Lack of Financial Stability Impair the Transmission of Monetary Policy?
Acharya, Viral V. - 2019
We investigate the transmission of central bank liquidity to bank deposits and loan spreads in Europe over the period from January 2006 to June 2010. We find evidence consistent with an impaired transmission channel due to bank risk. Central bank liquidity does not translate into lower loan...
Persistent link: https://www.econbiz.de/10012480422
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Does the Lack of Financial Stability Impair the Transmission of Monetary Policy?
Acharya, Viral V. - 2019
We investigate the transmission of central bank liquidity to bank deposits and loan spreads in Europe over the period from January 2006 to June 2010. We find evidence consistent with an impaired transmission channel due to bank risk. Central bank liquidity does not translate into lower loan...
Persistent link: https://www.econbiz.de/10012858814