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The Geography of the Great Rebalancing in Euro Area Bond Markets During the Sovereign Debt Crisis

Beck, Roland - 2015

During the sovereign debt crisis investors rebalanced out of stressed and into non-stressed euro area countries, thereby contributing to the tensions in euro area financial markets. This paper examines the geographical pattern of this great rebalancing. Specifically, we test whether euro area...

Persistent link: https://www.econbiz.de/10013016950

International transmission of interest rates : the role of international reserves and sovereign debt

Afonso, António; Huart, Florence; Jalles, João Tovar; … - 2021

We analyse the international transmission of interest rates by focusing on the role of the accumulation of international reserves and on the financing of sovereign debt. An increase in foreign exchange reserves is expected to moderate the influence of U.S. interest rates. However, a high level...

Persistent link: https://www.econbiz.de/10012504452

Rules, discretion or reputation? : monetary policies and the efficiency of financial markets in Germany, 14th to 16th centuries

Volckart, Oliver (contributor) - 2007

This paper examines the questions of whether and how feudal rulers were able to credibly commit to preserving monetary stability, and of which consequences their decisions had for the efficiency of financial markets. The study reveals that princes were usually only able to commit to issuing a...

Persistent link: https://www.econbiz.de/10003422944

Early French and German central bank charters and regulations

Bindseil, Ulrich - 2019

regulations of six pre 1800 central banks in France and Germany. The six early public banks displayed varying levels of success …

Persistent link: https://www.econbiz.de/10012110108

The Price of Stability. The Balance Sheet Policy of the Banque De France and the Gold Standard (1880-1914)

Bazot, Guillaume - 2014

Under the classical gold standard (1880-1914), the Bank of France maintained a stable discount rate while the Bank of …, differ so much? How did the Bank of France manage to keep a stable rate and continuously violate the “rules of the game …”? This paper tackles these questions and shows that the domestic asset portfolio of the Bank of France played a crucial role …

Persistent link: https://www.econbiz.de/10013045945

Monetary Policy Implications and Eurozone's Long Term Interest Rate Spreads

Bratis, Theodore D. - 2015

We research the association of the sovereign crisis stemming from periphery EMU countries and monetary policy in terms of financial stability. Empirical results are derived on the linkage of monetary policy reflected through interbank lending rates i.e. banking sector fragility to long term...

Persistent link: https://www.econbiz.de/10013022903

The Relevance of Currency-Denomination for the Cross-Border Effects of Monetary Policy

Argimón, Isabel - 2018

We analyze how a change in ECB monetary policy affects lending of internationally active banks, depending on whether the currency of the claim is the one of the counterparty country, using Spanish individual bank data. We analyse the transmission from an outward perspective, exploring how banks...

Persistent link: https://www.econbiz.de/10012912511

International Debt Overhang and Monetary Policy : A Simulation Exercise Using Czech Republic Data

Goodhart, Charles; Isakov, Kanat; Peiris, Mahatelge Udara; … - 2018

expand liquidity when default rates are high. These results are closely related to the policy debate on monetary policy as a …

Persistent link: https://www.econbiz.de/10014033516

The Effect of Eurosystem Asset Purchase Programmes on Euro Area Sovereign Bond Yields During the Covid-19 Pandemic

Hondroyiannis, George B.; Papaoikonomou, Dimitrios - 2022

We investigate the effect of Eurosystem Asset Purchase Programmes (APP) on the monthly yields of 10-year sovereign bonds for 11 euro area sovereigns during January-December 2020. The analysis is based on time-varying coefficient methods applied to monthly panel data covering the period 2004m09...

Persistent link: https://www.econbiz.de/10013492320

Governance of International Banking : The Financial Trilemma (Chapter 1)

Schoenmaker, Dirk - 2013

The Global Financial Crisis has shown that the international financial system is vulnerable to breakdown. The financial trilemma demonstrates that financial stability, international banking and national financial supervision cannot be combined. National supervisors force international banks to...

Persistent link: https://www.econbiz.de/10013084044