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The fragility of two monetary regimes : the European Monetary System and the Eurozone

De Grauwe, Paul; Ji, Yuemei - In: International journal of finance & economics : IJFE 20 (2015) 1, pp. 1-15

Persistent link: https://www.econbiz.de/10015179932

The fragility of two monetary regimes : the European monetary system and the Eurozone

Ji, Yuemei; De Grauwe, Paul - 2013

We analyze the similarities and the differences in the fragility of the European Monetary system (EMS) and the Eurozone … foreign exchange markets while in the Eurozone it was the absence of a lender of last resort in the long-term government bond … Eurozone the roles were reversed. The national central banks that became part of the Eurosystem were strengthened. This came at …

Persistent link: https://www.econbiz.de/10010210104

The European Central Bank as lender of last resort in the government bond markets

De Grauwe, Paul - In: CESifo economic studies : CESifo, a joint initiative of … 59 (2013) 3, pp. 520-535

The sovereign debt crisis has made it clear that central banking is more than keeping inflation low. Central banks are also responsible for financial stability. An essential tool in maintaining financial stability is provided by the capacity of the central bank to be the lender of last resort in...

Persistent link: https://www.econbiz.de/10009793389

Central bank design in a non-optimal currency union : a lender of last resort for government debt?

Spahn, Peter - 2016

Without a Lender of Last Resort for government debt, multiple equilibria in bond markets may ensue where default emerges for non-fundamental reasons. The stabilising power of central bank interventions does not build on a real debt depreciation via inflation, but on a swap of bonds and central...

Persistent link: https://www.econbiz.de/10011582271

The end of the great inversion : offshore national banks and the global financial crisis

Haberly, Daniel; Wójcik, Dariusz - In: Journal of economic geography 20 (2020) 6, pp. 1263-1292

Persistent link: https://www.econbiz.de/10012405500

The architecture of supervision

Ampudia, Miguel; Beck, Thorsten; Beyer, Andreas; … - 2019

The architecture of supervision - how we define the allocation of supervisory powers to different policy institutions - can have implications for policy conduct and for the economic and financial environment in which these policies are implemented. Theoretically, an integrated structure for...

Persistent link: https://www.econbiz.de/10012009232

The Latin Monetary Union experience (1865-1926) : French views on Monetary Union and lending of Last Resort in retrospect

Barbaroux, Nicolas - In: Jahrbuch für Wirtschaftsgeschichte 63 (2022) 2, pp. 409-432

The Latin Monetary Union (hereafter LMU) was established in 1865 between France, Italy, Belgium and Switzerland. The agreement provided for the adoption of a common monetary base consisting of specie, and the adoption of the free circulation of gold and silver coins among them, whatever the...

Persistent link: https://www.econbiz.de/10013447601

The economics of liquidity lines between central banks

Bahaj, Saleem; Reis, Ricardo - In: Annual review of financial economics 14 (2022), pp. 57-74

Persistent link: https://www.econbiz.de/10013461075

Limits to the independence of the ECB

Wyplosz, Charles - In: Review of world economics 155 (2019) 1, pp. 35-41

Persistent link: https://www.econbiz.de/10012108464

TARGET2 imbalances and the ECB as lender of last resort

Purificato, Francesco; Astarita, Caterina - In: International Journal of Financial Studies : open … 3 (2015) 4, pp. 482-509

Union to survive, rather than to disparities in the level of competitiveness among countries of the Eurozone. This crisis of …

Persistent link: https://www.econbiz.de/10011408880