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Are Business and Credit Cycles Converging or Diverging? A comparison of Poland, Hungary, the Czech Republic and the Euro Area.
Avouyi-Dovi, S.; Kierzenkowski, R.; Lubochinsky, C. - Banque de France - 2006
This paper provides an analysis of co-movements between real and financial variables in three new EU member countries (the Czech Republic, Hungary and Poland) and the euro area. It focuses on the co-movement between real credit granted to firms and real industrial output on the one hand, and...
Persistent link: https://www.econbiz.de/10004998815
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Interactions between Business Cycles, stock Market Cycles and Interest Rates: the Stylised Facts.
Avouyi-Dovi, S.; Matheron, J. - Banque de France - 2005
In this paper, we study the co-movements between stock market indices and real economic activity over the business cycle in France, Germany, Italy, the United Kingdom and the United States, using two complementary approaches in our analysis. First, we identify the turning points in real economy...
Persistent link: https://www.econbiz.de/10005056545
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The impact of unconventional monetary policy on the market for collateral: The case of the French bond market
Avouyi-Dovi, S.; Idier, J. - Banque de France - 2011
financial institutions to market participants. In particular, we analyze liquidity and volatility premia on the French …; in the other, which we dub the unconventional regime, monetary policy operations lead to volatility and liquidity premia …
Persistent link: https://www.econbiz.de/10009275673
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Central bank liquidity and market liquidity: the role of collateral provision on the French government debt securities market.
Avouyi-Dovi, S.; Idier, J. - Banque de France - 2010
We examine the effects of collateral provision as a potential channel between funding liquidity tensions and the … scarcity of market liquidity. This channel consists in transferring the credit risk associated with refinancing operations … between financial institutions to market participants that bear new liquidity risk on the market associated with collateral …
Persistent link: https://www.econbiz.de/10008516105