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Euro Area Banks Market Power Lending Channel And Stability
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Book Synopsis Euro Area Banks' Market Power, Lending Channel and Stability by : Yener Altunbaş
Download or read book Euro Area Banks' Market Power, Lending Channel and Stability written by Yener Altunbaş and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates to what extent the introduction of negative monetary policy rates altered the competitive behaviour in the euro area banking sector. Specifically, it analyses the effect that negative policy rates had on euro area banks' market power in comparison to banks that have not been subject to negative rates. The analysis, considering a sample of 4,223 banks over the period 2011-2018 and relying on a difference-in-differences methodology, finds that negative monetary policy rates led to an increase in euro area banks' market power. Furthermore, it shows that, during the negative interest rate policy period, change in banks' competitive behaviour affected the bank lending channel and discouraged banks from taking excessive risks.
Book Synopsis Financial Systems and the Role of Banks in Monetary Policy Transmission in the Euro Area by : Michael Ehrmann
Download or read book Financial Systems and the Role of Banks in Monetary Policy Transmission in the Euro Area written by Michael Ehrmann and published by . This book was released on 2001 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Competition and the Bank Lending Channel in Eurozone by : Aurélien Leroy
Download or read book Competition and the Bank Lending Channel in Eurozone written by Aurélien Leroy and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines how banks respond to the monetary policy of the European Central Bank (ECB) according to their characteristics and, in particular, to their market power, using banking micro-data from Eurozone countries over the period from 1999 to 2011. Our results suggest that banks with market power, which is proxied by the Lerner index, have a credit supply that is less sensitive to monetary policy shock. The market structures (aggregated measures) in which the banks operate have a similar effect. Therefore, increased competition enhances the effectiveness of monetary policy transmission through the bank lending channel. We find also over the period from 2008 to 2011, that this channel has been strengthened, but the negative effect of market power on monetary effectiveness has remained.
Book Synopsis Bank Asset Quality in Emerging Markets by : Mr.Reinout De Bock
Download or read book Bank Asset Quality in Emerging Markets written by Mr.Reinout De Bock and published by International Monetary Fund. This book was released on 2012-03-01 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper assesses the vulnerability of emerging markets and their banks to aggregate shocks. We find significant links between banks' asset quality, credit and macroeconomic aggregates. Lower economic growth, an exchange rate depreciation, weaker terms of trade and a fall in debt-creating capital inflows reduce credit growth while loan quality deteriorates. Particularly noteworthy is the sharp deterioration of balance sheets following a reversal of portfolio inflows. We also find evidence of feedback effects from the financial sector on the wider economy. GDP growth falls after shocks that drive non-performing loans higher or generate a contraction in credit. This analysis was used in chapter 1 of the Global Financial Stability Report (September 2011) to help evaluate the sensitivity of banks' capital adequacy ratios to macroeconomic and funding cost shocks.
Book Synopsis Report on Financial Structures by : European Central Bank
Download or read book Report on Financial Structures written by European Central Bank and published by . This book was released on 2002 with total page 376 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Managing the Sovereign-Bank Nexus by : Mr.Giovanni Dell'Ariccia
Download or read book Managing the Sovereign-Bank Nexus written by Mr.Giovanni Dell'Ariccia and published by International Monetary Fund. This book was released on 2018-09-07 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews empirical and theoretical work on the links between banks and their governments (the bank-sovereign nexus). How significant is this nexus? What do we know about it? To what extent is it a source of concern? What is the role of policy intervention? The paper concludes with a review of recent policy proposals.
Book Synopsis CoMap: Mapping Contagion in the Euro Area Banking Sector by : Mehmet Ziya Gorpe
Download or read book CoMap: Mapping Contagion in the Euro Area Banking Sector written by Mehmet Ziya Gorpe and published by International Monetary Fund. This book was released on 2019-05-10 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a novel approach to investigate and model the network of euro area banks’ large exposures within the global banking system. Drawing on a unique dataset, the paper documents the degree of interconnectedness and systemic risk of the euro area banking system based on bilateral linkages. We develop a Contagion Mapping model fully calibrated with bank-level data to study the contagion potential of an exogenous shock via credit and funding risks. We find that tipping points shifting the euro area banking system from a less vulnerable state to a highly vulnerable state are a non-linear function of the combination of network structures and bank-specific characteristics.
Book Synopsis Euro-Area Banking at the Crossroads by : Agnes Belaisch
Download or read book Euro-Area Banking at the Crossroads written by Agnes Belaisch and published by INTERNATIONAL MONETARY FUND. This book was released on 2001-04-01 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyses the process of disintermediation, the progress in consolidation, the impact of new technologies, and the role of ownership and control structures for the euro area banking sector. The impact of these trends on competition policy, "too big to fail" concerns, and financial stability is investigated. In this setting, the paper endorses stronger cross-border coordination among supervisory authorities but notes that more formal cross-border arrangements through supranational agencies seem, at this stage, premature. However, an increased capacity to perform centralized market surveillance, building on domestic supervisory information, is needed to ensure the efficiency and stability of euro-area financial markets.
Book Synopsis Euro-area Banking at the Crossroads by :
Download or read book Euro-area Banking at the Crossroads written by and published by . This book was released on 2001 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Monetary Policy, Credit Institutions and the Bank Lending Channel in the Euro Area by : Carlo Altavilla
Download or read book Monetary Policy, Credit Institutions and the Bank Lending Channel in the Euro Area written by Carlo Altavilla and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: As the euro area has a predominantly bank-based financial system, changes in the composition and strength of banks' balance sheets can have very sizeable implications for the transmission of monetary policy. This paper provides an overview of developments in banks' balance sheets, profitability and risk-bearing capacity and analyses their relevance for monetary policy. We show that, while the transmission of standard policy interest rate cuts to firms and households was diminished during the crisis, in a context of financial market stress and weak bank balance sheets, unconventional monetary policy measures have helped to restore monetary policy transmission and pass-through to interest rates. We also document the extent to which these non-standard measures were successful in stimulating lending and which bank business models were more strongly affected. Finally, we show that the estimated impact of recent monetary policy measures on bank profitability does not appear to be particularly strong when all the effects on the macroeconomy and asset quality are taken into account.
Book Synopsis Revisiting the Competition-Stability Nexus in the Euro Area in the Light of the Global Financial Crisis by : Franco Fiordelisi
Download or read book Revisiting the Competition-Stability Nexus in the Euro Area in the Light of the Global Financial Crisis written by Franco Fiordelisi and published by . This book was released on 2015 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: The euro area, the countries that have adopted the euro, is converging some more towards a banking union. Starting from November 2014, the European Central Bank has become the single supervisor of euro zone banks calling for a more integrated supervision. Despite the on-going process, there are few studies that focus on the relationship between bank fragility and competition specifically for this economic block. Furthermore, it is not yet clear the extent of the relationship during a period of market turmoil and whether competition policies should account for the costs associated to systemic instability. We assess the relationship between market power and financial stability for the Eurozone banks over the period 2005-2012. We find that market power increases bank stability and it implies a net pecuniary cost after discounting for the cost of government intervention. We show that bank's business model is significantly positively related to individual bank stability and that high market power is associated with lower stability during the recent market turmoil (2008-2012). Moreover, we advocate that capital injections and asset relief measures are effective and increase individual bank soundness.
Book Synopsis Negative Interest Rate Policy (NIRP) by : Andreas Jobst
Download or read book Negative Interest Rate Policy (NIRP) written by Andreas Jobst and published by International Monetary Fund. This book was released on 2016-08-10 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: More than two years ago the European Central Bank (ECB) adopted a negative interest rate policy (NIRP) to achieve its price stability objective. Negative interest rates have so far supported easier financial conditions and contributed to a modest expansion in credit, demonstrating that the zero lower bound is less binding than previously thought. However, interest rate cuts also weigh on bank profitability. Substantial rate cuts may at some point outweigh the benefits from higher asset values and stronger aggregate demand. Further monetary accommodation may need to rely more on credit easing and an expansion of the ECB’s balance sheet rather than substantial additional reductions in the policy rate.
Book Synopsis Negative Interest Rates by : Luís Brandão Marques
Download or read book Negative Interest Rates written by Luís Brandão Marques and published by International Monetary Fund. This book was released on 2021-03-03 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper focuses on negative interest rate policies and covers a broad range of its effects, with a detailed discussion of findings in the academic literature and of broader country experiences.
Book Synopsis The Role of Central Banks in Financial Stability by : Douglas Darrell Evanoff
Download or read book The Role of Central Banks in Financial Stability written by Douglas Darrell Evanoff and published by World Scientific. This book was released on 2014 with total page 462 pages. Available in PDF, EPUB and Kindle. Book excerpt: The two most topical issues in current financial markets deal with the causes of the recent financial crisis and the means to prevent future crises. This book addresses the latter and stresses a major shift in most countries toward a better understanding of financial stability and how it can be achieved. In particular, the papers in this volume examine the recent change in emphasis at central banks with regard to financial stability. For example: What were the cross-country differences in emphasis on financial stability in the past Did these differences appear to affect the extent of the adverse impact of the financial crisis on individual countries What are perceived to be the major future threats to financial stability These and related issues are discussed in the book by well-known experts in the field OCo some of the best minds in the world pursuing financial stability. Following the global financial crisis, significant reforms have been initiated in many countries to address financial stability more directly, frequently focusing on macroprudential policy frameworks in which central banks play a more active role."
Book Synopsis A Strategy for Resolving Europe's Problem Loans by : Mr.Shekhar Aiyar
Download or read book A Strategy for Resolving Europe's Problem Loans written by Mr.Shekhar Aiyar and published by International Monetary Fund. This book was released on 2015-09-24 with total page 79 pages. Available in PDF, EPUB and Kindle. Book excerpt: Europe’s banking system is weighed down by high levels of non-performing loans (NPLs), which are holding down credit growth and economic activity. This discussion note uses a new survey of European country authorities and banks to examine the structural obstacles that discourage banks from addressing their problem loans. A three pillared strategy is advocated to remedy the situation, comprising: (i) tightened supervisory policies, (ii) insolvency reforms, and (iii) the development of distressed debt markets.
Book Synopsis Investigating Diversity in the Banking Sector in Europe by : Rym Ayadi
Download or read book Investigating Diversity in the Banking Sector in Europe written by Rym Ayadi and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: A midst stormy waters, financial systems develop and evolve. New institutional forms and instruments are invented and put into use. Some of them turn out to be successful while others disappear: a natural process of creative and dynamic competition argues for diversity. Diversity offers an optimal environment in which new ideas can come to life, existing ideas can evolve and old ideas make a comeback. In the aftermath of the financial crisis, the foundations of several decades of modern and innovative financial systems have suffered serious damage. This has triggered massive state interventions and has led authorities to revamp the regulatory structures and frameworks. While many voices have called for a return to more traditional approaches to banking and finance, no one has argued the merits of diversity. This book investigates the merits of a diverse banking system with a special focus on the performance and role of cooperative banks in seven European countries where they are prominent (Austria, Finland, France, Germany, Italy, the Netherlands and Spain). The theoretical and empirical arguments that are developed in this book tend to support the view that it is economically beneficial to have stakeholder-value banks with a dual bottom-line function, such as cooperative banks. For those who accept this premise, it would suggest that policy-makers should not take or support actions that could jeopardise this valuable element of the financial system in various countries in Europe and of the emerging integrated European financial system. Book jacket.
Book Synopsis Negative Monetary Policy Rates and Portfolio Rebalancing: Evidence from Credit Register Data by : Margherita Bottero
Download or read book Negative Monetary Policy Rates and Portfolio Rebalancing: Evidence from Credit Register Data written by Margherita Bottero and published by International Monetary Fund. This book was released on 2019-02-28 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study negative interest rate policy (NIRP) exploiting ECB's NIRP introduction and administrative data from Italy, severely hit by the Eurozone crisis. NIRP has expansionary effects on credit supply-- -and hence the real economy---through a portfolio rebalancing channel. NIRP affects banks with higher ex-ante net short-term interbank positions or, more broadly, more liquid balance-sheets, not with higher retail deposits. NIRP-affected banks rebalance their portfolios from liquid assets to credit—especially to riskier and smaller firms—and cut loan rates, inducing sizable real effects. By shifting the entire yield curve downwards, NIRP differs from rate cuts just above the ZLB.
