Read Books Online and Download eBooks, EPub, PDF, Mobi, Kindle, Text Full Free.
The Interest Rate Pass Through In The Euro Area During The Global Financial Crisis
Download The Interest Rate Pass Through In The Euro Area During The Global Financial Crisis full books in PDF, epub, and Kindle. Read online The Interest Rate Pass Through In The Euro Area During The Global Financial Crisis ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!
Book Synopsis The Interest Rate Pass-Through in the Euro Area During the Global Financial Crisis by : Nikolay Hristov
Download or read book The Interest Rate Pass-Through in the Euro Area During the Global Financial Crisis written by Nikolay Hristov and published by . This book was released on 2012 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 Jagged Cliffs and Stumbling Blocks by :
Download or read book Jagged Cliffs and Stumbling Blocks written by and published by . This book was released on 2015 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: The financial crisis has been characterised by fragmentation in the transmission of monetary policy, reflected in high dispersion in the cost of bank finance for euro area firms. Using micro-level bank data across a number of euro area countries, we identify individual bank balance sheet characteristics that contributed to this fragmentation. Interest rate pass-through heterogeneity is estimated using an error correction framework, which captures banks' funding constraints and balance sheet structures. Results show incomplete pass-through of changes in money market rates targeted by the central bank to firms' lending rates, with increases in sovereign bond yields affecting the cost of finance for firms, particularly in stressed countries. Individual bank characteristics have an effect on pass-through during the crisis, even after controlling for changes in macroeconomic conditions. The effect is greatest when looking at characteristics that capture bank funding difficulties, suggesting that a recovery in banks' funding capacities is an important element in reducing fragmentation in the transmission of monetary policy.
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 Euro Area Monetary Policy in Uncharted Waters by : Emil Stavrev
Download or read book Euro Area Monetary Policy in Uncharted Waters written by Emil Stavrev and published by International Monetary Fund. This book was released on 2009-08 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyze the European Central Bank's (ECB's) response to the global financial crisis. Our results suggest that even during the crisis, the core part of ECB's monetary policy transmission-from policy rates to market rates-has continued to operate, but at a decreased efficiency. We also find some evidence that the ECB's non-standard measures, namely the lengthening of the maturity of monetary policy operations and the provision of funds at the fixed rate, reduced money market term spreads, facilitating the pass-through from policy to market rates. Furthermore, the results imply that the substantial increase in the ECB's balance sheet may have contributed to a reduction in government bond term spreads.
Book Synopsis It is Only Natural: Europe’s Low Interest Rates by : Mr.Marco Arena
Download or read book It is Only Natural: Europe’s Low Interest Rates written by Mr.Marco Arena and published by International Monetary Fund. This book was released on 2020-07-03 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: Estimates of the natural interest rate are often useful in the analysis of monetary and other macroeconomic policies. The topic gathered much attention following the great financial crisis and the Euro Area debt crisis due to the uncertainty regarding the timing of monetary policy normalization and the future path of interest rates. Using a sample of European countries (including several members of the Euro Area), this paper provides estimates of country-specific natural interest rates and some of their drivers between 2000 and 2019. In line with the literature, our findings suggest that natural interest rates declined during this period, and despite a rebound in the last few years of it, they have not recovered to their pre-crisis levels. The paper also discusses the implications of the decline in natural interest rates for monetary conditions and debt sustainability.
Book Synopsis International Macroeconomics in the Wake of the Global Financial Crisis by : Laurent Ferrara
Download or read book International Macroeconomics in the Wake of the Global Financial Crisis written by Laurent Ferrara and published by Springer. This book was released on 2018-06-13 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book collects selected articles addressing several currently debated issues in the field of international macroeconomics. They focus on the role of the central banks in the debate on how to come to terms with the long-term decline in productivity growth, insufficient aggregate demand, high economic uncertainty and growing inequalities following the global financial crisis. Central banks are of considerable importance in this debate since understanding the sluggishness of the recovery process as well as its implications for the natural interest rate are key to assessing output gaps and the monetary policy stance. The authors argue that a more dynamic domestic and external aggregate demand helps to raise the inflation rate, easing the constraint deriving from the zero lower bound and allowing monetary policy to depart from its current ultra-accommodative position. Beyond macroeconomic factors, the book also discusses a supportive financial environment as a precondition for the rebound of global economic activity, stressing that understanding capital flows is a prerequisite for economic-policy decisions.
Book Synopsis Interest Rate Pass-through During the Global Financial Crisis by :
Download or read book Interest Rate Pass-through During the Global Financial Crisis written by and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Retail Bank Interest Rate Pass-through by : Matthieu Darracq-Paries
Download or read book The Retail Bank Interest Rate Pass-through written by Matthieu Darracq-Paries and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Interest Rate Pass-Through During the Global Financial Crisis by : Peter Welz
Download or read book Interest Rate Pass-Through During the Global Financial Crisis written by Peter Welz and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: A stable relationship between monetary policy rates and bank lending and deposit rates faced by consumers and companies is essential for the effective transmission of monetary policy decisions. This paper studies how changes in the policy rate set by the Swedish central bank, the Riksbank, have been transmitted to money market rates and, in turn, to retail rates before and during the financial turmoil that erupted in summer 2007. Historically, the Riksbank has been successful in effectively controlling money market rates, but during the financial turmoil the transmission of impulses from the policy rate to money market rates appears to have been weakened by elevated and volatile risk premia, although these increased less in Sweden than in the Euro area, United Kingdom and United States. The pass-through from money market rates to retail rates is found to have been complete, but sluggish, before the turmoil. Pass-through was also faster into short-term loan rates for non-financial companies than for households. During the turmoil the pass-through from money market to lending rates has been preserved at short maturities, but not at longer maturities. Lack of access to long-term funding has likely played a role.
Book Synopsis Euro Area Sovereign Risk During the Crisis by : Ms.Silvia Sgherri
Download or read book Euro Area Sovereign Risk During the Crisis written by Ms.Silvia Sgherri and published by International Monetary Fund. This book was released on 2009-10-01 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: While the use of public resources is critical to cushion the impact of the financial crisis on the euro-area economy, it is key that the entailed fiscal costs not be seen by markets as undermining fiscal sustainability. From this perspective, to what extent do movements in euro area sovereign spreads reflect country-specific solvency concerns? In line with previous studies, the paper suggests that euro area sovereign risk premium differentials tend to comove over time and are mainly driven by a common time-varying factor, mimicking global risk repricing. Since October 2008, however, there is evidence that markets have become progressively more concerned about the potential fiscal implications of national financial sectors' frailty and future debt dynamics. The liquidity of sovereign bond markets still seems to play a significant (albeit fairly limited) role in explaining changes in euro area spreads.
Book Synopsis Effects of Bank Capital on Lending by : Joseph M. Berrospide
Download or read book Effects of Bank Capital on Lending written by Joseph M. Berrospide and published by DIANE Publishing. This book was released on 2011-04 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: The effect of bank capital on lending is a critical determinant of the linkage between financial conditions and real activity, and has received especial attention in the recent financial crisis. The authors use panel-regression techniques to study the lending of large bank holding companies (BHCs) and find small effects of capital on lending. They then consider the effect of capital ratios on lending using a variant of Lown and Morgan's VAR model, and again find modest effects of bank capital ratio changes on lending. The authors¿ estimated models are then used to understand recent developments in bank lending and, in particular, to consider the role of TARP-related capital injections in affecting these developments. Illus. A print on demand pub.
Book Synopsis Impact of Bank Competition on the Interest Rate Pass-through in the Euro Area by : Michiel van Leuvensteijn
Download or read book Impact of Bank Competition on the Interest Rate Pass-through in the Euro Area written by Michiel van Leuvensteijn and published by . This book was released on 2008 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Euro at Ten: The Next Global Currency by :
Download or read book The Euro at Ten: The Next Global Currency written by and published by Peterson Institute. This book was released on 2009 with total page 237 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Bank Interest Rate Setting in the Euro Area During the Great Recession by : Gonzalo Camba-Mendez
Download or read book Bank Interest Rate Setting in the Euro Area During the Great Recession written by Gonzalo Camba-Mendez and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Monetary Policy Pass-Through to Interest Rates: Stylized Facts from 30 European Countries by : Robert C. M. Beyer
Download or read book Monetary Policy Pass-Through to Interest Rates: Stylized Facts from 30 European Countries written by Robert C. M. Beyer and published by International Monetary Fund. This book was released on 2024-01-12 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: The extent to which changes in monetary policy rates lead to changes in loan and deposit rates for households and firms, referred to as ‘pass-through’, is an important ingredient of monetary policy transmission to output and prices. Using data on seven different bank interest rates in 30 European countries, different approaches, and the full sample as well as a subsample of euro area countries, we show that a) the pass-through in the post-pandemic hiking cycle has been heterogenous across countries and types of interest rates; b) the pass-through has generally been weaker and slower, except for rates of non-financial corporation loans and time deposits in euro area countries; c) differences in pass-through over time and across countries for most deposit rates are correlated with financial sector concentration, liquidity, and loan opportunities, and d) the effects of pass-through to outstanding mortgage rates on monetary transmission on prices and output are heterogenous across countries.
Book Synopsis This Time Is Different by : Carmen M. Reinhart
Download or read book This Time Is Different written by Carmen M. Reinhart and published by Princeton University Press. This book was released on 2011-08-07 with total page 513 pages. Available in PDF, EPUB and Kindle. Book excerpt: An empirical investigation of financial crises during the last 800 years.