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Author : Michiel van Leuvensteijn
Publisher : Unknown
Page : 62 pages
File Size : 46,7 Mb
Release : 2008
Category : Bank loans
ISBN : MINN:31951D02764745S
Author : Michiel van Leuvensteijn,Christoffer Kok Soerensen,Jacob A. Bikker,Adrian A. R. J. M. van Rixtel
Publisher : Unknown
Page : 39 pages
File Size : 52,6 Mb
Release : 2008
Category : Bank loans
ISBN : OCLC:254345198
Author : Andreas Jobst,Huidan Lin
Publisher : International Monetary Fund
Page : 48 pages
File Size : 49,8 Mb
Release : 2016-08-10
Category : Business & Economics
ISBN : 9781475524475
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.
Author : Luís Brandão Marques,Marco Casiraghi,Gaston Gelos,Güneş Kamber,Roland Meeks
Publisher : International Monetary Fund
Page : 84 pages
File Size : 47,7 Mb
Release : 2021-03-03
Category : Business & Economics
ISBN : 9781513570082
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.
Author : Nikolay Hristov,Oliver Hülsewig,Timo Wollmershäuser
Publisher : Unknown
Page : 41 pages
File Size : 40,9 Mb
Release : 2012
Category : Electronic
ISBN : OCLC:826599838
Author : Ignazio Angeloni,Anil K. Kashyap,Benoît Mojon
Publisher : Cambridge University Press
Page : 398 pages
File Size : 45,7 Mb
Release : 2003-12-04
Category : Business & Economics
ISBN : 0521828643
A systematic analysis of the impact of European Central Bank monetary policy on Eurozone national economies, first published in 2003.
Author : Margherita Bottero,Ms.Camelia Minoiu,José-Luis Peydro,Andrea Polo,Mr.Andrea F Presbitero,Enrico Sette
Publisher : International Monetary Fund
Page : 59 pages
File Size : 55,6 Mb
Release : 2019-02-28
Category : Business & Economics
ISBN : 9781498300858
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.
Author : Mr. Yu Sun
Publisher : International Monetary Fund
Page : 28 pages
File Size : 40,7 Mb
Release : 2011-06-01
Category : Business & Economics
ISBN : 9781455269488
This paper investigates the degree of bank competition in the euro area, the U.S. and U.K. before and after the recent financial crisis, and revisits the issue whether the introduction of EMU and the euro have had any impact on bank competition. The results suggest that the level of bank competition converged across euro area countries in the wake of the EMU. The recent global financial crisis led to a fall in competition in several countries and especially where large credit and housing booms had preceded the crisis..
Author : Jose M. Berrospide
Publisher : Unknown
Page : 50 pages
File Size : 41,7 Mb
Release : 2016
Category : Electronic
ISBN : OCLC:1306285991
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. We use panel-regression techniques - following Bernanke and Lown (1991) and Hancock and Wilcox (1993, 1994) - to study the lending of large bank holding companies (BHCs) and find small effects of capital on lending. We then consider the effect of capital ratios on lending using a variant of Lown and Morgan's (2006) VAR model, and again find modest effects of bank capital ratio changes on lending. These results are in marked contrast to estimates obtained using simple empirical relations between aggregate commercial-bank assets and leverage growth, which have recently been very influential in shaping forecasters' and policymakers' views regarding the effects of bank capital on loan growth. Our 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.
Author : Mr.Ali J Al-Eyd,Pelin Berkmen
Publisher : International Monetary Fund
Page : 32 pages
File Size : 43,7 Mb
Release : 2013-10-04
Category : Business & Economics
ISBN : 9781484365113
The ECB has taken a range of actions to address bank funding problems, eliminate excessive risk in sovereign markets, and safeguard monetary transmission. But euro area financial markets have remained fragmented, driving retail interest rates in stressed markets far above those in the core. This has impeded the flow of credit and undermined the transmission of monetary policy. Analysis presented here indicates that the credit channel of monetary policy has broken down during the crisis, particularly in stressed markets, and that SMEs in these economies appear to be most affected by elevated lending rates.Given these stresses, the ECB can undertake additional targeted policy measures, including through additional term loans, collateral policies, and private asset purchases.
Author : Natalya Martynova,Mr.Lev Ratnovski,Mr.Razvan Vlahu
Publisher : International Monetary Fund
Page : 44 pages
File Size : 52,8 Mb
Release : 2015-11-25
Category : Business & Economics
ISBN : 9781513517582
Traditional theory suggests that more profitable banks should have lower risk-taking incentives. Then why did many profitable banks choose to invest in untested financial instruments before the crisis, realizing significant losses? We attempt to reconcile theory and evidence. In our setup, banks are endowed with a fixed core business. They take risk by levering up to engage in risky ‘side activities’(such as market-based investments) alongside the core business. A more profitable core business allows a bank to borrow more and take side risks on a larger scale, offsetting lower incentives to take risk of given size. Consequently, more profitable banks may have higher risk-taking incentives. The framework is consistent with cross-sectional patterns of bank risk-taking in the run up to the recent financial crisis.
Author : Bengt Holmstrom,Jean Tirole
Publisher : MIT Press
Page : 263 pages
File Size : 42,5 Mb
Release : 2013-01-11
Category : Business & Economics
ISBN : 9780262518536
Two leading economists develop a theory explaining the demand for and supply of liquid assets. Why do financial institutions, industrial companies, and households hold low-yielding money balances, Treasury bills, and other liquid assets? When and to what extent can the state and international financial markets make up for a shortage of liquid assets, allowing agents to save and share risk more effectively? These questions are at the center of all financial crises, including the current global one. In Inside and Outside Liquidity, leading economists Bengt Holmström and Jean Tirole offer an original, unified perspective on these questions. In a slight, but important, departure from the standard theory of finance, they show how imperfect pledgeability of corporate income leads to a demand for as well as a shortage of liquidity with interesting implications for the pricing of assets, investment decisions, and liquidity management. The government has an active role to play in improving risk-sharing between consumers with limited commitment power and firms dealing with the high costs of potential liquidity shortages. In this perspective, private risk-sharing is always imperfect and may lead to financial crises that can be alleviated through government interventions.
Author : Jacob Bikker,Michiel van Leuvensteijn
Publisher : Routledge
Page : 225 pages
File Size : 43,5 Mb
Release : 2014-08-27
Category : Business & Economics
ISBN : 9781136013201
The 2008 credit crisis started with the failure of one large bank: Lehman Brothers. Since then the focus of both politicians and regulators has been on stabilising the economy and preventing future financial instability. At this juncture, we are at the last stage of future-proofing the financial sector by raising capital requirements and tightening financial regulation. Now the policy agenda needs to concentrate on transforming the banking sector into an engine for growth. Reviving competition in the banking sector after the state interventions of the past years is a key step in this process. This book introduces and explains a relatively new concept in competition measurement: the performance-conduct-structure (PCS) indicator. The key idea behind this measure is that a firm’s efficiency is more highly rewarded in terms of market share and profit, the stronger competitive pressure is. The book begins by explaining the financial market’s fundamental obstacles to competition presenting a brief survey of the complex relationship between financial stability and competition. The theoretical contributions of Hay and Liu and Boone provide the theoretical underpinning for the PCS indicator, while its application to banking and insurance illustrates its empirical qualities. Finally, this book presents a systematic comparison between the results of this approach and (all) existing methods as applied to 46 countries, over the same sample period. This book presents a comprehensive overview of the knowns and unknowns of financial sector competition for commercial and central bankers, policy-makers, supervisors and academics alike.
Author : Otaviano Canuto,Swati Ghosh
Publisher : World Bank Publications
Page : 307 pages
File Size : 55,6 Mb
Release : 2013-10-29
Category : Business & Economics
ISBN : 9781464800030
This book deals with the challenges of macro financial linkages in the emerging markets.
Author : Tony Cavoli,Sasidaran Gopalan,Ramkishen S. Rajan
Publisher : Routledge
Page : 331 pages
File Size : 46,8 Mb
Release : 2020-05-07
Category : Business & Economics
ISBN : 9781000067415
Since the 1990s, several emerging market and developing economies (EMDEs) have, to varying degrees, embraced the process of financial globalisation, broadly defined as a set of policies that involve allowing for greater openness to cross-border capital flows as well as greater market access to foreign financial institutions. This book provides a systematic empirical analysis on the complex interactions between financial sector development, macroeconomic and financial stability in EMDEs in general and those in the Asian region in particular. The book consists of three sections pertaining to monetary and exchange rate policies under financial globalisation; financial inclusion and macroeconomic policies in the context of financial liberalisation; and finally, the dynamics of foreign direct investment flows and their real impacts in EMDEs. Each of the chapters analyse important economic policy issues of contemporary relevance and is informed by data and rigorous empirical analysis. The book will be appealing to anyone interested in exploring the implications of a key set of issues emanating from financial globalisation on EMDEs in a rigorous but readable manner.