WORKING PAPER NO 40 FINANCIAL STRUCTURE AND THE INTEREST RATE CHANNEL OF ECB MONETARY POLICY pptx
WORKING PAPER NO. 40 FINANCIAL STRUCTURE AND THE INTEREST RATE CHANNEL OF ECB MONETARY POLICY pptx
... the financial and the non -financial private sector in Spain and the non -financial private sector represents one-third of total private bonds inFrance. WORKING PAPER NO. 40 FINANCIAL STRUCTURE AND THE INTEREST ... AND THE INTEREST RATE CHANNEL OF ECB MONETARY POLICY BY BENOÎT MOJONNovember 2000EUROPEAN CENTRAL BANK WORKING PAPER SERIES ECB Working Paper No 40 l November 200018 The composition of household ... value of the future stream of dividends. The discount rate used in the computation of the present value is, again, the long-term interest rate. The lower the level of long-term interest rates,the...
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WORKING PAPER NO. 72 BANK CONCENTRATION AND RETAIL INTEREST RATES pptx
... Financial Structure and the Interest Rate Channel of ECB Monetary Policy ECB Working Papers No. 40, November. OECD [1999] Bank Profitability, Financial Statements of Banks. Peterson, M. and ... Groningen and the ECB are greatly appreciated. WORKING PAPER NO. 72 BANK CONCENTRATION AND RETAIL INTEREST RATESBY SANDRINE CORVOISIER AND REINT GROPP1July 2001 ECB • Working Paper No 72 • ... measures of bank concentration and relate 21 This falling trend in the levels of rates was a consequence of the convergence of rates to the lower German level in the wake of the introduction of...
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Ensuring Financial Stability: Financial Structure and the Impact of Monetary Policy on Asset Prices
... interbank rate for Denmark, Switzerland, Spain, Finland, France, Germany, Ireland, Italy, the Netherlands, Norway and the UK, a three-month Treasury bill rate for Belgium, Sweden and the US, and ... product (GDP) and interest rates.6 Much of the interest in the behaviour and determination of asset prices stems from their role in episodes of financial instability. Since there is a natural ... for these countries the existence of cointegration could not be rejected. We therefore specify the VAR models in the level of the variables. Nevertheless, we neither impose the number of cointegrating...
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BIS Working Papers No 333 Banking crises and the international monetary system in the Great Depression and now ppt
... side and Austria and Germany on the other obstructed the functioning of the international monetary system. The data in table 3.2 suggest that the Netherlands and Switzerland, too, did not recycle ... year24, and the total of discounts, loans and advances, and holdings of government securities (‘domestic paper assets’) held at the end of 1930 and the end of 193125. We assume that the amount of ... consequences of the banking crisis for the ‘real economy’. There was a discretionary limit to the scope of the automatic working of the gold standard. Of course, by providing liquidity in this way, the...
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Derivative Exposure and the Interest Rate and Exchange Rate Risks of U.S. Banks ppt
... of the number of significant variables. One striking result is that the effects of monetary policy shocks are rathermodest. Of the total of 59 banks in the sample, only 15 show significant interest ... interest rate effect of the October 1979 monetary policy change dummy (2 in intercepts and 13 in the slope coefficients), and only 4 for the January 1981 monetary deregulation dummy. The signs of the ... correlation of these variables). If the market is informationally efficient, changesin interest rates and exchange rates are likely to be largely unexpected.9In the second step, the interest rate and...
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Monetary Policy Transmission in Ghana: Does the Interest Rate Channel Work? pptx
... Market Interest Rates We begin by examining the linkages between wholesale market interest rates and the Bank of Ghana policy interest rate (the prime rate) . When the transmission from the policy ... (changes in the policy rate are often called signaling). That is, the level of the policy interest rate would be reflected in the interbank market interest rates. The liquidity effect and its impact ... incorporates lags of the two short-term market interest rates as well as current and lagged values of the prime interest rate. The results are reported in Table 5 and confirm the results of the...
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WORKING PAPER SERIES NO. 518 / SEPTEMBER 2005: TERM STRUCTURE AND THE SLUGGISHNESS OF RETAIL BANK INTEREST RATES IN EURO AREA COUNTRIES docx
... structure and the interest rate channel of ECB monetary policy, ECB Working Paper No. 40. Monti, M., 1971, A theoretical model of bank behavior and its implications for monetary policy, L’Industria, ... estimate another extension of [6] 20 ECB Working Paper Series No. 518September 2005 whereby the adjustment back to equilibrium is a function of the volatility of the MRS or of the MRL. This ... of the long-term market interest rate does not affect the results. The coefficient of the short-term interest rate reported in the tables is similar to the one obtained when the long terms interest...
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WORKING PAPER SERIES NO. 518 / SEPTEMBER 2005: TERM STRUCTURE AND THE SLUGGISHNESS OF RETAIL BANK INTEREST RATES IN EURO AREA COUNTRIES pptx
... structure and the interest rate channel of ECB monetary policy, ECB Working Paper No. 40. Monti, M., 1971, A theoretical model of bank behavior and its implications for monetary policy, L’Industria, ... estimate another extension of [6] 20 ECB Working Paper Series No. 518September 2005 whereby the adjustment back to equilibrium is a function of the volatility of the MRS or of the MRL. This ... of the long-term market interest rate does not affect the results. The coefficient of the short-term interest rate reported in the tables is similar to the one obtained when the long terms interest...
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WORKING PAPER NO 13 CREDIT RISK TRANSFER AND FINANCIAL SECTOR PERFORMANCE Wolf Wagner & Ian Marsh potx
... 34 WORKING PAPER NO 13 CREDIT RISK TRANSFER AND FINANCIAL SECTOR PERFORMANCE Wolf Wagner & Ian Marsh The Working Paper is intended as a ... Working Paper should not be quoted nor the data referred to without the written consent of the author. All rights reserved. © 2004 Wolf Wagner & Ian Marsh Comments and suggestions ... thoughts and findings may be communicated to interested readers for their comments. The paper should be considered preliminary in nature and may require substantial revision. Accordingly, a Working...
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WORKING PAPER NO. 192 IS THE EUROPEAN CENTRAL BANK (AND THE UNITED STATES FEDERAL RESERVE) PREDICTABLE? pptx
... decisions of the ECB are only observations of that series. 3.4. An analysis of the monetary policy shocks and the monetary policy decisions of the ECB (and the US Federal Reserve) ECB • Working Paper ... change interest rates (92%) and to 13 The ECB considers as key ECB interest rates the MRO rate (the fixed rate under fixed rate tenders and the minimum bid rate under variable rate tenders) and ... predictability to the Fed. In Section 5 we analyse the reaction of the term structure of the euro area to the daily shocks and to the unexpectedcomponent of the monetary policy decisions of the ECB (the shocks...
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