euro area bank participation in global lending september 2011

... structures Since the banks in the sample group differ considerably in size, the survey results are weighted according to the national shares in total outstanding euro area lending to euro area residents ... detailed information on the bank lending survey, see the ECB press release of 21 November 2002 entitled Bank lending survey for the euro area , the article entitled “A bank lending survey for the euro ... related constraints on the bank lending channel General notes The bank lending survey is addressed to senior loan officers of a representative sample of euro area banks Its main purpose is to...

Ngày tải lên: 15/03/2014, 09:20

... weighting using the national lending in the total amount outstanding of euro area lending to euro area residents On the contrary, at country level no weighting is applied, implying that each bank ... over time, starting with 86 banks in 2003 and reaching a sample size of 118 banks in 2009, covering approximately 50% of total volume of euro area bank lending to households and non-financial corporations ... the interest rate, bank lending, balance sheet and risk-taking channel are operative in the euro area This finding implies that a change in the short-term interest rate affects banks behaviour –...

Ngày tải lên: 15/03/2014, 10:20

... with retail bank interest rates when making investment and savings decisions Corporate financing is predominantly bank rather than market-based and euro area households still prefer bank deposits ... the euro area retail banking becomes more integrated and competitive Third, our results suggest that the price-setting behaviour by euro area banks has changed since the introduction of the euro ... important link in the monetary policy transmission mechanism of the euro area Euro area households and firms are mainly confronted with retail bank interest rates when making investment and savings...

Ngày tải lên: 15/03/2014, 14:20

... with retail bank interest rates when making investment and savings decisions Corporate financing is predominantly bank rather than market-based and euro area households still prefer bank deposits ... the euro area retail banking becomes more integrated and competitive Third, our results suggest that the price-setting behaviour by euro area banks has changed since the introduction of the euro ... important link in the monetary policy transmission mechanism of the euro area Euro area households and firms are mainly confronted with retail bank interest rates when making investment and savings...

Ngày tải lên: 22/03/2014, 23:20

... prominent role of the banking sector in the euro area s financial system, it is of significant importance for the ECB to monitor the degree of competitive behaviour in the euro area banking market ... governmental credit institutions, comprising mainly the major Landesbanken, are included In addition to certain public finance duties, the Landesbanken also offer banking activities in competition ... transmission According to the seminal papers by Klein (1971) and Monti (1972) on banks’ interest rate setting behaviour, banks can exert a degree of market pricing power in determining loan and deposit...

Ngày tải lên: 15/02/2014, 05:20

... overnight interbank rate in the euro area – moves as close as possible to the minimum bid rate on main refinancing operations (1) In the wake of the tensions that arose from 9 August 2007 on interbank ... important financing tool for banks in several euro area countries The yield on these instruments shot up following the Lehman Brothers failure, potentially disrupting the financing of many credit institutions ... by the main banking groups As for the non-financial sector, it is striking to observe that the differences in financing costs between countries remain much less pronounced than in the financial...

Ngày tải lên: 15/02/2014, 05:20

... basis points In other words, if the expected t t marginal lending rate is lower than the current minimum bid rate In this case obtaining liquidity in the future from the marginal lending facility ... deposit rate Market clearing implies that aggregate borrowmarginal lending rate and it R1 j ing and lending in the interbank market equals zero, i.e BT = BT dj = Therefore, banks’ aggregate reserves ... interbank market (at the interbank rate), and revenues are interests earned by depositing at the deposit facility and lending to other banks The central bank in the model supplies liquidity in...

Ngày tải lên: 22/03/2014, 23:20

... Convergence in euro area retail banking?, Limburg Institute of Financial Economics, Working paper 04-005 Saunders, A and Schumacher, L (2000), The determinants of bank interest rate margins: An international ... Working Paper Series No 580 January 2006 Maudos, J and Guevara de, J F (2004), Factors explaining the interest margin in the banking sectors of the European Union, Journal of Banking and Finance, ... retail banking sector in the euro area Our results likewise confirm the usual finding in the literature of a sluggish and sometimes incomplete adjustment of bank interest rates to changes in market...

Ngày tải lên: 22/03/2014, 23:20

... existing homogeneity/heterogeneity in euro area bank interest rates and second the main determinants Are euro area bank interest rates homogeneous? Interest rates can be studied by looking at ... used in equation (3) for deposit and lending rates Bank operating costs In the Monti-Klein model (Monti, 1972; Klein, 1971), assuming barriers between markets, banks set lending and borrowing interest ... similar bilateral differentials in euro area banking interest rate 42 Table BANK INTEREST RATES IN THE EURO AREA (Average values: January 2003 - March 2005) Euro area minimum maximum Italy mean St.dev...

Ngày tải lên: 29/03/2014, 13:20

... across institutions Euro area banks rely more on funding from the financial sector (including other banks) than in the past The increase is SIZE OF SHADOW BANKING IN EURO AREA COUNTRIES Euro area ... April 2012 2007 2011 ASSESSING “SHADOW BANKING” IN THE EURO AREA: A SNAPSHOT Chart 10 Assets of banks and other intermediaries in the euro area banks other intermediaries a) Outstanding amounts (EUR ... Hedge funds ASSESSING “SHADOW BANKING” IN THE EURO AREA: A SNAPSHOT 4.1 Evaluating the size of shadow banking in the euro area 4.2 Interconnections of OFIs with the regulated banking system 4.3...

Ngày tải lên: 06/03/2014, 09:22

... anastassios.giannoplidis@ec.europa.eu Eurostat news releases on the internet: http://ec.europa.eu/eurostat Selected Principal European Economic Indicators: http://ec.europa.eu/eurostat/euroindicators Volume ... trade fell in twelve, rose in eight and remained stable in Finland The largest decreases were observed in Romania (-3.2%), Spain (-2.2%) and Slovenia (-2.1%), and the highest increases in Luxembourg ... found in the short-term statistics database on the Eurostat website: http://epp.eurostat.ec.europa.eu/portal/page/portal/short_term_business_statistics/data/database The euro area (EA17) includes...

Ngày tải lên: 06/03/2014, 23:20

... Shareholder Wealth in in European Banking, Journal of Banking and Finance 24, pp 831-859 19 Interest rate setting by universal banks and the transmission mechanism in the euro area Dermine, J., 1986, ... below, suggesting that A=0 Interest rate setting by universal banks and the transmission mechanism in the euro area that a baseline Monti-Klein bank considers retail interest rates to be independent ... Interest rate setting by universal banks and the transmission mechanism in the euro area Introduction The level of interest rates is one of the main determinants of savings and investment...

Ngày tải lên: 15/03/2014, 02:20

... the CDS investment) For this reason, in principle, an increase in financing costs would have a negative effect on the basis Due to the difficulty in obtaining data on institution-level funding constraints, ... could obtain a certain profit by buying the risky bond, buying protection in the CDS market, and taking a short position in the risk-free bond Hence, in equilibrium, ytm – r = s In order to investigate ... purchases by the European Central Bank in the secondary market, and the banks’ willingness to accept losses on their holdings of Greek bonds are found to be significant factors in determining which...

Ngày tải lên: 15/03/2014, 07:20

... existence of a bank lending channel of monetary policy transmission in the euro area In addition, and in contrast to recent …ndings for the US, we …nd that in the euro area changes in the supply ... existence of a bank lending channel of monetary policy transmission in the euro area In addition, and in contrast to recent …ndings for the US, we …nd that in the euro area changes in the supply ... during most of his sample period (i.e 1965-1998).9 While euro area retail banking markets were not segmented in a legal sense during our sample period (i.e 1999-2008), in practice euro area banking...

Ngày tải lên: 15/03/2014, 10:20

... deposits and loans increasing bank concentration in individual euro area countries during the years 19931999 may have resulted in less competitive pricing by banks, whereas for savings and time deposits ... suggests, in contrast to the other findings presented, a less competitive pricing by banks since the introduction of the euro This is in line with the finding of ECB Working Paper No 136 April 2002 ... supportive of a quicker interest rate pass-through process since January 1999 A likely driving factor for this finding is an increase in the degree of competition in the euro area banking system after...

Ngày tải lên: 15/03/2014, 14:20

... negative for the euro area Moreover, we argue that the real interest rate gap may contain valuable information about future inflation in the euro area However, it should be borne in mind that estimates ... interest rate has declined from around 4% in the 1960s to less than 2% in 2004 In the model, the decline in the natural real interest rate in the euro area is largely due to a fall in the estimated ... countries Furthermore, ination, economic growth and interest rates were very volatile in some euro area countries Finally, the euro area real interest rate has been signicantly inuenced by other factors...

Ngày tải lên: 22/03/2014, 23:20

... Starting from the definition, the Euro overnight index average (EONIA) is a measure of the effective interest rate prevailing in the Euro interbank overnight market, while the Euro interbank ... the bank lending channel?; 2) Do differences occur in the adjustment of bank rates to changes in interbank rates in the short and long term?; 3) Have banks shown different behaviours in setting ... 2003 -September 2011) Notes: EONIA= Euro Over Night interest rate; DF = Deposit Facilities; Mlf = Marginal lending facility; Mro = Main refinancing operations Data Source: European Central Bank...

Ngày tải lên: 22/03/2014, 23:20

... limited in most advanced economies As the upswing in Asia and Latin America is already calming down, exogenous conditions for growth in the euro area will not improve in the coming quarters Euro area ... expect euro area GDP to grow by around 1.6% in 2010 and 2011 The upswing of world trade calms down in the second half of this year and the effects of fiscal consolidation in Europe become increasingly ... percentage point in Germany (to 6.9% in July), and increased by more than one percentage point in Spain (20.3%) Strong regional divergences will continue for the rest of the year and during 2011 The...

Ngày tải lên: 31/03/2014, 07:20

... expansion of production in many emerging markets Rising exports will be the main driver of the recovery in the euro area We expect GDP to grow around 1.7% and 1.2% during 2010 and 2011, respectively ... this would make financing government debt more expensive for all euro area countries Inflation in the euro area will grow slowly up to an expected average annual rate of 1.3% in 2010 Price stability ... upswing not in sight At the end of 2009, the world economy is slowly recovering In the US and in the Eurpean Union, production started expanding in the third quarter; in Japan it did already so in...

Ngày tải lên: 31/03/2014, 08:20

... credit assessment institution European Central Bank European Economic Area European Economic Community European System of Accounts 1995 European System of Central Banks European Union in- house credit ... Standing facilities 1.3.3 MINIMUM RESERVES The Eurosystem’s minimum reserve system applies to credit institutions in the euro area and primarily pursues the aims of stabilising money market interest ... Access to the marginal lending facility is granted through the national central bank in the Member State in which the institution is established Access to the marginal lending facility is granted...

Ngày tải lên: 28/06/2014, 08:20