new evidence at the euro area level

... MFIs in the euro area on the deposits and loans considered, respectively.4 Chart 1a illustrates that the level of bank deposit rates depends on maturity: typically the lower the maturity of the deposits ... provide new insights into the determination of retail bank interest rates in the euro area The main contribution of this study is that for the first time both bank deposit rates and lending rates at ... administrated to be zero Turning to Chart 1b, the maturity of the instruments also plays prima facie a role in determining the level of bank lending rates: the lower the maturity the higher the level...

Ngày tải lên: 15/03/2014, 14:20

... among others Credit-risk valuation in the sovereign CDS and bonds markets: Evidence from the euro area crisis 11 First, we test the “no-arbitrage” theoretical frictionless relation that equates the ... implies that the new information added in a given day is small relative to the information of the other 999 days, which persists from one estimation to the next Faced with this, we check whether the ... enable us to update the influence of the new observations quicker than the 1,000-day windows and to estimate the price-discovery metrics for the years 2006 and 2007 On the other hand, the 1,000-day...

Ngày tải lên: 15/03/2014, 07:20

... activity The country results are summed up to a euro area aggregate after weighting using the national lending in the total amount outstanding of euro area lending to euro area residents On the contrary, ... example, issuing corporate bonds) At the same time, the result may reflect also the fact that banks tend to reduce the overall maturity of their loans and therefore, in aggregate, the volume of short-term ... Aggregate loans to the euro area private sector, ECB Working Paper, 202 Carter, J and R Watson, (2006), Asset Securitisation and Synthetic Structures: Innovations in the European Credit Markets, Euromoney...

Ngày tải lên: 15/03/2014, 10:20

... PARTICIPATE IN THE STUDY IN FACT, THEY RESPOND ENTHUSIASTICALLY TO THE OPPORTUNITY THEY ARE TOLD THE TASKS THEY WILL COMPLETE FOR THE PURPOSES OF RESEARCH, BUT THEY ARE NOT TOLD THE PRECISE PURPOSE THEY ... THAT THE INFORMATION COLLECTED WILL NOT BE USED TOWARDS THEIR COURSE GRADES IT IS IMPORTANT FOR THEM BECAUSE A NON-THREATENING ATMOSPHERE IS ESTABLISHED AND AT THAT TIME COMMUNICATIONS IN THE ... participate in the study In fact, they respond enthusiastically to the opportunity They are told the tasks they will complete for the purposes of research, but they are not told the precise purpose They...

Ngày tải lên: 07/09/2013, 13:02

... Methods of the study  Qualitative : - Observation - Questionnaire  Quantitative: - Descriptive statistics Subjects of the study  16 post-elementary non major students  all of them learned ... group work - Relationship between group work and individual presentation Objectives of the study  contribute more theory to the understandings of group discussion  find out the essentials of ... presentations is really useful  Group planning should be applied and encouraged in the classroom  Further study: - Investigate in three areas: fluency, complexity and accuracy - Find out other...

Ngày tải lên: 29/01/2014, 10:33

... component stationary component i,t The test statistic Z :is based on the ratio of the variances u/ ui, and a The null hypothesis of the test assumes that this ratio is zero, which implies that there ... used The IPS test on the null hypothesis of a unit root cannot be rejected at the 5% significance level for either the bank rates or the market rates, suggesting non-stationary interest rates ... interest rate series of the considered eight euro area countries simultaneously The outcomes indicate non-stationarity at the 5% significance level for all the bank and market interest rate series...

Ngày tải lên: 15/02/2014, 05:20

... influenced by the relative weight of the maturities of their components  given the positive slope of the yield curve : during the crisis, the greater the amounts at short maturities, the lower the average ... so that the Eonia rate – the 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 ... the E euro area Under normal circumstances, this is the rate that the ECB seeks to influence  40 Central bank rates, market rates and retail bank rates in the euro area in the context of the recent...

Ngày tải lên: 15/02/2014, 05:20

... of the size and the structure of shadow banking within the euro area, using the statistical data sources available to the ECB/Eurosystem Although overall shadow banking activity in the euro area ... role at aggregated level in the euro area, at least compared with the United States However, the relevance of their intermediation activity varies across countries MMFs represent 27% of the total ... behaviour? EVALUATING THE SIZE OF SHADOW BANKING IN THE EURO AREA Before analysing the euro area, it is worth looking at the United States, where rich flowof-funds data enable a better identification of...

Ngày tải lên: 06/03/2014, 09:22

... cases Its level is estimated not significant, so that the level of the retail rate depends only on the level of the MMR, only for about third of the retail rates of short maturity This is the case ... and the transmission mechanism in the euro area 1999 The equation is then fit separately for the whole sample and for the EMU sub-sample in order to spot differences in the estimated equations, ... Interest rate setting by universal banks and the transmission mechanism in the euro area Equation [6] relates the changes in the retail rate to its own lags, the changes in the long and the shortterm...

Ngày tải lên: 15/03/2014, 02:20

... importantly, the increase in the perception of risk at the euro area level appears to be driven by the deterioration in the general economic outlook Competitive pressures, either from banks or alternative ... for the euro area , the article entitled “A bank lending survey for the euro area in the April 2003 issue of the ECB’s Monthly Bulletin and J Berg et al (2005), The bank lending survey for the ... upon by the lender and the borrower In the context of the bank lending survey, they consist of the direct price or interest rate, the maximum size of the loan and the access conditions, and other...

Ngày tải lên: 15/03/2014, 09:20

... entered the euro area towards the end of the sample and therefore in the earlier part of the sample were not exposed to the single monetary policy to the same degree as the original euro area countries ... includes the …ve euro area countries with the largest GDP share relative to the whole euro area GDP, i.e France, Germany, Italy, the Netherlands, and Spain The main reason for not including the smaller ... the US and in the euro area Therefore, the di¤erence between our results for the euro area and the US-based studies (e.g Driscoll, 2004; Ashcraft, 2006) propably stems primarily from the greater...

Ngày tải lên: 15/03/2014, 10:20

... influencing the protonation state of the catalytic carboxylate In addition, these data also show that the histidine residue (His318) that coordinates with the calcium also plays a role in the enzyme mechanism ... deprotonating the nucleophilic water molecule that attacks the bond, and the second acidic residue acts as a general acid catalyst, protonating the departing aglycone [26] Putative roles of the third ... 2.49 2.49 Fourier map at this wavelength Together, these results confirm that the atom in the cluster is calcium To determine whether the calcium ion has a specific role in the activity of BsArb43B,...

Ngày tải lên: 15/03/2014, 23:20

... in the US and the Euro Area by the end of 2006 relative to our last forecast This reflects a stronger outlook for the Euro Area and rising inflation expectations in the US OUTLOOK FOR THE EURO ... regulates and supervises these banks Because of the small size of the new member states, the enlargement will affect the Euro Area s growth and inflation rates only to a limited extent Both rates ... Policy in the Euro Area 37 2.3 Progress on the Lisbon Agenda - Relaunch of the Lisbon Strategy 42 Special Policy Topic: Convergence and Integration of the New Member States to the Euro Area 46...

Ngày tải lên: 17/03/2014, 06:20

... declined to stand at 2.0% at the end of 2011 and at 1.3% in May 2012 (see Chart 14) At the same time, the apparent relative stability of euro area aggregate levels of household lending rates and loan ... calculations Notes: The composite rates are aggregated using outstanding amounts as weights The latest observation is for May 2012 The brown shaded area denotes the range and the blue shaded area ... rather than significantly affecting the aggregate level of the cost or the volume of financing for households in the euro area as a whole This is largely the result of the divergent effects of the...

Ngày tải lên: 22/03/2014, 17:20

... rates in the euro area, the EONIA rate i*t = policy rate, or target rate, which is defined as the fixed rate (until June 27, 2000) and the minimum bid rate (after June 27, 2000) at which the European ... interbank rates in the euro area, the EONIA rate Policy rate, or target rate, which is defined as the fixed rate (until June 27, 2000) and the minimum bid rate (after June 27, 2000) at which the European ... on the demand equations derived from the theoretical model In other words, the functional form and the variables included in the estimated equations are not assumed, rather they come from the...

Ngày tải lên: 22/03/2014, 23:20

... the natural real interest rates for the euro area, Germany and the US Evidently, while the estimated natural real interest rate in the euro area and Germany has declined over the sample, the natural ... correlated with the output gap and ination Furthermore, the tests show that the real rate gap may contain valuable information about future ination in the euro area The general caveats associated ... grateful to the ECB for providing the data for Germany and the euro area, and Thomas Laubach and John C Williams for providing the US data For the euro area, national levels for interest rates...

Ngày tải lên: 22/03/2014, 23:20

... of the NRIR statistics 47 In the NRIR statistics, rates on NB represent between 70% and 100% across the various rate categories 48 The data point employed to link the MIR rates with the NRIR rates, ... argue that the maturity breakdown of the NRIR data is too rough to be able to select the proper market rates and that selecting the market rates that display the highest correlation with the bank ... policy rate changes.50 Alternatively, some papers select the exogenous market rates on the basis of a mark-up model on the basis of the extent to which their maturity matches the maturity of the...

Ngày tải lên: 22/03/2014, 23:20

... Figure presents the pattern of the key Central Bank interest rates, together with the Euro Over Night rate (EONIA)2 The Figure shows that the interest rate on main refinancing operations3 has reached ... information, together with the parameter estimates Extending the bivariate VAR(p) model (7) in order to allow the variance–covariance matrix of the errors, the intercept term of the multivariate ... interest rates in the European monetary system Journal of International Economics, 50, 399–419 De Bondt, G J., 2002 Retail bank interest rate pass-through: new evidence at the euro area level, ECB...

Ngày tải lên: 22/03/2014, 23:20

... initiated to finance the British participation in the war of the Grand Alliance with France during 1689-1697 In the United States, the newly-formed federal government assumed the debts of the states ... We find that the annual change in the government debt-to-GDP ratio is highly statistically significant and negatively associated with the economic growth rate The negative impact on the annual ... interest rates is found to come from the change in the debt ratio (first difference) and from the primary budget balance ratio The level of the public debt ratio (in either linear or quadratic forms)...

Ngày tải lên: 23/03/2014, 20:20

... at the High School Level: The Movement from Other Regulation to Self-Regulation – M.Phil Dissertation 10 5.6 Gap between the Expected Level and the Present Level 5.7 Discussion on the ... Tools at the High School Level: The Movement from Other Regulation to Self-Regulation – M.Phil Dissertation 27 1.8 Scope of the Study The study attempts to teach writing in L2 at class ... Tools at the High School Level: The Movement from Other Regulation to Self-Regulation – M.Phil Dissertation 42 writing tasks that lead students to pay attention to organization, while they...

Ngày tải lên: 24/03/2014, 19:20