shadow banking in the euro area a snapshot

... official data available The analysis shows that shadow banking activity in the euro area is smaller than in the United States In the United States the size of the shadow banking system, measured as ... What characterises shadow banking in the euro area regarding the key elements of maturity transformation and leverage behaviour? EVALUATING THE SIZE OF SHADOW BANKING IN THE EURO AREA Before analysing ... Shadow banking activity in the euro area is notably smaller than in the US and banks retain the main share in financial intermediation Assets held by non-bank financial intermediaries undertaking banking...

Ngày tải lên: 06/03/2014, 09:22

... 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 ... suggests that the natural real 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 ... while the estimated natural real interest rate in the euro area and Germany has declined over the sample, the natural real interest rate in the US has been more stable around its long term average...

Ngày tải lên: 22/03/2014, 23:20

... data; average 1999-2003 LT assets/total assets vs LT liabilities/total liabilities; annual data; average 1999- 2003 annual data; average 1999-2003 annual data; average 1999-2003 annual data; average ... 2004 annual growth rate; average Jan 1999-Jun 2004 annual data; average 1999-2003 annual data; average 1999-2003 annual data; average 1999-2003 cash and securities holdings to total assets; annual ... Factors explaining the interest margin in the banking sectors of the European Union, Journal of Banking and Finance, 28, 2259-2281 Moazzami, B (1999), Lending rate stickiness and monetary transmission...

Ngày tải lên: 22/03/2014, 23:20

... (1994-2004; in %) Average Standard deviation Maximum Minimum Average Standard deviation Maximum Minimum Average Standard deviation Maximum Minimum Average Standard deviation Maximum Minimum Average Standard ... the euro in 1999 Table 5.4 Summary statistics of the various market rates (1994-2004; in %) Average Standard deviation Maximum Minimum Average Standard deviation Maximum Minimum Average Standard ... bank loan rates while changes in market rates are transmitted more rapidly to bank rates These findings underline that bank competition may have a substantial impact on the monetary policy transmission...

Ngày tải lên: 15/02/2014, 05:20

... of monetary financial institution interest rates in the euro area (MIR) The data are available at monthly intervals since January 2003 This survey took the place of the retail interest rate (RIR) ... government They are rated AAA by all rating agencies and their yields generally serve as a benchmark for the entire euro area bond market Chart 3 Yield spreads on euro area public and private sector ... Central bank rates, market rates and retail bank rates in the euro area in the context of the recent crisis factors specific to each economy gained in importance Starting in late 2009 with the...

Ngày tải lên: 15/02/2014, 05:20

... universal banking and refer to the set of “traditional” retail banking activities Interest rate setting by universal banks and the transmission mechanism in the euro area Another explanation for the ... rate pass-through The industrial organisation literature typically examines the link between bank interest rate margins and the market structure of the banking system using bank data (Hannan and ... for the Netherlands, 1984 in France, 1990 in Italy Moreover, in Germany and Austria, universal banking had been the grounding principle of banking activities ever since the beginning of the 20th...

Ngày tải lên: 15/03/2014, 02:20

... that institutional details have the potential of in uencing the interbank rate Indeed, all key features of the theoretical model are confirmed by the data In addition the interbank rate is characterized ... at the first day, last day and next to last day in each RMP, as well as at the allotment day of the last open market operation Volatility increases also at the day of a policy rate change and the ... one at: The last day of each reserve maintenance period (RMP) The next to last day of each RMP The first day in a RMP The last day in a RMP at which a regular main refinancing operation is allotted...

Ngày tải lên: 22/03/2014, 23:20

... possible euro area wide data are drawn from official sources such as Eurostat or the European Commission Historical data for euro area- wide aggregates were largely taken from the Area- Wide Model (AWM) ... explaining the behaviour of the nominal variables, although they have a procyclical appearance Stylised facts of potential output growth in the euro area based on the structural growth accounting ... relating to the main empirical approach available in the literature to estimate and analyse potential output growth and illustrate these improvements with respect to the case of the euro area...

Ngày tải lên: 29/03/2014, 20:20

... remaining amount to be allotted, the remaining amount is allocated pro rata among the bids according to the ratio of the remaining amount to be allotted to the total amount bid at the marginal interest ... implementation of monetary policy in the euro area September 2006 the remaining amount is allocated pro rata among the bids according to the ratio of the remaining amount to be allotted to the total ... remaining amount is allocated pro rata among the bids according to the ratio of the remaining amount to be allotted to the total amount bid at the marginal swap point quotation (see Box 6) The amount...

Ngày tải lên: 28/06/2014, 08:20

... remaining amount to be allotted, the remaining amount is allocated pro rata among the bids according to the ratio of the remaining amount to be allotted to the total amount bid at the marginal interest ... implementation of monetary policy in the euro area September 2006 the remaining amount is allocated pro rata among the bids according to the ratio of the remaining amount to be allotted to the total ... remaining amount is allocated pro rata among the bids according to the ratio of the remaining amount to be allotted to the total amount bid at the marginal swap point quotation (see Box 6) The amount...

Ngày tải lên: 28/06/2014, 22:20

... Fundamentals of Monetary Policy in the Euro Area Concepts – Markets – Institutions Download free eBooks at bookboon.com Fundamentals of Monetary Policy in the Euro Area: Concepts – Markets – Institutions ... global group and beneit from international career paths Implement sustainable ideas in close cooperation with other specialists and contribute to inluencing our future Come and join us in reinventing ... look at the Bank of Japan 34 4.8 A closer look at the Bank of England 34 4.9 Decision-making modalities 35 4.10 Independence and accountability 36 Inlation 41 5.1 Learning objectives 41 5.2 Basic...

Ngày tải lên: 05/11/2014, 18:59

... Rocha da Farias, Francisco Rodríguez-Fernández, Gerald Dwyer, Richard Braun, Dante Amengual, Stefano Puddu, and seminar participants at CNMV; VI Seminar on Risk, Financial Stability, and Banking ... Netherlands, Austria, and Belgium, while the CDS market is playing a major role in Italy, Ireland, Spain, Greece, and Portugal Palladini and Portes (2011) use data on six euro- area countries (Austria, ... 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, we use the spread...

Ngày tải lên: 15/03/2014, 07:20

... 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 ... funding by US banks is generally more widespread than in the euro area One example is the fact that securitisation is considerably more advanced in the US compared to the euro area For instance, ... 8765 Bank of Albania, Sheshi “Skënderbej”, No.1 Tirana, Albania; e-mail: kadareja@yahoo.com © European Central Bank, 2010 Address Kaiserstrasse 29 60311 Frankfurt am Main, Germany Postal address...

Ngày tải lên: 15/03/2014, 10:20

... in the 1979 article by O’Hara and Easley, as already noted 19 Aside from postal savings, this includes deposits at mutual savings banks, savings and loan associations (usually known as building, ... as well, when a percentage-point change in the number of banking suspensions was associated with about a 0.6 percentage-point increase in the postal savings share (chart 6).27 Chart Postal savings ... never spark a financial panic At any rate, the postwar period until the 1990s has been characterized by a nearly universal acceptance of an implicit government guarantee backing financial institutions'...

Ngày tải lên: 29/03/2014, 07:20

... statistically 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 ... ANALYSIS OF NATIONAL DIFFERENCES IN THE RETAIL BANK INTEREST RATES OF THE EURO AREA by Massimiliano Affinito * and Fabio Farabullini* Abstract The availability of new harmonized data on bank interest ... TABLES AND FIGURES Tab Bank interest rates in the euro area (average values) Tab Composition of bank balance sheets Tab Bank interest rates in the euro area (changes) Tab Statistical tests of the...

Ngày tải lên: 29/03/2014, 13:20

... public finances on capital markets in April and May forced a financial support package for Greece and the creation of the Financial Stabilization Mechanism (both backed by euro area states and the ... by the Bank of England, the Fed, and the Bank of Japan as well But the scope for expansive policy has become limited in most advanced economies As the upswing in Asia and Latin America is already ... confidence in the euro area not over In autumn 2010, advanced economies and emerging markets are at different points in the economic cycle: most Asian and Latin American countries have nearly completely...

Ngày tải lên: 31/03/2014, 07:20

... second The Japanese export industries benefit from the surge of demand in East and South Asia in general and in China in particular World trade in goods has rebounded particularly strongly in the ... euro area, short-term forecasts of the main macroeconomic and financial variables, policy advice, and in- depth study of topics of particular relevance for the working of the European Economic and ... however, an upswing is not in sight The dampening factors here relate to the fact that the global imbalances are being reduced since the outbreak of the crisis The rebalancing will continue, but...

Ngày tải lên: 31/03/2014, 08:20

... participating in the War, and it was the predominant type of inflation in the case of the United States BANKING IN RELATION TO WAR FINANCE The World War was probably the worst-financed war in ... central banks were able and willing to make such advances to the local banks as would enable them to maintain adequate legal reserves This process increased the deposits in the banking system as ... and returned in the manner above described to the bankers' cash balances, the process being repeated again and again until each Ê10,000,000 originally advanced by the Bank of England has created...

Ngày tải lên: 01/11/2014, 19:39

... Britain also coined gold and maintained a bimetallic standard by fixing the gold guinea, weighing 129.4 grains of gold, as equal in value to a certain weight of silver In that way, gold became, in ... financial interests shaped the politics and behavior of the Fed during the Hoover administration and the first Roosevelt administration as well as international monetary and domestic banking and financial ... themselves and their political allies at the helm This movement, which began in earnest in the 1890s, was also in part a reaction to the proposals of the silverite and agrarian inflationists and was aimed...

Ngày tải lên: 05/11/2014, 10:45

... greater access to cached data than the data manager has permitted (e.g., a write fault on a page made read-only by a pager_data_lock call), the kernel issues a pager_data_unlock call The data manager ... the cached data The kernel uses the pager_data_write call in response, just as when it initiates a cache replacement A data manager may restrict the use of cached data by issuing a pager_data_lock ... nature to a data manager which fails to free data, but is easier to detect and prevent • Data manager changes data A malicious data manager may change the value of its data on each cache refresh...

Ngày tải lên: 12/09/2012, 15:05