working paper series in economics

... as in the data. 4 ECB Working Paper Series No. 351 JEL Classification: E52, E58 Keywords: Overnight interest rate; Monetary policy instruments; Eonia panel April 2004 5 ECB Working Paper Series ... and include the beginning and the end of the reserve maintenance period, the dates of meetings of the ECB’s Governing Council and the end-of-the month. We argue that 6 ECB Working Paper Series ... data are examined in Section 6 In Section 7 we 10 ECB Working Paper Series No 351 April 2004 model the time -series and cross-section behaviour of interest rates in the daily

Ngày tải lên: 22/03/2014, 23:20

... residuals from EGARCH model 54 ECB Working Paper Series No 393 September 2004 3.0 European Central Bank working paper series For a complete list of Working Papers published by the ECB, please ... operating procedures ECB Working Paper Series No 393 September 2004 Non-technical summary This paper studies the determinants of the overnight interest rate and quantifies them The overnight interest ... factors (see main text for details) ECB Working Paper Series No 393 September 2004 45 C Figures Central Bank Assets Liabilities Main refinancing operations Autonomous factors (Banknotes in circulation,

Ngày tải lên: 22/03/2014, 23:20

... bank interest margins under credit and interest rate risks, Journal of Banking and Finance, 21(2), 251-271 24 ECB Working Paper Series No 518 September. .. weighting in the ... in their response to changes in the money market interest rate For retail rates, including a large proportion of bank interest. .. evidence, CESifo Working Paper No 465 Winker, ... retail prices in line with their marginal costs, 5 ECB Working Paper Series No. 518 September 2005 i.e. the funding costs of loans and the opportunity costs of deposits, both being modeled as

Ngày tải lên: 22/03/2014, 23:20

... Central Bank working paper series 28 4 ECB Working Paper Series No. 546 November 2005 Abstract The notion of a natural real rate of interest, due to Wicksell (1936), is widely used in current ... contain valuable information about future inflation in the euro area. However, it should be borne in mind that estimates of the natural real interest rate are imprecise. 1Introduction In the ... variation in the longer run. Consequently, 8 ECB Working Paper Series No. 546 November 2005 the natural real interest rate is also relativ ely stable in the short run, and the natural rate in these papers

Ngày tải lên: 22/03/2014, 23:20

... Bank Working Paper Series 61 ECB Working Paper Series No 580 January 2006 Abstract The present paper investigates the pass-through between market interest rates and bank interest rates in the ... Jan-02 Jul-00 Jan-01 Jul-99 ECB Working Paper Series No 580 January 2006 Jan-00 Jan-99 European Central Bank Working Paper Series For a complete list of Working Papers published by the ECB, please ... with the outstanding amounts in the MIR statistics ECB Working Paper Series No 580 January 2006 51 Loans in EUR Deposits in EUR to non-financial corporations to households to non-financial corporations

Ngày tải lên: 22/03/2014, 23:20

... successfully using inflation-based estimates of trend inflation but money-based estimates would dominate if money leads inflation as indicated by recent empirical studies ECB Working Paper Series No ... also investigated the policy with cross-checking ECB Working Paper Series No 967 November 2008 47 under the assumption that the central bank is able to credibly commit to maintaining the disinflationary ... with money instead of other variables? 27 Conclusions 31 References 34 Tables and figures 37 Appendices 46 European Central Bank Working Paper Series 51 27 28 30 ECB Working Paper Series No 967

Ngày tải lên: 29/03/2014, 13:20

... Working PaPer SerieS no 1273 / DeCeMBer 2010 intereSt rate effeCtS of DeMograPhiC ChangeS in a neW-keyneSian life-CyCle fraMeWork by Engin Kara and Leopold von Thadden WORKING PAPER SERIES NO ... in interest rate rule In ation... ratio constant This drop in the replacement rate strongly increases savings incentives in working age, as can be inferred from the decline of ... in the ECB Working Paper Series can be found on the ECB’s website, http://www. ecb.europa.eu/pub/scientific/wps/date/ html/index.en.html ISSN 1725-2806 (online) 3 ECB Working Paper Series No

Ngày tải lên: 29/03/2014, 13:20

... frequently, increases in credit risk can be partly passed on to borrowers ECB Working Paper Series No 1041 April 2009 Introduction “The Committee remains convinced that interest rate risk in the banking ... Net interest income (NI) Net interest income including losses due to defaulted coupons (RNI) Net-Profits Equity = 4% Credit risk losses Net interest income (NI) Net interest income including ... Bank Working Paper Series 53 20 21 26 27 27 28 28 ECB Working Paper Series No 1041 April 2009 Abstract Banks typically determine their capital levels by separately analysing credit and interest

Ngày tải lên: 29/03/2014, 13:20

... is indeed a binding constraint for banks See Flannery and Nikolova (2004) and Gropp (2004) for surveys of the literature ECB Working Paper Series No 1096 Septembre 2009 ECB Working Paper Series ... Bank Working Paper Series 49 ECB Working Paper Series No 1096 Septembre 2009 Abstract The paper shows that mispriced deposit insurance and capital regulation were of second order importance in ... determining the capital structure of most banks ECB Working Paper Series No 1096 Septembre 2009 Introduction This paper borrows from the empirical literature on non-financial firms to explain the

Ngày tải lên: 15/03/2014, 10:20

... others? The findings of the paper underline that communication by monetary authorities on financial stability issues can indeed influence financial market developments Yet the findings also show ... The paper proceeds in section by outlining a more general motivation and relating the current paper to the existing literature Section explains the dataset underlying the empirical analysis In ... number of FSRs and speeches that are contained in the database, by country and by year 30 ECB Working Paper Series No 1332 April 2011 ECB Working Paper Series No 1332 April 2011 31 0.046 0.110

Ngày tải lên: 15/03/2014, 10:20

... participating in the interbank market), the ECB’s liquidity neutral policy gives rise to a shortage of liquidity in the interbank market ECB Working Paper Series No 1376 September 2011 39 Indexing ... on the parameters 25 40 However, we now not include maintenance period fixed effects ECB Working Paper Series No 1376 September 2011 ECB Working Paper Series No 1376 September 2011 41 N uncensored ... implications Insofar as conditions in the market for liquidity are transmitted to the broader financial markets, tightening in the interbank market arising from imbalances or worsening financial

Ngày tải lên: 15/03/2014, 10:20

... security of tenure of mining titles (including for artisan diggers) is key to the future of the sector in Angola and requires an independent mining registry system (mining cadastre) Kimberlite ... part of mined diamonds used for industrial purposes is sizable in terms of weight but small in terms of value The study focuses on gem stones which are those involved in financing conflicts In terms ... originate AUTHORS’ AFFILIATION AND SPONSORSHIP Louis Goreux Consultant, Africa Region, The World Bank Email: Lgoreux@worldbank.org THE WORKING PAPER SERIES The Africa Region Working Paper Series

Ngày tải lên: 15/03/2014, 10:20

... The ADB Working Paper Series on Regional Economic Integration focuses on topics relating to regional cooperation and integration in the areas of infrastructure and software, trade and investment, ... holdings of domestic mutual funds and indeed exceeded the combined holdings of domestic financial institutions, including mutual funds and insurance companies, retail and high-net worth investors ... 40 Conclusion: Learning From Neighbors 41 References 42 ADB Working Paper Series on Regional Economic Integration 45 Boxes Box 1: Reforming Finance for Development 12 Tables India and EEA Bond

Ngày tải lên: 22/03/2014, 20:20

... of evolving policy regimes, BIS Working Paper No 147 [14] Borio, Claudio and Haibin Zhu, In press, Capital regulation, risk- taking and monetary policy: a missing link in the ... given the "why to lean against the wind" analyzed in the current paper, and instead consider "how to lean against the wind", analyzing how the timing of optimal mone- tary policy ... what’s next?, Working Paper [19] Cociuba, Simona, Malik Shukayev and Alexander Ueberfeldt, 2011, Financial intermediation, risk taking and monetary policy, Working Paper [20]

Ngày tải lên: 22/03/2014, 21:20

... ‘specialness’ of banks in a setting in which there are asymmetries of information. In this setting, according to the ‘signalling hypothesis’, commercial banks specialise in lending information to problematic ... Witten/Herdecke Working Paper Series 05. Beitel, P., D. Schiereck and M. Wahrenburg (2003), Explaining the M&A-success in European bank mergers and acquisitions, Center for Financial Studies Working Paper ... also significant suggesting the usefulness of including these variables in the regression. 24 ECB Working Paper Series No. 398 October 2004 be to improve revenues derived from including new portfolio...

Ngày tải lên: 06/03/2014, 09:22

... Differences in the responses in % over 48 months. Positive differences indicate a higher pass-through during the EMU sample 42 ECB Working Paper Series No. 518 September 2005 47 ECB Working Paper Series ... Bold figures indicate rejection that time deposits rates contains no information on lending rates. 27 ECB Working Paper Series No. 518 September 2005 1. Introduction The pricing of retail ... competition, intermediaries impose a mark-up over expected refinancing conditions when setting their retail interest rates. Given the various maturities of our 13 ECB Working Paper Series No....

Ngày tải lên: 15/03/2014, 14:20

... building of banks with firms. 13 ECB Working Paper Series No 1395 November 2011 of analyzing the behavior of one bank we examine the loan making decision of 296 different banks. Finally, we find ... results suggest that relationships of all kinds have inherent private information and are valuable in screening, in monitoring, and in reducing consumers’ incentives to default. ... http://www. ecb.europa.eu/pub/scientific/wps/date/ html/index.en.html ISSN 1725-2806 (online) 18 ECB Working Paper Series No 1395 November 2011 The data set not only contains information on the checking accounts that loan applicants hold at the savings banks, but...

Ngày tải lên: 22/03/2014, 21:20

... Central Bank working paper series For a complete list of Working Papers published by the ECB, please visit the ECB’s website (http://www.ecb.int) 402 “Forecasting euro area inflation using dynamic ... duration as a signal of the individual’s productivity level on which to base their hiring decisions. 11 ECB Working Paper Series No. 441 February 2005 45 ECB Working Paper Series No. 441 February ... Well Do Alternative Time-Varying Models of the NAIRU Help Forecast Unemployment and In ation in OECD Countries?" Computing in Economics and Finance 359. [15] Devine, Theresa J., and Nicholas...

Ngày tải lên: 24/10/2012, 09:11

... with relative low trading intensity. In contrast to Green (2004) and Cohen and Shin (2003), we include intraday trading intensity in our analysis. We ¯nd 8 ECB Working Paper Series No. 432 January ... the trading day kicks o® with a relative large spread around 3 basis point in the early morning, falling to 2 basis points in the late morning and gradually increasing to 4 basis points in the ... modelling of price and order °ow dynamics by taking trading intensity and the announcement of news into account. This is the main objective of the paper. The investigation of trading surrounding...

Ngày tải lên: 16/02/2014, 02:20

... the intensive margin. Second, our tractable frame- work allows us to analyze three different types of financial innovations, and provides interesting insight into the mechanisms linking lending ... related to this paper is recent work on competitive markets with adverse se- lection. Adams, Eina v, and Levin (2009), Einav, Jenkins, and Levin (2010) and Einav, Jenkins, and Levin (2009) find ... typically data intensive as it involves sta- tistical analysis of large d ata sets. In addition, the cost of maintaining and processing different loan products is also information intensive, so...

Ngày tải lên: 06/03/2014, 08:20