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A New Wave of ECB’s Unconventional Monetary Policies: Domestic Impact and Spillovers

2018-01-24 Business & Economics
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Release : 2018-01-24
Genre : Business & Economics
Kind : eBook
Book Rating : 545/5 ( reviews)

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Book Synopsis A New Wave of ECB’s Unconventional Monetary Policies: Domestic Impact and Spillovers by : Richard Varghese

Download or read book A New Wave of ECB’s Unconventional Monetary Policies: Domestic Impact and Spillovers written by Richard Varghese. This book was released on 2018-01-24. Available in PDF, EPUB and Kindle. Book excerpt: ECB President Draghi’s Jackson Hole speech in August 2014 arguably marked a new phase of unconventional monetary policies (UMPs) in the euro area. This paper examines the market impact and tranmission channels of this new wave of UMPs using a modified event study framework. They are found to have a more prominent impact on inflation expectations and exchange rates compared to the earlier UMP announcements. The impact on bank equity, however, is less significant in part due to narrowing profit margin in a low interest rate environment; and the marginal effect on sovereign spread compression has diminished. By extracting components of monetary policy shocks from the yield curve, we find that the traditional signaling channel of the monetary policy transmission continued to play an important role, but the portfolio rebalancing channel became more important in the new phase. Spillovers to non-euro area EU countries (the Czech Republic, Denmark, Poland, and Sweden) are transmitted mainly through the portfolio rebalancing channel, largely affecting sovereign yields and exchange rates.

A New Wave of ECB’s Unconventional Monetary Policies: Domestic Impact and Spillovers

2018-01-24 Business & Economics
Download A New Wave of ECB’s Unconventional Monetary Policies: Domestic Impact and Spillovers PDF Online Free

Author :
Release : 2018-01-24
Genre : Business & Economics
Kind : eBook
Book Rating : 855/5 ( reviews)

GET EBOOK


Book Synopsis A New Wave of ECB’s Unconventional Monetary Policies: Domestic Impact and Spillovers by : Richard Varghese

Download or read book A New Wave of ECB’s Unconventional Monetary Policies: Domestic Impact and Spillovers written by Richard Varghese. This book was released on 2018-01-24. Available in PDF, EPUB and Kindle. Book excerpt: ECB President Draghi’s Jackson Hole speech in August 2014 arguably marked a new phase of unconventional monetary policies (UMPs) in the euro area. This paper examines the market impact and tranmission channels of this new wave of UMPs using a modified event study framework. They are found to have a more prominent impact on inflation expectations and exchange rates compared to the earlier UMP announcements. The impact on bank equity, however, is less significant in part due to narrowing profit margin in a low interest rate environment; and the marginal effect on sovereign spread compression has diminished. By extracting components of monetary policy shocks from the yield curve, we find that the traditional signaling channel of the monetary policy transmission continued to play an important role, but the portfolio rebalancing channel became more important in the new phase. Spillovers to non-euro area EU countries (the Czech Republic, Denmark, Poland, and Sweden) are transmitted mainly through the portfolio rebalancing channel, largely affecting sovereign yields and exchange rates.

Debt in Times of Crisis

2021-08-27 Business & Economics
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Release : 2021-08-27
Genre : Business & Economics
Kind : eBook
Book Rating : 621/5 ( reviews)

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Book Synopsis Debt in Times of Crisis by : Thomas Poufinas

Download or read book Debt in Times of Crisis written by Thomas Poufinas. This book was released on 2021-08-27. Available in PDF, EPUB and Kindle. Book excerpt: Debt, private and public, and in particular excessive debt, has been debated to be one of the root causes of economic crises. At the same time, economic crises are believed to lead to an increase of debt. This book, through a range of contributors, explores certain constituents of an economy and attempts to identify their contribution to debt (public and private), especially in times of crisis; namely, bonds, tariffs, social security and non-performing loans (NPLs). Furthermore, it captures the (implicit) impact of the demography on debt through tariffs and social security and investigates the effect of quantitative easing/purchase programs and as well as crises on debt. In addition, the (cost of the) reserve that a state may want to provision for, in order to secure its economy from defaulting within a certain time horizon, is also addressed and calculated. This calculation offers an alternative valuation, or pricing, of (excess) debt (default protection). This book aims to offer a comparative study of countries – especially those with a history of excessive debt - and intends to realize whether an economic crisis can genuinely deteriorate debt, or whether the debt unsustainability is preexisting to the crisis. It will be relevant to students and researchers interested in economic policy and growth.

Research Anthology on Macroeconomics and the Achievement of Global Stability

2022-08-05 Business & Economics
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Release : 2022-08-05
Genre : Business & Economics
Kind : eBook
Book Rating : 611/5 ( reviews)

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Book Synopsis Research Anthology on Macroeconomics and the Achievement of Global Stability by : Management Association, Information Resources

Download or read book Research Anthology on Macroeconomics and the Achievement of Global Stability written by Management Association, Information Resources. This book was released on 2022-08-05. Available in PDF, EPUB and Kindle. Book excerpt: The COVID-19 pandemic has shocked economies around the world and created an era of global instability. As the pandemic comes to a close, it is essential to examine global economies in order to achieve and maintain global stability. By maintaining global stability, the world may be prepared for future economic shocks. The Research Anthology on Macroeconomics and the Achievement of Global Stability discusses the emerging opportunities, challenges, and strategies within the field of macroeconomics. It features advancements in the field that encourage global economic stability. Covering topics such as Islamic banking, international trade, and Econophysics, this major reference work is an ideal resource for economists, government leaders and officials, business leaders and executives, finance professionals, students and educators of higher education, librarians, researchers, and academicians.

Recent Advances and Applications in Alternative Investments

2020-02-07 Business & Economics
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Release : 2020-02-07
Genre : Business & Economics
Kind : eBook
Book Rating : 381/5 ( reviews)

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Book Synopsis Recent Advances and Applications in Alternative Investments by : Zopounidis, Constantin

Download or read book Recent Advances and Applications in Alternative Investments written by Zopounidis, Constantin. This book was released on 2020-02-07. Available in PDF, EPUB and Kindle. Book excerpt: In recent years, there has been a swell of investment opportunities in contemporary asset classes that have gained considerable attention, including cryptocurrencies, hedge funds, and private equity. These alternative investments provide the opportunity to enhance the diversification of financial portfolios and harvest risk premiums that traditional assets like stocks and bonds fail to provide. The emergence of these new properties has created the need to further understand the mechanics, risks, and returns of alternative investments. Recent Advances and Applications in Alternative Investments is a pivotal reference source that provides vital research on the emergence and development of complementary asset classes in the field of finance and investment. While highlighting topics such as carbon emission markets, renewable energy, and digital currencies, this publication explores modern investment strategies as well as the latest products and new types of risk. This book is ideally designed for managers, strategists, accountants, financial professionals, economists, brokers, investors, business practitioners, policymakers, researchers, and academicians seeking current research on contemporary developments in investment strategies and alternative assets.

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