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Author : Reinder Haitsma
Release : 2015
Genre :
Kind : eBook
Book Rating : /5 ( reviews)
Book Synopsis The Impact of the ECB's Conventional and Unconventional Monetary Policies on Stock Markets by : Reinder Haitsma
Download or read book The Impact of the ECB's Conventional and Unconventional Monetary Policies on Stock Markets written by Reinder Haitsma. This book was released on 2015. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Deren Unalmis
Release : 2015
Genre :
Kind : eBook
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Book Synopsis The Impact of the ECB's Conventional and Unconventional Monetary Policies on Stock Markets by : Deren Unalmis
Download or read book The Impact of the ECB's Conventional and Unconventional Monetary Policies on Stock Markets written by Deren Unalmis. This book was released on 2015. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Richard Varghese
Release : 2018-01-24
Genre : Business & Economics
Kind : eBook
Book Rating : 545/5 ( reviews)
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.
Author : Tina Theresa Koglbauer
Release : 2022
Genre :
Kind : eBook
Book Rating : /5 ( reviews)
Book Synopsis The Impact of European Central Bank Intervention Announcements on Stock-, and Bond Markets During Crisis by : Tina Theresa Koglbauer
Download or read book The Impact of European Central Bank Intervention Announcements on Stock-, and Bond Markets During Crisis written by Tina Theresa Koglbauer. This book was released on 2022. Available in PDF, EPUB and Kindle. Book excerpt: Even though the 2008 Financial Crisis ended nearly a decade ago, the impact of monetary policy announcements of the ECB is still an ongoing research topic. Hence the question pursued in this study is how both conventional and unconventional monteray policiy announcemnts of the ECB affected the stock-and bond markets of 11 EMU member countries during varying time periods. To test the hypothesis whether unconventional monetary policy announcements had a more significant impact on peripheal EMU member countries compared to core ones, past stock and bond market data such as daily stock returns of the main stock market indices and bond yields of each countries 10-year government bond were collected. An event study analysis revealed that unconventional monetary polcies overall had a greater impact on EMU members stock and bond markets. In conclusion, it showed that unconventional monetary policies were more effective than conventional ones, especially for peripheray countries as opposed to core EMU countries.This outcome may have implications for future crisis management and the expectations and outlook both professionals and individuals have on monetary policy announcements. *****Even though the 2008 Financial Crisis ended nearly a decade ago, the impact of monetary policy announcements of the ECB is still an ongoing research topic. Hence the question pursued in this study is how both conventional and unconventional monteray policiy announcemnts of the ECB affected the stock-and bond markets of 11 EMU member countries during varying time periods. To test the hypothesis whether unconventional monetary policy announcements had a more significant impact on peripheal EMU member countries compared to core ones, past stock and bond market data such as daily stock returns of the main stock market indices and bond yields of each countries 10-year government bond were collected. An event study analysis revealed that unconventional monetary polcies overall had a greater impact on
Author : Terence Kappeln
Release : 2016-01-18
Genre : Business & Economics
Kind : eBook
Book Rating : 771/5 ( reviews)
Book Synopsis The Impact of ECB Monetary Policy on Stock and Bond Market Liquidity. The Case of Germany by : Terence Kappeln
Download or read book The Impact of ECB Monetary Policy on Stock and Bond Market Liquidity. The Case of Germany written by Terence Kappeln. This book was released on 2016-01-18. Available in PDF, EPUB and Kindle. Book excerpt: Bachelor Thesis from the year 2015 in the subject Economics - Finance, grade: 1,0, Vienna University of Economics and Business (Finance and Accounting), language: English, abstract: During the financial crisis and the following Eurozone crisis, liquidity in financial markets basically froze and became a problem for the real economy. Therefore, market liquidity became one of the major concerns of the ECB, which applied non-standard measures, e.g. irregular asset purchasing programmes. This paper sheds light on the impact of monetary policy on liquidity levels of the DAX 30 equity index and German 10-year government bonds. For the following analysis, the monetary policy impacts are estimated using the base money growth rate and EONIA rate, whereas the relative bid-ask spread is employed for measuring liquidity levels. The research method includes literature-based research about common market liquidity theories, a short timeline of important ECB monetary policy decisions, descriptive statistics on liquidity levels and monetary policy variables and a VAR analysis, including variables spreads, returns, volatilities, industrial production and inflation. The results indicate that a decrease (increase) in stock market liquidity or an increase (decrease) in bondmarket volatility lead to a decrease (increase) of EONIA. Furthermore, decreases (increases) in stock return or industrial production result in a decrease (increase) of EONIA. However, base money growth is positively correlated only to changes in bond market volatility. Overall, the results suggest that the monetary policy decisions by the ECB are influenced by changing market conditions without the ability to forecast liquidity levels.
