WORKING PAPER SERIES NO 393 / SEPTEMBER 2004: THE DETERMINANTS OF THE OVERNIGHT INTEREST RATE IN THE EURO AREA doc
WORKING PAPER SERIES NO. 393 / SEPTEMBER 2004: THE DETERMINANTS OF THE OVERNIGHT INTEREST RATE IN THE EURO AREA doc
... con-18ECB Working Paper Series No. 393 September 2004W ORKING PAPER SERIES NO. 393 / SEPTEMBER 2004 THE DETERMINANTS OF THE OVERNIGHT INTEREST RATE IN THE EURO AREA by Julius Moschitzclusion on the ... taken from the €100 banknote.W ORKING PAPER SERIES NO. 393 / SEPTEMBER 2004 THE DETERMINANTS OF THE OVERNIGHT INTEREST RATE IN THE EURO AREA 1by Julius Moschitz21 I am very grateful to ... confirm that the interest rate, within the sample, is integrated of order one. Furthermore, it is co-integrated with the policy rate, i∗t. Therefore, the interest rates, it,ismodelledinfirst differences,...
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WORKING PAPER SERIES NO. 398 / OCTOBER 2004: MERGERS AND ACQUISITIONS AND BANK PERFORMANCE IN EUROPE THE ROLE OF STRATEGIC SIMILARITIES potx
... path-dependence and the evolution of post-acquisition practices in the U.S. banking industry,University of Pennsylvania, The Wharton School Working Paper Series 10.30ECB Working Paper Series No. 398October ... or not. With this caveat in mind, the data are indicative of the broad financialfeatures of banks engaged in domestic M&As in Europe.19ECB Working Paper Series No. 398October 2004Table ... an improvement in performance of 1.2%. Due to the scarcity of Europeanstudies, this finding is interesting in itself. Also because most of the empirical literaturefinds no abnormal stock market...
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Working Paper Series no 1096 / September 2009: The determinants of Bank capital structure potx
... R2 of 0.19. 18ECB Working Paper Series No 1096Septembre 2009 Working PaPer SerieS no 1096 / SePTeMBer 2009 The deTerMinanTS of Bank caPiTal STrucTureby Reint Gropp and Florian ... differences in capital structure of banks back to differences in the quality of corporate governance in the banks. Frank and 29 There are other interesting differences in the governance of banks ... in the cross section (there are banks with different amounts of deposits and non-deposit liabilities). 19ECB Working Paper Series No 1096Septembre 2009 the later years of the sample. In nominal...
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WORKING PAPER SERIES NO 1376 / SEPTEMBER 2011: THE PRICE OF LIQUIDITY THE EFFECTS OF MARKET CONDITIONS AND BANK CHARACTERISTICS pptx
... instances in which banks in aggregatedemanded less than the liquidity neutral amount, speculating on decreases in the minimum bid rate in 13ECB Working Paper Series No 1376 September 20111% of the ... 100,000 euros. There are no noncompetitive bids. There is a preannounced minimumbid rate. This rate is determined at the meetings of the ECB’s Governing Council, nor-mally held on the first and ... marginal lending rate or up to two times the marginal lending rate on the difference between the required and the actually held reserves. Furthermore, the ECB can call for the provision of non -interest- bearing...
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WORKING PAPER SERIES NO. 518 / SEPTEMBER 2005: TERM STRUCTURE AND THE SLUGGISHNESS OF RETAIL BANK INTEREST RATES IN EURO AREA COUNTRIES docx
... against interest rate risk (by varying the proportion of fixed -rate versus variable -rate loans, using interest rate swaps). Investigating these strategies is beyond the scope of this paper. rate ... of the long-term market interest rate does not affect the results. The coefficient of the short-term interest rate reported in the tables is similar to the one obtained when the long terms interest ... can 16ECB Working Paper Series No. 518 September 2005 be explained by a reversal in the pattern of declining market rates that coincided with the beginning of Stage Three of EMU. Second,...
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WORKING PAPER SERIES NO 1471 / SEPTEMBER 2012: FEEDBACK TO THE ECB’S MONETARY ANALYSIS THE BANK OF RUSSIA’S EXPERIENCE WITH SOME KEY TOOLS pdf
... http :// ssrn.com/abstract_id=2145295.Information on all of the papers published in the ECB Working Paper Series can be found on the ECB’s website, http :// www.ecb.europa.eu/pub/scientic/wps/date/html/index.en.htmlAcknowledgementsMany ... disregard these interest rates. In other periods the spread was mostly determined by the exchange rate fluctuations, as the interest rates remained stable, so there were no big differences between the ... 22 The choice of the opportunity cost indicator is quite complicated in the case of Russia. The relative underdevelopment of the financial market precludes the use of money market interest rates...
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WORKING PAPER SERIES NO. 303 / FEBRUARY 2004: FISCAL POLICY EVENTS AND INTEREST RATE SWAP SPREADS: EVIDENCE FROM THE EU pdf
... derivatives are the largestfinancial markets in the world. The euro interest rate swap market has actually roughly the samesize as the dollar one: the notional stock of euro denominated interest rate ... data)0.51.01.52.02.53.00 1/1 10 2/0 10 2/2 20 3/1 50 4/0 50 4/2 60 5/1 70 6/0 70 6/2 80 7/1 90 8/0 90 8/3 00 9/2 01 0/1 01 1/0 11 1/2 21 2/1 3(%) euro area EventsFra nceUKUSNote: Expectations from break-even inflation rate = 10-year nominal bond ... data)-20-100102030400 4/0 10 4/0 20 4/0 30 4/0 40 4/0 50 4/0 60 4/0 70 4/0 80 4/0 90 4/1 00 4/1 10 4/1 2Swap spread (bp)PortugalGer ma nyEv entsNote: Interest rate swap spreads are defined as 10-year swap rates minus...
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WORKING PAPER SERIES NO. 351 / APRIL 2004: INTEREST RATE DETERMINATION IN THE INTERBANK MARKET pot
... each other in the path of the shocks that they receive over the maintenance period. If this is the case, individual excess profits, calculated as the interest rate obtained by the lending of their ... (use of deposit facility). Finally, the 18ECB Working Paper Series No. 351April 2004W ORKING PAPER SERIES NO. 351 / APRIL 2004 INTEREST RATE DETERMINATION IN THE INTERBANKMARKETby Vítor ... banks. These facts motivate the modelling strategy in the paper. One of our model’s main ingredient is the effect that the operational framework of monetary policy in the euro area has on the...
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WORKING PAPER SERIES NO. 518 / SEPTEMBER 2005: TERM STRUCTURE AND THE SLUGGISHNESS OF RETAIL BANK INTEREST RATES IN EURO AREA COUNTRIES pptx
... against interest rate risk (by varying the proportion of fixed -rate versus variable -rate loans, using interest rate swaps). Investigating these strategies is beyond the scope of this paper. rate ... of the long-term market interest rate does not affect the results. The coefficient of the short-term interest rate reported in the tables is similar to the one obtained when the long terms interest ... can 16ECB Working Paper Series No. 518 September 2005 be explained by a reversal in the pattern of declining market rates that coincided with the beginning of Stage Three of EMU. Second,...
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WORKING PAPER SERIES NO. 407 / NOVEMBER 2004: BANKING CONSOLIDATION AND SMALL BUSINESS LENDING potx
... the following discussion the bank will be referred in the feminine, and the individual agents in the masculinetoeaseidentification. The payoffs are obtained from an underlying economy. The economy consists ... consolidation. The most important theoretical finding of the paper is that banking corporate governance might24ECB Working Paper Series No. 407November 2004be more important in s mall business lending ... to offering a single (w, π∗) pair to the agent, a s the agent contemplates18ECB Working Paper Series No. 407November 2004W ORKING PAPER SERIES NO. 407 / NOVEMBER 2004BANKING CONSOLIDATION...
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