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Author:
Publisher: Dorrance Publishing
ISBN: 1434947092
Category :
Languages : en
Pages : 125
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Book Description
Author:
Publisher: Dorrance Publishing
ISBN: 1434947092
Category :
Languages : en
Pages : 125
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Book Description
Author: William Arrata
Publisher: International Monetary Fund
ISBN: 1484386914
Category : Business & Economics
Languages : en
Pages : 45
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Book Description
Most short-term interest rates in the Euro area are below the European Central Bank deposit facility rate, the rate at which the central bank remunerates banks’ excess reserves. This unexpected development coincided with the start of the Public Sector Purchase Program (PSPP). In this paper, we explore empirically the interactions between the PSPP and repo rates. We document different channels through which asset purchases may affect them. Using proprietary data from PSPP purchases and repo transactions for specific (“special") securities, we assess the scarcity channel of PSPP and its impact on repo rates. We estimate that purchasing 1 percent of a bond outstanding is associated with a decline of its repo rate of 0.78 bps. Using an instrumental variable, we find that the full effect may be up to six times higher.
Author: Mr.Fei Han
Publisher: International Monetary Fund
ISBN: 1484353676
Category : Business & Economics
Languages : en
Pages : 43
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Book Description
Quantitative easing could improve market liquidity through many channels such as relaxing bank funding constraints, increasing risk appetite, and facilitating trades. However, it can also reduce market liquidity when the increase in the central bank’s holdings of certain securities leads to a scarcity of those securities and hence higher search costs in the market. Using security-level data from the Japanese government bond (JGB) market, this paper finds evidence of the scarcity (flow) effects of the Bank of Japan (BOJ)’s JGB purchases on market liquidity. Moreover, we also find evidence that such scarcity effects could dominate other effects when the share of the BOJ’s holdings exceeds certain thresholds, suggesting that the flow effects may also depend on the stock.
Author: Stephen Cecchetti
Publisher: International Monetary Fund
ISBN: 1475588828
Category : Business & Economics
Languages : en
Pages : 31
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Book Description
Using firm-level data for approximately 1,000 bank and nonbank financial institutions in 22 countries over the past 15 years we study the impact of prolonged monetary policy easing on risk-taking behavior. We find that the leverage ratio, as well as other measures of firm-level vulnerability, increases for banks and nonbanks as domestic monetary policy easing persists. Cross-border effects are also notable. We find effects of roughly similar magnitude on foreign financial sector firms when the U.S. eases policy. Results appear robust to a variety of specifications, and to be non-linear, with risk-taking behavior rising most quickly at the onset of monetary policy easing.
Author: Mr.Fabian Valencia
Publisher: International Monetary Fund
ISBN: 1513570633
Category : Business & Economics
Languages : en
Pages : 30
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Book Description
The policy response to the COVID-19 shock included regulatory easing across many jurisdictions to facilitate the flow of credit to the economy and mitigate a further ampli-fication of the shock through tighter financial conditions. Using an intraday event study,this paper examines how stock prices—a key driver in financial conditions—reacted to regulatory easing announcements in a sample of 18 advanced economies and 8 emerging markets. The paper finds that overall, regulatory easing announcements contributed to looser financial conditions, but effects varied across sectors and tools. Financial regulatory easing led to lower valuations for financial sector stocks, and higher valuations for non-financial sector stocks, particularly for industries that are more dependent on bank financing. Furthermore, valuations declined and financial conditions tightened following announcements related to easier bank capital regulation while equity valuation rose and financial conditions loosened after those about liquidity regulation. Effects from non-regulatory financial measures appear to be generally more muted.
Author:
Publisher:
ISBN:
Category :
Languages : en
Pages : 376
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Book Description
Author: IJSI
Publisher: RED'SHINE Publication. Inc
ISBN: 1365239918
Category : Social Science
Languages : en
Pages : 137
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Book Description
Author: Brookmire Economic Service, Inc., New York
Publisher:
ISBN:
Category : Investments
Languages : en
Pages : 506
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Book Description
Author:
Publisher:
ISBN:
Category : Business
Languages : en
Pages : 1134
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Book Description
Author: Stephen Bleecker Luce
Publisher:
ISBN:
Category : Navigation
Languages : en
Pages : 954
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Book Description
