ECB News: November 2011

 

Archive

 
30/11/2011
Announcing 20110132 (LTRO,liquidity providing), for 91 days deadline 09:30, more
 
30/11/2011
20110131 (OT,liquidity absorbing):194198.6 mn EUR alloted (marginal 1.25%, weighted average 0.62%, 100% allotment at margin), more
 
30/11/2011
20110130 (MRO,liquidity providing):265456.2 mn EUR alloted (fixed 1.25%, 100% allotment at margin), more
 
30/11/2011
Speech Jürgen Stark: Globalisation and monetary policy: from virtue to vice?, en
 
30/11/2011
Press release Coordinated central bank action 
to address pressures in global money markets, en
 
29/11/2011
Announcing 20110130 (MRO,liquidity providing), for 7 days deadline 09:30, more
 
29/11/2011
Publication Information brochure: A single currency - an integrated market infrastructure (T2, T2S, CCBM2, SEPA) , download
 
29/11/2011
Longer-term refinancing operation, more
 
28/11/2011
Monetary developments in the euro area, more
 
28/11/2011
Fine-tuning operation, more
 
28/11/2011
No. 1401: Gravity chains: estimating bilateral trade flows when parts and components trade is important, by Richard Baldwin, Daria Taglioni, description, download
(JEL: F01, F10) Trade is measured on a gross sales basis while GDP is measured on a net sales basis, i.e. value added. The rapid internationalisation of production in the last two decades has meant that gross trade flows are increasingly unrepresentative of value added flows. This fact has important implications for the estimation of the gravity equation. We present empirical evidence that the standard gravity equation performs poorly by some measures when it is applied to bilateral flows where parts and components trade is important. We also provide a simple theoretical foundation for a modified gravity equation that is suited to explaining trade where international supply chains are important.
 
28/11/2011
No. 1400: Aggregation, the skill premium, and the two-level production function, by Miguel A. León-Ledesma, Peter McAdam, Alpo Willman, description, download
(JEL: E25, J23, J24, O40) We examine the two-level nested Constant Elasticity of Substitution production function where both capital and labor are disaggregated in two classes. We propose a normalized system estimation method to retrieve estimates of the inter- and intra-class elasticities of substitution and factoraugmenting technical progress coefficients. The system is estimated for US data for the 1963-2006 period. Our findings reveal that skilled and unskilled labor classes are gross substitutes, capital structures and equipment are gross complements, and aggregate capital and aggregate labor are gross complements with an elasticity of substitution close to 0.5. We discuss the implications of our findings and methodology for the analysis of the causes of the increase in the skill premium and, by implication, inequality in a growing economy.
 
28/11/2011
No. 1399: Economic performance and government size, by Antonio Afonso, João Tovar Jalles, description, download
(JEL: C10, C23, H11, H30, O40) We construct a growth model with an explicit government role, where more government resources reduce the optimal level of private consumption and of output per worker. In the empirical analysis, for a panel of 108 countries from 1970-2008, we use different proxies for government size and institutional quality. Our results, consistent with the presented growth model, show a negative effect of the size of government on growth. Similarly, institutional quality has a positive impact on real growth, and government consumption is consistently detrimental to growth. Moreover, the negative effect of government size on growth is stronger the lower institutional quality, and the positive effect of institutional quality on growth increases with smaller governments. The negative effect on growth of the government size variables is more mitigated for Scandinavian legal origins, and stronger at lower levels of civil liberties and political rights. Finally, for the EU, better overall fiscal and expenditure rules improve growth.
 
28/11/2011
No. 1397: Macroeconomic effects of unconventional monetary policy in the Euro Area, by Gert Peersman, description, download
(JEL: C32, E30, E44, E51, E52) I find that the Eurosystem can stimulate the economy beyond the policy rate by increasing the size of its balance sheet or the monetary base. The transmission mechanism turns out to be different compared to traditional interest rate innovations: (i) whilst the effects on economic activity and consumer prices reach a peak after about one year for an interest rate innovation, this is more than six months later for a shift in the monetary base that is orthogonal to the policy rate (ii) interest rate spreads charged by banks decline persistently after a rise in the monetary base, whereas the spreads increase significantly after a fall in the policy rate (iii) there is no significant short-run liquidity effect after an interest rate innovation, that is additional bank loans are generated by a greater credit multiplier. In contrast, the multiplier declines considerably after an expansion of the Eurosystem’s balance sheet.
 
28/11/2011
No. 1396: Learning from experience in the stock market, by Anton Nakov, Galo Nuño, description, download
(JEL: G12, D83, D84) We study the dynamics of a Lucas-tree model with finitely lived agents who "learn from experience." Individuals update expectations by Bayesian learning based on observations from their own lifetimes. In this model, the stock price exhibits stochastic boom-and-bust fluctuations around the rational expectations equilibrium. This heterogeneous-agents economy can be approximated by a representative-agent model with constant-gain learning, where the gain parameter is related to the survival rate.
 
25/11/2011
Speech José Manuel González-Páramo: Sovereign contagion in Europe, en
 
24/11/2011
USD11049 (OT,liquidity providing):552 mn USD alloted (fixed 1.09%, 100% allotment at margin), more
 
24/11/2011
Speech Peter Praet: Housing cycles and financial stability – the role of the policymaker, en
 
24/11/2011
Speech José Manuel González-Páramo: The sovereign debt crisis and the future of European integration, en
 
23/11/2011
20110129 (OT,liquidity absorbing):194500 mn EUR alloted (marginal 0.63%, weighted average 0.6%, 91.9773% allotment at margin), more
 
23/11/2011
20110128 (MRO,liquidity providing):247175.2 mn EUR alloted (fixed 1.25%, 100% allotment at margin), more
 
23/11/2011
Speech Vítor Constâncio: The Future of the International Monetary System, en
 
22/11/2011
Announcing 20110128 (MRO,liquidity providing), for 7 days deadline 09:30, more
 
22/11/2011
Press release Prime Minister of the Hellenic Republic visits the ECB, en
 
22/11/2011
CON/2011/95 Opinion on the recapitalisation of credit institutions by the State , en
 
21/11/2011
Euro area balance of payments in September 2011, more
 
21/11/2011
Euro area financial vehicles corporations statistics, more
 
21/11/2011
Fine-tuning operation , more
 
18/11/2011
Other decisions Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates), en
 
18/11/2011
Press release Closing of the Cultural Days of the European Central Bank – Italy 2011, en
 
18/11/2011
Speech Mario Draghi: Continuity, consistency and credibility, en
 
18/11/2011
Euro area investment fund statistics, more
 
18/11/2011
Publication Standards for the use of central counterparties in Eurosystem foreign reserve management operations, November 2011 , download
 
18/11/2011
CON/2011/94 Opinion on protection against counterfeiting and on the preservation of the quality of cash circulation, en
 
17/11/2011
USD11048 (OT,liquidity providing):552 mn USD alloted (fixed 1.08%, 100% allotment at margin), more
 
17/11/2011
No. 1395: On the importance of prior relationships in bank loans to retail customers, by Manju Puri, Jörg Rocholl, Sascha Steffen, description, download
(JEL: G20, G21) This paper analyzes the importance of retail consumers’ banking relationships for loan defaults using a unique, comprehensive dataset of over one million loans by savings banks in Germany. We find that loans of retail customers, who have a relationship with their savings bank prior to applying for a loan, default significantly less than customers with no prior relationship. We find relationships matter in different forms, scope, and depth. Importantly, though, even the simplest forms of relationships such as transaction accounts are economically meaningful in reducing defaults, even after controlling for other borrower characteristics as well as internal and external credit scores. Our 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.
 
16/11/2011
20110127 (OT,liquidity absorbing):187000 mn EUR alloted (marginal 0.65%, weighted average 0.61%, 38.4966% allotment at margin), more
 
16/11/2011
20110126 (MRO,liquidity providing):230264.5 mn EUR alloted (fixed 1.25%, 100% allotment at margin), more
 
16/11/2011
Press release Statement by the EC, ECB and IMF on the second review mission to Portugal, en
 
16/11/2011
ECB/2011/20 Decision of the ECB of 16 November 2011 establishing detailed rules and procedures for implementing the eligibility criteria for central securities depositories to access TARGET2-Securities services, en
 
15/11/2011
Announcing 20110126 (MRO,liquidity providing), for 7 days deadline 09:30, more
 
15/11/2011
Speech Peter Praet: Fixed income investment of insurance companies and pension funds in a low yield - but volatile - environment, en
 
15/11/2011
CON/2011/93 Opinion on the management of financial crises and the setting up of an independent financial stability fund, en
 
15/11/2011
ECB/2011/19 Decision of the ECB of 15 November 2011 amending Decision ECB/2007/7 concerning the terms and conditions of TARGET2-ECB , en
 
14/11/2011
Press release EURO1 Complies with CPSS Core Principles, en
 
14/11/2011
Publication Oversight assessment of the euro system of the EBA CLEARING company (EURO1) against the CPSS core principles, November 2011 , download
 
14/11/2011
Fine-tuning operation, more
 
14/11/2011
Speech Vítor Constâncio: A European solution for crisis management and bank resolution, en
 
11/11/2011
Euro area securities issues statistics, more
 
11/11/2011
CON/2011/92 Opinion on protection against counterfeiting and on the preservation of the quality of cash circulation, en
 
10/11/2011
USD11047 (OT,liquidity providing):395 mn USD alloted (fixed 1.09%, 100% allotment at margin), more
 
10/11/2011
USD11046 (OT,liquidity providing):500 mn USD alloted (fixed 1.08%, 100% allotment at margin), more
 
10/11/2011
Speech Peter Praet: The (changing) role of central banks in financial stability policies, en
 
10/11/2011
Press release Lorenzo Bini Smaghi leaves the ECB for Harvard University, en
 
10/11/2011
Statistics Pocket Book Statistics Pocket Book, November 2011, download
 
10/11/2011
Monthly Bulletin Monthly Bulletin, November 2011, download
 
10/11/2011
Publication Article, Monthly Bulletin, November 2011, pp 61-72, House price developments in the euro area and the United States , download
 
10/11/2011
Publication Article, Monthly Bulletin, November 2011, pp 73-90, Euro area markets for banks’ long-term debt financing instruments: recent developments, state of integration and implications for monetary policy transmission , download
 
10/11/2011
CON/2011/91 Opinion on the amendments to Lietuvos bankas' profit distribution rules, en
 
09/11/2011
20110125 (OT,liquidity absorbing):284043.1 mn EUR alloted (marginal 1.3%, weighted average 1.27%, 100% allotment at margin), more
 
09/11/2011
20110124 (OT,liquidity absorbing):183000 mn EUR alloted (marginal 0.69%, weighted average 0.64%, 92.4832% allotment at margin), more
 
09/11/2011
20110123 (MRO,liquidity providing):194765.1 mn EUR alloted (fixed 1.25%, 100% allotment at margin), more
 
09/11/2011
20110122 (LTRO,liquidity providing):55546.5 mn EUR alloted (fixed 1.25%, 100% allotment at margin), more
 
09/11/2011
Speech Jürgen Stark: Towards a safer financial system, en
 
09/11/2011
CON/2011/90 Opinion on a loss guarantee in connection with an extended compensation scheme, en
 
09/11/2011
CON/2011/89 Opinion on the payment by Banco de Portugal of an increase in Portugal's quota with the International Monetary Fund, en
 
08/11/2011
Announcing 20110123 (MRO,liquidity providing), for 7 days deadline 09:30, more
 
08/11/2011
Announcing 20110122 (LTRO,liquidity providing), for 35 days deadline 09:30, more
 
08/11/2011
Speech Jürgen Stark: Macro-prudential supervision and financial integration – the ESRB at 1, en
 
08/11/2011
Speech Jürgen Stark: Die Stabilität des Euro in der Schuldenkrise, de
 
07/11/2011
Fine-tuning operation, more
 
07/11/2011
CON/2011/88 Opinion on the extension of the Irish State guarantee of eligible liabilities of credit institutions, en
 
04/11/2011
Speech José Manuel González-Páramo: The ECB and the sovereign debt crisis, en
 
04/11/2011
Speech Jürgen Stark: Konsequenzen der Finanzkrise für die Finanzmarktintegration im Euroraum, de
 
04/11/2011
No. 1394: Bank risk during the financial crisis: do business models matter?, by Yener Altunbas, Simone Manganelli, David Marqués-Ibáñez, description, download
(JEL: G21, G15, E58, G32) We exploit the 2007-2009 financial crisis to analyze how risk relates to bank business models. Institutions with higher risk exposure had less capital, larger size, greater reliance on short-term market funding, and aggressive credit growth. Business models related to significantly reduced bank risk were characterized by a strong deposit base and greater income diversification. The effect of business models is non-linear: it has a different impact on riskier banks. Finally, it is difficult to establish in real time whether greater stock market capitalization involves real value creation or the accumulation of latent risk.
 
04/11/2011
Publication The future of retail payments: opportunities and challenges , download
 
04/11/2011
Publication Legal framework of the Eurosystem and the European System of Central Banks. ECB legal acts and instruments, 2011 update , download
 
04/11/2011
CON/2011/87 Opinion on foreign currency mortgages and residential property loan agreements, en
 
03/11/2011
USD11045 (OT,liquidity providing):505 mn USD alloted (fixed 1.08%, 100% allotment at margin), more
 
03/11/2011
Press release ECB announces details of its new covered bond purchase programme (CBPP2), en
 
03/11/2011
Press conference Mario Draghi: Introductory statement to the press conference, en
 
03/11/2011
Press release Monetary policy decisions, en
 
03/11/2011
MFI interest rate statistics, more
 
03/11/2011
ECB/2011/17 Decision of the ECB of 3 November 2011 on the implementation of the second covered bond purchase programme , en
 
03/11/2011
ECB/2011/17 Decision of the ECB of 3 November 2011 on the implementation of the second covered bond purchase programme , en
 
03/11/2011
ECB/2011/18 Decision of the ECB of 3 November 2011 amending Decision ECB/2010/23 on the allocation of monetary income of the national central banks of Member States whose currency is the euro, en
 
01/11/2011
20110121 (OT,liquidity absorbing):173500 mn EUR alloted (marginal 0.87%, weighted average 0.83%, 65.123% allotment at margin), more
 
01/11/2011
20110120 (MRO,liquidity providing):182773 mn EUR alloted (fixed 1.5%, 100% allotment at margin), more
 
01/11/2011
Press release Change of presidency of the European Central Bank, en