European Central Bank - eurosystem
Možnosti iskanja
Domov Mediji Pojasnjujemo Raziskave in publikacije Statistika Denarna politika Euro Plačila in trgi Zaposlitve
Predlogi
Razvrsti po
Ni na voljo v slovenščini.

Carla Soares

Monetary Policy

Division

Monetary Policy Strategy

Current Position

Senior Economist

Fields of interest

Macroeconomics and Monetary Economics,Financial Economics

Email

carla_sofia.caeiro_soares@ecb.europa.eu

Education
2010-2019

PhD in Economics, Nova School of Business and Economics, Lisboa

2005-2008

MA in Monetary and Financial Economics, ISEG-UTL, Lisboa

1998-2002

BA in Economics, ISCTE, Lisboa

Professional experience
2022-

Senior economist, Monetary Policy Strategy Division, DG Monetary Policy, ECB

2007-2022

Economist, Monetary Policy Division, Economic Research Department, Banco de Portugal

2003-2007

Economist, Monetary Policy Division, Markets and Reserve Management Department, Banco de Portugal

2005

Economist, Liquidity Analysis Division, Market Operations Directorate, ECB

Teaching experience
2018-

Dissertation seminar, MA in Finance, Católica Lisbon School of Business and Economics

11 November 2022
WORKING PAPER SERIES - No. 2745
Details
Abstract
This paper studies how banks’ balance sheets and funding costs interact in the transmission of monetary-policy rates to banks’ credit supply to firms. To do so, we use credit registry data from Germany and Portugal together with the European Central Bank’s policy-rate cuts in mid-2014. The pass-through of the rate cuts to banks’ funding costs differs across the euro-area currency union because deposit rates vary in their distance to the zero lower bound (ZLB). When the distance is shorter, banks’ financing constraints matter less for the supply of credit and there is more risk taking. To rationalize these findings, we provide a simple model of an augmented bank balance-sheet channel where in addition to costly external financing, there is screening of borrowers and a ZLB on retail deposit rates. An impaired pass-through of monetary policy to banks’ funding costs reduces their ability to lever up and weakens their lending standards.
JEL Code
E44 : Macroeconomics and Monetary Economics→Money and Interest Rates→Financial Markets and the Macroeconomy
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
E63 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Comparative or Joint Analysis of Fiscal and Monetary Policy, Stabilization, Treasury Policy
F45 : International Economics→Macroeconomic Aspects of International Trade and Finance
G20 : Financial Economics→Financial Institutions and Services→General
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
21 September 2021
OCCASIONAL PAPER SERIES - No. 270
Details
Abstract
The financing structure of the euro area economy has evolved since the global financial crisis with non-bank financial intermediation taking a more prominent role. This shift affects the transmission of monetary policy. Compared with banks, non-bank financial intermediaries are more responsive to monetary policy measures that influence longer-term interest rates, such as asset purchases. The increasing role of debt securities in the financing structure of firms also leads to a stronger transmission of long-rate shocks. At the same time, short-term policy rates remain an effective tool to steer economic outcomes in the euro area, which is still highly reliant on bank loans. Amid a low interest rate environment, the growth of market-based finance has been accompanied by increased credit, liquidity and duration risk in the non-bank sector. Interconnections in the financial system can amplify contagion and impair the smooth transmission of monetary policy in periods of market distress. The growing importance of non-bank financial intermediaries has implications for the functioning of financial market segments relevant for monetary policy transmission, in particular the money markets and the bond markets.
JEL Code
E4 : Macroeconomics and Monetary Economics→Money and Interest Rates
E5 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit
G2 : Financial Economics→Financial Institutions and Services
G38 : Financial Economics→Corporate Finance and Governance→Government Policy and Regulation
2021
Journal of Financial Intermediation
  • Alves, N., Bonfim, D., Soares, C.
2021
Banco de Portugal Perspectives on the ECB’s monetary policy strategy review
  • Branco, R., Soares, C.
2021
Banco de Portugal Economic Studies
  • Iskrev, N., Lourenço, R., Soares, C.
2019
Banco de Portugal Economic Studies
  • Soares, C.
2018
Journal of Money, Credit and Banking
  • Bonfim, D., Soares, C.
2016
Banco de Portugal Working paper
  • Alves, N., Bonfim, D., Soares, C.
2015
Banco de Portugal Economic Studies
  • Saldanha, S., Soares, C.
2014
Banco de Portugal Working paper
  • Bonfim. D., Soares, C.
2013
Manchester School
  • Rodrigues, P., Soares, C.
2013
Banco de Portugal Economic Bulletin
  • Bonfim. D., Soares, C.
2011
Banco de Portugal Economic Bulletin
  • Gameiro, I., Soares, C., Sousa, J.
2011
Banco de Portugal Working paper
  • Rodrigues, P., Soares, C.
2010
Banco de Portugal Economic Bulletin
  • Rodrigues, P., Soares, C.
2008
Banco de Portugal Economic Bulletin
  • Soares, C.
2008
Banco de Portugal Working paper
  • Soares, C.