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Urszula Kochanska

24 May 2022
FINANCIAL STABILITY REVIEW - ARTICLE
Financial Stability Review Issue 1, 2022
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Abstract
The stellar growth, volatility and financial innovation currently seen in the crypto-asset ecosystem, as well as the rising involvement of institutional investors, show how important it is to gain a better understanding of the potential risks crypto-assets could pose to financial stability if trends continue on this trajectory. This special feature provides an update on crypto-asset market developments and a general overview of risks stemming from unbacked crypto-assets and decentralised finance, given the way in which they have evolved and their specific characteristics and risks. Systemic risk increases in line with the level of interconnectedness between crypto-assets and the traditional financial sector, the use of leverage and lending activity. It is important to close regulatory and data gaps in the crypto-assets ecosystem to mitigate such systemic risks.
JEL Code
G18 : Financial Economics→General Financial Markets→Government Policy and Regulation
G19 : Financial Economics→General Financial Markets→Other
G23 : Financial Economics→Financial Institutions and Services→Non-bank Financial Institutions, Financial Instruments, Institutional Investors
G28 : Financial Economics→Financial Institutions and Services→Government Policy and Regulation
G51 : Financial Economics
10 November 2020
ECONOMIC BULLETIN - ARTICLE
Economic Bulletin Issue 7, 2020
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Abstract
This article provides an overview of financial fragmentation during the coronavirus (COVID-19) crisis and the policies enacted to counter its effects. It does so through the lens of a set of high-frequency indicators for monitoring developments in financial integration. The readings from these indicators are then linked to unfolding economic and political events and to the main policy responses in monetary, fiscal and financial stability policy at the national and European levels. After initial sharp fragmentation, euro area financial integration broadly recovered to pre-crisis levels by mid-September, but not for all indicators. However, this recovery is still fragile and relies on an unprecedented amount of fiscal, monetary and prudential policy support.
JEL Code
G00 : Financial Economics→General→General
F36 : International Economics→International Finance→Financial Aspects of Economic Integration
7 August 2019
ECONOMIC BULLETIN - ARTICLE
Economic Bulletin Issue 5, 2019
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Abstract
This article discusses the crypto-asset phenomenon with a view to understanding its potential risks and enhancing its monitoring. First, it describes the characteristics of the crypto-asset phenomenon, in order to arrive at a clear definition of the scope of monitoring activities. Second, it identifies the primary risks of crypto-assets that warrant continuous monitoring – these risks could affect the stability and efficiency of the financial system and the economy – and outlines the linkages that could cause a risk spillover. Third, the article discusses how, and to what extent, publicly available data allow the identified monitoring needs to be met and, by providing some examples of indicators on market developments, offers insights into selected issues, such as the availability and reliability of data. Finally, it covers selected statistical initiatives that attempt to overcome outstanding challenges.
JEL Code
E42 : Macroeconomics and Monetary Economics→Money and Interest Rates→Monetary Systems, Standards, Regimes, Government and the Monetary System, Payment Systems
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
G23 : Financial Economics→Financial Institutions and Services→Non-bank Financial Institutions, Financial Instruments, Institutional Investors
O33 : Economic Development, Technological Change, and Growth→Technological Change, Research and Development, Intellectual Property Rights→Technological Change: Choices and Consequences, Diffusion Processes
C18 : Mathematical and Quantitative Methods→Econometric and Statistical Methods and Methodology: General→Methodological Issues: General