Central bank research hub - Series: European Central Bank Occasional Papers

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Role of cross currency swap markets in funding and investment decisions

by Léa Le Quéau , Christian Lizarazo , Seamus O'Donnell , Niko Herrala , Thomas Brophy , Raquel Jurado and Irene Katsalirou

Paper: 228, 01.08.2019

JEL: D53, E52, G11, G15, G18
Macroprudential policy at the ECB: Institutional framework, strategy, analytical tools and policies

by Sergio Nicoletti Altimar , Inês Cabral , Sujit Kapadia , Fatima Pires , Paul Hiebert , Carsten Detken , Carmelo Salleo , Jérôme Henry , John Fell and Vítor Constâncio

Paper: 227, 01.07.2019

JEL: E37, F36, G20, G28, K23
Macroprudential stress test of the euro area banking system

by Spyros Palligkinis , Margherita Giuzio , Diego Moccero , Giulio Nicoletti , Katarzyna Budnik , Giovanni di Iasio , Ib Hansen , Giovanni Covi , Michael Kleemann , Mirco Balatti , Ivan Dimitrov , Johannes Groß , Harun Mirza , Tomas Reichenbachas , Francesco Sanna , Andrei Sarychev , Nadežda Siņenko , Matjaz Volk , Katharina Cera and Cosimo Pancaro

Paper: 226, 01.07.2019

JEL: E37, E58, G21, G28
Firm heterogeneity and trade in EU countries: a cross-country analysis

by Paloma Lopez-Garcia and Claire Giordano

Paper: 225, 01.06.2019

JEL: F14, L25
Economic structures 20 years into the euro

by Vanessa Gunnella , Agostino Consolo , Paloma Lopez-Garcia , Roberta Serafini , Kyriacos Lambrias , Lorena Saiz , David Sondermann , Gerrit Koester , Filippos Petroulakis and Carolin Nerlich

Paper: 224, 01.06.2019

JEL: E31, E32, E60, E62, F10, J11, O43
Crypto-Assets: Implications for financial stability, monetary policy, and payments and market infrastructures

by Colm Toolin , Carolyn Tyler , Helmut Wacket , Stephan Sauer , Irina Balteanu , Livio Stracca , Mehdi Manaa , Jens Tapking , Maria Teresa Chimienti , Mitsutoshi Adachi , Phoebus Athanassiou , Alessandro Calza , Conall Devaney , Ester Diaz Fernandez , Maxime Laot , Günther Philipp , Ioannis Ganoulis , Raphael Poignet , Fabian Eser and Doris Schneeberger

Paper: 223, 01.05.2019

JEL: E42, G21, G23, O33
Monetary policy, credit institutions and the bank lending channel in the euro area

by Carlo Altavilla , Desislava C. Andreeva , Miguel Boucinha and Sarah Holton

Paper: 222, 01.05.2019

JEL: E43, E52, G20, G21
The impact of global value chains on the euro area economy

by Katerina Gradeva , Frauke Skudelny , Alexander Al-Haschimi , Konstantins Benkovskis , Michael Fidora , François de Soyres , Benedetta Di Lupidio , Erik Frohm , Vanessa Gunnella , Sebastian Franco-Bedoya , Elena Pavlova , Paloma Lopez-Garcia , Joachim Schroth , Alex Tagliabracci , Julia Wörz , Elena Vaccarino , Martin Schmitz , Chiara Osbat , Christiane Nickel , Francesco Chiacchio and Gerrit Koester

Paper: 221, 01.04.2019

JEL: E3, F10, F14, F16, F6
The impact of lending standards on default rates of residential real estate loans

by Claudia Schwarz , João Gaudêncio and Agnieszka Mazany

Paper: 220, 20.03.2019

JEL: C25, G21
Anticipating the bust: a new cyclical systemic risk indicator to assess the likelihood and severity of financial crises

by Stephan Fahr , Jan Hannes Lang , Cosimo Izzo and Josef Ruzicka

Paper: 219, 15.02.2019

JEL: C22, C54, G01, G17
Availability of high-quality liquid assets and monetary policy operations: an analysis for the euro area

by Roel Grandia , Petra Hänling , Pontus Aberg and Michelina Lo Russo

Paper: 218, 01.02.2019

JEL: D41, E58, G1, G28
The natural rate of interest: estimates, drivers, and challenges to monetary policy

by Marcin Bielecki , Adrian Penalver and Claus Brand

Paper: 217, 01.12.2018

JEL: E43, E52
Systemic liquidity concept, measurement and macroprudential instruments

by Clemens Bonner , ECB Task Force on Systemic Liquidity and Michael Wedow

Paper: 214, 01.10.2018
A quantitative analysis of the size of IMF resources

by Fernando López Vicente , Pilar L´Hotellerie-Fallois , Menno Broos , Sonsoles Gallego Herrero , Claudia Maurini , Isabel Garrido Chamorro , Mayukh Mukhopadhyay and Benjamin Vonessen

Paper: 213, 01.10.2018

JEL: F3, F32, F38, F42, F65, G28
Business investment in EU countries

by WGEM Team on Investment

Paper: 215, 01.10.2018

JEL: D24, D61, E32, E52, E62
A euro area macroeconomic stabilisation function: assessing options in view of their redistribution and stabilisation properties

by David Sondermann and Gerrit Koester

Paper: 216, 01.10.2018

JEL: F55, H53, J65
Real convergence in central, eastern and south-eastern Europe

by Li Savelin and Piotr Żuk

Paper: 212, 01.07.2018

JEL: E01, F15, O11, O43, O47, O52, O57
Macroeconomic imbalances in the euro area: where do we stand?

by David Sondermann and Beatrice Pierluigi

Paper: 211, 25.06.2018

JEL: E02, F45, O52
Structural policies in the euro area

by Klaus Masuch , Nicholai Benalal , Robert Anderton and Ralph Setzer

Paper: 210, 22.06.2018

JEL: D60, E24, G28, H11, J08, O43, O47
The use of the Eurosystem's monetary policy instruments and its monetary policy implementation framework Q2 2016 - Q4 2017

by Alaoishe Luskin , Annette Kamps , Michelina Lo Russo , Alexander Bock , Filippo Pasqualone , Miha Cajnko , Svetla Daskalova , Iwona Durka , Brian Gallagher , Roel Grandia , Glenn Haberbush , Mª Carmen Castillo Lozoya , Michael Thomas and Isabel Vasconcelos

Paper: 209, 30.04.2018

JEL: D02, E43, E58, E65, G01
Completing the Banking Union with a European Deposit Insurance Scheme: who is afraid of cross-subsidisation?

by Johanne Evrard , Laura Parisi , André Silva , Michael Wedow , Jacopo Carmassi and Sonja Dobkowitz

Paper: 208, 11.04.2018

JEL: G21, G28
The transition of China to sustainable growth - implications for the global economy and the euro area

by Iikka Korhonen , Alistair Dieppe , David Lodge , Robert Gilhooly and Jenny Han

Paper: 206, 01.01.2018

JEL: E21, E22, E27, F10, F47, O11, O53
Real and financial cycles in EU countries - Stylised facts and modelling implications

by Irma Hindrayanto , Davor Kunovac , Dimitris Papageorgiou , Mariarosaria Comunale , Paolo Guarda , Ginters Buss , Gabriel Pérez-Quirós , Markus Haavio , Martin Mandler , Dmitry Kulikov , Ivan Jaccard , Jesper Pedersen , Michael Scharnagl , Hiona Balfoussia , Bruno De Backer , Nikolai Ivanov Iskrev , Hans Dewachter , Crt Lenarcic , Eyno Rots , Gerhard Rünstler , Ansgar Rannenberg , Peter Welz , Matija Lozej , Matthieu Lequien and Lorenzo Burlon

Paper: 205, 01.01.2018

JEL: C32, E32, E44
Modelling euro banknote quality in circulation

by Harald Deinhammer and Anna Ladi

Paper: 204, 01.12.2017

JEL: C46, C63, E42, E58
Real convergence in the euro area: a long-term perspective

by Frigyes Ferdinand Heinz , Ettore Dorrucci , Juan Luis Diaz del Hoyo and Sona Muzikarova

Paper: 203, 01.12.2017

JEL: E01, F15, J11, O11, O43, O47, O52, O57
Developing macroprudential policy for alternative investment funds

by René de Sousa van Stralen , Koen van der Veer , Claudia Lambert , Raymond Chaudron , Christian Weistroffer , Anouk Levels and Luis Molestina Vivar

Paper: 202, 30.11.2017

JEL: E61, G23, G28
The use of cash by households in the euro area

by Henk Esselink and Lola Hernández

Paper: 201, 27.11.2017

JEL: D12, D14, E41, E58
The distribution of excess liquidity in the euro area

by Luca Baldo , Benoît Hallinger , Caspar Helmus , Débora Martins , Niko Herrala , Felix Mohing , Marc Resinek , Benoît Usciati , Yizhou Wang , Filippos Petroulakis and Olivier Vergote

Paper: 200, 14.11.2017

JEL: D39, E41, E44, E50, G01, G28
Tracing European structured finance counterparty networks

by Adrien Amzallag and Maximilian L. Blau

Paper: 199, 08.11.2017

JEL: D85, G21, G23, G32
Large net foreign liabilities of euro area countries

by Nico Zorell

Paper: 198, 01.10.2017

JEL: F21, F32, F34, F36, F45
Access to finance in the Western Balkans

by Isabella Moder and Niccolò Bonifai

Paper: 197, 27.09.2017

JEL: E22, G30, O16
The Eurosystem's asset purchase programme and TARGET balances

by Danielle Kedan , Ramón Adalid , Jens Eisenschmidt , Martin Schmitz and Patrick Papsdorf

Paper: 196, 15.09.2017

JEL: E58, F32, G02
The profitability of banks in a context of negative monetary policy rates: the cases of Sweden and Denmark

by Christophe Madaschi and Irene Pablos Nuevo

Paper: 195, 01.08.2017

JEL: E58
A new database for financial crises in European countries

by Anne Koban , Tuomas A. Peltonen , Marisa Basten , Elias Bengtsson , Piotr Kusmierczyk , Jan Hannes Lang , Benjamin Klaus , Carsten Detken and Marco Lo Duca

Paper: 194, 01.07.2017

JEL: E44, E58, E60, G01, H12
Dark pools in European equity markets: emergence, competition and implications

by Monica Petrescu and Michael Wedow

Paper: 193, 01.07.2017

JEL: G10, G14, G18
Labour market adjustment in Europe during the crisis: microeconomic evidence from the Wage Dynamics Network survey

by Ana Lamo , Eliana Viviano , Stephen Millard , Juan Francisco Jimeno , Theodora Kosma , Mario Izquierdo and Tairi Rõõm

Paper: 192, 01.06.2017

JEL: E24, J30, J52, J68
The transmission channels of monetary, macro- and microprudential policies and their interrelations

by Giulio Nicoletti , Claudia Schwarz , Gerhard Rünstler , Niki Papadopoulou , Patrick Papsdorf , Andreas Beyer , João Sousa and Olivier Vergote

Paper: 191, 16.05.2017

JEL: E58, G28
Financial stability assessment of EU candidate and potential candidate countries

by Isabella Moder , Li Savelin , Piotr uk , Éva Katalin Polgár , Martin Gächter and Piotr Macki

Paper: 190, 15.05.2017

JEL: F31, F34, F36, G15, G21, G28
The Eurosystem collateral framework explained

by Ulrich Bindseil , Benjamin Sahel , Marco Corsi and Ad Visser

Paper: 189, 10.05.2017

JEL: E58
The use of the Eurosystems monetary policy instruments and operational framework since 2012

by Marc Rubens , Inmaculada Alvarez , Fabio Casavecchia , Marino De Luca , Alexander Duering , Caspar Helmus , Christophe Hemous , Niko Herrala , Julija Jakovicka , Michelina Lo Russo , Filippo Pasqualone , Fabrizio Zennaro , Rita Isabel Prior Soares and Fabian Eser

Paper: 188, 02.05.2017

JEL: D02, E43, E58, E65, G01
The Analytical Credit Dataset - A magnifying glass for analysing credit in the euro area

by Riccardo Bonci , Jean-Marc Israël , Violetta Damia and Gibran Watfe

Paper: 187, 28.04.2017

JEL: C81, E44, E51, E58, G21
EU consumers quantitative inflation perceptions and expectations: an evaluation

by Heinz Christian Dieden , Roberta Friz , Geoff Kenny , Rodolfo Arioli , Aidan Meyler , Colm Bates , Ioana Duca , Christian Gayer and Iskra Pavlova

Paper: 186, 19.04.2017

JEL: D12, D8, E31
Debt sustainability analysis for euro area sovereigns: a methodological framework

by Roberta De Stefani , Andreas Westphal , Othman Bouabdallah , Francesco Drudi , Thomas Warmedinger , Cristina Checherita-Westphal and Ralph Setzer

Paper: 185, 10.04.2017

JEL: E62, H62, H63, H68
Benchmarking institutional and structural indicators in EU candidate and potential candidate countries

by Li Savelin and Roberto Alvarez

Paper: 184, 17.03.2017

JEL: F13, F15, G21, O11, O43
Stress-Testing of liquidity risk in TARGET2

by Patrick Papsdorf

Paper: 183, 21.02.2017

JEL: C63, E42, E58, G01
Euro area fiscal stance

by Krzysztof Bankowski and Marien Ferdinandusse

Paper: 182, 31.01.2017

JEL: E61
Low inflation in the euro area: Causes and consequences

by Matteo Ciccarelli and Chiara Osbat

Paper: 181, 25.01.2017

JEL: E31, E52, E58
Dealing with large and volatile capital flows and the role of the IMF

by Bruno Cabrillac

Paper: 180, 30.09.2016

JEL: F3, F32, F38, F42, F65, G28
The euro area bank lending survey

by Hannah Sabine Hempell , Silvia Scopel and Petra Köhler

Paper: 179, 19.09.2016

JEL: E44, E5, G21
Understanding the weakness in global trade. What is the new normal?

by Bruno Cabrillac

Paper: 178, 15.09.2016

JEL: F10, F13, F14, F15