Search results for "European Central Bank"
showing 8 items of 8 documents
Il ruolo della BCE nel complesso equilibrio tra tecnica e politica
2020
Il lavoro affronta il tema della compatibilità delle misure non convenzionali introdotte e/o solo annunciate dalla BCE con la disciplina disegnata dai Trattati e su cui la Corte di giustizia si é pronunciata in varie occasioni, ma anche quello di comprendere quali possano essere i contrappesi in termini di controllo e di accountability a fronte di scelte non meramente tecniche pur mantenendo fermo il principio dell'indipendenza dell'organo in questi The work addresses the issue of the compatibility of the unconventional measures introduced and / or only announced by the ECB with the discipline drawn up by the Treaties and on which the Court of Justice has ruled on various occasions, but als…
The response of Brent crude oil to the European central bank monetary policy
2022
Este artículo examina el impacto de las decisiones de política monetaria del Banco Central Europeo (BCE) sobre los precios del petróleo y la liquidez mediante un estudio de eventos con datos intradía. Analizamos el período de enero de 1999 a diciembre de 2020, que incluye la crisis financiera que comenzó en agosto de 2007. Nuestros resultados muestran una respuesta significativa de los rendimientos del petróleo solo durante la crisis financiera. Específicamente, encontramos que los rendimientos de los futuros de petróleo crudo Brent respondieron negativamente a variaciones inesperadas en la prima de riesgo italiana como medida de acciones de política monetaria no convencionales, y positivam…
L'euro à la lumière des théories monétaires holistes contemporaines
2008
The thesis begins by explaining, in a first part, the genealogy of a heterodox tradition called “holist monetary approach”, which refuses dichotomic theories and the classical conception of the veil of money. It shows the proximities of these positions with a tradition consisting in thinking money as a “total social fact” involving far more than the three usual economic functions attributed to money. Recent research works conducted in France around Aglietta and Orléan fit in with this tradition. The thesis also leans on theories developed in Keynes' wake, sharing with the “social fact” approaches a holist methodology. The latter involves a main focus on macroeconomic analysis, which is, in …
Regional Asymmetric Reactions to Shocks in EMU: an Assessment of Different Approaches
2002
In recent years there has been an increasing research effort in estimating regional asymmetric shocks and assessing their importance within the European Monetary Union (EMU). In this chapter we offer an evaluation of the different approaches by distinguishing them according to methodological underpinnings, variables used and pitfalls and potential extensions of the analysis. The structure of this contribution is the following. In section 2 we discuss the relative importance of asymmetric shocks and the main problems connected with their measurement. In section 3 we focus on the explanatory variables which are assumed to determine the asymmetric reaction to shocks and distinguish between sec…
Crisi economica e vigilanza unica europea sulle banche: alcuni riflessi sul mercato dei servizi finanziari.
2015
This paper aims to examine some significant implications of the new European single banking supervision for the economics of banking and the market of financial services. It is one of the three pillars of the European Banking Union architecture, as part of a longer term vision for further economic and monetary integration in EU. The new supervisory mechanisms implies a huge and complex transfer of powers from national authorities to the European Central Bank. It aims to ensure the safety and soundness of the European banking system, increase financial integration and stability, and ensure consistent supervision. Banks are being held to common supervisory standards. The structure of this pap…
The Response of European Energy Prices to ECB Monetary Policy
2019
To our knowledge, this paper is the first to discuss the response of European energy commodity prices to unexpected monetary policy surprises from the European Central Bank (ECB). Using the Rigobon (2003) identification through heteroscedasticity method, we find a significant and positive response during the crisis period for Brent and coal. Similar results are obtained by other authors for European financial assets in this period. This result reinforces the idea that during this period, financial assets and some commodities positively responded to conventional and unconventional expansionary monetary policy measures, increasing confidence about the survival of the European monetary union. …
European Banking Union and bank risk disclosure: the effects of the Single Supervisory Mechanism
2022
AbstractThis paper provides evidence on the impact of European Banking Union (BU) and the associated Single Supervisory Mechanism (SSM) on the risk disclosure practices of European banks. The onset of BU and the associated rules are considered as an exogenous shock that provides the setting for a natural experiment to analyze the effects of the new supervisory arrangements on bank risk disclosure practices. A Difference-in-Differences approach is adopted, building evidence from the disclosure practices of systemically important banks supervised by the European Central Bank (ECB) and other banks supervised by national regulators over the period 2012–2017. The main findings are that bank risk…
Política monetaria en tiempos de pandemia: evaluación y propuesta del Helicóptero Monetario
2020
La pandemia del Covid-19 ha provocado una de las crisis más importantes desde la Gran Depresión. Ante esto, es necesaria una mayor coordinación entre la política monetaria y las políticas fiscales. En este artículo, se ha analizado el Helicóptero Monetario como posible respuesta a la crisis y como complemento a las medidas adoptadas. Tras presentar evidencia histórica de los efectos del Helicóptero Monetario, examinar los distintos ejemplos propuestos en la literatura, y evaluar sus fortalezas y debilidades, se ha articulado una propuesta para la eurozona a través del Banco Central Europeo (BCE) en coordinación con el grupo del Banco Europeo de Inversiones (BEI)