Search results for "Monetary"
showing 10 items of 502 documents
Expectations and forward risk premium in the Spanish deregulated power market
2010
Abstract Deregulation in energy markets has entailed important changes in the way agents conduct business. Price risk arises as a result of fluctuations in the future price of electricity and agents assume long or short positions in the forward and spot markets to hedge their exposure to price risk. The presence of forward risk premium in prices is evidence of the fact that agents act in the market according to risk considerations. This work aims to analyse the information content of the difference between the forward and spot prices (the so-called forward premium) regarding the agents’ decisions. We find that the sign and magnitude of the ex post forward premium depend on the unexpected va…
Dynamics of Lending Rates in the Baltic Countries: Influence of Funding Costs of Banks and Risk Factors
2017
In the Baltic countries, lending rates have been among the highest in the euro area mainly reflecting national differences in the market structure as well as relatively strict credit standards applied by banks in response to the changes in their perception of risk. In this context, the deeper econometric analysis could provide additional information about the common and diverging aspects of the dynamics of lending rates in the Baltic countries. Therefore, the aim of the paper to explore the pass-through of funding costs of banks to lending rates in different lending segments in the Baltic countries during the period of 2005–2015 taking in account risk considerations. To reach the set aim, a…
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…
Determinants of net interest margin: the effect of capital requirements and deposit insurance scheme
2019
This paper analyzes the determinants of net interest margin with a focus on the impact of capital regulation and deposit insurance. We extend the Ho and Saunders (1981) family of models to explicit...
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…
Am I riskier if I rescue my banks? Beyond the effects of bailouts
2021
Abstract We examine the relationship between bank bailouts and sovereign risk in 35 countries and 19 bailouts from 2005 to 2015. Bailouts negatively affect sovereign ratings, with rating agencies consistently perceiving higher risk when a country’s banking system has been rescued (risk-increasing effect). The increase in public debt as a result of the bank bailouts is the main mechanism through which the risk-increasing effect occurs. Moreover, financial soundness and banking market structure shape the impact of bailouts on sovereign risk. In particular, proactiveness in undertaking public bailouts for banking systems that are largely distressed – that is, risky and low profitable – and hig…
Am I riskier if I rescue my banks? The unintended effects of bailouts
2021
We examine the relationship between bank bailouts and sovereign risk in 35 countries and 19 bailouts during 2005–2015. Bailouts negatively affect sovereign ratings, with rating agencies consistently perceiving higher risk when the country’s banking system has been rescued (risk-increasing effect). Financial soundness and banking market structure shape the impact of bailouts on sovereign risk. In particular, proactiveness in undertaking public bailouts for banking systems that are largely distressed -risky and low profitable- and highly concentrated seems to lead to lower increases in sovereign risk. However, the strength of the connection between the public sector and the banking system nei…
Il doppio mito: sulla (pretesa) neutralità della politica monetaria della BCE e la (pretesa) non-vincolatività degli indirizzi di politica economica …
2021
Policies adopted by the governance of the EMU during the financial and Covid crises display a clear gap between the “form” and the “substance” of the institutional architecture of title VIII of the TFEU. It is submitted that this architecture is in sharp contrast with the European constitutional tradition. Furthermore, the traditional view is rejected, according to which the EU Commission and Council, as well as the ECB, are devoid of binding powers in the field of economic policy. Some reflections concerning both methodological implications of the foregoing and its possible effects on the European integration process are finally developed
Il governo tecnocratico della moneta e i crocevia del processo di integrazione europea. Riflessioni alla luce della sentenza Weiss
2021
The well known judgment of the German Constitutional Court in the “Weiss” case has been widely criticized under EU law, mainly because of its being in contrast with a preliminary ruling rendered by the European Court of Justice in 2018. At variance with these criticisms, it is here submitted that such a judgment brings well into focus some institutional ambiguities of the Economic and Monetary Union (EMU); namely, the powers (more and more) exercised by the European Central Bank (ECB) in the field of macroeconomic regulation and control, in spite of (its) not being provided with political legitimacy. Seen in this perspective, the “Karlsruhe” judgment objectively looks as aimed at restoring …
Iconografie religiose fenicie nelle emissioni di Melite (Malta)
2005
Unlike the Punic issues of Sicily, in which the Phoenician religious iconography plays only a marginal role, on the coins of the III-II century BC. J. C. of Melite, this theme is very present. The permanence of these themes in the monetary issues of peripheral and marginal areas, such as Melite, can be explained as a desire to preserve a cultural heritage and the relative religious identity, which resisted the political conquest of Rome (218 BC)