Suche nach Schlagworten '17983-5'

1094 entries found on 55 pages. starting on record 21 ending on 40

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Title: Persistence, the transmission mechanism and robust monetary policy
Abstract
In this paper we first explore the impact of nominal and real persistence on the transmission process of various shocks in an estimated DSGE model of euro area. We then analyse its impact on optimal monetary policy and investigate the performance of various monetary policies when the policy maker is uncertain about the degree of nominal and real persistence. [Ignazio Angeloni ; Günter Coenen ; Frank Smets]
Author: Angeloni, Ignazio | Coenen, Günter | Smets, Frank
Series Title: Working paper series / European Central Bank ; 250
Publisher: European Central Bank
Year: 2003
Language: en
Ressource: Einzelne Arbeitspapiere, Preprints
Keyword: EU countriesEuropean Economic and Monetary UnionMonetary PolicyTheoryMonetary transmission
Subject: Currency. Monetary policy
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Title: Benchmarking business angels
Table of Contents
EXECUTIVE SUMMARY 3
1. INTRODUCTION 4
1.1. AIM OF THE REPORT 4
1.2. STRUCTURE OF THE REPORT 5
2. POLICY CONTEXT 5
2.1 EFFICIENT AND INTEGRATED CAPITAL MARKETS 5
2.2 ROLE OF BUSINESS ANGELS 7
2.2.1. Definitions and operating model 7
2.2.2. Business angel financing 8
2.2.3. Types of business angels 10
2.3 BUSINESS ANGELS IN EUROPE 11
2.3.1. Business angel investments 11
2.3.2. Business angel networks 12
2.3.3. Number of networks 14
2.4 EUROPEAN POLICY CONTEXT 14
2.4.1. Risk Capital Action Plan 14
2.4.2. Results of the pilot action on business angels 15
2.4.3. Helping innovative companies 17
3. BENCHMARKING FRAMEWORK 17
3.1. MODEL OF INTERACTION 17
3.2. BENCHMARKING APPROACH FOR BUSINESS ANGELS 18
4. PUBLIC POLICY AND THE OPERATING ENVIRONMENT 19
4.1. ENTREPRENEURIAL CULTURE 19
4.2. TAXATION 20
4.2.1 Introduction 20
4.2.2 Capital gains taxes in the Member States 20
4.3. REGULATORY ENVIRONMENT 23
4.3.1 Administrative hurdles 23
4.3.2 Policy development 24
5. PARTNERSHIP WITH BUSINESS ANGEL NETWORKS 24
5.1. RAISING AWARENESS 24
5.2. TRAINING OF ANGELS AND ENTREPRENEURS 25
5.3. INVESTMENT READINESS 27
5.4. QUALITY AND INTEGRITY OF NETWORKS 28
5.4.1 Codes of conduct 28
5.4.2 Setting up and operating angel networks 30
5.4.3 Inclusiveness 30
5.5 FINANCING ANGEL NETWORKS 31
6. MATCHING ANGELS WITH ENTREPRENEURS 32
6.1. MATCHING PROCESS 32
6.1.1. Network practices 32
6.1.2. National matching services 33
6.2. LEVERAGING EFFECTS THROUGH COOPERATION 34
6.2.1 Cooperation with other types of investors 34
6.2.2 Integrated approach 36
6.3. CROSS-BORDER ACTIVITIES 37
7. CONCLUSION AND RECOMMENDATIONS 38
7.1. CONCLUSIONS OF THE ANALYSIS 38
7.2. RECOMMENDATIONS 39
Series Title: European Commission, Enterprise Directorate-General - Best reports ; 1
Author (Corp. Body): Europäische Kommission / Generaldirektion Unternehmen | European Commission / Directorate General for Enterprise
Publisher: Europäische Gemeinschaften / Amt für Amtliche Veröffentlichungen
Year: 2003
ISBN / ISSN / Kat.Nr: 92-894-4039-2 | 1725-0927
Language: en
Ressource: Einzelne Berichte, Studien
Keyword: Business angelsEU countries
Subject: Financing. Private finance. Financial policy
Countries Scheme: Europe. General Resources
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Title: Forecasting euro area inflation
Title (other): does aggregating forecasts by HICP component improve forecast accuracy?
Abstract
Monitoring and forecasting price developments in the euro area is essential in the light of the second pillar of the ECB's monetary policy strategy. This study analyses whether the forecasting accuracy of forecasting aggregate euro area inflation can be improved by aggregating forecasts of subindices of the Harmonized Index of Consumer Prices (HICP) as opposed to forecasting the aggregate HICP directly. The analysis includes univariate and multivariate linear time series models and distinguishes between different forecast horizons, HICP components and inflation measures. Various model selection procedures are employed to select models for the aggregate and the disaggregate components. The results indicate that aggregating forecasts by component does not necessarily help forecast year-on-year inflation twelve months ahead. [Kirstin Hubrich]
Author: Hubrich, Kirstin
Series Title: Working paper series / European Central Bank ; 247
Publisher: European Central Bank
Year: 2003
Language: en
Ressource: Einzelne Arbeitspapiere, Preprints
Keyword: EU countriesEuropean Economic and Monetary UnionInflationConsumer price indexPrice stabilityForecastTime series analysis
Subject: Economic and growth policiesCurrency. Monetary policy
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Title: Public finances and long-term growth in Europe
Title (other): evidence from a panel data analysis
Abstract
In Lisbon the European Council proclaimed a European growth strategy. It considers an average economic 'growth rate of around 3 percent as a realistic prospect for the coming years' and assigns public finances an important role in the process of achieving this goal. This paper addresses the question whether we can find empirical evidence for European countries that public finance reform affects trend growth. Focusing on time series patterns, we investigate whether there have been persistent shifts or trends in economic growth and fiscal variables over the last 40 years. In addition, we estimate a distributed lag model, which 1) indicates that government consumption and transfers negatively affect growth rates of GDP per capita over the business cycle, while public investment has a positive impact, and 2) provides robust evidence that distortionary taxation affects growth in the medium-term through its impact on the accumulation of private physical capital. [Diego Romero De Ávila ; Rolf Strauch]
Author: De Ávila, Diego Romero | Strauch, Rolf
Series Title: Working paper series / European Central Bank ; 246
Publisher: European Central Bank
Year: 2003
Language: en
Ressource: Einzelne Arbeitspapiere, Preprints
Keyword: EU countriesFiscal PolicyGrowth policyTime series analysisPublic Finance
Subject: Economic and growth policiesTaxation. Fiscal policy
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Title: How does the ECB allot liquidity in its weekly main refinancing operations?
Title (other): A look at the empirical evidence
Abstract
This paper provides a simple weekly model of the regular supply of liquidity in the euro area, with a view to understanding the functioning of the euro area money market. The main result of the analysis is that liquidity has normally been provided by the ECB in a neutral and smooth manner, but also that there has been some attempt, albeit very limited, to correct deviations of the overnight rate from the main refinancing rate. Moreover the paper finds that liquidity has affected the overnight interest rate to a significant extend only after the last main refinancing operation of the maintenance period, when it is not possible for the ECB to adjust liquidity imbalances except by making recourse to fine-tuning operations. [Steen Ejerskov, Clara Martin Moss and Livio Stracca]
Author: Ejerskov, Steen | Moss, Clara Martin | Stracca, Livio
Series Title: The European Central Bank - Working papers review
Publisher: European Central Bank
Year: 2003
Language: en
Ressource: Einzelne Arbeitspapiere, Preprints
Keyword: Bank liquidityEU countriesMonetary PolicyLiquidity effectMartingaleCentral BankEUEuropean Central Bank
monetary policyliquidity
Subject: Currency. Monetary policy
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Title: Pass-through of external shocks to euro area inflation
Abstract
This paper investigates the pass-through of external shocks, i.e. oil price shocks, exchange rate shocks, and non-oil import price shocks to euro area in?ation at different stages of distribution (import prices, producer prices and consumer prices). The analysis is based on a VAR model that includes the distribution chain of pricing. According to our results the pass-through is largest and fastest for non-oil import price shocks, followed by exchange rate shocks and oil price shocks. The size and the speed of the pass-through of these shocks decline along the distribution chain. External shocks explain a large fraction of the variance in all price indices. They seem to have contributed largely to in?ation in the euro area since the start of the European Monetary Union. The results on the size and the speed of the passthrough in the euro area appeared to be robust over time and different identi?cation schemes. [Elke Hahn]
Author: Hahn, Elke
Series Title: Working paper series / European Central Bank ; 243
Publisher: European Central Bank
Year: 2003
Language: en
Ressource: Einzelne Arbeitspapiere, Preprints
Keyword: Trade priceEU countriesEuropean Economic and Monetary UnionExchange rate pass-throughShock
Subject: Currency. Monetary policy
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Title: Public sector efficiency
Title (other): an international comparison
Abstract
We compute public sector performance (PSP) and efficiency (PSE) indicators, comprising a composite and seven sub-indicators, for 23 industrialised countries. The first four sub-indicators are 'opportunity' indicators that take into account administrative, education and health outcomes and the quality of public infrastructure and that support the rule of law and a level playing-field in a market economy. Three other indicators reflect the standard 'Musgravian' tasks for government: allocation, distribution, and stabilisation. The input and output efficiency of public sectors across countries is then measured via a non-parametric production frontier technique. [António Afonso, Ludger Schuknecht and Vito Tanzi]
Author: Afonso, António | Schuknecht, Ludger | Tanzi, Vito
Series Title: Working paper series / European Central Bank ; 242
Publisher: European Central Bank
Year: 2003
Language: en
Ressource: Einzelne Arbeitspapiere, Preprints
Keyword: EU countriesOECD countriesComparisonPublic Expenditure
Subject: Public finance. Taxation
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Title: Monetary policy transmission in the euro area
Title (other): any changes after EMU?
Abstract
We examine the euro area monetary policy transmission process using post-1999 data, with two main questions in mind: has it changed after - and because of - EMU and, if so, is it becoming homogeneous across countries. Given the data limitations, we concentrate on three blocks of transmission: the banking, interest-rate and asset-market channels. We find evidence that the transmission through banks has become more potent and homogeneous across countries because of EMU. On the financial-market channels, our evidence is somewhat weaker but suggestive. The interest-rate channel appears to have changed even before EMU, and to now affect national economies in a broadly similar way. The asset-market channel (proxied by the stock-market effects of monetary policy) also seems to work rather homogeneously across national markets (no comparison with pre-EMU is available here). A positive answer to both questions raised above represents, in our view, the best working hypothesis under current knowledge. [Ignazio Angeloni and Michael Ehrmann]
Author: Angeloni, Ignazio | Ehrmann, Michael
Series Title: Working paper series / European Central Bank ; 240
Publisher: European Central Bank
Year: 2003
Language: en
Ressource: Einzelne Arbeitspapiere, Preprints
Keyword: EU countriesEuroEuropean Economic and Monetary UnionMonetary PolicyMonetary transmission
Subject: Currency. Monetary policy
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Title: The impact of monetary union on trade prices
Abstract
Two seemingly unconnected empirical results suggest an intriguing mechanism. First, economic integration helps harmonize prices internationally, with trade being the primary channel (Rogoff 1996, Goldberg and Knetter 1997). Second, monetary union may greatly increase the amount of trade among members (Rose 2001). Putting these together, we see that formation of a monetary union may induce changes that help harmonise inflation rates. The effect might be large if the elimination of exchange rate volatility simultaneously leads to a large increase in intra-union trade and a big increase in the speed at which price shocks are transmitted across members' goods markets. This paper investigates part of this mechanism and finds that monetary union may indeed result in faster cross-border transmission of price movements via the import and export price channel which, in turn, would tend to homogenise price movements across the member countries of a monetary union. [Robert Anderton, Richard E. Baldwin and Daria Taglioni]
Author: Anderton, Robert | Baldwin, Richard E. | Taglioni, Daria
Series Title: Working paper series / European Central Bank ; 238
Publisher: European Central Bank
Year: 2003
Language: en
Ressource: Einzelne Arbeitspapiere, Preprints
Keyword: GermanyEU countriesInternational transmission of inflationLaw of one priceMonetary union
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Title: Volatility of interest rates in the euro area
Title (other): evidence from high frequency data
Abstract
This paper estimates the factors underlying the volatility of the euro overnight interest rate and its transmission along the euro area money market yield curve. A new multivariate unobserved components model is proposed allowing for both long-memory and stationary cyclical dynamics. Using hourly data the estimates show repetitive intradaily and monthly pattern that can be explained by the microstructure of the money market and the institutional features of the Eurosystem's operational framework for monetary policy implementation. Strong persistence is detected in all log-volatility processes and and two common long-memory factors are extracted. The first factor explains the long-memory dynamics of the shortest maturity. the second factor explains the transmission of volatility along the money market yield curve. We find evidence that most liquidity effects are cyclical, confined to the end of reserve maintenance periods, and are not transmitted along the money market yield curve. [Nuno Cassola and Claudio Morana]
Author: Cassola, Nuno | Morana, Claudio
Series Title: Working paper series / European Central Bank ; 235
Publisher: European Central Bank
Year: 2003
Language: en
Ressource: Einzelne Arbeitspapiere, Preprints
Keyword: EU countriesMoney MarketCointegrationLiquidity effectMarket microstructureVolatilityInterest Rate
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Title: Unemployment, hysteresis and transition
Abstract
We quantify the degree of persistence in unemployment rates of transition countries using a variety of methods benchmarked against the EU. In part of the paper, we work with the concept of linear 'Hysteresis' as described by the presence of unit roots in unemployment. Since this is potentially a narrow definition, we also take into account the existence of structural breaks and non-linear dynamics in unemployment. Finally, we examine whether CEECs' unemployment presents features of multiple equilibria: if it remains locked into a new level whenever a structural change occurs. Our findings show that, in general, we can reject the unit root hypothesis after controlling for structural changes and business cycle effects, but we can observe the presence of a high and low unemployment equilibria. The speed of adjustment is faster for CEECs than the EU, although CEECs tend to move more frequently between equilibria. [Miguel León-Ledesma and Peter McAdam]
Author: León-Ledesma, Miguel | McAdam, Peter
Series Title: Working paper series / European Central Bank ; 234
Publisher: European Central Bank
Year: 2003
Language: en
Ressource: Einzelne Arbeitspapiere, Preprints
Keyword: UnemploymentEU countriesHysteresisMarkov processEastern EuropeComparisonTime series analysis
Countries Scheme: Eastern Europe. General Resources
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Title: The natural real rate of interest in the euro area
Abstract
In this paper, we discuss the consequences of taking into account the variations of the natural real interest rate (r t *) in simple monetary policy rules. We also provide one possible model-based analysis of the level of r t * that has prevailed in the euro area since the early 1970s, and present the implied "real rate gap" as a possible additional indicator to assess the stance of monetary policy. [Nicola Giammarioli and Natacha Valla]
Author: Giammarioli, Nicola | Valla, Natacha
Series Title: Working paper series / European Central Bank ; 233
Publisher: European Central Bank
Year: 2003
Language: en
Ressource: Einzelne Arbeitspapiere, Preprints
Keyword: EU countriesEuropean Economic and Monetary UnionMonetary PolicyReal interest rate
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Title: The euro area financial system
Title (other): structure, integration and policy initiatives
Abstract
Four years after the introduction of the euro, this paper provides an overview of the current structure and integration of the euro area financial systems and related policy initiatives. We first compare the euro area financial structure with that of the United States and Japan. Using new and comprehensive financial account data, we also describe how the euro area financial structure evolved since 1995. We document the progress towards integration of the major euro area financial segments, namely money markets, bond markets, equity markets and banking. Finally, we discuss recent policy initiatives aimed at further improving European financial integration. [Philipp Hartmann, Angela Maddaloni and Simone Manganelli]
Author: Hartmann, Philipp | Maddaloni, Angela | Manganelli, Simone
Series Title: Working paper series / European Central Bank ; 230
Publisher: European Central Bank
Year: 2003
Language: en
Ressource: Einzelne Arbeitspapiere, Preprints
Keyword: Stock MarketBankEU countriesEuroFinancial sectorMoney Market
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Title: European Commission - Internal Market Scoreboard
Title (other): Europäische Kommission - Binnnenmarktanzeiger | Commission européenne - Tableau d'affichage du Marché intérieur
Abstract
This Webside contains all editions of the scoreboard and related documents from 1997 on usually in English, the more recent editions are written in 11 european languages. [editors EconBiz] | Die Webseite enthält alle Ausgaben des Binnenmarktanzeigers und begleitende Dokumente ab 1997. Gewöhnlich sind sie in einer englischen Fassung, Publikationen jüngeren Datums liegen in 11 europäischen Sprachen vor. [Redaktion EconBiz]
Author (Corp. Body): Europäische Kommission / Generaldirektion Binnenmarkt und Dienstleistungen
Publisher: Europäische Kommission / Generaldirektion Binnenmarkt und Dienstleistungen
Year: unknown
Language: en | de | fr
Ressource: Einzelne Fachzeitschriften und Jahrbücher (mit Volltext)
Keyword: Single European marketEU countriesInternet portal
Subject: Domestic trade
Countries Scheme: Europe. General Resources
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Title: Does the yield spread predict recessions in the euro area?
Abstract
This paper studies the informational content of the slope of the yield curve as a predictor of recessions in the euro area. In particular, the historical predictive power of ten yield spreads, for different segments of the yield curve, is tested using a probit model. The yield spread between the ten-year government bond rate and the threemonth interbank rate outperforms all the other spreads in predicting recessions in the euro area. The result is confirmed when the autoregressive series of the state of the economy is added in the same model. The forecast accuracy of the spread between 10-year and 3-month interest rates is explored in an exercise of out-of-sample forecasting. This yield spread appears to contain information which goes beyond the information already available in the history of output, providing further evidence of the potential usefulness of this indicator for monetary policy purposes. [Fabio Moneta]
Author: Moneta, Fabio
Series Title: Working paper series / European Central Bank ; 294
Publisher: European Central Bank
Year: 2003
Language: en
Ressource: Einzelne Arbeitspapiere, Preprints
Keyword: EU countriesReturn to capitalShort-term forecastHolding periodProbit modelTerm structure of interest rates
Subject: Business cyclesInvestment returns. Financial market. Interest rates
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Title: Optimal allotment policy in the Eurosystem's main refinancing operations
Abstract
On several occasions during the period 2001-2003, the European Central Bank (ECB) decided to deviate from its "neutral" benchmark allotment rule, with the effect of not alleviating a temporary liquidity shortage in the banking system. This is remarkable because it implied the possibility of short-term interest rates raising significantly above the main policy rate. In the present paper, we show that when the monetary authority cares for both liquidity and interest rate conditions, the optimal allotment policy may entail a discontinuous reaction to initial conditions. More precisely, we prove that there is a threshold level for the accumulated aggregate liquidity position in the banking system prior to the last operation in a given maintenance period, so that the benchmark allotment is optimal whenever liquidity conditions are above the threshold, and a tight allotment is optimal whenever liquidity conditions are below the threshold. [Christian Ewerhart, Nuno Cassola, Steen Ejerskov, Natacha Valla]
Author: Ewerhart, Christian | Cassola, Nuno | Ejerskov, Steen | Valla, Natacha
Series Title: Working paper series / European Central Bank ; 295
Publisher: European Central Bank
Year: 2003
Language: en
Ressource: Einzelne Arbeitspapiere, Preprints
Keyword: Bank liquidityEU countriesMonetary PolicyRefinancingCentral BankInterest rate policy
Subject: Currency. Monetary policyInvestment returns. Financial market. Interest rates
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Title: Measurement of contagion in banks' equity prices
Abstract
This paper uses the co-incidence of extreme shocks to banks' risk to examine within country and across country contagion among large EU banks. Banks' risk is measured by the first difference of weekly distances to default and abnormal returns. Using Monte Carlo simulations, the paper examines whether the observed frequency of large shocks experienced by two or more banks simultaneously is consistent with the assumption of a multivariate normal or a student t distribution. Further, the paper proposes a simple metric, which is used to identify contagion from one bank to another and identify "systemically important" banks in the EU. [Reint Gropp, Gerard Moerman]
Author: Gropp, Reint | Moerman, Gerard
Series Title: Working paper series / European Central Bank ; 297
Publisher: European Central Bank
Year: 2003
Language: en
Ressource: Einzelne Arbeitspapiere, Preprints
Keyword: EU countriesMonte Carlo methodShockTheory
Subject: Investment returns. Financial market. Interest rates
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Title: Import prices and pricing-to-market effects in the euro area
Abstract
Pricing-to-market (PTM) behaviour implies that exporters adjust their prices to the prevailing prices in their export markets. For the importing country, PTM effects can be interpreted as a measure of the stability of domestic prices against foreign price and exchange rate developments. PTM behaviour can be attributed to the level of competitiveness and price stickiness in the importing country. This paper investigates PTM behaviour in the euro area from the importing country's perspective, for both individual countries and the euro area as a whole. Analysis firstly involves the estimation of PTM effects in the five largest euro area countries. Secondly, PTM effects in the euro area as a whole are estimated to be slightly higher than one half. The results from illustrative simulations suggest that the increase in euro-area inflation during the first two years of monetary union can be largely attributed to oil price and exchange rate developments. [Thomas Warmedinger]
Author: Warmedinger, Thomas
Series Title: Working paper series / European Central Bank ; 299
Publisher: European Central Bank
Year: 2004
Language: en
Ressource: Einzelne Arbeitspapiere, Preprints
Keyword: Trade priceEU countriesExchange rate pass-throughMonetary PolicyExchange rate policy
Subject: Currency. Monetary policyInternational monetary system
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Title: Developing statistical indicators of the integration of the euro area banking system
Abstract
This paper discusses a wide range of indicators of the degree of integration of the euro area banking system. It is concerned with volume data, a less developed field of research compared with studies on prices/rates. We first set out a methodological framework, a mixture of elementary and more sophisticated statistics which can also be used in other contexts and datasets. We then apply this framework to unconsolidated balance sheet data of banks, aggregated at the national level. The paper offers three main empirical conclusions. First, within the euro area the gap between the cross-border banking activity in wholesale and retail markets is widening. Second, at the same time, with the exception of the home bias, even in retail markets there is increasing neutrality towards the location of the counterparty. Third, following a moderate decline in the wake of EMU, London is once again gaining market shares. [Michele Manna]
Author: Manna,Michele
Series Title: Working paper series / European Central Bank ; 300
Publisher: European Central Bank
Year: 2004
Language: en
Ressource: Einzelne Arbeitspapiere, Preprints
Keyword: BankSingle European marketEU countriesEuropean Economic and Monetary UnionFinancial market
Subject: Foreign trade. Trade relationsPublic finance. Banking. International monetary relationsCurrency. Monetary policy
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Title: Deposit insurance, moral hazard and market monitoring
Abstract
The paper analyses the relationship between deposit insurance, debt-holder monitoring, and risk taking. In a stylised banking model we show that deposit insurance may reduce moral hazard, if deposit insurance credibly leaves out non-deposit creditors. Testing the model using EU bank level data yields evidence consistent with the model, suggesting that explicit deposit insurance may serve as a commitment device to limit the safety net and permit monitoring by uninsured subordinated debt holders. We further find that credible limits to the safety net reduce risk taking of smaller banks with low charter values and sizeable subordinated debt shares only. However, we also find that the introduction of explicit deposit insurance tends to increase the share of insured deposits in banks' liabilities. [Reint Gropp and Jukka Vesala]
Author: Gropp, Reint | Vesala, Jukka
Series Title: Working paper series / European Central Bank ; 302
Publisher: European Central Bank
Year: 2004
Language: en
Ressource: Einzelne Arbeitspapiere, Preprints
Keyword: EU countriesDeposit insuranceMoral hazardTheory
Subject: Public finance. Banking. International monetary relationsInsurance. Insurance risks
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