Pricing of settlement link services and mergers of central securities depositories
In: Working paper series 710
20 Ergebnisse
Sortierung:
In: Working paper series 710
In: Discussion paper 02/20
We analyse the European interbank market in a general equilibrium model. Several institutional aspects of the market are taken into consideration, especially the Eurosystem's two standing facilities, reserve requirements of banks and the fact that borrowing from the Eurosystem has to be secured. We show that some characteristics of the interbank market which have been ignored in the theoretical literature on the interbank market until now can have a significant impact on the banks' recourse to the standing facilities.
In: ECB Working Paper No. 710
SSRN
In: Bundesbank Series 1 Discussion Paper No. 2003,04
SSRN
We analyse the European interbank market in a general equilibrium model. Several institutional aspects of the market are taken into consideration, especially the Eurosystem's two standing facilities, reserve requirements of banks and the fact that borrowing from the Eurosystem has to be secured. We show that some characteristics of the interbank market which have been ignored in the theoretical literature on the interbank market until now can have a significant impact on the banks? recourse to the standing facilities. ; Wir analysieren den europäischen Interbankenmarkt im Rahmen eines allgemeinen Gleichgewichtmodells. Es werden verschiedene institutionelle Aspekte des Interbankenmarktes berücksichtigt, insbesondere die zwei ständigen Fazilitäten des Eurosystems, die Reserveverpflichtungen der Banken und die Tatsache, daß Kredite des Eurosystems besichert werden müssen. Wir zeigen, daß einige bisher in der theoretischen Literatur unberücksichtigt gebliebenen Eigenschaften des Interbankenmarktes einen Einfluß auf die Inanspruchnahme der Fazilitäten durch die Banken haben.
BASE
In: Bundesbank Series 1 Discussion Paper No. 2002,20
SSRN
In: Working paper 376
In: ECB-CFS research network on capital markets and financial integration in Europe
In: ECB Working Paper No. 1025
SSRN
In: ECB Working Paper No. 909
SSRN
In: ECB Occasional Paper No. 2024/345
SSRN
In: ECB Working Paper No. 2022/2668
SSRN
In: JFIN-D-22-00065
SSRN
In: ECB Occasional Paper No. 2021/278
SSRN
This paper provides an assessment of the impact of the covered bond purchase programme (hereafter referred to as the CBPP) relative to its policy objectives. The analysis presented on the impact of the CBPP on both the primary and secondary bond markets indicates that the Programme has been an effective policy instrument. It has contributed to: (i) a decline in money market term rates, (ii) an easing of funding conditions for credit institutions and enterprises, (iii) encouraging credit institutions to maintain and expand their lending to clients, and (iv) improving market liquidity in important segments of the private debt securities market. The paper also provides an overview of the investment strategy of the the Eurosystem with regard to the CBPP portfolio.
BASE