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Terence Kappeln The Impact of ECB Monetary Policy on Stock and Bond Market Liquidity. The Case of Germany


Bachelor Thesis from the year 2015 in the subject Economics - Finance, grade: 1,0, Vienna University of Economics and Business (Finance and Accounting), language: English, abstract: During the financial crisis and the following Eurozone crisis, liquidity in financial markets basically froze and became a problem for the real economy. Therefore, market liquidity became one of the major concerns of the ECB, which applied non-standard measures, e.g. irregular asset purchasing programmes. This paper sheds light on the impact of monetary policy on liquidity levels of the DAX 30 equity index and German 10-year government bonds. For the following analysis, the monetary policy impacts are estimated using the base money growth rate and EONIA rate, whereas the relative bid-ask spread is employed for measuring liquidity levels. The research method includes literature-based research about common market liquidity theories, a short timeline of important ECB monetary policy decisions, descriptive statistics on liquidity levels and monetary policy variables and a VAR analysis, including variables spreads, returns, volatilities, industrial production and inflation. The results indicate that a decrease (increase) in stock market liquidity or an increase (decrease) in bondmarket volatility lead to a decrease (increase) of EONIA. Furthermore, decreases (increases) in stock return or industrial production result in a decrease (increase) of EONIA. However, base money growth is positively correlated...

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Andreas Renner Die Geldpolitik der Europaischen Zentralbank zur Bewaltigung der Finanzkrise 2007


Studienarbeit aus dem Jahr 2016 im Fachbereich VWL - Geldtheorie, Geldpolitik, Note: 1.0, Munich Business School, Sprache: Deutsch, Abstract: The financial crisis 2007 and its effects for the European economy and countries force the European Central Bank to intervene by monetary measures. To reach the primary goal, which is maintaining price stability by a Harmonized Index of Consumer Prices near but below two percent, the Central Bank utilizes some contentious policies like the Outright Monetary Transactions and the Asset-Purchase Program, in particular in the financial market. The author delineated the main interventions of the ECB since October 2008. Furthermore, the writer used the IS-LM-Model to demonstrate the abstract impact of expansive monetary policy. Finally, he expanded on the main points of criticism, which were the allegation of clientele politics against the European Central Bank and the possible violation of its mandate due to the Outright Monetary Transactions. For this, the author outlined the arguments of both sides. Concluding, the author assessed, involving the current economic situation in the European system, that the monetary policy of the ECB supported the recovery of the financial sector and the members of the EU.

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Bashkim Isufi The Impact of Euroization on Business Development in Kosovo


In order to enhance the overall business environment and increase the trade, governments must engage in developing effective framework of monetary policies. With the adoption of the Euro in 2002, Kosovo delegated its monetary policy to European level leaders through the European Central Bank (ECB) and the European System of Central Banks (ESCB). This step was easily justified at the time of the introduction of the Euro, as until 1999 Kosovo was part of the former Yugoslav monetary system and used Dinar as its currency, which experienced high rate of inflation and instability, particularly during the 90s. The research analyzes the extent to which Euroization has affected the business sector development of Kosovo.

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David Hörnle The relationship between the money supply and the inflation rate and the role of the European Central Bank in changing the money supply


Seminar paper from the year 2007 in the subject Economics - Monetary theory and policy, grade: 1,7, Berlin School of Economics, course: Economics II, Business Cycles, Employment and Trade, 19 entries in the bibliography, language: English, abstract: This essay consists of two topics, both belonging to the field of money supply in the European Union (EU) since the introduction of the Euro 2002. The first part examines the relationship between money supply and inflation rate. Illuminating this relationship, it also explains the monetary policy of the European Central Bank (ECB). The link between its policy and the relationship of money supply and inflation rate will be highlighted by using graphs and current data. The first part ends with a critical view upon the policy of the ECB and the theories regarding the money supply.The second part deals with the role of the ECB in controlling the money supply. It shows which tools central banks have in general at hand to control the money supply, followed by an explanation of how these tools work. Finally, it discusses the development of the ECB and the steps it takes to control the money supply efficiently.

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Keqiang Li Macroeconomic Policy Coordination in Emu.


The European debt crisis has become much more serious recently and spread from small economy, e.g. Greece to larger economy, e.g. Spain, Italy. A major reason for this problem is the unique characteristic of fiscal policy and monetary policy within the euro zone. The national fiscal policies are decided by every member state, and may be different from each other, while the single united monetary policy is made by the ECB. As a result, the macroeconomic coordination problem is likely to emerge. This paper investigates the interactions between monetary and fiscal policies within a monetary union and assesses the ECB's policy in promoting the macroeconomic coordination. Two types of macroeconomic coordination failure may emerge in the context of the monetary union. Since the coordination failure can bring large inefficient loss to the economy at the union level, the macroeconomic coordination is absolutely necessary.

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Tahmeed Zaman The Impending Demise of the Euro. The Impact of Monetary Policy on the Sustainability of the Euro


The aim of this thesis is to study the impact of expansionary monetary policy on the European economies through the conceptual framework of the Austrian Business Cycle Theory. The European Central Bank has continually reduced interest rates as a policy measure to counter the sovereign debt crisis and this thesis examines the implications of this venture. From Germany's perspective, the viability of reverting to the Deutschmark in times of monetary instability is also explored. The results, based on the deductive reasoning principle of the Austrian School, are also discussed.

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Traill Ariana A Companion to Terence


A comprehensive collection of essays by leading scholars in the field that address, in a single volume, several key issues in interpreting Terence offering a detailed study of Terence’s plays and situating them in their socio-historical context, as well as documenting their reception through to present day • The first comprehensive collection of essays on Terence in English, by leading scholars in the field • Covers a range of topics, including both traditional and modern concerns of gender, race, and reception • Features a wide-ranging but interconnected series of essays that offer new perspectives in interpreting Terence • Includes an introduction discussing the life of Terence, its impact on subsequent studies of the poet, and the question of his ethnicity

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Shahdad Naghshpour Fiscal Policy Within the Is-LM Framework


Undoubtedly, what happens to the economy affects the lives of the citizens of a country, and often the lives of people in other countries around the globe. In addition to natural disasters two things affect the economy more than anything else: monetary and fiscal policies. Fiscal policy and monetary policy represent forms of government intervention to influence market performance. Fiscal policy relates to government spending and revenue collection; monetary policy relates to the supply of money, which is controlled by factors such as reserve requirements and interest rates. If there were a universally accepted set of rules that prescribe appropriate actions to bring and sustain prosperity to the economy the study of economics would have been a positive science, as opposed to a collection of normative beliefs. The study of these policies is normative in nature because fiscal and monetary policies do not necessarily impact everyone equally or in the same way. In other words not everybody loses or gains equally as the result of fiscal and monetary policies. Nevertheless, there are non-normative economic theories that explain the expected outcome of specific fiscal or monetary policies.The economists that advocate for fiscal or monetary policies generally agree on the economic consequences produced by each policy when implemented. What differentiates the economists is the degree to which they believe in the effectiveness of the policy, their ability to know the extent of the need...

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Ashima Goyal History of Monetary Policy in India Since Independence


The book discusses Indian post-independence monetary history in the context of the country's development and the global changes of the period. The conceptual framework used is the SIIO (Structure, Ideas, Institutions and Outcomes) paradigm. That is, structure and ideas become embedded in institutions and affect outcomes. Narrative history, data analysis and research reports demonstrate the dialectic between ideas and structure with respect to monetary history, aspects of India's development, and the global institutions and events that impacted monetary choices. The history of the economy and of the global changes that affected it covers a time when major changes took place both in India and internationally.India's greater openness is important both for it and for the world, but it occurred at a time of major global crises. How did these impact monetary choices and how did the latter help India navigate the crises while maintaining its trajectory towards greater liberalization? The book explores these and other relevant but under-analyzed questions.The initial combination of ideas and structure created fiscal dominance and made monetary policy procyclical. An aggregate supply-and-demand framework derived from forward-looking optimization subject to Indian structural constraints is able to explain growth and inflation outcomes in the light of policy actions. Using exogenous supply shocks to identify policy shocks and to isolate their effects, demonstrate that policy...

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Metze Juliette Monetary and non-monetary Motivation under Multitasking


This paper investigates the optimal provision of monetary and non-monetary motivation in the presence of multitasking. The base is a multitasking model, where the worker has to exert two tasks. The principal has the opportunity to use monetary and non-monetary incentives to motivate the worker. Monetary incentives are modeled as incentive payments that are additionally paid to a fixed wage. They depend on a performance measure which assigns performance parameters to each task. In most firms performance measure is distorted. Hence, the marginal benefit of each task representing the true contribution to the firm value, differs from the performance parameters. The principal provides non-monetary incentives by exerting costly motivational effort that affects the worker's cost function. In particular, it reduces the worker's cost of exerting effort. Also, different degrees of distortion are analyzed.

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