tailieunhanh - Central bank rates, market rates and retail bank rates in the euro area in the context of the recent crisis

Competition in the banking sector has been analysed by, amongst other methods, measuring market power (. a reduction in competitive pressure) and efficiency. A well-known approach to measuring market power is suggested by Bresnahan (1982) and Lau (1982), recently used by Bikker (2003) and Uchida and Tsutsui (2005). They analyse bank behaviour on an aggregate level and estimate the average conjectural variation of banks. A strong conjectural variation implies that a bank is highly aware of its interdependence (via the demand equation) with other banks in terms of output and prices. Under perfect competition, where output price equals marginal costs,. | CENTRAL BANK RATES MARKET RATES AND RETAIL BANK RATES IN THE EURO AREA IN THE CONTEXT OF THE RECENT CRISIS Central bank rates market rates and retail bank rates in the euro area in the context of the recent crisis N. Cordemans M. de Sola Perea Introduction The economic and financial crisis that arose in summer 2007 led to a significant increase in perceptions of risk in the economy resulting in a sizeable rise in risk and liquidity premia on credit markets. Given the nature of the crisis the financial sector was particularly affected with respect to its financing via both the money market and the bond market which may have had an impact on the retail interest rates offered by banks to businesses and households. Similarly the sovereign debt crisis that appeared in late 2009 may have had an impact on financing costs in the private sector insofar as sovereign bond yields are often used as a reference for other interest rates in the economy. The financial crisis along with the contagion effects of the sovereign debt crisis on the banking sector has also affected bank balance sheets and weighed on their liquidity and solvency ratios. This may have led banks to restrict the supply of credit or increase their rate margins. Against this backdrop this article addresses recent trends in the financing costs of various public and private sectors in the euro area and Belgium. It pays particular attention to the monetary policy transmission process via the interest rate channel during the crisis and notably examines the extent to which the process was affected by tensions on sovereign debt markets. Furthermore this article looks at certain unconventional monetary policy decisions adopted in the euro area full liquidity allotment longer-term refinancing operations covered bond purchases and more recently the Securities Markets Programme . Whereas some of these measures caused interest rates to fall further they were implemented primarily to keep the monetary policy transmission

• Ngân hàng - Tín dụng
• Exchange Basics
• Reasons to Exchange
• Potential Role
• Diagnostics
• Insulin Like Growth
• Clinical Implications
• Back to basics in physiology
• The respiratory
• Cardiovascular systems
• Cellular respiration
• Functional anatomy of the lungs
• Blueprints of gas exchange
• The respiratory cycle
• Transnational Corporations
• Lecture Economics
• Financial crisis
• Global market economy
• Monetary policy
• Medium of exchange
• Federal reserve
• Controlling inflation