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Extraordinary Times Require Extraordinary Action: Boosting European Demand by Means of Investment Helicopter Money 特别时期需要特别行动:通过投资直升机撒钱提振欧洲需求
Credit and Capital Markets Pub Date : 2021-04-01 DOI: 10.3790/ccm.54.2.137
T. Gries, Alexandra Mitschke
{"title":"Extraordinary Times Require Extraordinary Action: Boosting European Demand by Means of Investment Helicopter Money","authors":"T. Gries, Alexandra Mitschke","doi":"10.3790/ccm.54.2.137","DOIUrl":"https://doi.org/10.3790/ccm.54.2.137","url":null,"abstract":"This theoretical contribution analyzes remaining monetary policy tools and their ability to reestablish sound macroeconomic conditions in the euro area. Motivated by the observation of a lack of investment in the macroeconomy and subdued inflation, we review current monetary policy challenges and emphasize the major failure of traditional transmission channels. While interest rates and asset prices often respond to central bank tools, the effects on the real economy, specifically on investments, are often not observable. We suggest Investment Helicopter Money as a tool to directly strengthen investment and boost aggregate demand. This monetary impulse is found to offer a direct real effect without crowding-out investment or rising debt levels. Most importantly, we discuss necessary institutional arrangements and contrast the suggested tool with a simple monetary or fiscal impulse.","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42138021","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
House Prices and the Credit-Driven Household Demand Channel: The Case of the Irish Economy 房价和信贷驱动的家庭需求渠道:以爱尔兰经济为例
Credit and Capital Markets Pub Date : 2021-04-01 DOI: 10.3790/ccm.54.2.199
D. Cronin, K. McQuinn
{"title":"House Prices and the Credit-Driven Household Demand Channel: The Case of the Irish Economy","authors":"D. Cronin, K. McQuinn","doi":"10.3790/ccm.54.2.199","DOIUrl":"https://doi.org/10.3790/ccm.54.2.199","url":null,"abstract":"The performance of the Irish economy stands out across western economies over the past two decades as the later years of its “Celtic Tiger” phase gave way to a sharp and extremely large economic downturn between 2008 and 2012. This severe recession has been followed by a Lazarus-style economic recovery in recent years. This paper examines the role played by the credit-driven housing net worth channel in the path that Irish economic performance has taken between 2002 and 2019 by specific reference to developments in the domestic labour market. We find a significant positive relationship between housing net worth and employment growth in Ireland, manifesting itself through the non-traded sector of the economy between 2007 and 2012. This followed the emergence and then bursting of a substantial credit-fuelled housing market bubble in the Irish residential property market. Our analysis indicates no evident link between economic activity and a credit-driven housing net worth channel in recent years. This may reflect market and regulatory responses to the banking crisis-led recession of the late 2000s and early 2010s.","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45524370","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
The ECB’s 2019 Liquidity Stress Test: An Event Study Evaluating the Impact on Owners and Creditors 欧洲央行2019年流动性压力测试:评估对所有者和债权人影响的事件研究
Credit and Capital Markets Pub Date : 2021-04-01 DOI: 10.3790/ccm.54.2.223
Christoph J. Börner, Jonas Krettek
{"title":"The ECB’s 2019 Liquidity Stress Test: An Event Study Evaluating the Impact on Owners and Creditors","authors":"Christoph J. Börner, Jonas Krettek","doi":"10.3790/ccm.54.2.223","DOIUrl":"https://doi.org/10.3790/ccm.54.2.223","url":null,"abstract":"The liquidity stress test (LiST) 2019 by the European Central Bank (ECB) examines the liquidity situation of banks, which is novel at the European level. Therefore, a well-founded empirical analysis is necessary to derive implications for the capital market. This paper investigates the impact on stock returns and credit default swap (CDS) spread changes of the participating banks using an event study methodology. This approach allows for conclusions about the entire capital market. A major problem with the sample, event clustering, is addressed with appropriate test statistics. The paper provides evidence of the absence of a capital market reaction, which could be the goal of supervisors, namely, being able to assess the banking sector and providing general information without triggering panic.","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47069780","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Reconsidering the Prudential Filter for the Cash Flow Hedge Reserve in View of the Purpose of Banking Regulation 从银行监管的目的看现金流套期保值准备金的审慎筛选
Credit and Capital Markets Pub Date : 2021-04-01 DOI: 10.3790/ccm.54.2.265
Alois Paul Knobloch, Felix Krauß
{"title":"Reconsidering the Prudential Filter for the Cash Flow Hedge Reserve in View of the Purpose of Banking Regulation","authors":"Alois Paul Knobloch, Felix Krauß","doi":"10.3790/ccm.54.2.265","DOIUrl":"https://doi.org/10.3790/ccm.54.2.265","url":null,"abstract":"Common Equity Tier 1 capital of credit institutions is adjusted by the prudential filter for the cash flow hedge reserve according to art. 33(1)(a) CRR. Thereby, fair value changes of hedging instruments, especially of derivatives, are neutralized by imputed fair value changes of future cash flows that are part of a cash flow hedge. However, these future cash flows are (mostly) expected to occur under market conditions and, thus, imputed fair value changes are not reflected in changes of present values derived from real transactions that exist at the time of the regulatory capital calculation. As a result, positive effects on Common Equity Tier 1 capital can be viewed critically in regard to the prudence principle of banking supervision if an initial reduction in Common Equity Tier 1 capital due to losses from hedging instruments is corrected. Furthermore, the adjustment is case specific and depends on the hedge effectiveness, which is questionable because of consistency reasons. To solve these weaknesses, we suggest to eliminate the prudential filter for the cash flow hedge reserve as a whole. This would lead to a better quality of Common Equity Tier 1 capital by improving its loss absorbency and as a side effect to a reduction in complexity enhancing supervision through regulatory authorities and market discipline. Furthermore, we demonstrate the impact that the proposed abolishment of the prudential filter for the cash flow hedge reserve would have on the Common Equity Tier 1 capital ratios of the largest European banks in 2014–2019","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48468733","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Credit and Capital Markets – Kredit und Kapital: Volume 54, Issue 1 信贷与资本市场——《Kredit und Kapital》：第54卷第1期
Credit and Capital Markets Pub Date : 2021-01-01 DOI: 10.3790/ccm.54.1
{"title":"Credit and Capital Markets – Kredit und Kapital: Volume 54, Issue 1","authors":"","doi":"10.3790/ccm.54.1","DOIUrl":"https://doi.org/10.3790/ccm.54.1","url":null,"abstract":"","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41708697","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Microfinance and Green Energy Lending: First Worldwide Evidence 小额信贷和绿色能源贷款:首次全球证据
Credit and Capital Markets Pub Date : 2020-10-01 DOI: 10.3790/ccm.53.4.427
G. Dorfleitner, D. Forcella, Q. Nguyen
{"title":"Microfinance and Green Energy Lending: First Worldwide Evidence","authors":"G. Dorfleitner, D. Forcella, Q. Nguyen","doi":"10.3790/ccm.53.4.427","DOIUrl":"https://doi.org/10.3790/ccm.53.4.427","url":null,"abstract":"The increasing requirement for action on climate change in developing countries has led to the inclusion of environmental aspects in microfinance objectives, in addition to social and financial performance, and hence to the appearance of green microfinance. To date, financing for modern energy service has proven to be an attractive option to offset adverse climate change related effects for the poor. This article sheds some light on factors predicting clean energy finance involvement of MFIs. By using a worldwide survey among microfinance institutions on rural lending and IT solutions implemented by YAPU Solutions, this study investigates how institutional characteristics and economic growth relate to green energy micro-credit. The findings provide evidence of a significantly positive relationship between the maturity and business sustainability of an MFI and the likelihood of offering green energy loans. Moreover, MFIs managed by female managers and located in wealthy countries are less willing to commence the finance of green energy.","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":"3 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75544571","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Credit and Capital Markets – Kredit und Kapital: Volume 53, Issue 4 信贷与资本市场——《Kredit und Kapital》：第53卷第4期
Credit and Capital Markets Pub Date : 2020-10-01 DOI: 10.3790/ccm.53.4
{"title":"Credit and Capital Markets – Kredit und Kapital: Volume 53, Issue 4","authors":"","doi":"10.3790/ccm.53.4","DOIUrl":"https://doi.org/10.3790/ccm.53.4","url":null,"abstract":"","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49193307","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Banking Regulation: A Systemic View on Capital Adequacy, Financial Systems and the Regulatory Process 银行监管:资本充足率、金融体系和监管过程的系统观点
Credit and Capital Markets Pub Date : 2020-09-01 DOI: 10.3790/ccm.53.3.305
Hans-Peter Burghof
{"title":"Banking Regulation: A Systemic View on Capital Adequacy, Financial Systems and the Regulatory Process","authors":"Hans-Peter Burghof","doi":"10.3790/ccm.53.3.305","DOIUrl":"https://doi.org/10.3790/ccm.53.3.305","url":null,"abstract":"In a comment for the Finance Committee of the Deutscher Bundestag on the finalization of Basel III, I scrutinize the debate on the costs of bank equity, look at the incentive effects and potential distortions provoked by the actual regulatory regimes, and finally describe banks’ regulation as a hysteretic process that creates detrimental phases of under- und overregulation. With regard to the first topic, I find strong arguments in the theory of financial intermediation that, in contradiction to the reasoning in the influential paper of Admati et al. (2010), bank equity is indeed costly and excessive capital requirements would hamper the efficiency of the banking system. Furthermore, I identify several incentive effects of today’s regulatory setting that lead to a more homogenous banking system with larger banks. This development could have negative effect on efficiency, in particular with regard to special needs of the German economy. And although the indivi­dual banks might be safer under the new regime, the evolving structure will probably contain a higher systemic risk.","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":"164 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86142101","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Credit and Capital Markets – Kredit und Kapital: Volume 53, Issue 3 信贷与资本市场——《Kredit und Kapital》：第53卷第3期
Credit and Capital Markets Pub Date : 2020-09-01 DOI: 10.3790/ccm.53.3
{"title":"Credit and Capital Markets – Kredit und Kapital: Volume 53, Issue 3","authors":"","doi":"10.3790/ccm.53.3","DOIUrl":"https://doi.org/10.3790/ccm.53.3","url":null,"abstract":"","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49402413","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Obituary 讣告
Credit and Capital Markets Pub Date : 2020-09-01 DOI: 10.3790/ccm.53.3.iii
Hans-Peter Burghof, Hendrik Hakenes
{"title":"Obituary","authors":"Hans-Peter Burghof, Hendrik Hakenes","doi":"10.3790/ccm.53.3.iii","DOIUrl":"https://doi.org/10.3790/ccm.53.3.iii","url":null,"abstract":"","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":"152 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80994967","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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