Index of the articles in the Monthly Report

Size: px
Start display at page:

Download "Index of the articles in the Monthly Report"

Transcription

1 Index of the articles in the Monthly Report

2 2 Deutsche Bundesbank Wilhelm-Epstein-Strasse Frankfurt am Main Postfach Frankfurt am Main Germany Tel Fax In the form of catchwords, this index provides information on the articles published in the Monthly Report of the Deutsche Bundesbank between January 2000 and December The articles published prior to this period were last listed in the indexes of December 1966, December 1981, December 1999 and December The Monthly Report and this index are published autonomously by the Deutsche Bundesbank, Frankfurt am Main. They are published by virtue of section 18 of the Bundesbank Act. They are available to interested parties free of charge. Reproduction permitted only if source is stated.

3 3 Assets The PHF: a survey of household wealth and finances in Germany 2012 Jan 29 Household wealth and finances in Germany: results of the Bundesbank survey 2013 June 23 German households saving and investment behaviour in light of the low-interest-rate environment 2015 Oct 13 Household wealth and finances in Germany: results of the 2014 survey 2016 Mar 57 Return on private financial assets taking into account inflation and taxes 2017 July 69 Balance of payments Banking supervision Germany s balance of payments in Mar 55 in Mar 59 in Mar 35 in Mar 53 in Mar 37 in Mar 25 in Mar 17 in Mar 17 in Mar 15 in Mar 15 in Mar 17 in Mar 17 in Mar 15 in Mar 15 in Mar 35 in Mar 73 in Mar 37 in Mar 15 Germany s role in international service transactions 2000 July 47 Structural current account balances: longer-term trends and determinants 2001 Jan 51 Germany s competitive position and foreign trade within the euro area 2003 Oct 15 Germany s external relations with the People s Republic of China 2005 June 35 Germany in the globalisation process 2006 Dec 17 German intra-euro-area trade: cyclical effects and structural determinants 2007 Mar 35 Current account balances and price competitiveness in the euro area 2007 June 33 Germany s external position against the background of increasing economic policy surveillance 2011 Oct 41 The financial crisis and balance of payments developments within the euro area 2012 Oct 13 Changes in the methodology and classifications of the balance of payments and the international investment position 2014 June 57 The German economy in the international division of labour: a look at value added flows 2014 Oct 27 The role of trade in goods in the development of global imbalances 2015 Jan 13 On the weakness of global trade 2016 Mar 13 see also: European economic and monetary union; Capital transactions with non-residents; Exchange rate The Deutsche Bundesbank s involvement in banking supervision 2000 Sep 31 Electronic banking from a prudential supervisory perspective 2000 Dec 43 The new Basel Capital Accord (Basel II) 2001 Apr 15 Credit institutions capital viewed from a business and a regulatory perspective 2002 Jan 39 Amendments to the Banking Act caused by the Fourth Financial Market Promotion Act 2002 Oct 15 The new Minimum Requirements for the credit business of credit institutions and Basel II 2003 Jan 45 New capital requirements for credit institutions (Basel II) 2004 Sep 73 Supervision of financial conglomerates in Germany 2005 Apr 39 New transparency rules for credit institutions 2005 Oct 69 Concentration risk in credit portfolios 2006 June 35 Transposing the new Basel capital rules into German law 2006 Dec 67 The current status of Internal risk management and assessment of capital adequacy under the Supervisory Review Process (SRP) 2007 Dec 57 Liquidity risk management at credit institutions 2008 Sep 57 The Basel Framework in practice implementing the Basel advanced approaches in Germany 2009 Jan 55

4 4 Banking supervision Amendments to the new EU Capital Requirements Directive and the Minimum (cont t) Requirements for Risk Management 2009 Sep 63 International cooperation in the area of ongoing banking supervision 2009 Dec 47 The Act Modernising Accounting Law from a banking supervision perspective 2010 Sep 49 Supervisory disclosure under Pillar 3 of Basel II 2010 Sep 69 Fundamental features of the German Bank Restructuring Act 2011 June 59 International cooperation in banking regulation: past and present 2011 Sep 79 The role of the Basel interest rate shock in the supervisory assessment of interest rate risks in the banking book 2012 June 51 Banks internal methods for assessing and maintaining internal capital adequacy and their relevance to supervision 2013 Mar 29 Implementing Basel III in European and national law 2013 June 55 European Single Supervisory Mechanism for banks a first step on the road to a banking union 2013 July 13 Europe s new recovery and resolution regime for credit institutions 2014 June 31 Launch of the banking union: the Single Supervisory Mechanism in Europe 2014 Oct 43 The supervision of less significant institutions in the Single Supervisory Mechanism 2016 Jan 51 Bank recovery an resolution the new TLAC and MREL minimum requirements 2016 July 63 The supervisory review and evaluation process for smaller institutions and proportionality considerations 2017 Oct 43 Bank lending Bank profitability Banks The relationship between bank lending and the bond market in Germany 2000 Jan 33 The development of bank lending to the private sector 2002 Oct 31 German results of euro-area bank lending survey 2003 June 67 Credit growth, bank capital and economic activity 2005 Mar 15 Recent developments in German banks lending to domestic enterprises and households 2006 July 13 Bank Lending Survey: an interim assessment and current developments 2009 Jan 15 Developments in lending to the German private sector during the global financial crisis 2009 Sep 15 Emerging markets in the financial crisis: the effect of cross-border bank loans 2010 Apr 35 German banks lending to the domestic private sector since summer Sep 59 Recent developments in loans to euro-area non-financial corporations 2015 Sep 15 Evolution of the Bank Lending Survey since the onset of the financial crisis 2016 July 15 see also: Deutsche Bundesbank The performance of German credit institutions in Sep 45 in Sep 15 in Sep 15 in Sep 15 in Sep 15 in Sep 15 in Sep 15 in Sep 15 in Sep 15 in Sep 33 in Sep 17 in Sep 15 in Sep 13 in Sep 13 in Sep 53 in Sep 41 in Sep 59 in Sep 51 Longer-term trend in German credit institutions interbank operations 2000 Jan 49 The evolution of accounting standards for credit institutions 2002 June 39 Approaches to the validation of internal rating systems 2003 Sep 59 German banks foreign direct investment and cross-border services 2005 Jan 25 Structural developments in the German banking sector 2015 Apr 35 see also: Banking supervision; Bank profitability; Deutsche Bundesbank; Financial innovations; Financial market stability; Monetary policy aspects; Securities markets

5 5 Capital market The market for venture capital in Germany 2000 Oct 15 The role and behaviour of German fund managers on the equity market 2001 Apr 43 Instruments used to analyse market expectations: risk-neutral density functions 2001 Oct 31 Funded old-age provision and the financial markets 2002 July 25 Macroeconomic aspects of share price developments 2003 Mar 27 Recent developments in the corporate bond market 2004 Apr 15 Regulation of the European securities markets 2004 July 33 The insurance sector as a financial intermediary 2004 Dec 31 New legal and regulatory framework for the German securitisation and Pfandbrief market 2006 Mar 37 Current trends and structural changes in the public bond market 2006 Oct 29 Primary and secondary markets for German public sector debt instruments: institutional framework, trading systems and their relevance for Germany as a final centre 2007 July 45 Sovereign yield spreads in the euro area 2011 June 27 Current developments in the mutual funds market: demand, structural changes and investor behaviour 2013 Jan 13 The financial system in transition: the new importance of repo markets 2013 Dec 57 Ownership structure in the German equity market: general trends and changes in the financial crisis 2014 Sep 19 The market for corporate bonds in the low-interest-rate environment 2017 July 17 Changes to the investment funds statistics: scope enhancements, results and outlook 2017 Sep 87 Capital transactions with non-residents Cash in circulation Deposits Deutsche Bundesbank Economic growth The development of German enterprises international capital links between end-1998 and end June 51 Structure of German firms international capital links at end Apr 59 Capital flows and the exchange rate 2002 Jan 15 Consequences of increasing capital flows for exchange rate policy observations and prospects worldwide 2002 June 55 German foreign direct investment (FDI) relationships: recent trends and macroeconomic effects 2006 Sep 43 Recent developments in the international financial system 2008 July 15 Direct investment and financial constraints before and during the financial crisis 2011 Dec 57 Globalisation and the transmission of global financial shocks to the euro-area countries implications for (national) economic policy 2016 Sep 37 see also: Banks; International Monetary Fund; Securities markets Circulation of the Deutsche Mark from currency reform to European monetary union 2002 Mar 19 The development and determinants of euro currency in circulation in Germany 2009 June 45 The use of cash and other payment instruments a behavioural study using micro data 2010 Mar 33 The banknote cycle and banknote recycling in Germany 2011 Jan 17 Foreign demand for euro banknotes issued in Germany 2011 Jan 29 The use of cash and cashless payment instruments: a microeconomic analysis 2012 Oct 65 Current and projected development of coin circulation in Germany 2013 Jan 29 Cash withdrawals at the point of sale: motives for use and implications for cash holding 2014 June 69 Euro coins held for transaction purposes in Germany 2015 Apr 61 Deposit protection and investor compensation in Germany 2000 July 29 The development of bank deposits in Germany 2003 Apr 33 Investor behaviour in theory and practice 2011 Jan 43 Deposit protection in Germany 2015 Dec 47 see also: Public finance Recent institutional developments in economic and monetary cooperation 2001 Jan 15 Seventh Act amending the Bundesbank Act 2002 May 5 see also: Banking supervision; European economic and monetary union; Interest rates; Monetary reserves; Money market; Payment transactions Productivity developments in Germany 2002 Sep 47 The development of production potential in Germany 2003 Mar 41 Demographic burdens on growth and wealth in Germany 2004 Dec 15 Advances in strengthening the economy s growth potential 2007 Oct 35 Growth effects of permanently high energy prices: recent evidence for Germany 2009 June 29

6 6 Economic growth Germany in the financial and economic crisis Economic activity 2010 Oct 45 (cont t) Potential growth of the German economy medium-term outlook against the backdrop of demographic strains 2012 Apr 13 The price of crude oil and its impact on economic activity in the industrial countries 2012 June 27 The US economy in the current economic upturn 2013 Apr 15 Slowdown in growth in the emerging market economies 2015 July 15 Demographic change, immigration and the potential output of the German economy 2017 Apr 35 Economic research centre Enterprises Setting up an Economic Research Centre at the Deutsche Bundesbank 2000 Oct 41 Ageing, financial markets and monetary policy the Bundesbank s spring conference June 75 Reports from the Economic Research Centre 2001 Dec 79 Reports from the Economic Research Centre 2002 Jan 59 Direct investment in the real and financial sector the Bundesbank Spring Conference June 75 Reports from the Economic Research Centre 2002 July 55 Reports from the Economic Research Centre 2002 Dec 69 Reports from the Economic Research Centre 2003 Jan 59 Monetary policy: how relevant are other policymakers? Bundesbank Spring conference June 77 Reports from the Economic Research Centre 2003 July 57 Development and application of DSGE models for the German economy 2008 July 31 Deutsche Bundesbank Spring Conference 2010 International risk sharing and global imbalances 2010 July 57 Deutsche Bundesbank Spring Conference 2011 fiscal and monetary policy challenges in the short and long run 2011 July 63 National and international financial market shocks and the real economy an empirical view 2012 Mar 35 Deutsche Bundesbank Spring Conference 2012 monetary policy, inflation and international linkages 2012 July 27 Household finances, saving and inequality: an international perspective conference held by the Bundesbank and the Max Planck Institute for Social Law and Social Policy 2013 June 51 German enterprises profitability and financing in Mar 31 in Mar 19 in Apr 33 in Apr 47 in June 55 in Dec 31 in Jan 31 in Jan 15 in Dec 29 in Dec 29 in Dec 25 in Dec 41 in Dec 37 in Dec 33 in Dec 57 in Dec 35 The profitability and investment behaviour of non-financial corporations 2000 Oct 31 Company pension schemes in Germany 2001 Mar 43 Factor prices, employment and capital stock in Germany: results of a simulation study 2001 July 49 Uncertainty, freedom of action and investment behaviour empirical findings for Germany 2001 Sep 71 German enterprises earning and financing patterns, by form of business organisation 2001 Dec 45 The economic situation of small and medium-sized enterprises in Germany 2003 Oct 29 How the Bundesbank analyses enterprises creditworthiness 2004 Sep 59 German enterprises profitability and financing an analysis based on a new dataset 2005 Oct 31 The economic situation of small and medium-sized enterprises in Germany since Dec 35 Investment activity in Germany under the influence of technological change and competition among production 2007 Jan 17

7 7 Enterprises Financing constraints and capital accumulation: microeconometric evidence 2008 Oct 59 (cont t) Firm-level and aggregate output volatility 2009 Oct 35 Leasing financing in Germany 2011 July 35 Long-term developments in corporate financing in Germany evidence based on the financial accounts 2012 Jan 13 The importance of trade credit for corporate financing in Germany evidence from financial statements statistics 2012 Oct 51 Manufacturing enterprises in Germany and their vulnerability to crises findings of a risk analysis using annual financial statement data 2014 Mar 51 Consolidated financial statement statistics as a contribution to the extended corporate analysis: approach and initial results 2014 July 51 Structure and dynamics of manufacturing production depth as reflected in the financial statements of German enterprises 2016 June 55 Mark-ups of firms in selected European countries 2017 Dec 53 see also: Capital transactions with non-residents; Deutsche Bundesbank; National accounts; Securities markets European Communities European economic and monetary union Exchange rate The outlook for the enlargement of the EU following the Nice European Council 2001 Mar 15 Monetary aspects of the enlargement of the EU 2001 Oct 15 Developments in the external economic relations of the EU accession countries in central and eastern Europe 2002 Dec 49 Economic and monetary policy cooperation between the EU and the acceding countries following the signature of the accession treaty 2003 July 15 The state of public finance in the EU acceding countries 2003 July 21 Financial markets in central and east European countries before accession to the EU 2003 July 39 Effects of eastward enlargement of the EU on the German economy 2004 May 5 Germany s financial linkage to the EU budget 2005 Oct 15 Determinants of the current accounts in central and east European EU member states and the role of German direct investment 2006 Jan 15 The Treaty of Lisbon 2010 Mar 43 On the problems of macroeconomic imbalances in the euro area 2010 July 17 Developments in the exports of the four largest euro-area member states since the launch of monetary union 2011 July 15 Investment in the euro area 2016 Jan 31 see also: Balance of payments; Enterprises Monetary developments in the euro area since the beginning of monetary union 2001 June 39 Comments on reforming the Stability and Growth Pact 2005 Jan 37 The changes to the Stability and Growth Pact 2005 Apr 15 Ten years of monetary policy cooperation in the Eurosystem 2008 Apr 15 The euro ten years on the German economy in monetary union 2008 Dec 31 Financial integration and risk sharing in the euro-area longer-term trends and impact of the financial crisis 2009 Dec 33 European Council decisions on the prevention and resolution of future sovereign debt crises 2011 Apr 53 Adjustment processes in the member states of economic and monetary union 2014 Jan 13 Approaches to strengthening the regulatory framework of European monetary union 2015 Mar 15 Approaches to resolving sovereign debt crises in the euro area 2016 July 41 Design and implementation of the European fiscal rules 2017 June 29 See also: Bank lending; Deutsche Bundesbank; Exchange rate; Inflation Fundamental determinants of real exchange rate movements in the central and east European accession countries 2002 Oct 47 Purchasing power parity theory as a concept for evaluating price competitiveness 2004 June 29 Exchange rates and interest rate differentials: recent developments since the introduction of the euro 2005 July 27 The microstructure approach to exchange rate theory 2008 Jan 17 Macroeconomic effects of changes in real exchange rates 2008 Mar 33 Nominal and real exchange rate movements during the financial crisis 2010 July 39 Effective exchange rates from financial market data 2011 Apr 17 The euro as an anchor currency and core of a currency bloc 2012 July 13 Macroeconomic approaches to assessing price competitiveness 2013 Oct 31

8 8 Exchange rate Exchange rates and financial stress 2014 July 15 (cont t) The impact of alternative indicators of price competitiveness on real exports of goods and services 2016 Jan 13 The Eurosystem s bond purchases and the exchange rate of the euro 2017 Jan 13 Global liquidity, foreign exchange reserves and exchange rates of emerging market economies 2017 Oct 13 see also: Capital transactions with non-residents External assets and liabilities Financial account Financial innovations Financial market stability Global economy Income Inflation Germany s international investment position since the beginning of monetary union: developments and structure 2008 Oct 15 Overall financial flows (in Germany) in June 15 in June 15 in June 15 in June 29 in June 43 Investment and financing in June 15 in June 15 in June 15 Integrated sectoral and overall balance sheets for Germany 2008 Jan 31 Methodological changes in the financial accounts background, approach and selected results 2014 Oct 13 Recent developments in the indebtedness of the private non-financial sector in selected euro-area countries 2017 Jan 41 see also: National accounts Role and importance of interest rate derivatives 2003 Jan 31 Credit risk transfer instruments: their use by German banks and aspects of financial stability 2004 Apr 27 Credit default swaps functions, importance and information content 2004 Dec 43 Derivatives and their feedback effects on the spot markets 2006 July 51 Leveraged buyouts: the role of financial intermediaries and aspects of financial stability 2007 Apr 15 Development, information content and regulation of the market for credit default swaps 2010 Dec 43 Financial sanctions: legal framework and implementation in Germany 2003 Apr 69 Report on the stability of the German financial system 2003 Dec 5 Stress testing the German banking system 2003 Dec 53 Report on the stability of the German financial system 2004 Oct 5 Stress tests at German banks methods and results 2004 Oct 75 The role of volatility patterns in financial markets 2005 Sep 59 Risk appetite in a dynamic financial market environment 2005 Oct 85 Germany in the financial and economic crisis The financial system 2010 Oct 25 Approaches to the measurement and macroprudential treatment of systemic risk 2011 Mar 37 The European Systemic Risk Board: from institutional foundation to credible macroprudential oversight 2012 Apr 29 Macroprudential oversight in Germany: framework, institutions and tools 2013 Apr 39 International cooperation in the area of financial sector policy the Financial Stability Board (FSB) 2013 Oct 47 Analyses of the importance of the insurance industry for financial stability 2014 July 67 The importance of macroprudential policy for monetary policy 2015 Mar 39 see also: Banking supervision, Financial innovations The danger posed to the global economy by protectionist tendencies 2017 July 77 Wage setting in Germany new empirical findings 2009 Apr 17 see also: Financial account; National accounts Core inflation rates as a tool of price analysis 2000 Apr 45 The price effects of deregulation and privatisation in the product markets 2000 Dec 31 Consumer prices and the changeover from Deutsche Mark to euro 2002 July 15

9 9 Inflation The debate on deflationary risks in Germany 2003 June 15 (cont r) Price indicators for the housing market 2003 Sep 45 The euro and prices two years on 2004 Jan 15 Price-setting behaviour in Germany 2005 Dec 15 Price convergence in the euro area 2009 Mar 33 The determinants and regional dependencies of house price increases since Oct 13 Some approaches to explaining the behavior of inflation since the last financial and economic crisis 2014 Apr 61 Inflation expectations: newer instruments, current developments and key determinants 2015 June 45 The Phillips curve as an instrument for analysing prices and forecasting inflation in Germany 2016 Apr 31 Insurance Interest rates International Monetary Fund Labour market Monetary policy aspects The new ESCB insurance statistics integrated reporting flow and initial results 2017 Oct 67 Real interest rates: movements and determinants 2001 July 31 The pass-through from market interest rates to bank lending rates in Germany 2002 Mar 49 The new MFI interest rate statistics methodology for collecting the German data 2004 Jan 45 Determinants of the term structure of interest rates approaches to combining arbitrage-free models and monetary macroeconomics 2006 Apr 15 Extended MFI interest rate statistics: methodology and first results 2011 June 45 Estimating yield curves in the wake of the financial crisis 2013 July 33 Changes to the MFI interest rate statistics 2017 July 93 Monetary policy indicators at the lower bound based on term structure models 2017 Sep 13 The natural rate of interest 2017 Oct 27 The role of the International Monetary Fund in a changing global economic environment 2000 Sep 15 Cross-border capital movements and the role of the International Monetary Fund 2001 July 15 Quotas and voting shares in the IMF 2002 Sep 63 Potential financial risk faced by the International Monetary Fund 2005 Sep 75 Financing and representation in the International Monetary Fund 2010 Mar 51 The International Monetary Fund in a changed global environment 2012 Sep 61 see also: Deutsche Bundesbank Greater flexibility on the German labour market 2004 Sep 43 Rapid change in paid employment 2005 July 13 The labour market in Germany: general developments seen in an international context 2007 Jan 31 Germany in the financial and economic crisis Labour market 2010 Oct 55 The US labour market in the current cycle 2011 Apr 35 Adjustment patterns of enterprises in the German labour market during the Great Recession selected results of a special survey 2015 July 33 Wage dynamics amid high euro- area unemployment 2016 Dec 33 Monetary policy transparency 2000 Mar 15 The information content of survey data on expected price developments for monetary policy 2001 Jan 35 Bank balance sheets, bank competition and monetary policy transmission 2001 Sep 51 Monetary policy and investment behaviour an empirical study 2002 July 41 How informative survey data on private sector inflation expectations are for monetary policy-makers 2006 Oct 15 Globalisation and monetary policy 2007 Oct 15 The shadow banking system in the euro-area: overview and monetary policy implications 2014 Mar 15 The Common Credit Assessment System for assessing the eligibility of enterprises 2015 Jan 33 Marketable financial instruments of banks and their role as collateral in the Eurosystem 2015 June 31 The role and effects of the Agreement on Net Financial Assets (ANFA) in the context of implementing monetary policy 2016 Mar 83 Distributional effects of monetary policy 2016 Sep 13 The role of banks, non-banks and the central bank in the money creation process 2017 Apr 13 see also: European Communities; European economic and monetary union; Interest rates; Monetary policy strategies; Money stock

10 10 Monetary policy The Eurosystem s monetary policy framework strategies experience to date and measures to improve its efficiency 2003 Mar 15 Monetary policy under uncertainty 2004 June 15 Initial experience with the new monetary policy framework and the Bundesbank s contribution to liquidity management by the Eurosystem 2004 July 49 Price-level targeting as a monetary policy strategy 2010 Jan 31 The implications of the financial crisis for monetary policy 2011 Mar 53 The macroeconomic impact of quantitative easing in the euro area 2016 June 29 Monetary reserves Money market Money stock National accounts Payment transactions (cashless) Product markets Projections Reserve assets: their development and importance in monetary union 2003 Jan 15 The integration of the German money market in the single euro money market 2000 Jan 15 The creation of a single list of eligible collateral throughout the euro area 2006 Apr 29 Implications of the Eurosystem s monetary operations during the financial crisis 2014 Apr 37 The Eurosystem s new money market statistical reporting initial results for Germany 2017 Oct 57 see also: Financial innovations The relationship between money and prices 2005 Jan 13 The relationship between monetary developments and the real estate market 2007 July 13 Monetary growth and its determinants in recent years 2008 Sep 41 Differences in money and credit growth in the euro area and in individual euro-area countries 2013 July 47 see also: Cash in circulation Determinants and macroeconomic significance of product wage and consumption wage 2000 July 15 Macroeconomic development of earnings and costs since the early 1990s 2002 Dec 37 Private consumption in Germany since reunification 2007 Sep 41 Price and volume effects of VAT increase on 1 January Apr 29 see also: Capital market; Financial account RTGS plus the Bundesbank s new system for individual payments 2000 June 59 RTGS plus successfully established 2002 Apr 57 Payment system oversight a contribution to the stability of the financial system and the efficiency of payment operations 2004 Jan 29 Recent trends in individual payments 2005 Sep 45 The road to the Single Euro Payments Area 2005 Dec 29 Recent developments in payment cards and innovatice electronic payment procedures 2006 Dec 89 TARGET2 the new payment system for Europe 2007 Oct 69 Cashless payments in Germany and the role of the Deutsche Bundesbank 2009 Mar 49 Recent developments in German and European retail payments 2009 July 45 The European single market in payments nearing completion 2012 Jan 47 The new CPSS-IOSCO Principles for financial market infrastructures 2012 July 33 Innovations in payment systems 2012 Sep 47 Outlook for European retail payments 2013 Dec 27 Distributed ledger technologies in payments and securities settlement: potential and risks 2017 Sep 35 The Eurosystem s financial market infrastructure origin and future set-up 2017 Dec 69 see also: Monetary policy aspects The housing market during the nineties 2002 Jan 27 The significance of information and communication technology 2004 Apr 45 Extended investment cycle with stable prices: supply and demand in the German housing market from a longer-term perspective 2010 June 47 Outlook for the German economy macroeconomic projections for 2008 and Dec 17 for 2008 and June 17 for 2009 and Dec 17 for 2009 and June 15 for 2010 and Dec 15 for 2010 and June 15 for 2011 and Dec 15 for 2011 and June 13

11 11 Projections for 2012 and Dec 15 (cont t) for 2012 and June 15 for 2013 and Dec 13 for 2013 and June 11 for 2014 and Dec 13 for 2014 and 2015 and an outlook for June 11 for 2015 and Dec 17 for 2015 and 2016 and an outlook for June 13 for 2016 and Dec 13 for 2016 and 2017 and an outlook for June 13 for 2017 and 2018 and an outlook for Dec 15 for 2017 and 2018 and an outlook for June 11 for 2018 and 2019 and an outlook for Dec 15 Short-term forecasting methods as instruments of business cycle analysis 2009 Apr 31 Uncertainty of macroeconomic forecasts 2010 June 29 Forecasting models in short- term business cycle analysis a workshop report 2013 Sep 69 On the reliability of international organisations estimates of the output gap 2014 Apr 13 Public finance Seasonal fluctuations Cyclical adjustment of the public sector financial balance in Germany a disaggregated approach 2000 Apr 31 Trends in local authority finance since the mid-nineties 2000 June 43 Subsidy trends in Germany since the start of the nineties 2000 Dec 15 Trends in Länder Government finance since the mid-nineties 2001 June 57 The long-term sustainability of public finance an analysis based on generational accounting 2001 Dec 29 Government benefits for families 2002 Apr 15 Recent tax revenue trends 2002 Dec 15 The development of public finances in Germany following qualification for European monetary union 2003 Apr 15 Development and significance of education expenditure in Germany 2003 Oct 55 Public finances in crisis the causes and the need for action 2004 Mar 15 Deficit-limiting budgetary rules and a national stability pact in Germany 2005 Apr 23 A disaggregated framework for analysing public finances: Germany s fiscal track record between 2000 and Mar 61 State government finances in Germany 2006 July 29 The evolution of labour market-related expenditure 2006 Sep 59 Trends in local government finances since July 25 Reform of German budgetary rules 2007 Oct 47 Development of tax revenue in Germany and current tax policy issues 2008 Oct 33 Demographic change and the long-term sustainability of public finances in Germany 2009 July 29 The development of government investment 2009 Oct 15 Government debt and interest payment burden in Germany 2010 Apr 15 Germany in the financial and economic crisis Fiscal policy 2010 Oct 71 Requirements regarding the cyclical adjustment procedure under the new debt rule 2011 Jan 55 The debt brake in Germany key aspects and implementation 2011 Oct 15 The development of state government finances in Germany since Oct 29 The development of government interest expenditure in Germany 2013 Sep 47 The reform of financial relations in the German federal system 2014 Sep 33 The evolution of labour market-related government expenditure in Germany 2015 Apr 13 Government personnel expenditure: development and outlook 2015 Oct 33 Local government finances: Development and selected aspects 2016 Oct 13 Federal states cyclical adjustment in the context of the debt brake 2017 Mar 33 The development of government interest expenditure in Germany and other euro-area countries 2017 July 33 see also: European Communities The whole and its parts: problems with the aggregation of seasonally adjusted data 2010 June 59 Reliability and revision profile of selected German economic indicators 2011 July 49 Calendar effects on economic activity 2012 Dec 51

12 12 Securities markets The impact of financial market crises on the German securities markets 2000 Apr 15 International integration of German securities markets 2001 Dec 15 Securities market regulation: international approaches 2006 Jan 35 The market for federal state bonds 2008 June 31 Corporate earnings and share prices 2009 July 15 Securities holdings statistics for analysing holdings of securities in Germany and Europe: methodology and results 2015 Mar 95 Stock market valuations theoretical basics and enhancing the metrics 2016 Apr 15 Significance and impact of high-frequency trading in the German capital market 2016 Oct 37 see also: Capital market; Capital transactions with non-residents; Financial innovations Social security funds Financial development and outlook of the statutory health insurance scheme 2004 July 15 Financial development and outlook of the public long-term care insurance scheme 2007 Apr 29 Outlook for Germany s statutory pension insurance scheme 2008 Apr 47 Germany s statutory health insurance scheme: past developments and future challenges 2014 July 29 see also: Capital market

Index of the articles in the Monthly Report

Index of the articles in the Monthly Report Index of the articles in the Monthly Report 2 Deutsche Bundesbank Wilhelm-Epstein-Strasse 14 60431 Frankfurt am Main Postfach 10 06 02 60006 Frankfurt am Main Germany In the form of catchwords, this index

More information

Monetary policy of the ECB, its concepts and tools

Monetary policy of the ECB, its concepts and tools Monetary policy of the ECB, its concepts and tools Frankfurt am Main, 20 September 2011 Markus A. Schmidt Directorate Monetary Policy 1 Disclaimer The views expressed are those of the presenter and should

More information

International Monetary and Financial Committee

International Monetary and Financial Committee International Monetary and Financial Committee Twenty-Ninth Meeting April 12, 2014 Statement by Siim Kallas, Vice-President of the European Commission On behalf of the European Commission Statement of

More information

Statistics for financial stability purposes

Statistics for financial stability purposes Statistics for financial stability purposes Hermann Remsperger, Member of the Executive Board, Deutsche Bundesbank Ladies and Gentlemen, 1. Sound statistics for monetary policy and financial stability

More information

Portuguese Banking System: latest developments. 2 nd quarter 2018

Portuguese Banking System: latest developments. 2 nd quarter 2018 Portuguese Banking System: latest developments 2 nd quarter 218 Lisbon, 218 www.bportugal.pt Prepared with data available up to 26 th September of 218. Macroeconomic indicators and banking system data

More information

Emerging from the Crisis Building a Stronger International Financial System

Emerging from the Crisis Building a Stronger International Financial System Secrétariat général de la Commission bancaire Emerging from the Crisis Building a Stronger International Financial System Session 4: Issues Highlighted by the Crisis: Expanding the Regulatory Perimeter

More information

Portuguese Banking System: latest developments. 1 st quarter 2018

Portuguese Banking System: latest developments. 1 st quarter 2018 Portuguese Banking System: latest developments 1 st quarter 218 Lisbon, 218 www.bportugal.pt Prepared with data available up to 27 th June of 218. Macroeconomic indicators and banking system data are quarterly

More information

Financial Stability in a World of Very Low Interest Rates

Financial Stability in a World of Very Low Interest Rates 43rd General Assembly of The Geneva Association Financial Stability in a World of Very Low Interest Rates Keynote speech by Ignazio Visco Governor of the Bank of Italy Rome, 9 June 2016 Since the 1980s

More information

Portuguese Banking System: latest developments. 4 th quarter 2017

Portuguese Banking System: latest developments. 4 th quarter 2017 Portuguese Banking System: latest developments 4 th quarter 217 Lisbon, 218 www.bportugal.pt Prepared with data available up to 2 th March of 218. Macroeconomic indicators and banking system data are

More information

Poland s Economic Prospects

Poland s Economic Prospects Poland s Economic Prospects Unicredit Conference Warsaw, June 8, 11 Mark Allen Senior IMF Resident Representative for Central and Eastern Europe Recovery is driven by domestic demand Contributions to Real

More information

Fourth ICRIER-KAS Financial Sector Seminar on Financial Sector Developments, Issues, and the Way Forward,

Fourth ICRIER-KAS Financial Sector Seminar on Financial Sector Developments, Issues, and the Way Forward, Fourth ICRIER-KAS Financial Sector Seminar on Financial Sector Developments, Issues, and the Way Forward, December 14, 2011 Ashima Goyal 1 Structure of the Presentation Bank risks; GFC and relative ranking

More information

OXFORD ECONOMICS. Stress testing and risk management services

OXFORD ECONOMICS. Stress testing and risk management services OXFORD ECONOMICS Stress testing and risk management services September 2014 The rising need for rigorous stress testing Stress testing has become a critical component of the risk identification and risk

More information

Economic outlook for Euro & talous (Bank of Finland Bulletin) 5/2013 Governor Erkki Liikanen 12 December 2013

Economic outlook for Euro & talous (Bank of Finland Bulletin) 5/2013 Governor Erkki Liikanen 12 December 2013 Economic outlook for 2013 2015 Euro & talous (Bank of Finland Bulletin) 5/2013 Governor Erkki Liikanen 12 December 2013 1 Positive signals from the international economy 12.12.2013 Governor Erkki Liikanen

More information

Jürgen Stark: Financial stability the role of central banks. A new task? A new strategy? New tools?

Jürgen Stark: Financial stability the role of central banks. A new task? A new strategy? New tools? Jürgen Stark: Financial stability the role of central banks. A new task? A new strategy? New tools? Speech by Mr Jürgen Stark, Member of the Executive Board of the European Central Bank, at the Frankfurt

More information

2018 World Savings Day

2018 World Savings Day ACRI Association of Italian Savings Banks 2018 World Savings Day Address by the Governor of the Bank of Italy Ignazio Visco Rome, 31 October 2018 The protection of savings calls, in the first place, for

More information

Identifying and Mitigating Systemic Risks: A framework for macro-prudential supervision. R. Barry Johnston

Identifying and Mitigating Systemic Risks: A framework for macro-prudential supervision. R. Barry Johnston Identifying and Mitigating Systemic Risks: A framework for macro-prudential supervision R. Barry Johnston Financial crisis highlighted the need to focus on systemic risk Unprecedented reach of the financial

More information

COMMISSION OF THE EUROPEAN COMMUNITIES REPORT FROM THE COMMISSION CONVERGENCE REPORT 2006 ON LITHUANIA

COMMISSION OF THE EUROPEAN COMMUNITIES REPORT FROM THE COMMISSION CONVERGENCE REPORT 2006 ON LITHUANIA COMMISSION OF THE EUROPEAN COMMUNITIES Brussels, 16.5.2006 COM(2006) 223 final REPORT FROM THE COMMISSION CONVERGENCE REPORT 2006 ON LITHUANIA (prepared in accordance with Article 122(2) of the Treaty

More information

Portuguese Banking System

Portuguese Banking System Portuguese Banking System Recent Developments Updated: 1 st quarter 215 Prepared with data available up to 24 June 215 Outline Portuguese Banking System Main Highlights Macroeconomic and Financial Indicators

More information

COMMISSION OF THE EUROPEAN COMMUNITIES COMMUNICATION FROM THE COMMISSION. From financial crisis to recovery: A European framework for action

COMMISSION OF THE EUROPEAN COMMUNITIES COMMUNICATION FROM THE COMMISSION. From financial crisis to recovery: A European framework for action EN EN EN COMMISSION OF THE EUROPEAN COMMUNITIES Brussels, 29.10.2008 COM(2008) 706 final COMMUNICATION FROM THE COMMISSION From financial crisis to recovery: A European framework for action EN EN COMMUNICATION

More information

UNCTAD s Seventh Debt Management Conference. Addressing Debt Vulnerabilities: Role of Debt Strategies and Debt Managers A Policy Perspective

UNCTAD s Seventh Debt Management Conference. Addressing Debt Vulnerabilities: Role of Debt Strategies and Debt Managers A Policy Perspective UNCTAD s Seventh Debt Management Conference 9-11 November 2009 Addressing Debt Vulnerabilities: Role of Debt Strategies and Debt Managers A Policy Perspective by Mr. Udaibir S. Das Monetary and Capital

More information

Portuguese Banking System: latest developments. 2 nd quarter 2017

Portuguese Banking System: latest developments. 2 nd quarter 2017 Portuguese Banking System: latest developments nd quarter 17 Lisbon, 17 www.bportugal.pt Prepared with data available up to th September of 17. Portuguese Banking System: latest developments Banco de Portugal

More information

Notes on the monetary transmission mechanism in the Czech economy

Notes on the monetary transmission mechanism in the Czech economy Notes on the monetary transmission mechanism in the Czech economy Luděk Niedermayer 1 This paper discusses several empirical aspects of the monetary transmission mechanism in the Czech economy. The introduction

More information

Financial Stability Board holds inaugural meeting in Basel

Financial Stability Board holds inaugural meeting in Basel Press release Press enquiries: Basel +41 76 350 8430 Press.service@bis.org Ref no: 28/2009 27 June 2009 Financial Stability Board holds inaugural meeting in Basel The Financial Stability Board (FSB) held

More information

Strengthening the Oversight and Regulation of Shadow Banking

Strengthening the Oversight and Regulation of Shadow Banking 16 April 2012 Strengthening the Oversight and Regulation of Shadow Banking Progress Report to G20 Ministers and Governors I. Introduction At the Cannes Summit in November 2011, the G20 Leaders agreed to

More information

Press release 557 th Meeting of the Governing Board of the Bank of Slovenia Ljubljana, 7 June 2016

Press release 557 th Meeting of the Governing Board of the Bank of Slovenia Ljubljana, 7 June 2016 Press release 557 th Meeting of the Governing Board of the Bank of Slovenia Ljubljana, 7 June 2016 The Governing Board of the Bank of Slovenia discussed the June 2016 Macroeconomic Forecast for Slovenia*

More information

Foreign Exchange, Money Markets and Derivatives

Foreign Exchange, Money Markets and Derivatives Foreign Exchange, Money Markets and Derivatives Page 1 of 13 Why Attend The global foreign exchange (FX) and money markets are the world s largest markets and pivotal parts of the financial system. In

More information

Centre for Technical Central Bank Cooperation International Central Banking Courses 2018

Centre for Technical Central Bank Cooperation International Central Banking Courses 2018 Centre for Technical Central Bank Cooperation International Central Banking Courses 2018 Foto: Jan Eckert Centre for Technical Central Bank Cooperation International Central Banking Courses 2018 Foreword...4

More information

The ECB s Strategy in Good and Bad Times Massimo Rostagno European Central Bank

The ECB s Strategy in Good and Bad Times Massimo Rostagno European Central Bank The ECB s Strategy in Good and Bad Times Massimo Rostagno European Central Bank The views expressed herein are those of the presenter only and do not necessarily reflect those of the ECB or the European

More information

WORK PROGRAMME AND MEETING SCHEDULE OF THE STATISTICS COMMITTEE FOR 2014

WORK PROGRAMME AND MEETING SCHEDULE OF THE STATISTICS COMMITTEE FOR 2014 STATISTICS COMMITTEE 20 December 2013 STC/2013/210.2 STC-SSM/2013/004.1 ECB-UNRESTRICTED WORK PROGRAMME AND MEETING SCHEDULE OF THE STATISTICS COMMITTEE FOR 1. Introduction In, the work of the Statistics

More information

Portuguese Banking System: latest developments. 3 rd quarter 2017

Portuguese Banking System: latest developments. 3 rd quarter 2017 Portuguese Banking System: latest developments 3 rd quarter 217 Lisbon, 218 www.bportugal.pt Prepared with data available up to 18 th December of 217 for macroeconomic and financial market indicators,

More information

European Financial Stability and Integration Report Nadia CALVIÑO Deputy Director General DG Internal Market and Services

European Financial Stability and Integration Report Nadia CALVIÑO Deputy Director General DG Internal Market and Services European Financial Stability and Integration Report 2011 Nadia CALVIÑO Deputy Director General DG Internal Market and Services EFSIR 2011 2011 critical year in the financial and economic crisis complex

More information

EUROPEAN MACROECONOMICS

EUROPEAN MACROECONOMICS EUROPEAN MACROECONOMICS EUROPEAN MACROECONOMICS Robert Barro and Vittorio Grilli M MACMILLAN Robert J. Barro and Vittorio Grilli 1994 All rights reserved. No reproduction, copy or transmission of this

More information

APPENDIX: Country analyses

APPENDIX: Country analyses APPENDIX: Country analyses Appendix A Germany: Low economic momentum The economic situation in Germany continues to be lackluster in 2014. Strong growth in the first quarter was followed by a decline

More information

Journal of the Banking Supervisor Promoting Best Practices for Banking Supervision

Journal of the Banking Supervisor Promoting Best Practices for Banking Supervision Special edition 2017 Journal of the Banking Supervisor Promoting Best Practices for Banking Supervision Dear subscriber, The Association of Supervisors of Banks of the Americas (ASBA) is pleased to present

More information

Recommendation for a COUNCIL RECOMMENDATION. on Germany s 2014 national reform programme

Recommendation for a COUNCIL RECOMMENDATION. on Germany s 2014 national reform programme EUROPEAN COMMISSION Brussels, 2.6.2014 COM(2014) 406 final Recommendation for a COUNCIL RECOMMENDATION on Germany s 2014 national reform programme and delivering a Council opinion on Germany s 2014 stability

More information

COUNCIL OF THE EUROPEAN UNION. Brussels, 6 July 2012 (OR. en) 11257/12 UEM 212 ECOFIN 586 SOC 563 COMPET 431 ENV 527 EDUC 204 RECH 267 ENER 296

COUNCIL OF THE EUROPEAN UNION. Brussels, 6 July 2012 (OR. en) 11257/12 UEM 212 ECOFIN 586 SOC 563 COMPET 431 ENV 527 EDUC 204 RECH 267 ENER 296 COUNCIL OF THE EUROPEAN UNION Brussels, 6 July 2012 (OR. en) 11257/12 UEM 212 ECOFIN 586 SOC 563 COMPET 431 V 527 EDUC 204 RECH 267 ER 296 LEGISLATIVE ACTS AND OTHER INSTRUMTS Subject: COUNCIL RECOMMDATION

More information

Macro-Financial Linkages: Issues and Challenges

Macro-Financial Linkages: Issues and Challenges Macro-Financial Linkages: Issues and Challenges Presentation by: Dr. Yuba Raj Khatiwada Governor Nepal Rastra Bank at SEACEN s 30 th Anniversary Conference Kuala Lumpur, 20 October 2013 Background (1)

More information

REPORT FROM THE COMMISSION. Denmark. Report prepared in accordance with Article 126(3) of the Treaty

REPORT FROM THE COMMISSION. Denmark. Report prepared in accordance with Article 126(3) of the Treaty EUROPEAN COMMISSION Brussels, 12.05.2010 SEC(2010) 585 REPORT FROM THE COMMISSION Denmark Report prepared in accordance with Article 126(3) of the Treaty REPORT FROM THE COMMISSION Denmark Report prepared

More information

Converting the cyclical upturn into sustainable and inclusive growth. Governor Jan Smets NBB Report 2017

Converting the cyclical upturn into sustainable and inclusive growth. Governor Jan Smets NBB Report 2017 Converting the cyclical upturn into sustainable and inclusive growth Governor Jan Smets NBB Report 2017 EUROPE AND THE WORLD IN 2017: Economic growth has gained momentum Monetary policy is still accommodative...

More information

LEGAL BASIS OBJECTIVES ACHIEVEMENTS

LEGAL BASIS OBJECTIVES ACHIEVEMENTS EUROPEAN MONETARY POLICY The European System of Central Banks (ESCB) comprises the ECB and the national central banks of all the EU Member States. The primary objective of the ESCB is to maintain price

More information

Pro-cyclicality and interconnectedness in the financial sector the European perspective

Pro-cyclicality and interconnectedness in the financial sector the European perspective ECB-PUBLIC Sabine Lautenschläger Vice-Chair of the Supervisory Board Member of the Executive Board Pro-cyclicality and interconnectedness in the financial sector the European perspective Joint BoE-HKMA-IMF

More information

European Commission Green Paper on Shadow Banking

European Commission Green Paper on Shadow Banking 23 March 2012 European Commission Green Paper on Shadow Banking On 19 March 2012, the European Commission launched a consultation in the form of a Green Paper on regulation of the shadow banking sector.

More information

Hungary: Pre-Crisis Macro Vulnerabilities, Policy Responses and Current Outlook

Hungary: Pre-Crisis Macro Vulnerabilities, Policy Responses and Current Outlook Hungary: Pre-Crisis Macro Vulnerabilities, Policy Responses and Current Outlook Júlia Király, Deputy Governor Magyar Nemzeti Bank (the central bank of Hungary) Czech National Bank conference on Introducing

More information

Euro area financial regulation: where do we stand?

Euro area financial regulation: where do we stand? Euro area financial regulation: where do we stand? Benoît Cœuré Member of the Executive Board European Central Bank Paris, 18 January 2013 1 Euro area banking sector - What has been done? 2 Large amounts

More information

AS Economics: ECON2 Economics: The National Economy 2009/10

AS Economics: ECON2 Economics: The National Economy 2009/10 2 weeks 1 st Sep - 11 th Sep Term 1 Introduction to the objectives and instruments of government This is an introduction to 3.2.3, 3.2.1 macroeconomic policy the Unit and most of the content Candidates

More information

International Monetary and Financial Committee

International Monetary and Financial Committee International Monetary and Financial Committee Thirty-Seventh Meeting April 20 21, 2018 Statement No. 37-33 Statement by Mr. Goranov EU Council of Economic and Finance Ministers Brussels, 12 April 2018

More information

Gertrude Tumpel-Gugerell: The euro area s economic outlook

Gertrude Tumpel-Gugerell: The euro area s economic outlook Gertrude Tumpel-Gugerell: The euro area s economic outlook Intervention by Ms Gertrude Tumpel-Gugerell, Member of the Executive Board of the European Central Bank, during a panel discussion on Europe s

More information

EXECUTIVE COMMITTEE ACT 53/ Subject: Definition of a policy strategy for the exercise of the macro-prudential tasks of the Bank of Greece

EXECUTIVE COMMITTEE ACT 53/ Subject: Definition of a policy strategy for the exercise of the macro-prudential tasks of the Bank of Greece EXECUTIVE COMMITTEE ACT 53/14.12.2015 Subject: Definition of a policy strategy for the exercise of the macro-prudential tasks of the Bank of Greece THE EXECUTIVE COMMITTEE OF THE BANK OF GREECE, having

More information

Willem F Duisenberg: European Economic and Monetary Union: a success story

Willem F Duisenberg: European Economic and Monetary Union: a success story Willem F Duisenberg: European Economic and Monetary Union: a success story Speech by Dr Willem F Duisenberg, President of the European Central Bank, on the occasion of the annual conference of the Ifo

More information

Evaluation Only. Created with Aspose.Words. Copyright Aspose Pty Ltd. International Monetary Fund

Evaluation Only. Created with Aspose.Words. Copyright Aspose Pty Ltd. International Monetary Fund Evaluation Only. Created with Aspose.Words. Copyright 2003-2011 Aspose Pty Ltd. International Monetary Fund Czech Republic 2010 Article IV Consultation Concluding Statement January 25, 2010 The macroeconomic

More information

Index. exchange rates, 104 5, net inflows, 100, 115, Bretton Woods system, 96 7 business cycles, 57

Index. exchange rates, 104 5, net inflows, 100, 115, Bretton Woods system, 96 7 business cycles, 57 Index additional monetary tightening (AMT), 43 4 advanced economies, central banks in, 35 6 agency problems, 153, 163n47 aggregate demand, 18, 138 9, 141 2 Asian financial crisis, 8, 10, 13 15, 57, 65,

More information

1.1. Low yield environment

1.1. Low yield environment 1. Key developments The overall macroeconomic environment remains very challenging for the European insurance and pension sector. The yields have been further compressed and are substantially below the

More information

Monetary Policy, Financial Regulation and Procyclicality of the Financial System - The Indian Experience

Monetary Policy, Financial Regulation and Procyclicality of the Financial System - The Indian Experience Monetary Policy, Financial Regulation and Procyclicality of the Financial System - The Indian Experience Mohua Roy Monetary Policy Department Reserve Bank of India Outline of the Presentation Monetary

More information

Forecasting liquidity and conducting credit operations

Forecasting liquidity and conducting credit operations Irene Katsalirou Money Market and Liquidity Division Directorate General Market Operations Forecasting liquidity and conducting credit operations ECB Central Banking Seminar Frankfurt am Main, 12 July

More information

Brief Contents. THE EXTENSIONS Introduction 1 Expectations 283. Policy 433

Brief Contents. THE EXTENSIONS Introduction 1 Expectations 283. Policy 433 Brief THE EXTENSIONS Introduction 1 Expectations 283 Chapter 1 A Tour of the World 3 Chapter 14 Financial and Chapter 2 A Tour of the Book 21 Expectations 285 Chapter 15 Expectations, Consumption, and

More information

The Role of a Central Bank in Maintaining Financial Stability: Case of Poland. National Bank of Poland First Deputy President Jerzy Pruski

The Role of a Central Bank in Maintaining Financial Stability: Case of Poland. National Bank of Poland First Deputy President Jerzy Pruski The Role of a Central Bank in Maintaining Financial Stability: Case of Poland National Bank of Poland First Deputy President Jerzy Pruski 1 Overview History in brief Current institutional arrangements

More information

Evolution of Unconventional Monetary Policy: Japan s Experiences

Evolution of Unconventional Monetary Policy: Japan s Experiences Evolution of Unconventional Monetary Policy: Japan s Experiences CIGS Conference on Macroeconomic Theory and Policy May 29, 2017 Institute for Monetary and Economic Studies Bank of Japan Shigenori SHIRATSUKA

More information

Modern DSGE models: Theory and evidence DISCUSSION OF H. UHLIG S AND M. EICHENBAUM S PRESENTATIONS

Modern DSGE models: Theory and evidence DISCUSSION OF H. UHLIG S AND M. EICHENBAUM S PRESENTATIONS Modern DSGE models: Theory and evidence DISCUSSION OF H. UHLIG S AND M. EICHENBAUM S PRESENTATIONS BY SILVANA TENREYRO (LONDON SCHOOL OF ECONOMICS AND BANK OF ENGLAND) PLAN OF DISCUSSION 1. CRITICISM OF

More information

PUBLIC DEBT MANAGEMENT. The Tunisian experience

PUBLIC DEBT MANAGEMENT. The Tunisian experience PUBLIC DEBT MANAGEMENT The Tunisian experience 2 Summary Global context Some numbers Principal budget and debt indicators World Bank study in 2003 Debt management strategy World Bank I.D.F Grant Goal of

More information

StatiStical tables Date of issue: 12 April 2016

StatiStical tables Date of issue: 12 April 2016 Statistical Tables Date of issue: 12 April 2016 Central Bank of Malta, 2016 Address Pjazza Kastilja Valletta VLT 1060 Malta Telephone (+356) 2550 0000 Fax (+356) 2550 2500 Website http://www.centralbankmalta.org

More information

The New Global Economic Order Multilateral Institutions and the New Regionalism

The New Global Economic Order Multilateral Institutions and the New Regionalism The New Global Economic Order Multilateral Institutions and the New Regionalism India Global Forum, New Delhi, 9 November 2014 Klaus Regling, Managing Director, European Stability Mechanism Over the past

More information

International Monetary and Financial Committee

International Monetary and Financial Committee International Monetary and Financial Committee Thirty-Fourth Meeting October 7 8, 2016 Statement No. 34-27 Statement by Mr. Maurer Switzerland On behalf of Republic of Azerbaijan, Republic of Kazakhstan,

More information

StatiStical tables Date of issue: 13 April 2015

StatiStical tables Date of issue: 13 April 2015 Statistical Tables Date of issue: 13 April 2015 Central Bank of Malta, 2015 Address Pjazza Kastilja Valletta VLT 1060 Malta Telephone (+356) 2550 0000 Fax (+356) 2550 2500 Website http://www.centralbankmalta.org

More information

Public Information Notice (PIN) No. 03/124 FOR IMMEDIATE RELEASE October 17, 2003 International Monetary Fund 700 19 th Street, NW Washington, D. C. 20431 USA IMF Concludes 2003 Article IV Consultation

More information

Chapter 1 International economy

Chapter 1 International economy Chapter International economy. Main points from the OECD's Economic Outlook A broad-based recovery has taken hold Asia, the US and the UK have taken the lead. Continental Europe will follow Investment

More information

Economic state of the union, EuroMemo Engelbert Stockhammer Kingston University

Economic state of the union, EuroMemo Engelbert Stockhammer Kingston University Economic state of the union, EuroMemo 2013 Engelbert Stockhammer Kingston University structure Economic developments Background: export-led growth and debt-led growth Growth, trade imbalances, ages and

More information

Assessing Capital Markets Union

Assessing Capital Markets Union 6 Assessing Capital Markets Union Quarterly Assessment by Paul Richards Summary It is too early to make an assessment of Capital Markets Union, but not too early to give a market view of the tests by which

More information

STATISTICAL TABLES. CENTRAL BANK OF MALTA Quarterly Review 2015:2

STATISTICAL TABLES. CENTRAL BANK OF MALTA Quarterly Review 2015:2 STATISTICAL TABLES 85 The Maltese Islands - Key information, social and economic statistics (as at 28 August, unless otherwise indicated) CAPITAL CITY Valletta AREA 316 km 2 CURRENCY UNIT Euro exchange

More information

Challenges of financial globalisation and dollarisation for monetary policy: the case of Peru

Challenges of financial globalisation and dollarisation for monetary policy: the case of Peru Challenges of financial globalisation and dollarisation for monetary policy: the case of Peru Julio Velarde During the last decade, the financial system of Peru has become more integrated with the global

More information

Macroeconomic Impact of the Subprime Crisis

Macroeconomic Impact of the Subprime Crisis Franco German Council of Economic Advisors Paris, 5 February 2008 Dr. Stefan Kooths DIW Berlin, Macro Analysis and Forecasting Approach Assuming a strictly macroeconomic point of view - Thinking in aggregates

More information

Monetary Policy Council. Monetary Policy Guidelines for 2019

Monetary Policy Council. Monetary Policy Guidelines for 2019 Monetary Policy Council Monetary Policy Guidelines for 2019 Monetary Policy Guidelines for 2019 Warsaw, 2018 r. In setting the Monetary Policy Guidelines for 2019, the Monetary Policy Council fulfils

More information

ECONOMIC AND MONETARY DEVELOPMENTS

ECONOMIC AND MONETARY DEVELOPMENTS Box 2 RECENT WIDENING IN EURO AREA SOVEREIGN BOND YIELD SPREADS This box looks at recent in euro area countries sovereign bond yield spreads and the potential roles played by credit and liquidity risk.

More information

2018 HSC Economics Marking Guidelines

2018 HSC Economics Marking Guidelines NSW Education Standards Authority 2018 HSC Economics Marking Guidelines Section I Multiple-choice Answer Key Question Answer 1 C 2 A 3 A 4 D 5 D 6 B 7 A 8 C 9 A 10 D 11 D 12 C 13 B 14 C 15 B 16 D 17 B

More information

GLOSSARY 158 GLOSSARY. Balance-sheet liquidity. The ability of an institution to meet its obligations in a corresponding volume and term structure.

GLOSSARY 158 GLOSSARY. Balance-sheet liquidity. The ability of an institution to meet its obligations in a corresponding volume and term structure. 158 GLOSSARY GLOSSARY Balance-sheet liquidity Balance-sheet recession Bank Lending Survey (BLS) The ability of an institution to meet its obligations in a corresponding volume and term structure. A situation

More information

Chronology of European Initiatives in Response to the Crisis 1,2

Chronology of European Initiatives in Response to the Crisis 1,2 Chronology of Initiatives in Response to the Crisis 1,2 Michaela Hajek-Rezaei 3 Oct. 6/7, 2008 Oct. 8, 2008 The EU finance ministers agree on a coordinated response to the financial crisis. The Ecofin

More information

Global Regulatory Change, Securities Markets and Systemic Risk Amsterdam, 13 September Rohini Tendulkar Economist Research Department

Global Regulatory Change, Securities Markets and Systemic Risk Amsterdam, 13 September Rohini Tendulkar Economist Research Department Global Regulatory Change, Securities Markets and Systemic Risk Amsterdam, 13 September 2012 Rohini Tendulkar Economist Research Department Disclaimer The views and opinions presented in this presentation

More information

11244/12 RD/NC/kp DG G1A

11244/12 RD/NC/kp DG G1A COUNCIL OF THE EUROPEAN UNION Brussels, 6 July 2012 (OR. en) 11244/12 UEM 202 ECOFIN 576 SOC 553 COMPET 421 V 517 EDUC 194 RECH 257 ER 286 LEGISLATIVE ACTS AND OTHER INSTRUMTS Subject: COUNCIL RECOMMDATION

More information

UK membership of the single currency

UK membership of the single currency UK membership of the single currency An assessment of the five economic tests June 2003 Cm 5776 Government policy on EMU GOVERNMENT POLICY ON EMU AND THE FIVE ECONOMIC TESTS Government policy on EMU was

More information

Indonesia: Changing patterns of financial intermediation and their implications for central bank policy

Indonesia: Changing patterns of financial intermediation and their implications for central bank policy Indonesia: Changing patterns of financial intermediation and their implications for central bank policy Perry Warjiyo 1 Abstract As a bank-based economy, global factors affect financial intermediation

More information

Christian Noyer: Presentation of the European Central Bank Annual Report

Christian Noyer: Presentation of the European Central Bank Annual Report Christian Noyer: Presentation of the European Central Bank Annual Report Introductory statement by Mr Christian Noyer, Vice-President of the European Central Bank, to the Committee on Economic and Monetary

More information

11261/12 RD/NC/kp DG G1A

11261/12 RD/NC/kp DG G1A COUNCIL OF THE EUROPEAN UNION Brussels, 6 July 2012 (OR. en) 11261/12 UEM 215 ECOFIN 589 SOC 566 COMPET 434 V 530 EDUC 207 RECH 270 ER 299 LEGISLATIVE ACTS AND OTHER INSTRUMTS Subject: COUNCIL RECOMMDATION

More information

Statement by Olli-Pekka Lehmussaari, Executive Director for the Republic of Estonia June 30, 2000

Statement by Olli-Pekka Lehmussaari, Executive Director for the Republic of Estonia June 30, 2000 Statement by Olli-Pekka Lehmussaari, Executive Director for the Republic of Estonia June 30, 2000 Let me start by thanking the staff on behalf of my Estonian authorities and myself for their dedication

More information

ECB LTRO Dec Greece program

ECB LTRO Dec Greece program International Monetary Fund June 9, 212 Euro Area Crisis: Still in the Danger Zone */ Emil Stavrev Research Department ( */ Views expressed in this presentation are those of the author and do not necessarily

More information

Portuguese Banking System: latest developments. 1 st quarter 2017

Portuguese Banking System: latest developments. 1 st quarter 2017 Portuguese Banking System: latest developments 1 st quarter 17 Lisbon, 17 www.bportugal.pt Prepared with data available up to 7 th June of 17. Portuguese Banking System: latest developments Banco de Portugal

More information

Future strategies for regional financial development

Future strategies for regional financial development Future strategies for regional financial development March 2, 2009 Tokyo, Japan Noritaka Akamatsu The World Bank Issues Implications of the global financial crisis for the Asian markets and the main policy

More information

Financial Stability Board meets on the financial reform agenda

Financial Stability Board meets on the financial reform agenda Press release Press enquiries: Basel +41 76 350 8430 Press.service@bis.org Ref no: 03/2010 9 January, 2010 Financial Stability Board meets on the financial reform agenda The Financial Stability Board (FSB)

More information

Overview: Financial Stability and Systemic Risk

Overview: Financial Stability and Systemic Risk Overview: Financial Stability and Systemic Risk Bank Indonesia International Workshop and Seminar Central Bank Policy Mix: Issues, Challenges, and Policies Jakarta, 9-13 April 2018 Rajan Govil The views

More information

Global Financial Crisis and Policy Response in Mauritius: Key Lessons

Global Financial Crisis and Policy Response in Mauritius: Key Lessons Global Financial Crisis and Policy Response in Mauritius: Key Lessons Presented by Sunil Benimadhu Chief Executive Stock Exchange of Mauritius The North-South Institute Sheraton Hotel Ottawa June 8-9,

More information

THE GLOBAL ECONOMY: SECULAR STAGNATION OR RECOVERY AT LAST? Adair Turner Chairman Institute for New Economic Thinking

THE GLOBAL ECONOMY: SECULAR STAGNATION OR RECOVERY AT LAST? Adair Turner Chairman Institute for New Economic Thinking THE GLOBAL ECONOMY: SECULAR STAGNATION OR RECOVERY AT LAST? Adair Turner Chairman Institute for New Economic Thinking Institutional Money Kongress Frankfurt, 21 February 2017 300 Park Avenue South - 5

More information

Financial System Stabilized, but Exit, Reform, and Fiscal Challenges Lie Ahead

Financial System Stabilized, but Exit, Reform, and Fiscal Challenges Lie Ahead January 21 Financial System Stabilized, but Exit, Reform, and Fiscal Challenges Lie Ahead Systemic risks have continued to subside as economic fundamentals have improved and substantial public support

More information

The design of national fiscal frameworks and their budgetary impact

The design of national fiscal frameworks and their budgetary impact The design of national fiscal frameworks and their budgetary impact Carolin Nerlich (European Central Bank, Directorate General Economics) Wolf Heinrich Reuter (Vienna University of Economics and Business)

More information

What is the Goal of the Capital Markets Union?

What is the Goal of the Capital Markets Union? Benoît Coeuré Member of the Executive Board of the European Central Bank What is the Goal of the Capital Markets Union? ILF conference, Frankfurt am Main 18 March 2015 Capital markets in Europe are less

More information

Advisory Guidelines of the Financial Supervision Authority. Requirements to the internal capital adequacy assessment process

Advisory Guidelines of the Financial Supervision Authority. Requirements to the internal capital adequacy assessment process Advisory Guidelines of the Financial Supervision Authority Requirements to the internal capital adequacy assessment process These Advisory Guidelines were established by Resolution No 66 of the Management

More information

The bank safety net: institutions and rules for preserving the stability of the banking system

The bank safety net: institutions and rules for preserving the stability of the banking system The bank safety net: institutions and rules for preserving the stability of the banking system Professor Dr. Christos V. Gortsos Professor of Public Economic Law, Law School, National and Kapodistrian

More information

JUNE 2015 EUROSYSTEM STAFF MACROECONOMIC PROJECTIONS FOR THE EURO AREA 1

JUNE 2015 EUROSYSTEM STAFF MACROECONOMIC PROJECTIONS FOR THE EURO AREA 1 JUNE 2015 EUROSYSTEM STAFF MACROECONOMIC PROJECTIONS FOR THE EURO AREA 1 1. EURO AREA OUTLOOK: OVERVIEW AND KEY FEATURES The June projections confirm the outlook for a recovery in the euro area. According

More information

Designing Scenarios for Macro Stress Testing (Financial System Report, April 2016)

Designing Scenarios for Macro Stress Testing (Financial System Report, April 2016) Financial System Report Annex Series inancial ystem eport nnex A Designing Scenarios for Macro Stress Testing (Financial System Report, April 1) FINANCIAL SYSTEM AND BANK EXAMINATION DEPARTMENT BANK OF

More information

International Monetary and Financial Committee

International Monetary and Financial Committee International Monetary and Financial Committee Twenty-Eighth Meeting October 12, 2013 Statement by Olli Rehn, Vice-President, European Commission On behalf of the European Commission Statement by Vice-President

More information

Strategy and instruments of macro-prudential policy

Strategy and instruments of macro-prudential policy 59 Strategy and instruments of macro-prudential policy ABSTRACT The international financial crisis and its impact on the international economy were the key drivers of a number of reforms in the regulation

More information

Europe in crisis. George Gelauff. ECU 92 Lustrum Conference Utrecht. 23 February 2012

Europe in crisis. George Gelauff. ECU 92 Lustrum Conference Utrecht. 23 February 2012 Europe in crisis George Gelauff ECU 92 Lustrum Conference Utrecht Menu Costs and benefits of Europe Banks and governments Monetary Union and debts Germany Conclusion 2 Europe in crisis Europe largest export

More information

Banking Sector Monitoring Georgia 2018

Banking Sector Monitoring Georgia 2018 Policy Studies Series [PS/1/218] Banking Sector Monitoring Georgia 218 Ricardo Giucci, Alexander Lehmann, Giorgi Mzhavanadze, Anne Mdinaradze German Economic Team Georgia in cooperation with Berlin/Tbilisi,

More information