[Article] A Note on the ECB’s Monetary Policy when Confronted with International Systemic Risks

Research International Finance Economics

This paper provides an analysis of the liquidity management of the euro.

Alyson Bloomer (Middlebury College) , Thierry Warin https://www.warin.ca (HEC Montréal and CIRANO (Canada))https://www.hec.ca/en/profs/thierry.warin.html
03-25-2005

Abstract

This paper provides an analysis of the liquidity management of the euro. We tested the influence of five variables (the exchange rate, the price of oil, the EU deficit, the EU interest rate, and the U.S. interest rate) on the euro liquidity supply in addition to the fluctuation of the liquidity supply before and after September 11, 2001. While the literature focuses on the internal European institutional environment, this study looks at the international systemic risks and their influence on the liquidity supply. Ultimately, we come to the conclusion that the ECB’s liquidity supply is affected by international factors.

Keywords: ECB; liquidity management; reserves; liquidity supply


[ACCESS TO THE OFFICIAL DOCUMENT]

Citation

For attribution, please cite this work as

Bloomer & Warin, "www.warin.ca: [Article] A Note on the ECB's Monetary Policy when Confronted with International Systemic Risks", Global Economy Journal , 2005

BibTeX citation

@article{bloomer2005[article],
  author = {Bloomer, Alyson and Warin, Thierry},
  title = {www.warin.ca: [Article] A Note on the ECB's Monetary Policy when Confronted with International Systemic Risks},
  journal = {Global Economy Journal },
  year = {2005},
  note = {https://warin.ca/posts/article-a-note-on-the-ecb-monetary/},
  doi = {10.2202/1524-5861.1040}
}