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Μόνιμο URI για αυτήν τη συλλογήhttps://pyxida.aueb.gr/handle/123456789/34

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Πλοήγηση Διδακτορικές διατριβές ανά Συγγραφέα "Galani, Mardikoula"

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  • Μικρογραφία εικόνας
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    The effects of the ECB monetary policy on the market rates, the bank lending channel and the systemic and non-systemic risk of the financial institutions during the recent financial crisis in the Eurozone
    (09/26/2019) Γαλάνη, Μαρδικούλα; Galani, Mardikoula; Athens University of Economics and Business, Department of Accounting and Finance; Δράκος, Κωνσταντίνος; Χαλαμανδάρης, Γεώργιος; Επίσκοπος, Αθανάσιος; Καβουσανός, Εμμανουήλ; Λελεδάκης, Γεώργιος; Τσεκρέκος, Ανδριανός; Γεωργούτσος, Δημήτριος
    This thesis provides evidence regarding the impact of the monetary policy decisions of the European Central Bank (ECB) during recent financial crisis in the eurozone. The effect on the money market yield curve and thus the proper functioning of the interest rate channel of monetary policy transmission before and after crisis has been affected. We found that as in the financial crisis money market rates have been heavily impacted by risk concerns and the ability of the central bank to steer money market rates via standard channels of monetary policy transmission was weakened. However, our results indicate that the ECB's non-standard monetary policy measures regarding additional liquidity measures have proven to be effective in reducing money market rates. Also, the effects of monetary policy on the bank lending channel have been assessed. The standard bank- specific characteristics as size, capitalisation are significant drivers for the loan supply, as well as the type of funding sources such as short-term funding and securitisation activity, the amount of investment banking and other fee-based activities. The outright ECB monetary decisions concerning the support packages provided contributed to the maintenance of the stability of the banking sector, and led to an increase of loan supply. Moreover, the impact of ECB monetary policy on systemic and non-systemic risk of the financial institution of the Eurozone has been examined. The results indicate that the ECB’s monetary policies had a negative impact on both systemic and non-systemic risk. Decisions regarding the liquidity support packages and the establishment of the ESM/EFSF seem to reduce systemic and non - systemic risk. The majority of the banks affected by the ECB’s monetary policy decisions were the banks of the peripheral economies of the eurozone.