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Global Economy Journal

The Official Publication of the International Trade and Finance Association

Ed. by Pelzman, Joseph

4 Issues per year


CiteScore 2017: 0.36

SCImago Journal Rank (SJR) 2017: 0.217
Source Normalized Impact per Paper (SNIP) 2017: 0.392

Online
ISSN
1553-5304
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Volume 5, Issue 1

Issues

A Note on the ECB's Monetary Policy when Confronted with International Systemic Risks

Alyson Bloomer / Thierry Warin
  • 2Assistant Professor of Economics, Middlebury College, Fellow-in-Residence Minda de Gunzburg Center for European Studies, Harvard University,
  • Other articles by this author:
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Published Online: 2005-03-25 | DOI: https://doi.org/10.2202/1524-5861.1040

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

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Published Online: 2005-03-25


Citation Information: Global Economy Journal, Volume 5, Issue 1, ISSN (Online) 1524-5861, DOI: https://doi.org/10.2202/1524-5861.1040.

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