European Sovereign Bond Liquidity and Central Bank Interventions.

Buch | Softcover
157 Seiten
2018
Verlag Wissenschaft & Praxis
978-3-89673-742-7 (ISBN)
69,90 inkl. MwSt
This work investigates liquidity in European sovereign bond markets. Liquidity in financial markets is often neglected when it is abounded, yet evaporating liquidity results in higher costs of transacting and lower information quality of financial markets. The analysis studies liquidity supplying trading strategies in debt markets and the impact of unconventional central bank policies on the time variations in market liquidity. Unconventional policies have been introduced since the global financial crisis and include asset purchase programs and long-term refinancing operations. The findings show that liquidity supply in European bond market declines during periods of financial stress and uncertainty. Moreover, expansive monetary policies and asset purchases can be associated with an improvement in market liquidity.

1 Introduction

Motivation – Research Outline – Structure of the Thesis

2 Market Liquidity

Market Liquidity and Securities Prices – Market Participants – Liquidity Crises

3 The European Government Bond Market

Market Characteristics – Market Structure

4 Short-Term Reversals

Introduction – Literature Review – Data and Methodology – Results – Conclusion

5 Liquidity and Unconventional Monetary Policy

Introduction – Literature Review and Hypothesis Development – Data – Single Market Analysis – Spillovers and Flights – Robustness – Conclusion

6 Conclusion

Summary – Outlook

Bibliography

Erscheinungsdatum
Reihe/Serie Studienreihe der Stiftung Kreditwirtschaft an der Universität Hohenheim ; 56
Zusatzinfo 19 Tab., 8 Abb. (darunter 3 farbige); 157 S., 5 schw.-w. Abb., 3 farb. Abb., 19 schw.-w. Tab.
Verlagsort Berlin
Sprache englisch
Maße 150 x 210 mm
Gewicht 275 g
Themenwelt Betriebswirtschaft / Management Spezielle Betriebswirtschaftslehre Bankbetriebslehre
Schlagworte bond liquidity • Bond Market • Central Bank • market liquidity • monetary policy
ISBN-10 3-89673-742-2 / 3896737422
ISBN-13 978-3-89673-742-7 / 9783896737427
Zustand Neuware
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