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SUERF Policy Notes and SUERF Policy Briefs

SUERF Policy Notes & Briefs offer accessible and concise, high-quality, authoritative and informed analysis on topical issues related to European money and finance. They make research by SUERF Member institutions and academic researchers available to the SUERF network and beyond. SUERF Policy Notes & Briefs are published weekly on the SUERF webpage. The views expressed are those of the author(s) and not necessarily those of the institution(s) the author(s) is/are affiliated with.

To submit your findings to the SUERF Policy Note and Brief series please contact suerf@oenb.at.

All SUERF Policy Notes & Briefs  are available in PDF format.

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Date publishedSUERFIssueTitleAuthor(s)
Mar 2023Policy BriefNo 552The euro interest rate swap market: Recent trends in trading activity and liquidityFederico Babbi, Immo Frieden, Martin Scheicher
Mar 2023Policy BriefNo 549CCPs United: the hidden dangers of shared clearing membershipLuitgard A. M. Veraart, Iñaki Aldasoro
Mar 2023Policy BriefNo 544Using machine learning to measure financial risk in ChinaAlexander Al-Haschimi, Apostolos Apostolou, Andres Azqueta-Gavaldon, Martino Ricci
Mar 2023Policy BriefNo 542Issuing bonds during the Covid-19 pandemic: is there an ESG premium?Fabrizio Ferriani
Mar 2023Policy NoteNo 303Energy shocks and corporate performance, the case of CroatiaIvan Huljak
Feb 2023Policy BriefNo 519Borrower-based regulations push housing demand towards the suburbsRikke Rhode Nissen, Alessandro Tang-Andersen Martinello, Simon Juul Hviid, Christian Sinding Bentzen
Feb 2023Policy BriefNo 517Stock Return Predictability: Comparing Macro- and Micro-ApproachesArthur Stalla-Bourdillon
Feb 2023Policy BriefNo 516A scientific illusion in risk management?José María Roldán
Feb 2023Policy BriefNo 514Fund Flow Externalities Under the MicroscopeDaniel Fricke, Stephan Jank, Hannes Wilke
Jan 2023Policy BriefNo 511Eurozone Government Bond Spreads: A Tale of Different ECB Policy RegimesSylvester C W Eijffinger, Mary Pieterse-Bloem
Jan 2023Policy BriefNo 506Is it easy to hide money in the crypto economy? The case of RussiaArmin Ahari, Johannes Duong, Jakob Hanzl, Elsa Maria Lichtenegger, Lukas Lobnik, Andreas Timel
Jan 2023Policy BriefNo 501Going native? How crypto technology may help regulatorsClaudia Biancotti
Dec 2022Policy NoteNo 293The EU macroprudential review should prioritize removing regulatory overlaps and increasing the flexibility of the CCyBStefan W. Schmitz, Michaela Posch, Peter Strobl
Dec 2022Policy BriefNo 496New Frontiers in Monetary Policy Communication: Discovering Central Bank TweetingDonato Masciandaro, Oana Peia, Davide Romelli
Dec 2022Policy BriefNo 495Asset Purchases and Sovereign Risk Premia in the Euro Area during the PandemicRobert Blotevogel, Gergely Hudecz, Elisabetta Vangelista
Dec 2022Policy BriefNo 487Pricing of green bonds – drivers and dynamics of the greeniumAllegra Pietsch, Dilyara Salakhova
Dec 2022Policy BriefNo 483The Links Between Emerging Market Bond Flows, Exchange Rates and Future Financial ConditionsPeter Hördahl, Giorgio Valente
Nov 2022Policy BriefNo 471Environmental and Social Preferences and Investments in Crypto-AssetsPavel Ciaian, Andrej Cupak, Pirmin Fessler, d’Artis Kancs
Nov 2022Policy BriefNo 469The safe asset potential of EU-issued bondsTilman Bletzinger, William Greif, Bernd Schwaab
Nov 2022Policy BriefNo 466Price-at-risk: systemic risk from price-impact induced contagionGábor Fukker, Michiel Kaijser, Luca Mingarelli, Matthias Sydow
Nov 2022Policy BriefNo 457The Certification Role of the EU-Wide Stress Testing Exercises in the Stock Market. What Can We Learn from the Stress Tests (2014-2021)?Agha Durrani, Steven Ongena, Aurea Ponte Marques
Oct 2022Policy BriefNo 456Digital players vs. traditional banks: Fierce competition, higher concentration or a trend towards platformization?Laurent Clerc, Timothée Dufour, Pierre Harguindeguy, Stefano Ungaro
Oct 2022Policy BriefNo 449Natural Language Processing and Financial Markets: Semi-supervised Modelling of Coronavirus and Economic NewsCarlos Moreno Pérez, Marco Minozzo
Oct 2022Policy BriefNo 444How do central bank lending operations interact with equity offering announcements?Massimo Giuliodori, Jan Kakes, Dimitris Mokas
Oct 2022Policy BriefNo 443Transition Versus Physical Climate Risk Pricing in European Financial Markets: A Text-Based ApproachGiovanna Bua, Daniel Kapp, Federico Ramella, Lavinia Rognone
Oct 2022Policy BriefNo 441The digital revolution in banking: The old, the new and the uglyJosé María Roldán
Sep 2022Policy BriefNo 427Integrating the carbon footprint into the construction of corporate bond portfoliosMario Bajo, Emilio Rodríguez
Sep 2022Policy BriefNo 425What Moves Markets?Mark Kerssenfischer, Maik Schmeling
Sep 2022Policy BriefNo 424Information Transmission between Banks and the Market for Corporate ControlChristian Bittner, Falko Fecht, Melissa Pala, Farzad Saidi
Sep 2022Policy BriefNo 423Country biases in equity portfolios are less pronounced and less irrational than one might thinkMartijn Boermans, Ian Cooper, Piet Sercu, Rosanne Vanpée
Sep 2022Policy BriefNo 416The rise of cross-border financial centresPamela Pogliani, Philip Wooldridge
Sep 2022Policy BriefNo 410 Should we trust the credit decisions provided by machine learning models?Andrés Alonso, José Manuel Carbó
Sep 2022Policy BriefNo 409A model of system-wide stress simulation: market-based finance and the COVID-19 event Giovanni di Iasio, Giulio Nicoletti, Nicholas Vause
Aug 2022Policy BriefNo 404Entity-based vs activity-based regulation: a framework and applications to traditional financial firms and big techsClaudio Borio, Stijn Claessens, Nikola Tarashev
Aug 2022Policy BriefNo 395Liquidity in bond markets - navigating in troubled watersMartin Scheicher, Andreas Schrimpf
Aug 2022Policy BriefNo 394Flexibility in Asset Purchases: A Structural AnalysisJames Costain, Galo Nuño, Carlos Thomas
Jul 2022Policy BriefNo 386Application of machine learning models and interpretability techniques to identify the determinants of the price of bitcoinSergio Gorjón, Jose Manuel Carbó
Jul 2022Policy BriefNo 375A shot in the arm: stimulus packages and firm performance during COVID-19Deniz Igan, Ali Mirzaei, Tomoe Moore
Jul 2022Policy BriefNo 373Minibonds and intangiblesGabriele Beccari, Francesco Marchionne, Beniamino Pisicoli
Jul 2022Policy BriefNo 364Uncertainty, non-linear contagion and the credit quality channel: an application to the Spanish interbank marketAdrian Carro, Patricia Stupariu
Jun 2022Policy BriefNo 362On Implementing Macroprudential PolicyItai Agur, Sunil Sharma
Jun 2022Policy BriefNo 361The influence of financial corporations on IMF lending: Has it changed with the global financial crisis?Lena Lee Andresen
Jun 2022Policy BriefNo 355Japan’s Sovereign Rating in the Post-Pandemic Era: Quo Vadis?Jinho Choi, Alexander den Ruijter, Kimi Xu Jiang, Edmund Moshammer
Jun 2022Policy NoteNo 280Should the ECB consider issuing its own securities?Wim Boonstra, Bas van Geffen
May 2022Policy BriefNo 334The local presence of global banksIñaki Aldasoro, John Caparusso, Yingyuan Chen
May 2022Policy BriefNo 326The impact of QE on sovereign riskDirk Broeders, Leo de Haan, Jan Willem van den End
Apr 2022Policy BriefNo 315Who owns banks? The household-bank nexus and its implications for bank stock pricesMatías Lamas, David Martinez-Miera
Apr 2022Policy BriefNo 310Insurers’ investments before and after the COVID-19 outbreakFederico Apicella, Raffaele Gallo, Giovanni Guazzarotti
Apr 2022Policy BriefNo 309The low-carbon transition, climate commitments and firm credit riskSante Carbone, Margherita Giuzio, Sujit Kapadia, Johannes Sebastian Krämer, Ken Nyholm, Katia Vozian
Apr 2022Policy BriefNo 308Investor demand in syndicated bond issuances: stylised factsMartin Hillebrand, Marko Mravlak, Peter Schwendner
Mar 2022Policy BriefNo 299When domestic and foreign QE overlapPaola Di Casola, Pär Stockhammar
Mar 2022Policy BriefNo 295How do Asian central banks use big data? Insights from an Irving Fisher Committee surveyGiulio Cornelli, Sebastian Doerr, Leonardo Gambacorta, Bruno Tissot
Feb 2022Policy BriefNo 282Lessons from estimating the average option-implied volatility term-structure for the Spanish banking sectorMaria T. Gonzalez-Perez
Feb 2022Policy BriefNo 281GDP-linked bonds and the fear of ambiguityDeniz Igan, Taehoon Kim, Antoine Levy
Feb 2022Policy BriefNo 276The COVID Non-Performing Loan ’Tsunami’ that Never Happened and How to Avoid it NowReiner Martin, Piroska Nagy-Mohacsi, Elina Ribakova, Jonathan M. Fortun Vargas
Feb 2022Policy BriefNo 275The effectiveness of ECB euro liquidity lines: spillovers and spillbacksSilvia Albrizio, Iván Kataryniuk, Luis Molina, Jan Schäfer
Jan 2022Policy NoteNo 262The encrypted threat: Bitcoin’s social cost and regulatory responsesUlrich Bindseil, Patrick Papsdorf, Jürgen Schaaf
Dec 2021Policy NoteNo 260Identifying lessons from the current crisis for the prudential framework of the banking system Pablo Hernández de Cos
Dec 2021Policy NoteNo 259Crises as a catalyst for change – lessons from the past, challenges for the futureJens Weidmann
Nov 2021Policy BriefNo 233Caveat EmptorJosé María Roldán
Nov 2021Policy BriefNo 231A Multi-level Network Approach to Spillovers Analysis: An Application to the Maltese Domestic Investment Funds SectorFrancesco Meglioli, Stephanie Gauci
Nov 2021Policy BriefNo 218When the panic broke out: Covid-19 and investment funds’ portfolio rebalancing around the worldMassimiliano Affinito, Raffaele Santioni
Oct 2021Policy NoteNo 257Systemic Implications of the Bail-in Design: A Precis of our Main TextJ. Doyne Farmer, Charles Goodhart, Alissa M. Kleinnijenhuis
Sep 2021Policy BriefNo 184Frozen markets: Iceland’s experience with capital controlsFrancis Breedon, Thórarinn G. Pétursson, Paolo Vitale
Sep 2021Policy BriefNo 178Contagious ZombiesChristian Bittner, Falko Fecht, Co-Pierre Georg
Sep 2021Policy NoteNo 252Forging the Future of Monetary Union – taking stock and looking forwardMarkus Rodlauer, Rolf Strauch
Sep 2021Policy BriefNo 175The Liquidity of the Government Bond Market – What Impact Does Quantitative Easing Have? Evidence from SwedenMarianna Blix Grimaldi, Alberto Crosta, Dong Zhang
Sep 2021Policy BriefNo 170Pension funds’ portfolio choices and investment beliefsDirk Broeders, Kristy Jansen
Aug 2021Policy BriefNo 158Bank pricing of corporate loansMárcio Mateus, Tiago Pinheiro
Aug 2021Policy BriefNo 155The anatomy of bond ETF arbitrageKaramfil Todorov
Aug 2021Policy NoteNo 251Green Liquidity Moves MainstreamPatrick Drury Byrne, Sandeep Chana and Sylvain Broyer
Jul 2021Policy BriefNo 135Liquidity in the German corporate bond market: has the CSPP made a difference?Kathi Schlepper
Jul 2021Policy BriefNo 132Euro area portfolio flows in 2020: the impact of the Covid-19 crisisJulia Schmidt, Olivier Sirello
Jul 2021Policy BriefNo 131Investment funds, monetary policy, and the global financial cycleChristoph Kaufmann
Jun 2021Policy BriefNo 118The reduction in homeownership rates for the youngGonzalo Paz-Pardo
Jun 2021Policy BriefNo 117Regulating liquidity risk in mutual fundsDominic Cucic
Jun 2021Policy BriefNo 115Understanding the financial risks of nature loss: exploring policy options for financial authoritiesKatie Kedward, Josh Ryan-Collins, Hugues Chenet
Jun 2021Policy BriefNo 112Fund Cross-Holdings and Financial StabilityDaniel Fricke, Hannes Wilke
Jun 2021Policy BriefNo 106What consumption habits tell us about the joint dynamics of government bond yields and stock prices internationallyThomas Nitschka, Shajivan Satkurunathan
Apr 2021Policy BriefNo 79A New Measure of Synthetic LeverageDaniel Fricke
Apr 2021Policy BriefNo 71CESEE’s Macroprudential Policy Response to Covid-19Markus Eller, Reiner Martin, Lukas Vashold
Apr 2021Policy BriefNo 67How do central banks use big data and machine learning?Sebastian Doerr, Leonardo Gambacorta, Jose Maria Serena
Apr 2021Policy BriefNo 65EMU deepening and sovereign debt spreads: using political space to achieve policy spaceIván Kataryniuk, Víctor Mora-Bajén, Javier J. Pérez
Apr 2021Policy NoteNo 229Shifts in the portfolio holdings of euro area investors in the midst of COVID-19: looking-through investment fundsDaniel Carvalho, Martin Schmitz
Mar 2021Policy BriefNo 53Who has purchased euro area debt since the start of the health crisis?Olivier Sirello
Feb 2021Policy NoteNo 225Sharing Economy in the Financial Industry: A Platform Approach towards Sharing in Regulatory Reporting using the Shapley ValueAaron Janowski, Moritz Plenk, Mirko Haselwander
Feb 2021Policy NoteNo 222A pragmatic solution for the liquidity in resolution problemMatthias Gruber, Stefan W. Schmitz
Feb 2021Policy NoteNo 221The future of data collection & data management: Agile RegOps for digitalizing the regulatory value chainMartina Drvar, Johannes Turner, Maciej Piechocki, Eric Stiegeler, Daniel Münch
Jan 2021Policy NoteNo 219Buffer usability and potential stigma effectsStefan W. Schmitz, Viola Nellessen, Michaela Posch, Peter Strobl
Jan 2021Policy NoteNo 218Interest rate-growth differentials on government debt: an empirical investigation for the euro areaCristina Checherita-Westphal and João Domingues Semeano
Dec 2020Policy NoteNo 212Monetary policy effects when interest rates are negativeJoost Bats, Massimo Giuliodori, Aerdt Houben
Dec 2020Policy NoteNo 210On the risk-adjusted performance of machine learning models in credit default predictionAndres Alonso, Jose Manuel Carbo
Nov 2020Policy NoteNo 209Are equity markets currently overvalued? The role of the time horizon in earnings expectationsRoberto Blanco and Irene Roibás
Sep 2020Policy NoteNo 193Inclusive payments for the post-pandemic worldRaphael Auer, Jon Frost, Thomas Lammer, Tara Rice, Amber Wadsworth
Aug 2020Policy NoteNo 189Financial integration in the Nordic-Baltic region vis-à-vis the EU: A Swedish perspectiveDavid Farelius, Stefan Ingves, Magnus Jonsson
Aug 2020Policy NoteNo 188The Growth of Indexing - What is happening, and why?Craig Lazzara
Aug 2020Policy NoteNo 187Measuring Regulatory ComplexityJean-Edouard Colliard, Co-Pierre Georg
Aug 2020Policy BriefNo 22Radical UncertaintyJohn Kay
Jun 2020Policy NoteNo 180Which factors drive consumers to adopt crypto-assets? Results from an Austrian surveyHelmut Stix
Jun 2020Policy NoteNo 179The need for a new financial architecture after CORONA, an opinionFreddy Van den Spiegel
Jun 2020Policy NoteNo 175Towards a wider international role for the euroFrancesco Papadia, Konstantinos Efstathiou
May 2020Policy NoteNo 171US dollar funding markets during the Covid-19 crisis – the international dimensionEgemen Eren, Andreas Schrimpf, Vladyslav Sushko
May 2020Policy NoteNo 167Services are the next – and fast approaching – frontier of global trade and financial services is a sector leading the wayRobert Koopman
May 2020Policy NoteNo 166Turning collective savings into private equity investments: The Covid-19 crisis as a catalyst for pan-European efficient resource allocationGeorges Hübner
Apr 2020Policy NoteNo 158Overview of Central Bank Digital Currency - State of PlayJohannes Duong
Apr 2020Policy NoteNo 159Embedded supervision: how to build regulation into Libra 2.0 and the token economyRaphael Auer
Apr 2020Policy NoteNo 156Navigation tools in the semi-normal corona eraAndy Langenkamp
Apr 2020Policy NoteNo 153Passive Funds Actively Affect Prices: Evidence from the Largest ETF MarketsKaramfil Todorov
Apr 2020Policy NoteNo 147Does It Fit? Tweeting on Monetary Policy and Central Bank CommunicationDonato Masciandaro, Davide Romelli, Gaia Rubera
Mar 2020Policy NoteNo 145A “European Capitalization and Development Fund” (ECDF) to facilitate Europe’s post-corona recoveryErnest Gnan
Feb 2020Policy NoteNo 132The European Banking UnionMargarita Delgado
Feb 2020Policy NoteNo 130European Banking Consolidation: Can a view to the past inform current policy efforts?Peter Hahn
Feb 2020Policy NoteNo 128Interests and alliancesKlaas Knot
Jan 2020Policy NoteNo 127Europe’s role in the global financial systemLuis de Guindos
Jan 2020Policy NoteNo 125Should central banks also be supervisors: a political economy perspectiveDonato Masciandaro
Jan 2020Policy NoteNo 123DLT-Based Regulatory Reporting - A game changer for the regulatory regime?Daniel Münch, Noah Bellon
Dec 2019Policy NoteNo 118Deposit facility rate, bank reserves, and portfolio reallocation incentivesManuel Buchholz, Kirsten Schmidt, Lena Tonzer
Nov 2019Policy NoteNo 113Ten years after Lehman, is the financial system safer?Denis Beau
Sep 2019Policy NoteNo 103Non-banks in the EU: ensuring a smooth transition to a Capital Markets UnionFatima Pires
Aug 2019Policy NoteNo 92Beliefs and Portfolios: New Measurement and FactsStefano Giglio, Matteo Maggiori, Johannes Stroebel, Stephen Utkus
Jul 2019Policy NoteNo 86Regulatory complexity and the quest for robust regulationPrasanna Gai, Malcolm Kemp, Antonio Sánchez Serrano, Isabel Schnabel
Jun 2019Policy NoteNo 80A products and activities approach to managing risk in asset managementBarbara Novick
Jun 2019Policy NoteNo 78Central banks are too risk averse as investorsMassimiliano Castelli, Stefan Gerlach
Apr 2019Policy NoteNo 65A New HorizonMark Carney
Mar 2019Policy NoteNo 61Beyond voluntary disclosure: why a ‘market-shaping’ approach to financial regulation is needed to meet the challenge of climate changeJosh Ryan-Collins
Feb 2019Policy NoteNo 58Disintermediation and re-intermediation effects of the CSPPÓscar Arce, Ricardo Gimeno, Sergio Mayordomo
Oct 2018Policy NoteNo 45A plea for a paradigm shift in financial decision-making in the age of climate change and disruptive technologiesAngela Köppl, Sigrid Stagl
May 2018Policy NoteNo 34Modern financial repression in the euro area crisis: making high public debt sustainable?Ad van Riet
Feb 2018Policy NoteNo 27Euro area quantitative easing: Large volumes, small impact?Daniel Gros
Jan 2018Policy NoteNo 23The occasional importance of the current account in an era of a global savings glutJesper Berg, Steffen Lind
Nov 2017Policy NoteNo 21Risk sharing in EMU: key insights from a literature reviewDemosthenes Ioannou, David Schäfer
Oct 2017Policy NoteNo 19Is cash back? Assessing the recent increase in cash demandClemens Jobst, Helmut Stix
May 2017Policy NoteNo 12(No) worries about the new shape of international capital flowsMatthieu Bussiére, Julia Schmidt, Natacha Valla
May 2016Policy NoteNo 7Ten Myths in the Brexit DebateDavid T. Llewellyn
Apr 2016Policy NoteNo 5Some seeming paradoxes or interesting points of Russia’s economy and banking sectorStephan Barisitz

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