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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)
Sep 2023Policy BriefNo 684Fear (no more) of Floating: How emerging market central banks avoided a currency meltdown during the pandemic despite purchasing local-currency assetsYasin Mimir, Enes Sunel
Aug 2023Policy BriefNo 667Fifty shades of QE: Robust evidenceBrian Fabo, Martina Jancokova, Elisabeth Kempf, Lubos Pastor
Aug 2023Policy BriefNo 649Do non-banks need access to the lender-of-last-resort? Evidence from fund runsJohannes Breckenfelder, Marie Hoerova
Jul 2023Policy BriefNo 637How the central bank collateral framework shapes the outcomes of liquidity stress test modelsAngelo Cuzzola, Claudio Barbieri, Ulrich Bindseil
Jun 2023Policy BriefNo 621Interdependence between assets and liabilities in the banking system: changes in the last two decadesValentina Michelangeli, Fabio Massimo Piersanti
Jun 2023Policy BriefNo 614After the crypto-winter, the spring of crypto-assets regulation and supervisionDenis Beau
May 2023Policy BriefNo 598Do hawks sit on stronger branches? Central banks’ equity and policy reactionsMarcel Barmeier, André Casalis
May 2023Policy BriefNo 581On the Macroeconomic Effects of Reinvestments in Asset Purchase ProgrammesRafael Gerke, Daniel Kienzler, Alexander Scheer
Feb 2023Policy BriefNo 514Fund Flow Externalities Under the MicroscopeDaniel Fricke, Stephan Jank, Hannes Wilke
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 BriefNo 495Asset Purchases and Sovereign Risk Premia in the Euro Area during the PandemicRobert Blotevogel, Gergely Hudecz, Elisabetta Vangelista
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
Sep 2022Policy NoteNo 290Seven Trends That Will Shape European Power Purchase Agreements’ Path To GrowthCristian Stet
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
Aug 2022Policy BriefNo 394Flexibility in Asset Purchases: A Structural AnalysisJames Costain, Galo Nuño, Carlos Thomas
Jul 2022Policy BriefNo 367The Eurosystem’s bond market share at an all-time high: what does it mean for repo markets?Tomás Carrera de Souza, Tom Hudepohl
Jun 2022Policy BriefNo 363Stablecoins - DeFi, Libra and beyondHeike Mai
Apr 2022Policy NoteNo 274Stylised facts on debt and financial crisisPedro Duarte Neves
Mar 2022Policy NoteNo 271Financial stability and crypto-assetsPablo Hernández de Cos
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
Jan 2022Policy BriefNo 265Has the Impact of the ECB’s Asset Purchases Diminished Over Time?Andrejs Zlobins
Jan 2022Policy NoteNo 262The encrypted threat: Bitcoin’s social cost and regulatory responsesUlrich Bindseil, Patrick Papsdorf, Jürgen Schaaf
Oct 2021Policy BriefNo 204Combining negative rates, forward guidance and asset purchases: Identification and impacts of the ECB’s unconventional policiesMassimo Rostagno, Carlo Altavilla, Giacomo Carboni, Wolfgang Lemke, Roberto Motto, Arthur Saint Guilhem
Oct 2021Policy BriefNo 193The effect of Eurosystem asset purchase programmes on euro area sovereign bond yields during the COVID-19 pandemicGeorge Hondroyiannis, Dimitrios Papaoikonomou
Oct 2021Policy BriefNo 191Macroeconomic stabilisation in the presence of the effective lower bound: the case of the euro areaGünter Coenen, Carlos Montes-Galdón, Sebastian Schmidt
Aug 2021Policy BriefNo 149Regulation of crypto-assets is a must for governments and central banksDaniel Daianu
Aug 2021Policy NoteNo 251Green Liquidity Moves MainstreamPatrick Drury Byrne, Sandeep Chana and Sylvain Broyer
Aug 2021Policy NoteNo 250Roads for the future: Central Bank Digital Currency (CBDC) and Innovative PaymentsFrançois Villeroy de Galhau
Jul 2021Policy BriefNo 135Liquidity in the German corporate bond market: has the CSPP made a difference?Kathi Schlepper
Jun 2021Policy BriefNo 113The economics of interest rates and population growthJesse Edgerton
Jun 2021Policy BriefNo 112Fund Cross-Holdings and Financial StabilityDaniel Fricke, Hannes Wilke
Jun 2021Policy NoteNo 243What does research say about the effects of central bank balance sheet policies?Paola Di Casola
May 2021Policy NoteNo 242Does the upturn in Eurozone money growth imply 5% inflation?Tim Congdon
May 2021Policy BriefNo 88Strengthening the international role of the euroGergely Hudecz, Gong Cheng, Edmund Moshammer, Alexander Raabe
Apr 2021Policy BriefNo 61A backstop liquidity facility for a greener economyEric Jondeau, Benoit Mojon, Cyril Monnet
Dec 2020Policy NoteNo 214Is NGEU a game changer for the ECB’s role in fighting the fall-out from COVID-19 in the euro area?Lukas Reiss, Maria Teresa Valderrama
Nov 2020Policy NoteNo 209Are equity markets currently overvalued? The role of the time horizon in earnings expectationsRoberto Blanco and Irene Roibás
Nov 2020Policy NoteNo 207Surge in corporate insolvencies hitting German banksJan Schildbach
Oct 2020Policy NoteNo 202Policy revolutionElga Bartsch, Jean Boivin, Stanley Fischer, Philipp Hildebrand
Aug 2020Policy NoteNo 188The Growth of Indexing - What is happening, and why?Craig Lazzara
Jul 2020Policy NoteNo 185The Macroeconomic Impact of NPLs in Euro Area CountriesIvan Huljak, Reiner Martin, Diego Moccero, Cosimo Pancaro
Jun 2020Policy NoteNo 180Which factors drive consumers to adopt crypto-assets? Results from an Austrian surveyHelmut Stix
May 2020Policy NoteNo 166Turning collective savings into private equity investments: The Covid-19 crisis as a catalyst for pan-European efficient resource allocationGeorges Hübner
May 2020Policy BriefNo 8The currency composition of foreign exchange reservesHiro Ito and Robert N McCauley
May 2020Policy NoteNo 165Monetary policy implications of digital currenciesKatrin Assenmacher
Apr 2020Policy NoteNo 159Embedded supervision: how to build regulation into Libra 2.0 and the token economyRaphael Auer
Nov 2019Policy NoteNo 110Towards a European Governance Framework for CryptoassetsJason Grant Allen, Rosa María Lastra
Sep 2019Policy NoteNo 103Non-banks in the EU: ensuring a smooth transition to a Capital Markets UnionFatima Pires
Aug 2019Policy NoteNo 88Mitigating Fiscal Risks from the Financial SectorLudger Schuknecht
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
Feb 2019Policy NoteNo 58Disintermediation and re-intermediation effects of the CSPPÓscar Arce, Ricardo Gimeno, Sergio Mayordomo
Jun 2018Policy NoteNo 38The future for central bank balance sheets and their potential use as a macroprudential toolPaul Fisher

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