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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.

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Date publishedSUERFIssueTitleAuthor(s)
Aug 2022Policy BriefNo 395Liquidity in bond markets - navigating in troubled watersMartin Scheicher, Andreas Schrimpf
Jul 2022Policy BriefNo 381Wage Effects of Labor Market TightnessChristian Philip Hoeck
Jul 2022Policy BriefNo 373Minibonds and intangiblesGabriele Beccari, Francesco Marchionne, Beniamino Pisicoli
Jul 2022Policy BriefNo 369The impact of energy efficiency on Belgian house pricesPeter Reusens, Frank Vastmans, Sven Damen
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
Jun 2022Policy BriefNo 361The influence of financial corporations on IMF lending: Has it changed with the global financial crisis?Lena Lee Andresen
Jun 2022Policy NoteNo 282Trade and Climate – The Disrupted NexusStefan P. Schleicher
Jun 2022Policy BriefNo 3489 stylized facts on productivityAndreas Breitenfellner, Robert Holzmann, Richard Sellner, Maria Silgoner, Thomas Zörner
Jun 2022Policy BriefNo 343Cybersecurity and financial stabilityKartik Anand, Chanelle Duley, Prasanna Gai
May 2022Policy NoteNo 278Monitoring Narratives: an Application to the Equity MarketPascal Blanqué, Mohamed Ben Slimane, Amina Cherief, Théo Le Guenedal, Takaya Sekine, Lauren Stagnol
Apr 2022Policy BriefNo 320Global Banking, Regulatory Spillovers, and the Benefits of Macroprudential Policy CoordinationPierre-Richard Agénor, Timothy P Jackson, Luiz A Pereira da Silva
Apr 2022Policy BriefNo 308Investor demand in syndicated bond issuances: stylised factsMartin Hillebrand, Marko Mravlak, Peter Schwendner
Mar 2022Policy BriefNo 306ECB Communication and its Impact on Financial MarketsKlodiana Istrefi, Florens Odendahl, Giulia Sestieri
Mar 2022Policy BriefNo 305Is There Financial Exclusion when Official Lenders Are Considered?María Bru Muñoz
Mar 2022Policy NoteNo 272Financing Faster Growth For Europe’s SMEsSylvain Broyer, Sarah Limbach, Cihan Duran
Mar 2022Policy BriefNo 292The role of systemic risk spillovers in the transmission of Euro Area monetary policyAlexandros Skouralis
Mar 2022Policy NoteNo 268Crisis-tested Europe – Solidarity with Ukraine spurs European identityHeinz Handler
Feb 2022Policy BriefNo 280Are complex banking groups riskier?Isabel Argimón, María Rodríguez-Moreno
Feb 2022Policy BriefNo 274Regulating big tech in the public interestAgustín Carstens
Feb 2022Policy BriefNo 270Population ageing and the digital divideSebastian Doerr, Jon Frost, Leonardo Gambacorta, Han Qiu
Jan 2022Policy BriefNo 260Credit Constrained Firms and Government Subsidies: Evidence from a European Union ProgramTirupam Goel, Péter Lang, Eszter Balogh, Ádám Banai, Martin Stancsics, Előd Takáts, Álmos Telegdy
Jan 2022Policy BriefNo 259How to analyse monetary policy transmission and inequality in a three-agent model (THRANK)Maria Eskelinen
Dec 2021Policy BriefNo 253Money market funds in the euro area: Vulnerabilities and the role of macroprudential policyTom Hudepohl, Jeroen Huiting, Annelie Petersen
Dec 2021Policy NoteNo 261Mortgage and real estate markets: Current developments pose risks to financial stabilityFritz Zurbrügg
Dec 2021Policy BriefNo 241Mutual funds’ loyalty helped to stabilize ESG stocks during the COVID-19 market crashRui Albuquerque, Yrjo Koskinen, Raffaele Santioni
Dec 2021Policy BriefNo 239The Leverage Effect of Bank DisclosuresPhilipp J. König, Christian Laux, David Pothier
Dec 2021Policy BriefNo 236How to steer interest rates in negative territory? An analysis of reserve tiering and interbank market activityLucas Marc Fuhrer, Matthias Jüttner, Jan Wrampelmeyer, Matthias Zwicker
Nov 2021Policy BriefNo 233Caveat EmptorJosé María Roldán
Nov 2021Policy BriefNo 228The effect of monetary policy on stock market valuation is maybe not what you thinkOlli-Matti Laine
Nov 2021Policy BriefNo 227Did liquidity limits amplify money market fund redemptions during the COVID crisis?Peter Dunne, Raffaele Giuliana
Nov 2021Policy BriefNo 226Benefits of internationalisation for acquirers and targets – but unevenly distributedRainer Frey, Stefan Goldbach
Nov 2021Policy BriefNo 225Population aging and the persistence of three key global trendsAndrea Papetti
Nov 2021Policy BriefNo 220Consumption and service sector key factors in the COVID-19 trade collapseHeli Simola
Nov 2021Policy BriefNo 216Employment Composition Matters for the slope of the Phillips CurveDaniele Siena, Riccardo Zago
Oct 2021Policy BriefNo 207The Rise in Foreign Currency Bonds: The Role of US Monetary Policy and Capital ControlsPhilippe Bacchetta, Rachel Cordonier, Ouarda Merrouche
Oct 2021Policy BriefNo 201Basel III implementation in the European UnionPablo Hernández de Cos
Oct 2021Policy BriefNo 199The impact of macroprudential policies on capital flows in CESEEMarkus Eller, Niko Hauzenberger, Florian Huber, Helene Schuberth, Lukas Vashold
Sep 2021Policy BriefNo 189How do real and monetary integrations affect inflation dynamics in Turkey?Hülya Saygılı
Sep 2021Policy BriefNo 187Can policy boost the international role of currencies? Lessons from international trade invoicingGeorgios Georgiadis, Helena Le Mezo, Arnaud Mehl, Cédric Tille
Sep 2021Policy BriefNo 184Frozen markets: Iceland’s experience with capital controlsFrancis Breedon, Thórarinn G. Pétursson, Paolo Vitale
Sep 2021Policy BriefNo 182The FX Global CodeGuy Debelle
Sep 2021Policy BriefNo 180Sovereign CDS Volatility as an Indicator of Economic UncertaintyMaximilian Böck, Martin Feldkircher, Burkhard Raunig
Sep 2021Policy NoteNo 252Forging the Future of Monetary Union – taking stock and looking forwardMarkus Rodlauer, Rolf Strauch
Sep 2021Policy BriefNo 177Labor adjustment and productivity dynamics: cross-country evidence and policy implicationsMaarten Dossche, Andrea Gazzani, Vivien Lewis
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
Aug 2021Policy BriefNo 164Banks Fearing the Drought? Liquidity Hoarding as a Response to Idiosyncratic Interbank Funding Dry-UpsHelge C.N. Littke, Matias Ossandon Busch
Aug 2021Policy BriefNo 156More aware societies suffered less from Covid-19Alejandro Buesa, Javier J. Pérez, Daniel Santabárbara
Aug 2021Policy BriefNo 154Can Internet banking affect households’ participation in financial markets and financial awareness?Valentina Michelangeli, Eliana Viviano
Aug 2021Policy NoteNo 251Green Liquidity Moves MainstreamPatrick Drury Byrne, Sandeep Chana and Sylvain Broyer
Jul 2021Policy BriefNo 138Three questions on the outlook for bankingCarolyn Rogers
Jul 2021Policy BriefNo 135Liquidity in the German corporate bond market: has the CSPP made a difference?Kathi Schlepper
Jul 2021Policy BriefNo 129Nearshoring Perspectives after COVID-19: Can Western Balkans Benefit?Branimir Jovanovic, Mahdi Ghodsi
Jul 2021Policy BriefNo 125Monetary policy surprises trigger different responses in the housing market across European regionsWinfried Koeniger, Benedikt Lennartz, Marc-Antoine Ramelet
Jul 2021Policy BriefNo 124Global Financial Uncertainty: Does it Matter for the Global Business Cycle?Giovanni Caggiano, Efrem Castelnuovo
Jul 2021Policy BriefNo 120What is the true resilience of our financial systems to climate change with the buffers we currently have?Alejandro Díaz de León
Jun 2021Policy BriefNo 117Regulating liquidity risk in mutual fundsDominic Cucic
Jun 2021Policy BriefNo 111A rising core lifts all basketsBruce Kasman, Joseph Lupton, Michael S Hanson
Jun 2021Policy BriefNo 110Global vulnerabilities to the COVID-19 variant B.1.617.2David Mackie
Jun 2021Policy BriefNo 104The Economic Case for Global Vaccinations: An Epidemiological Model with International Production NetworksCem Çakmaklı, Selva Demiralp, Şebnem Kalemli-Özcan, Sevcan Yeşiltaş, Muhammed A. Yıldırım
Jun 2021Policy NoteNo 244External Vulnerabilities and Exchange Rate Pass-Through: The Case of Emerging MarketsAbdullah Kazdal, Muhammed Hasan Yılmaz
May 2021Policy BriefNo 90SPACs (special purpose acquisition companies)Mario Hübler, Jakob Hanzl, Christoph Prenner
May 2021Policy BriefNo 88Strengthening the international role of the euroGergely Hudecz, Gong Cheng, Edmund Moshammer, Alexander Raabe
May 2021Policy BriefNo 87Banking regulation and the benefits of international cooperation – views from a banking supervisorJoachim Wuermeling
May 2021Policy NoteNo 236Europe’s growth gap: reconciling Keynes and SchumpeterFrançois Villeroy de Galhau
Apr 2021Policy BriefNo 81How the Capital Markets Union can help Europe avoid a liquidity trapSylvain Broyer
Apr 2021Policy BriefNo 70The impact of Covid-19 on global value chainsHeli Simola
Mar 2021Policy BriefNo 60EU – US: Towards renewed transatlantic cooperation?Maartje Wijffelaars, Philip Marey
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 BriefNo 44The evolution of bond and swap tradingMartin Scheicher
Jan 2021Policy BriefNo 42Scars of youth non-employment and labour market conditionsGiulia Martina Tanzi
Jan 2021Policy BriefNo 41Is inflation dead or hibernating?Claudio Borio
Dec 2020Policy NoteNo 215Consequences for banks’ business from COVID-19 and policy responsesFrancesco Mazzaferro
Dec 2020Policy BriefNo 38Limits of the MarketPaul De Grauwe
Dec 2020Policy NoteNo 211Preparing for a higher inflation regimeElga Bartsch, Jean Boivin, Philipp Hildebrand
Nov 2020Policy NoteNo 209Are equity markets currently overvalued? The role of the time horizon in earnings expectationsRoberto Blanco and Irene Roibás
Nov 2020Policy NoteNo 208The world economy under Covid-19: Can emerging market economies keep the engine running?Kristel Buysse, Dennis Essers
Oct 2020Policy NoteNo 198The shadow of fiscal dominance: Misconceptions, perceptions and perspectivesIsabel Schnabel
Oct 2020Policy NoteNo 197The Great Demographic Reversal: Ageing Societies, Waning Inequality, and an Inflation RevivalC.A.E. Goodhart, Manoj Pradhan
Sep 2020Policy BriefNo 26Global value chains and the challenge of Covid-19Antoine Berthou, Juan Carluccio, Guillaume Gaulier
Sep 2020Policy NoteNo 193Inclusive payments for the post-pandemic worldRaphael Auer, Jon Frost, Thomas Lammer, Tara Rice, Amber Wadsworth
Aug 2020Policy NoteNo 188The Growth of Indexing - What is happening, and why?Craig Lazzara
Jul 2020Policy BriefNo 19Banking between two crisesKarel Lannoo
Jun 2020Policy NoteNo 178Covalization: Europe on the Rack Between Globalization and Covid - A Historian’s Perspective on the European Union: Europe and GlobalizationHarold James
May 2020Policy NoteNo 171US dollar funding markets during the Covid-19 crisis – the international dimensionEgemen Eren, Andreas Schrimpf, Vladyslav Sushko
May 2020Policy NoteNo 170International inflation co-movementsPhilip R. Lane
May 2020Policy NoteNo 168Cross-border consolidation in the European banking sector: between dreams and realityJan Van Hove
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 164Can we compare the COVID-19 and 2008 crises?Marc-Olivier Strauss-Kahn
May 2020Policy NoteNo 163Coronavirus and the world of workMonika Kiss
May 2020Policy NoteNo 162How large is the coronavirus macro shock? Putting the near-term record-breaking shock in the long-term contextElga Bartsch, Jean Boivin, Philipp Hildebrand
Apr 2020Policy BriefNo 2Politics and Economics of Global CurrenciesPaul De Grauwe
Apr 2020Policy NoteNo 156Navigation tools in the semi-normal corona eraAndy Langenkamp
Apr 2020Policy NoteNo 148Reflections on the health and financial crisisJacques de Larosière
Apr 2020Policy NoteNo 147Does It Fit? Tweeting on Monetary Policy and Central Bank CommunicationDonato Masciandaro, Davide Romelli, Gaia Rubera
Mar 2020Policy NoteNo 140The Paradox of Endogenous Nationalism and the Role of Quantitative EasingMassimo Morelli
Mar 2020Policy NoteNo 136Mortgage Lending and Macroprudential Policy in the UK and USAlan Brener
Feb 2020Policy NoteNo 132The European Banking UnionMargarita Delgado
Feb 2020Policy NoteNo 128Interests and alliancesKlaas Knot
Jan 2020Policy NoteNo 127Europe’s role in the global financial systemLuis de Guindos
Jan 2020Policy NoteNo 122TCFD: strengthening the foundations of sustainable financeMark Carney
Nov 2019Policy NoteNo 115Putting macroprudential policy to work: a case study on the Dutch housing marketPaul Hilbers, Marco van Hengel
Nov 2019Policy NoteNo 114Central Banking in challenging timesClaudio Borio
Nov 2019Policy NoteNo 110Towards a European Governance Framework for CryptoassetsJason Grant Allen, Rosa María Lastra
Oct 2019Policy NoteNo 108Libra – a view from EuropeHeike Mai
Sep 2019Policy NoteNo 103Non-banks in the EU: ensuring a smooth transition to a Capital Markets UnionFatima Pires
Sep 2019Policy NoteNo 99The euro’s global role: past, present and futureArnaud Mehl
Sep 2019Policy NoteNo 96Reconciling risk sharing with market discipline: A constructive approach to euro area reformIsabel Schnabel
Jun 2019Policy NoteNo 81Bilateral Trade Balances Under FocusFlorence Jaumotte
Jun 2019Policy NoteNo 80A products and activities approach to managing risk in asset managementBarbara Novick
Jun 2019Policy NoteNo 79Financial aspects of BrexitThomas Url
May 2019Policy NoteNo 74The future of the UK services trade post-Brexit: unlikely to be brightOlga Pindyuk
May 2019Policy NoteNo 71Rethinking the Trade-offs for Monetary Policy in an Era of GlobalizationEnrique Martínez-García
Mar 2019Policy NoteNo 62Market power: a complex realityPeter Praet
Jan 2019Policy NoteNo 53The output cost of the global financial crisis: A reappraisal after ten yearsDavid Turner, Patrice Ollivaud
Nov 2018Policy NoteNo 46Global financial vulnerabilities: Get ready for a bumpy rideClaudio Borio
Oct 2018Policy NoteNo 44A Financial Union for the Euro AreaPoul M. Thomsen
Sep 2018Policy NoteNo 42Preserving regulatory certainty: The review of insurers’ capital requirementsGabriel Bernardino
Sep 2018Policy NoteNo 41Central banks should reflect climate risks in monetary policy operationsPierre Monnin
May 2018Policy NoteNo 35Strengthening the euro area Architecture: A proposal for Purple bondsLorenzo Bini Smaghi, Michala Marcussen
Mar 2018Policy NoteNo 28Credit conditions and corporate investment in EuropeLaurent Maurin, Rozalia Pal, Philipp-Bastian Brutscher
Nov 2017Policy NoteNo 21Risk sharing in EMU: key insights from a literature reviewDemosthenes Ioannou, David Schäfer
Jul 2017Policy NoteNo 14Banks or platforms: The digital futurePatricia Jackson
May 2017Policy NoteNo 12(No) worries about the new shape of international capital flowsMatthieu Bussiére, Julia Schmidt, Natacha Valla
Jan 2017Policy NoteNo 10Bail-ins: Issues of Credibility and ContagionClas Wihlborg
May 2016Policy NoteNo 7Ten Myths in the Brexit DebateDavid T. Llewellyn
Sep 2015Policy NoteNo 1What is money and who says so?Peter R. Fisher

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