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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.

Stay always up to date and subscribe to the monthly SUERF Policy Notes & Briefs Newsletter!


Date publishedSUERFIssueTitleAuthor(s)
Nov 2023Policy BriefNo 743Impact assessment of high inflation on Greek public finances. Does the type of inflation matter? Evidence from a highly indebted countrySophia Lazaretou, George Palaiodimos
Nov 2023Policy BriefNo 728Firm leverage and the low-carbon transition in EuropeOlimpia Carradori, Margherita Giuzio, Sujit Kapadia, Dilyara Salakhova, Katia Vozian
Oct 2023Policy BriefNo 693Climate risks in Latin America and the Caribbean: are banks ready for the green transition?Barbara Marchitto, Ricardo Santos, Joana Conde
Sep 2023Policy BriefNo 688Bonds at a premium: the impact of insurers on corporate bond issuersChristian Kubitza
Sep 2023Policy NoteNo 320Leaving the eurozone but staying in the EU. Can it be done? And is it wise?Wim Boonstra
Aug 2023Policy BriefNo 657The climate change challenge and fiscal instruments and policies in the EUAris Avgousti, Francesco Caprioli, Giacomo Caracciolo, Marion Cochard, Pietro Dallari, Mar Delgado-Téllez, João Domingues, Marien Ferdinandusse, Daniela Filip, Carolin Nerlich, Doris Prammer, Katja Schmidt, Anastasia Theofilakou
Aug 2023Policy BriefNo 656Should we bother with sovereign sustainability bonds?Daniel C. Hardy
Aug 2023Policy BriefNo 649Do non-banks need access to the lender-of-last-resort? Evidence from fund runsJohannes Breckenfelder, Marie Hoerova
Jun 2023Policy BriefNo 614After the crypto-winter, the spring of crypto-assets regulation and supervisionDenis Beau
Jun 2023Policy BriefNo 613A common tool for a greener future: The case for an EU Climate and Energy Security FundLaurent Abraham, Marguerite O’Connell, Iñigo Arruga Oleaga
Jun 2023Policy BriefNo 606Does it matter where and how governments spend?Ernil Sabaj, Rashid Sbia, Haytem Troug
May 2023Policy BriefNo 594Lessons from forecast averaging residential investmentCarlos Cañizares Martínez, Gabe de Bondt, Arne Gieseck
May 2023Policy BriefNo 592Debt-for-nature swaps: a two-fold solution for environmental and debt sustainability in developing countries?Quentin Paul, Romain Svartzman, Pierre-François Weber
May 2023Policy BriefNo 581On the Macroeconomic Effects of Reinvestments in Asset Purchase ProgrammesRafael Gerke, Daniel Kienzler, Alexander Scheer
May 2023Policy BriefNo 578The effectiveness of green collateral policy as an instrument of climate policyFrancesco Giovanardi, Matthias Kaldorf, Lucas Radke, Florian Wicknig
Mar 2023Policy BriefNo 558Unraveling the Structure of Nested Decentralized Finance (DeFi) ProtocolsStefan Kitzler, Friedhelm Victor, Pietro Saggese, Bernhard Haslhofer
Mar 2023Policy BriefNo 556How prevalent are investment funds in cross-border investment?Pınar Yeşin
Mar 2023Policy BriefNo 553Machine Learning Methods in Climate Finance: a Systematic ReviewAndrés Alonso-Robisco, José Manuel Carbó, José Manuel Marqués
Mar 2023Policy NoteNo 305Climate stress tests: Are banks fit for the green transition?Ursula Walther
Mar 2023Policy BriefNo 541Climate Risks in Albania and their Relevance to the Central BankMargerita Topalli, Pierre Monnin
Feb 2023Policy BriefNo 532A New EU Economic Governance and Fiscal Framework: what role for the national independent fiscal institutions (IFIs)?Daniel Daianu
Feb 2023Policy BriefNo 519Borrower-based regulations push housing demand towards the suburbsRikke Rhode Nissen, Alessandro Tang-Andersen Martinello, Simon Juul Hviid, Christian Sinding Bentzen
Jan 2023Policy BriefNo 510Bank and non-bank balance sheet responses to monetary policy shocksFédéric Holm-Hadulla, Falk Mazelis, Sebastian Rast
Jan 2023Policy NoteNo 296Finding the right mix: monetary-fiscal interaction at times of high inflationIsabel Schnabel
Jan 2023Policy BriefNo 499Invest One -- Get Two Extra: Public Investment Crowds In Private InvestmentOlegs Matvejevs, Olegs Tkacev
Dec 2022Policy NoteNo 294A modern credit guidance regime for the green transitionKatie Kedward, Daniela Gabor, Josh Ryan-Collins
Dec 2022Policy BriefNo 497European Small Business Finance Outlook: SMEs in between crisesHelmut Kraemer-Eis, Antonia Botsari, Salome Gvetadze, Frank Lang, Wouter Torfs
Dec 2022Policy BriefNo 494Introducing Green Bank Equity to fund the low-carbon transitionAaron Janowski
Dec 2022Policy BriefNo 487Pricing of green bonds – drivers and dynamics of the greeniumAllegra Pietsch, Dilyara Salakhova
Nov 2022Policy BriefNo 475Do stablecoins alter the monetary policy transmission mechanism?Pietro Cova, Alessandro Notarpietro, Patrizio Pagano, Massimiliano Pisani
Nov 2022Policy BriefNo 471Environmental and Social Preferences and Investments in Crypto-AssetsPavel Ciaian, Andrej Cupak, Pirmin Fessler, d’Artis Kancs
Oct 2022Policy BriefNo 434Growth Expectations and the Dynamics of EntryEnisse Kharroubi
Sep 2022Policy BriefNo 427Integrating the carbon footprint into the construction of corporate bond portfoliosMario Bajo, Emilio Rodríguez
Sep 2022Policy NoteNo 288Product level greenhouse gas contents – how to get there?Ulf von Kalckreuth
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 396The pass-through from inflation perceptions to inflation expectationsStefanie J. Huber, Daria Minina, Tobias Schmidt
Jul 2022Policy BriefNo 373Minibonds and intangiblesGabriele Beccari, Francesco Marchionne, Beniamino Pisicoli
Jul 2022Policy BriefNo 371How household savings in CESEE are related to the past and the futureMelanie Koch, Thomas Scheiber
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 BriefNo 359Scarring effects of major economic downturns: The role of fiscal policy and government investmentMartin Larch, Peter Claeys, Wouter van der Wielen
Jun 2022Policy BriefNo 357What tax data can tell us about consumption and saving patternsAlain Galli, Rina Rosenblatt-Wisch
Jun 2022Policy BriefNo 349How does financial openness affect inequality?Stefan Avdjiev, Tsvetana Spasova
Jun 2022Policy BriefNo 342Making Subsidies Work: Rules vs. DiscretionFederico Cingano, Filippo Palomba, Paolo Pinotti, Enrico Rettore
May 2022Policy BriefNo 339Does own wealth and wealth of others matter for life satisfaction?Antje Jantsch, Julia Le Blanc,Tobias Schmidt
May 2022Policy BriefNo 336Business resilience in the pandemic and beyond: Adaptation, innovation, financing and climate action from Eastern Europe to Central AsiaLuca Gattini, Rozália Pál, Helena Schweiger, Laura Valderrama
Apr 2022Policy BriefNo 313From open banking to open financeDenis Beau
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
Mar 2022Policy BriefNo 290Should monetary finance remain taboo?Itai Agur, Damien Capelle, Giovanni Dell’Ariccia, Damiano Sandri
Feb 2022Policy BriefNo 269Recovery as a springboard for changeDebora Revoltella, Tessa Bending, Atanas Kolev
Feb 2022Policy BriefNo 268Monetary policy and the green transitionLena Boneva, Gianluigi Ferrucci, Francesco Paolo Mongelli
Dec 2021Policy BriefNo 254What explains the emergence and diffusion of climate-related financial policies in G20 countries?Paola D’Orazio
Dec 2021Policy BriefNo 250Big techs in finance: a new trade-off between efficiency and privacyFrederic Boissay, Torsten Ehlers, Leonardo Gambacorta, Hyun Song Shin
Dec 2021Policy BriefNo 248Africa and COVID-19: Can the financial sector stay on course for a green and digital future?Debora Revoltella, Claudio Cali, Barbara Marchitto, Nina Fenton, Ricardo Santos
Dec 2021Policy NoteNo 258The importance of Private Equity and Venture Capital financing for Greentech companies in EuropeHelmut Kraemer-Eis, Antonia Botsari, Salome Gvetadze, Frank Lang, Wouter Torfs
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 227Did liquidity limits amplify money market fund redemptions during the COVID crisis?Peter Dunne, Raffaele Giuliana
Nov 2021Policy BriefNo 223A taxonomy of sustainable finance taxonomiesTorsten Ehlers, Diwen Gao, Frank Packer
Nov 2021Policy BriefNo 218When the panic broke out: Covid-19 and investment funds’ portfolio rebalancing around the worldMassimiliano Affinito, Raffaele Santioni
Oct 2021Policy BriefNo 210Exploring DORA - the Digital Operational Resilience Act and its impact on banks and their supervisorsJoachim Wuermeling
Oct 2021Policy BriefNo 205Mind the promotional gap! Climate-related financial policies and institutional dynamicsMoritz Baer, Emanuele Campiglio, Jérôme Deyris
Sep 2021Policy NoteNo 252Forging the Future of Monetary Union – taking stock and looking forwardMarkus Rodlauer, Rolf Strauch
Aug 2021Policy BriefNo 160Have scale effects on cost margins of pension fund investment portfolios disappeared?Jacob A. Bikker, Jeroen J. Meringa
Aug 2021Policy BriefNo 154Can Internet banking affect households’ participation in financial markets and financial awareness?Valentina Michelangeli, Eliana Viviano
Jul 2021Policy BriefNo 124Global Financial Uncertainty: Does it Matter for the Global Business Cycle?Giovanni Caggiano, Efrem Castelnuovo
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
May 2021Policy NoteNo 240What Caused The Resurgence In FDI Screening?Simon J. Evenett
May 2021Policy BriefNo 90SPACs (special purpose acquisition companies)Mario Hübler, Jakob Hanzl, Christoph Prenner
Apr 2021Policy BriefNo 75Europe: the shock of Covid-19 and the fear of accelerated zombificationHélène Baudchon, Louis Boisset, Guillaume Derrien, Kenza Charef
Apr 2021Policy BriefNo 73The Saving and Employment Effects of Higher Job Loss RiskRagnar E. Juelsrud, Ella Getz Wold
Apr 2021Policy BriefNo 61A backstop liquidity facility for a greener economyEric Jondeau, Benoit Mojon, Cyril Monnet
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 54Are lower bank capital requirements an efficient policy tool for supporting credit to SMEs?Michel Dietsch, Henri Fraisse, Mathias Lé, Sandrine Lecarpentier
Mar 2021Policy NoteNo 226Greening the UK financial system – a fit for purpose approachYannis Dafermos, Daniela Gabor, Maria Nikolaidi, Frank van Lerven
Dec 2020Policy BriefNo 39Thriving in a post-pandemic worldDebora Revoltella, Pedro de Lima
Nov 2020Policy BriefNo 36A stronger voice for Europe in global developmentWerner Hoyer
Sep 2020Policy NoteNo 193Inclusive payments for the post-pandemic worldRaphael Auer, Jon Frost, Thomas Lammer, Tara Rice, Amber Wadsworth
Jul 2020Policy BriefNo 17Financial resilience of German households to Corona triggered income shockOrcun Kaya
Jun 2020Policy NoteNo 176Credit Guarantees in the COVID-19 crisis – Relevance and Economic ImpactJulien Brault, Simone Signore
May 2020Policy NoteNo 169Making banking integration work for better risk sharing in the eurozone: the role of cross-border banking consolidationMathias Hoffmann
Apr 2020Policy NoteNo 159Embedded supervision: how to build regulation into Libra 2.0 and the token economyRaphael Auer
Mar 2020Policy NoteNo 145A “European Capitalization and Development Fund” (ECDF) to facilitate Europe’s post-corona recoveryErnest Gnan
Feb 2020Policy NoteNo 128Interests and alliancesKlaas Knot
Dec 2019Policy NoteNo 120Investing in Europe’s Competitiveness and SustainabilityWerner Hoyer
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 92Beliefs and Portfolios: New Measurement and FactsStefano Giglio, Matteo Maggiori, Johannes Stroebel, Stephen Utkus
Jun 2019Policy NoteNo 80A products and activities approach to managing risk in asset managementBarbara Novick
May 2019Policy NoteNo 70The impact of Brexit on growth and the public financesIain Begg
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 57Creating an enabling environment for innovation and digitalisationDebora Revoltella, Tim Bending, Christoph Weiss, Philipp-Bastian Brutscher
Jan 2019Policy NoteNo 51Africa needs investments beyond its pockets of growthOlivier de Boysson, Clément Gillet
Mar 2018Policy NoteNo 28Credit conditions and corporate investment in EuropeLaurent Maurin, Rozalia Pal, Philipp-Bastian Brutscher
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

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