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Covered Bonds under Unconventional Monetary Policy

(Autor)

Buch | Hardcover
XVIII, 120 Seiten
2018 | 1st ed. 2018
Springer Fachmedien Wiesbaden GmbH (Verlag)
978-3-658-20974-2 (ISBN)

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Covered Bonds under Unconventional Monetary Policy - Holger Markmann
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Holger Markmann studies covered bonds and their market behaviour upon the announcement and implementation of outright covered bond purchases by the eurosystem. After introducing the covered bond market, its reaction to the global financial crisis, and the functionality of unconventional monetary policy to a broad audience, the author analyzes the impact of these purchases. The first Covered Bond Purchase Programme (CBPP1) has lowered covered bond spreads by 3-4 basis points in the short-term, 10 basis points in the medium-term, and increased emission volumes by EUR 103 billion. CBPP2 and CBPP3 have not led to similar effects. However, the programs' effectiveness relies on the market's expectations and its prevalent health.

About the Author

Holger Markmann is PostDoc at the Real Estate Management Institute (REMI) of EBS Universität für Wirtschaft und Recht and Managing Director of a real estate investment firm. His research focuses on real estate capital market financing, bank funding, and unconventional monetary policy. Prior to his current roles, he worked for a bulge bracket investment bank, advising financial institutions on their M&A- and capital market activities.

Holger Markmann is PostDoc at the Real Estate Management Institute (REMI) of EBS Universität für Wirtschaft und Recht and Managing Director of a real estate investment firm. His research focuses on real estate capital market financing, bank funding, and unconventional monetary policy. Prior to his current roles, he worked for a bulge bracket investment bank, advising financial institutions on their M&A- and capital market activities.

Introduction to Covered Bonds and Unconventional Monetary Policy.- Impact on Covered Bond Emission Activity.- Medium- and Short-term Announcement Effects.- Monetary Policy Implications.

Erscheinungsdatum
Reihe/Serie Essays in Real Estate Research
Zusatzinfo XVIII, 120 p. 16 illus.
Verlagsort Wiesbaden
Sprache englisch
Maße 148 x 210 mm
Gewicht 288 g
Themenwelt Wirtschaft Betriebswirtschaft / Management Finanzierung
Betriebswirtschaft / Management Spezielle Betriebswirtschaftslehre Bankbetriebslehre
Betriebswirtschaft / Management Spezielle Betriebswirtschaftslehre Immobilienwirtschaft
Wirtschaft Betriebswirtschaft / Management Unternehmensführung / Management
Wirtschaft Volkswirtschaftslehre Finanzwissenschaft
Wirtschaft Volkswirtschaftslehre Makroökonomie
Schlagworte Bank Funding • Banking • Covered Bond • Covered Bond Purchase Programme • Difference-in-Difference • Distributed Lag Model • european central bank • Eurosystem • Quantitative Easing • Unconventional monetary policy • Unobserved Components Model
ISBN-10 3-658-20974-7 / 3658209747
ISBN-13 978-3-658-20974-2 / 9783658209742
Zustand Neuware
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