This paper is a first attempt to include credit derivatives in international macro-financial analysis. We document that gross credit derivatives holdings map to bilateral portfolio investment linkages. On a net basis, our results suggest an asymmetry between sectors and between net buyers and ne...
This annual report provides a quality review of the national balance of payments (b.o.p.), international investment position (i.i.p.) and international reserves template of the Eurosystem (international reserves), as well as the associated euro area aggregates....
This paper has been prepared on the request of the European Commission’s Joint Research Centre (JRC) Unit for Finance, Innovation and Growth (B7). It constitutes a contribution to a long-running debate on the ownership criterion in the 2003 European Commission SME definition as applied to ventur...
The coronavirus (COVID-19) pandemic caused an extreme shock to the economy and financial market, and triggered an unprecedented public sector response to mitigate its effects. European Union (EU) bodies, governments, central banks and supervisory authorities took unprecedented action to support ...
The Capital Markets Union (CMU), a European Union initiative, aims to improve access to market finance and mitigate the risks inherent in a financial system that is too dependent on the banking sector. The purpose of this study is to develop a dashboard that can be used for monitoring progress t...
Articles 143, 283 and 363 of Regulation (EU) No 575/2013 (CRR) require the European Central Bank (ECB) to grant permission to use internal models for credit risk, counterparty credit risk and market risk where the requirements set out in the corresponding chapters of the CRR are met by the insti...
The 2020 ESMA Annual Statistical Report on the Performance and Costs of Retail Investment Products in the EU provides a comprehensive overview of the EU retail investment products in the period from 2009 to 2018. Undertakings for Collective Investment in Transferable Securities (UCITS) represent...
Does leverage drive investor ows in bond mutual funds? Leverage can increase fund returns in good times, but it can also magnify investors' losses and their response to bad performance. We study bond fund ows to provide new evidence for the link between mutual fund leverage and financial fragili...
The objective of this study is to carry out a test run in relation to the draft EU Ecolabel criteria for financial products and in particular to test the application of draft criterion I for equity funds to a sample of 101 “green” UCITS equity funds domiciled in the EU27. Focused on the EU envir...
