Publications published in 2012

• 27/12/2012
  Cost of borrowing shocks and fiscal adjustment (Working Paper No. 1503), by Oliver de Groot, Fédéric Holm-Hadulla and Nadine Leiner-Killinger,  920 kb, en
• 17/12/2012
  Euro money market study 2012,  3593 kb, en
  [online only]
  Press release: en
• 17/12/2012
  Research Bulletin No. 17,  1071 kb, en
  [online only]
  
• 14/12/2012
  Financial Stability Review,  7060 kb, en
  Press release: en
• 13/12/2012
  Statistics Pocket Book, December 2012,  666 kb, en
• 13/12/2012
  Monthly Bulletin, December 2012,  5314 kb, en
• 13/12/2012
  Do firms use the trade credit channel to manage growth? (Working Paper No. 1502), by Annalisa Ferrando and Klaas Mulier,  963 kb, en
• 13/12/2012
  Explaining EU citizens’ trust in the ECB in normal and crisis times (Working Paper No. 1501), by Michael Ehrmann, Michel Soudan and Livio Stracca,  546 kb, en
  Published in: Scandinavian Journal of Economics (forthcoming)
• 07/12/2012
  Competitiveness and external imbalances within the euro area (Occasional Paper No. 139), by A team of the Working Group on Econometric Modelling of the European System of Central Banks,  3442 kb, en
• 06/12/2012
  Eurosystem staff macroeconomic projections for the euro area,  256 kb, bg . cs . da . de . el . en . es . et . fi . fr . hu . it . lt . lv . nl . pl . pt . ro . sk . sl . sv
  [online only]
  
• 04/12/2012
  Letter from the ECB President to Ms Rodi Kratsa-Tsagaropoulou, MEP,  92 kb, el . en
  [online only]
  
• 04/12/2012
  Letter from the ECB President to Mr Nuno Melo, MEP,  61 kb, en . pt
  [online only]
  
• 03/12/2012
  Nonlinear liquidity adjustments in the euro area overnight money market (Working Paper No. 1500), by Renaud Beaupain and Alain Durré,  1106 kb, en
  Published in: Journal of Financial Intermediation, Vol 22(2), April 2013: pp 259-284, as: "Central bank reserves and interbank market liquidity in the euro area"

• 29/11/2012
  Summary of the outcome of the public consultation on the oversight expectations for links between retail payment systems,  183 kb, en
  [online only]
  Press release: en
• 29/11/2012
  Oversight expectations for links between retail payment systems,  301 kb, en
  [online only]
  Press release: en
• 28/11/2012
  Risk, capital buffer and bank lending: a granular approach to the adjustment of euro area banks (Working Paper No. 1499), by Laurent Maurin and Mervi Toivanen,  854 kb, en
• 28/11/2012
  Heterogeneity and cross-country spillovers in macroeconomic-financial linkages (Working Paper No. 1498), by Matteo Ciccarelli, Eva Ortega and Maria Teresa Valderrama,  831 kb, en
• 28/11/2012
  Institutional provisions. Statute of the ESCB and of the ECB. Rules of procedure,  704 kb, bg . cs . da . de . el . en . es . et . fi . fr . hu . it . lt . lv . mt . nl . pl . pt . ro . sk . sl . sv
  [online only]
  
• 23/11/2012
  Letter from the ECB Vice-President to Mr Mario Borghezio, MEP,  63 kb, en . it
  [online only]
  
• 21/11/2012
  Bank capital and liquidity creation: Granger-causality evidence (Working Paper No. 1497), by Roman Horváth, Jakub Seidler and Laurent Weill,  372 kb, en
• 21/11/2012
  The ECB and the interbank market (Working Paper No. 1496), by Domenico Giannone, Michele Lenza and Lucrezia Reichlin,  641 kb, en
  Published in: The Economic Journal, Vol 122, 2012: F467–F486.
• 16/11/2012
  Bubbles, banks and financial stability (Working Paper No. 1495), by Kosuke Aoki and Kalin Nikolov,  792 kb, en
• 16/11/2012
  Prior selection for vector autoregressions (Working Paper No. 1494), by Domenico Giannone, Michele Lenza and Giorgio E. Primiceri,  809 kb, en
• 16/11/2012
  An alternative method for identifying booms and busts in the euro area housing market (Working Paper No. 1493), by Dieter Gerdesmeier, Andreja Lenarčič and Barbara Roffia,  1182 kb, en
• 16/11/2012
  Bayesian analysis of recursive SVAR models with overidentifying restrictions (Working Paper No. 1492), by Andrzej Kociecki, Michał Rubaszek and Michele Ca' Zorzi,  626 kb, en
• 15/11/2012
  Statistics Pocket Book, November 2012,  736 kb, en
• 15/11/2012
  Monthly Bulletin, November 2012,  4016 kb, en
• 15/11/2012
  Letter from the ECB President to Mr Rareş-Lucian Niculescu, MEP,  74 kb, en . ro
  [online only]
  
• 15/11/2012
  Letter from the ECB President to Mr Nuno Melo, MEP,  59 kb, en . pt
  [online only]
  
• 15/11/2012
  Article, Monthly Bulletin, November 2012, pp 87-104, Recent economic and financial developments in EU candidate countries,  442 kb, en
  
• 15/11/2012
  Article, Monthly Bulletin, November 2012, pp 71-85, Inflation differentials in the euro area during the last decade,  357 kb, en
  
• 14/11/2012
  European Commission's public consultation on the regulation of indices - Eurosystem's response,  102 kb, en
  [online only]
  
• 12/11/2012
  Trade openness reduces growth volatility when countries are well diversified (Working Paper No. 1491), by Mona Haddad, Jamus Jerome Lim, Cosimo Pancaro and Christian Saborowski,  985 kb, en
  Published in: Canadian Journal of Economics, Vol 46 (2), 2013: pp 765-790.
• 07/11/2012
  Letter from the ECB President to Mr Nuno Melo, MEP,  55 kb, en . pt
  [online only]
  
• 07/11/2012
  Letter from the ECB President to Ms Niki Tzavela, MEP,  55 kb, en
  [online only]
  
• 07/11/2012
  Letter from the ECB President to Mr Claudio Morganti, MEP,  53 kb, en . it
  [online only]
  
• 07/11/2012
  Letter from the ECB President to Mr Sven Giegold, MEP,  47 kb, de . en
  [online only]
  
• 07/11/2012
  Letter from the ECB President to Mr Lorenzo Fontana, MEP,  44 kb, en
  [online only]
  
• 05/11/2012
  A model of borrower reputation as intangible collateral (Working Paper No. 1490), by Kalin Nikolov,  591 kb, en
• 05/11/2012
  The business cycle implications of banks' maturity transformation (Working Paper No. 1489), by Martin M. Andreasen, Marcelo Ferman and Pawel Zabczyk,  712 kb, en
• 05/11/2012
  When the cat's away the mice will play: does regulation at home affect bank risk taking abroad? (Working Paper No. 1488), by Steven Ongena, Alexander Popov and Gregory F. Udell,  1148 kb, en
• 02/11/2012
  Survey on the access to finance of small and medium-sized enterprises in the euro area, April to September 2012,  777 kb, en
  [online only]
  Press release: en

• 31/10/2012
  Euro area labour markets and the crisis (Occasional Paper No. 138), by Task Force of the Monetary Policy Committee of the European System of Central Banks,  4901 kb, en
• 30/10/2012
  Asymmetric information in credit markets, bank leverage cycles and macroeconomic dynamics (Working Paper No. 1487), by Ansgar Rannenberg,  1486 kb, en
• 30/10/2012
  Report on the first two years of the Macro-Prudential Research Network,  1158 kb, en
  [online only]
  Press release: en
• 29/10/2012
  Virtual currency schemes,  1904 kb, en
  [online only]
  
• 22/10/2012
  Leading indicators of crisis incidence: evidence from developed countries (Working Paper No. 1486), by Jan Babecký, Tomáš Havránek, Jakub Matějů, Marek Rusnák, Kateřina Šmídková and Bořek Vašíček,  650 kb, en
  Published in: Journal of International Money and Finance, Vol 35, June 2013: pp 1-19.
• 19/10/2012
  Banking, debt and currency crises: early warning indicators for developed countries (Working Paper No. 1485), by Jan Babecký, Tomáš Havránek, Jakub Matějů, Marek Rusnák, Kateřina Šmídková and Bořek Vašíček,  917 kb, en Crises database: en
• 18/10/2012
  Bank ratings: what determines their quality? (Working Paper No. 1484), by Harald Hau, Sam Langfield and David Marqués-Ibáñez,  817 kb, en
• 11/10/2012
  Statistics Pocket Book, October 2012,  724 kb, en
• 11/10/2012
  Monthly Bulletin, October 2012,  3108 kb, en
• 11/10/2012
  Article, Monthly Bulletin, October 2012, pp 69-80, Euro area labour markets and the crisis,  375 kb, en
  
• 11/10/2012
  Article, Monthly Bulletin, October 2012, pp 55-68, Global liquidity: concepts, measurements and implications from a monetary policy perspective,  387 kb, en
  
• 08/10/2012
  Structural Issues Report: Euro area labour markets and the crisis,  4764 kb, en
  [online only]
  Press release: en
• 05/10/2012
  Gauging the effects of fiscal stimulus packages in the euro area (Working Paper No. 1483), by Günter Coenen, Roland Straub and Mathias Trabandt,  531 kb, en
  Published in: Journal of Economic Dynamics and Control, Vol 37 (2), 2013: pp 367-386.
• 02/10/2012
  Optimism bias? The elasticity puzzle in international economics revisited (Working Paper No. 1482), by Vesna Corbo and Chiara Osbat,  951 kb, en
• 01/10/2012
  Clearing, counterparty risk and aggregate risk (Working Paper No. 1481), by Bruno Biais, Florian Heider and Marie Hoerova,  672 kb, en
• 01/10/2012
  Interdependence and contagion in global asset markets (Working Paper No. 1480), by John Beirne and Jana Gieck,  685 kb, en
• 01/10/2012
  Macroeconomic uncertainty and the impact of oil shocks (Working Paper No. 1479), by Ine Van Robays,  678 kb, en
• 01/10/2012
  Dual liquidity crises under alternative monetary frameworks: a financial accounts perspective (Working Paper No. 1478), by Ulrich Bindseil and Adalbert Winkler,  634 kb, en
• 01/10/2012
  The social and private costs of retail payment instruments: a European perspective (Occasional Paper No. 137), by Heiko Schmiedel, Gergana Kostova and Wiebe Ruttenberg,  2640 kb, en

• 28/09/2012
  Financial stability challenges for EU acceding and candidate countries: making financial systems more resilient in a challenging environment (Occasional Paper No. 136), by IRC Expert Group of the ESCB,  1867 kb, en
• 28/09/2012
  Euro Money Market Survey 2012,  1571 kb, en
  [online only]
  Press release: en
• 24/09/2012
  Central bank communication on fiscal policy (Working Paper No. 1477), by Julien Allard, Marco Catenaro, Jean-Pierre Vidal and Guido Wolswijk,  436 kb, en
• 24/09/2012
  Aging and pension reform: extending the retirement age and human capital formation (Working Paper No. 1476), by Edgar Vogel, Alexander Ludwig and Axel Börsch-Supan,  637 kb, en
• 24/09/2012
  Information flows and disagreement (Working Paper No. 1475), by Cristian Badarinza and Marco Gross,  726 kb, en
• 24/09/2012
  Dissecting saving dynamics: measuring wealth, precautionary and credit effects (Working Paper No. 1474), by Christopher Carroll, Jiri Slacalek and Martin Sommer,  983 kb, en
• 24/09/2012
  Was unofficial dollarisation/euroisation an amplifier of the 'Great Recession' of 2007-09 in emerging economies (Working Paper No. 1473), by Livia Chiţu,  717 kb, en
  Published in: Comparative Economic Studies (forthcoming)
• 24/09/2012
  Fiscal sustainability using growth-maximising debt targets (Working Paper No. 1472), by Cristina Checherita-Westphal, Andrew Hughes Hallett and Philipp Rother,  486 kb, en
• 21/09/2012
  Feedback to the ECB's monetary analysis: the Bank of Russia's experience with some key tools (Working Paper No. 1471), by Alexey Ponomarenko, Elena Vasilieva and Franziska Schobert,  560 kb, en
• 21/09/2012
  Optimal portfolio choice with predictability in house prices and transaction costs (Working Paper No. 1470), by Stefano Corradin, José L. Fillat and Carles Vergara-Alert,  1062 kb, en
• 19/09/2012
  Loan supply shocks and the business cycle (Working Paper No. 1469), by Luca Gambetti and Alberto Musso,  6139 kb, en
• 18/09/2012
  Modelling the time varying determinants of portfolio flows to emerging markets (Working Paper No. 1468), by Marco Lo Duca,  895 kb, en
• 18/09/2012
  The interplay of economic reforms and monetary policy: the case of the euro area (Working Paper No. 1467), by Francesco Drudi, Alain Durré and Francesco Paolo Mongelli,  1824 kb, en
  Published in: Journal of Common Market Studies, Vol 50(6): pp 881-898.
• 17/09/2012
  History, gravity and international finance (Working Paper No. 1466), by Barry Eichengreen, Arnaud Mehl and Livia Chiţu,  1772 kb, en
• 13/09/2012
  Monthly Bulletin, September 2012,  4369 kb, en
• 13/09/2012
  Statistics Pocket Book, September 2012,  2408 kb, en
• 06/09/2012
  ECB staff macroeconomic projections for the euro area,  269 kb, bg . cs . da . de . el . en . es . et . fi . fr . hu . it . lt . lv . nl . pl . pt . ro . sk . sl . sv
  [online only]
  

• 29/08/2012
  Revisiting fiscal sustainability: panel cointegration and structural breaks in OECD countries (Working Paper No. 1465), by António Afonso and João Tovar Jalles,  761 kb, en
• 29/08/2012
  An MVAR framework to capture extreme events in macro-prudential stress tests (Working Paper No. 1464), by Paolo Guarda, Abdelaziz Rouabah and John Theal,  873 kb, en
• 21/08/2012
  Macroeconomic implications of time-varying risk premia (Working Paper No. 1463), by François Gourio,  2214 kb, en
• 21/08/2012
  A global perspective on inflation and propagation channels (Working Paper No. 1462), by Luca Gattini, Huw Pill and Ludger Schuknecht,  1844 kb, en
• 21/08/2012
  House price responsiveness of housing investments across major European economies (Working Paper No. 1461), by Luca Gattini and Ioannis Ganoulis,  1070 kb, en
• 17/08/2012
  The use of the Eurosystem's monetary policy instruments and operational framework since 2009 (Occasional Paper No. 135), by Fabian Eser, Marta Carmona Amaro, Stefano Iacobelli and Marc Rubens,  4049 kb, en
• 15/08/2012
  Financial structures and the real effects of credit-supply shocks in Denmark 1922-2011 (Working Paper No. 1460), by Kim Abildgren,  920 kb, en
• 15/08/2012
  Dynamic factor models with macro, frailty and industry effects for US default counts: the credit crisis of 2008 (Working Paper No. 1459), by Siem Jan Koopman, André Lucas and Bernd Schwaab,  1141 kb, en
• 15/08/2012
  Business cycles, monetary transmission and shocks to financial stability: empirical evidence from a new set of Danish quarterly national accounts 1948-2010 (Working Paper No. 1458), by Kim Abildgren,  1324 kb, en
• 15/08/2012
  Excessive bank risk taking and monetary policy (Working Paper No. 1457), by Itai Agur and Maria Demertzis,  925 kb, en
• 10/08/2012
  Bubble thy neighbor: portfolio effects and externalities from capital controls (Working Paper No. 1456), by Kristin Forbes, Marcel Fratzscher, Thomas Kostka and Roland Straub,  895 kb, en
• 10/08/2012
  Survey-based nowcasting of US growth: a real-time forecast comparison over more than 40 years (Working Paper No. 1455), by Antonello D’Agostino and Bernd Schnatz,  681 kb, en
• 09/08/2012
  Statistics Pocket Book, August 2012,  831 kb, en
• 09/08/2012
  Monthly Bulletin, August 2012,  4751 kb, en
• 09/08/2012
  Article, Monthly Bulletin, August 2012, pp 77-95, Assessing the financial conditions of the euro area private sector during the sovereign debt crisis,  921 kb, en
  
• 09/08/2012
  Article, Monthly Bulletin, August 2012, pp 63-75, Heterogeneity in euro area financial conditions and policy implications,  1481 kb, en
  
• 08/08/2012
  Indicators of market segmentation - media request following the ECB press conference on 2 August 2012,  353 kb, en
  Press conference: en
• 03/08/2012
  Central bank statistics as a servant of two separate mandates – price stability and mitigation of systemic risk,  3116 kb, en
  Sixth ECB conference on statistics, 17 and 18 April 2012
  Press release: en
• 03/08/2012
  2012 update of the ECB’s environmental statement,  371 kb, en
  [online only]
  Press release: bg . cs . da . de . el . en . es . et . fi . fr . hu . it . lt . lv . mt . nl . pl . pt . ro . sk . sl . sv
  
• 02/08/2012
  Letter from the ECB President to Mr Nuno Teixeira, MEP,  33 kb, en . pt
  [online only]
  
• 02/08/2012
  Letter from the ECB President to Mr Roberts Zīle, MEP,  70 kb, en
  [online only]
  

• 26/07/2012
  Asset pricing and housing supply in a production economy (Working Paper No. 1454), by Ivan Jaccard,  717 kb, en
• 25/07/2012
  Report on card fraud,  1467 kb, en
  [online only]
  Press release: en
• 19/07/2012
  Research Bulletin No. 16,  787 kb, en
  [online only]
  
• 12/07/2012
  Statistics Pocket Book, July 2012,  438 kb, en
• 12/07/2012
  Monthly Bulletin, July 2012,  2781 kb, en
• 12/07/2012
  Article, Monthly Bulletin, July 2012, pp 65-78, Assessing the anchoring of longer-term inflation expectations,  688 kb, en
  
• 12/07/2012
  Article, Monthly Bulletin, July 2012, pp 51-64, Monetary and fiscal policy interactions in a monetary union,  334 kb, en
  
• 11/07/2012
  Large shocks in menu cost models (Working Paper No. 1453), by Peter Karadi and Adam Reiff,  812 kb, en
• 11/07/2012
  Household leverage (Working Paper No. 1452), by Stefano Corradin,  777 kb, en
• 11/07/2012
  Financial markets and international risk sharing in emerging market economics (Working Paper No. 1451), by Martin Schmitz,  476 kb, en
  Published in: International Journal of Finance and Economics (forthcoming)
• 11/07/2012
  Debt and growth: new evidence for the euro area (Working Paper No. 1450), by Anja Baum, Cristina Checherita-Westphal and Philipp Rother,  634 kb, en
  Published in: Journal of International Money and Finance, Vol 32, 2013: pp 809–821.
• 11/07/2012
  Monetary and macroprudential policies (Working Paper No. 1449), by Paolo Angelini, Stefano Neri and Fabio Panetta,  879 kb, en
• 11/07/2012
  Anticipation of future consumption: a monetary perspective (Working Paper No. 1448), by Joao Ricardo Faria and Peter McAdam,  606 kb, en
  Published in: Journal of Money, Credit and Banking (forthcoming)
• 11/07/2012
  Sometimes it helps: the evolving predictive power of spreads on GDP dynamics (Working Paper No. 1447), by Giulio Nicoletti and Raffaele Passaro,  740 kb, en
• 11/07/2012
  How informative are the subjective density forecasts of macroeconomists? (Working Paper No. 1446), by Geoff Kenny, Thomas Kostka and Federico Masera,  571 kb, en
• 11/07/2012
  The international role of the euro,  1600 kb, en
  [online only]
  Press release: en
• 06/07/2012
  Commission's green paper on shadow banking. The Eurosystem's reply,  55 kb, en
  
• 04/07/2012
  Second letter from the ECB President to Mr Mario Borghezio, MEP,  51 kb, en . it
  [online only]
  
• 04/07/2012
  Letter from the ECB President to Mr Mario Borghezio, MEP,  54 kb, en . it
  [online only]
  

• 28/06/2012
  Revisiting the effective exchange rates of the euro (Occasional Paper No. 134), by Martin Schmitz, Maarten De Clercq, Michael Fidora, Bernadette Lauro and Cristina Pinheiro,  1544 kb, en
• 18/06/2012
  Credit risk in general equilibrium (Working Paper No. 1445), by Jürgen Eichberger, Klaus Rheinberger and Martin Summer,  1863 kb, en
• 14/06/2012
  Monthly Bulletin, June 2012,  3716 kb, en
• 14/06/2012
  Statistics Pocket Book, June 2012,  805 kb, en
• 14/06/2012
  The perils of aggregating foreign variables in panel data models (Working Paper No. 1444), by Michele Ca' Zorzi, Alexander Chudik and Alistair Dieppe,  432 kb, en
• 14/06/2012
  Letter from the ECB President to Mr. Giommaria Uggias, Mr. Gianni Vattimo, Mr. Andrea Zanoni, and Mr. Niccolò Rinaldi, MEP,  41 kb, en . it
  [online only]
  
• 14/06/2012
  Letter from the ECB President to Mr Ramon Tremosa-i-Balcells, MEP,  35 kb, en
  [online only]
  
• 12/06/2012
  Financial Stability Review,  9494 kb, en
  Press release: en
• 11/06/2012
  Letter from the ECB President to Mr Mario Borghezio, Member of the European Parliament on the role of ISDA,  42 kb, en . it
  [online only]
  
• 06/06/2012
  Eurosystem staff macroeconomic projections for the euro area,  245 kb, bg . cs . da . de . el . en . es . et . fi . fr . hu . it . lt . lv . nl . pl . pt . ro . sk . sl . sv
  [online only]
  
• 01/06/2012
  The structural determinants of the US competitiveness in the last decades: a "trade-revealing" analysis (Working Paper No. 1443), by Massimo Del Gatto, Filippo di Mauro, Joseph Gruber and Benjamin Mandel,  451 kb, en
• 01/06/2012
  Global exchange rate configurations: Do oil shocks matter? (Working Paper No. 1442), by Sascha Buetzer, Maurizio Michael Habib and Livio Stracca,  606 kb, en
• 01/06/2012
  Thousands of models, one story: current account imbalances in the global economy (Working Paper No. 1441), by Alexander Chudik, Alistair Dieppe and Michele Ca' Zorzi,  452 kb, en
  Published in: Journal of International Money and Finance, Vol 31, 2012: pp 1319-1338.
• 01/06/2012
  Liquidity and credit risk premia in government bond yields (Working Paper No. 1440), by Jacob Ejsing, Magdalena Grothe and Oliver Grothe,  533 kb, en

• 31/05/2012
  TARGET Annual Report 2011,  2260 kb, en
  [online only]
  
• 30/05/2012
  Convergence Report 2012 ,  1270 kb, bg . cs . da . de . el . en . es . et . fi . fr . hu . it . lt . lv . nl . pl . pt . ro . sk . sl . sv
• 30/05/2012
  Loan prospecting (Working Paper No. 1439), by Florian Heider and Roman Inderst,  575 kb, en
• 25/05/2012
  Asset market participation, monetary policy rules and the great inflation (Working Paper No. 1438), by Florin O. Bilbiie and Roland Straub,  555 kb, en
• 25/05/2012
  Euro money market spreads during the 2007-? financial crisis (Working Paper No. 1437), by Nuno Cassola and Claudio Morana,  673 kb, en
• 25/05/2012
  Internationally correlated jumps (Working Paper No. 1436), by Kuntara Pukthuanthong and Richard Roll,  533 kb, en
• 24/05/2012
  Letter from the ECB President to Mr Oreste Rossi, Member of the European Parliament,  19 kb, en . it
  [online only]
  
• 14/05/2012
  Quantity theory is alive: the role of international portfolio shifts (Working Paper No. 1435), by Roberto A. De Santis,  471 kb, en
• 14/05/2012
  Monetary policy deliberations: committee size and voting rules (Working Paper No. 1434), by Vincent Maurin and Jean-Pierre Vidal,  595 kb, en
• 10/05/2012
  Statistics Pocket Book, May 2012,  463 kb, en
• 10/05/2012
  Monthly Bulletin, May 2012,  4901 kb, en
• 10/05/2012
  Article, Monthly Bulletin, May 2012, pp 79-94, A fiscal compact for a stronger Economic and Monetary Union,  222 kb, en
  
• 10/05/2012
  Article, Monthly Bulletin, May 2012, pp 95-112, Comparing the recent financial crisis in the United States and the euro area with the experience of Japan in the 1990s,  698 kb, en
  
• 07/05/2012
  When did the dollar overtake sterling as the leading international currency? Evidence from the bond markets (Working Paper No. 1433), by Barry Eichengreen, Arnaud Mehl and Livia Chiţu,  1014 kb, en
• 04/05/2012
  Macroeconomic shocks in an oil market var (Working Paper No. 1432), by Marko Melolinna,  491 kb, en

• 30/04/2012
  Shadow banking in the Euro area: an overview (Occasional Paper No. 133), by Klára Bakk-Simon, Stefano Borgioli, Celestino Giron, Hannah Sabine Hempell, Angela Maddaloni, Fabio Recine and Simonetta Rosati,  1555 kb, en
• 27/04/2012
  Productivity in the euro area: any evidence of convergence? (Working Paper No. 1431), by David Sondermann,  1248 kb, en
• 27/04/2012
  The export-magnification effect of offshoring (Working Paper No. 1430), by Joern Kleinert and Nico Zorell,  640 kb, en
• 27/04/2012
  Bridging the reporting requirements regarding ESCB balance sheet and interest rate statistics with EBA guidelines on FINREP, COREP and large exposures, pocket manual,  1341 kb, en
  [online only]
  
• 27/04/2012
  Survey on the access to finance of small and medium-sized enterprises in the euro area, October 2011 to March 2012,  316 kb, en
  [online only]
  Press release: en
• 26/04/2012
  Changes in bank financing patterns,  2468 kb, en
  [online only]
  
• 26/04/2012
  Financial integration in Europe,  6964 kb, en
  Press release: en
• 25/04/2012
  Annual Report 2011 ,  7100 kb, bg . cs . da . de . el . en . es . et . fi . fr . hu . it . lt . lv . nl . pl . pt . ro . sk . sl . sv
• 24/04/2012
  Letter from the ECB President to Mr Nikolaos Chountis, Member of the European Parliament,  121 kb, el . en
  [online only]
  
• 24/04/2012
  Letter from the ECB President to Mr Mario Borghezio, Member of the European Parliament,  19 kb, en . it
  [online only]
  
• 24/04/2012
  Letter from the ECB President to Mr Francisco Sosa Wagner, Member of the European Parliament,  20 kb, en . es
  [online only]
  
• 20/04/2012
  Recommendations for the security of internet payments,  990 kb, en
  [online only]
  Press release: en
• 19/04/2012
  Eurosystem Oversight Report 2011,  1906 kb, en
  [online only]
  Press release: en
• 18/04/2012
  Manual on MFI balance sheet statistics,  2447 kb, en
  [online only]
  
• 12/04/2012
  Statistics Pocket Book, April 2012,  721 kb, en
• 12/04/2012
  Monthly Bulletin, April 2012,  3014 kb, en
• 12/04/2012
  Article, Monthly Bulletin, April 2012, pp 55-69, Analysing government debt sustainability in the euro area,  454 kb, en
  
• 12/04/2012
  Article, Monthly Bulletin, April 2012, pp 71-85, The development of prices and costs during the 2008-09 recession,  672 kb, en
  
• 12/04/2012
  Article, Monthly Bulletin, April 2012, pp 87-98, Financial reporting in the Eurosystem,  194 kb, en
  
• 02/04/2012
  Letter from the ECB President to Mr Giegold, Member of the European Parliament, on the two three-year longer-term refinancing operations (LTROs),  28 kb, en
  [online only]
  

• 30/03/2012
  Euro area balance of payments and international investment position statistics - 2011 quality report,  2478 kb, en
  [online only]
  
• 26/03/2012
  Fiscal policy and the 'Great Recession' in the euro area (Working Paper No. 1429), by Günter Coenen, Roland Straub and Mathias Trabandt,  290 kb, en
  Published in: American Economic Review, Papers and Proceedings, Vol 102 (3), 2012: pp 71-76.
• 23/03/2012
  Oversight expectations for links between retail payment systems,  269 kb, en
  Consultation draft [online only]
  Press release: en
• 23/03/2012
  MFI balance sheet and interest rate statistics and EBA guidelines on FINREP and COREP/large exposures,  1406 kb, en
  Bridging the reporting requirements - methodological manual, second edition [online only]
  Press release: en
• 20/03/2012
  Short-term forecasting of the Japanese economy using factor models (Working Paper No. 1428), by Claudia Godbout and Marco J. Lombardi,  788 kb, en
• 15/03/2012
  Statistics Pocket Book, March 2012,  425 kb, en
• 15/03/2012
  Monthly Bulletin, March 2012,  4146 kb, en
• 15/03/2012
  Do bank characteristics influence the effect of monetary policy on bank risk? (Working Paper No. 1427), by Yener Altunbas, Leonardo Gambacorta and David Marqués-Ibáñez,  232 kb, en
  Published in: Economic letters, 2012 (forthcoming)
• 15/03/2012
  Letter from the ECB President to Mr Chountis, Member of the European Parliament, on private sector participation in the restructuring of Greek debt,  183 kb, el . en
  [online only]
  
• 13/03/2012
  The great financial crisis: Lessons for financial stability and monetary policy. An ECB colloquium held in honour of Lucas Papademos, 20-21 May 2010,  2646 kb, en
  
• 12/03/2012
  CISS - a composite indicator of systemic stress in the financial system (Working Paper No. 1426), by Dániel Holló, Manfred Kremer and Marco Lo Duca,  1180 kb, en CISS indicator: en
• 08/03/2012
  ECB staff macroeconomic projections for the euro area,  308 kb, bg . cs . da . de . el . en . es . et . fi . fr . hu . it . lt . lv . nl . pl . pt . ro . sk . sl . sv
  [online only]
  
• 05/03/2012
  Letter from the ECB President to Mr Salavrakos, Member of the European Parliament, on the international role of the euro,  105 kb, el . en
  [online only]
  
• 05/03/2012
  Letter from the ECB President to Mr Salavrakos, Member of the European Parliament, on the use of €200 and €500 banknotes,  115 kb, el . en
  [online only]
  

• 23/02/2012
  Letter from the ECB President to Mr Tremosa-i-Balcells, Member of the European Parliament,  21 kb, en
  [online only]
  
• 23/02/2012
  Letter from the ECB President to Mr Rivellini and Mr Salatto, Members of the European Parliament,  17 kb, en . it
  [online only]
  
• 23/02/2012
  Letter from the ECB President to Mr Wagner, Member of the European Parliament,  23 kb, en . es
  [online only]
  
• 23/02/2012
  Letter from the ECB President to Mr Giegold, Member of the European Parliament,  27 kb, de . en
  [online only]
  
• 17/02/2012
  Research Bulletin No. 15,  366 kb, en
  [online only]
  
• 16/02/2012
  Statistics Pocket Book, February 2012,  445 kb, en
• 16/02/2012
  Monthly Bulletin, February 2012,  4178 kb, en
• 16/02/2012
  Article, Monthly Bulletin, February 2012, pp 87-103, Corporate indebtedness in the euro area,  548 kb, en
  
• 16/02/2012
  Article, Monthly Bulletin, February 2012, pp 69-85, Money and credit growth after economic and financial crises – a historical global perspective,  480 kb, en
  
• 16/02/2012
  Article, Monthly Bulletin, February 2012, pp 105-118, Euro area cross-border financial flows,  342 kb, en
  
• 15/02/2012
  Financial integration, specialization and systemic risk (Working Paper No. 1425), by Falko Fecht, Hans Peter Grüner and Philipp Hartmann,  568 kb, en
  Published in: Journal of International Economics, Vol 188(1), September 2012: pp 150-161.
• 13/02/2012
  The pitch rather than the pit: investor inattention during FIFA world cup matches (Working Paper No. 1424), by Michael Ehrmann and David-Jan Jansen,  466 kb, en
• 10/02/2012
  Financial market frictions in a model of the euro area (Working Paper No. 1423), by Giovanni Lombardo and Peter McAdam,  907 kb, en
• 08/02/2012
  Guidance note on the definitions of 'Financial Vehicle Corporation' and 'Securitisation' under Regulation ECB/2008/30,  107 kb, en
  [online only]
  
• 03/02/2012
  Estimating Phillips curves in turbulent times using the ECB's survey of professional forecasters (Working Paper No. 1422), by Gary Koop and Luca Onorante,  646 kb, en
• 03/02/2012
  Who needs credit and who gets credit in Eastern Europe? (Working Paper No. 1421), by Martin Brown, Steven Ongena, Alexander Popov and Pinar Yesin,  1330 kb, en
• 03/02/2012
  Determinants of credit to households in a life-cycle model (Working Paper No. 1420), by Michał Rubaszek and Dobromil Serwa,  479 kb, en
• 01/02/2012
  The Euro area sovereign debt crisis: safe haven, credit rating agencies and the spread of the fever from Greece, Ireland and Portugal (Working Paper No. 1419), by Roberto A. De Santis,  1578 kb, en
• 01/02/2012
  The scapegoat theory of exchange rates: the first tests (Working Paper No. 1418), by Marcel Fratzscher, Lucio Sarno and Gabriele Zinna,  486 kb, en
• 01/02/2012
  Quantifying the qualitative responses of the output purchasing managers index in the US and the Euro area (Working Paper No. 1417), by Philip Vermeulen,  455 kb, en
• 01/02/2012
  Liquidity, risk and the global transmission of the 2007-08 financial crisis and the 2010-2011 sovereign debt crisis (Working Paper No. 1416), by Alexander Chudik and Marcel Fratzscher,  466 kb, en
• 01/02/2012
  Capital controls and foreign exchange policy (Working Paper No. 1415), by Marcel Fratzscher,  409 kb, en

• 27/01/2012
  Letter from the ECB President to Ms Marisa Matias and Mr Miguel Portas, Members of the European Parliament,  35 kb, en . pt
  [online only]
  
• 20/01/2012
  Technical Compilation Guide for Pension Data in National Accounts,  4336 kb, en
  
• 19/01/2012
  Statistics Pocket Book, January 2012,  450 kb, en
• 19/01/2012
  Monthly Bulletin, January 2012,  3012 kb, en
• 19/01/2012
  Article, Monthly Bulletin, January 2012, pp 59-74, The interplay of financial intermediaries and its impact on monetary analysis,  337 kb, en
  
• 19/01/2012
  Article, Monthly Bulletin, January 2012, pp 75-86, Towards an integrated European card payments market,  262 kb, en
  
• 18/01/2012
  Has the Euro affected the choice of invoicing currency? (Working Paper No. 1414), by Jenny E. Ligthart and Sebastian E. V. Werner,  801 kb, en
  Published in: Journal of International Money and Finance, Vol 31 (6), October 2012: pp 1551–1573.
• 18/01/2012
  Letter from the ECB President to Mr Mario Borghezio, Member of the European Parliament,  31 kb, en . it
  
• 10/01/2012
  Risk-sharing or risk-taking? Counterparty risk, incentives and margins (Working Paper No. 1413), by Bruno Biais, Florian Heider and Marie Hoerova,  443 kb, en
• 04/01/2012
  Global value chains during the great trade collapse: a bullwhip effect? (Working Paper No. 1412), by Carlo Altomonte, Filippo di Mauro, Gianmarco Ottaviano, Armando Rungi and Vincent Vicard,  815 kb, en
• 02/01/2012
  Letter from the ECB President to Mr Nikolaos Chountis, Member of the European Parliament,  104 kb, el . en
  [online only]
  
• 02/01/2012
  Letter from the ECB President to Mr Francisco Sosa Wagner, Member of the European Parliament,  20 kb, en . es
  [online only]
  
•  

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