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Covered Bonds under Unconventional Monetary Policy

  • Holger Markmann

Part of the Essays in Real Estate Research book series (ERER)

Table of contents

  1. Front Matter
    Pages I-XVIII
  2. Holger Markmann
    Pages 1-3
  3. Holger Markmann
    Pages 5-22
  4. Holger Markmann
    Pages 23-40
  5. Holger Markmann
    Pages 41-48
  6. Holger Markmann
    Pages 49-71
  7. Holger Markmann
    Pages 97-101
  8. Holger Markmann
    Pages 103-105
  9. Back Matter
    Pages 107-120

About this book

Introduction

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 € 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.

Contents
  • Introduction to Covered Bonds and Unconventional Monetary Policy
  • Impact on Covered Bond Emission Activity
  • Medium- and Short-term Announcement Effects
  • Monetary Policy Implications
Target Groups
  • Scientists and students in the fields of monetary policy, banking, finance, and real estate
  • Practitioners in commercial bank treasuries and central bank policy setting
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.

Keywords

Covered Bond Covered Bond Purchase Programme Unconventional Monetary Policy European Central Bank Eurosystem Bank Funding Quantitative Easing Distributed Lag Model Unobserved Components Model Difference-in-Difference

Authors and affiliations

  • Holger Markmann
    • 1
  1. 1.EBS Universität f. Wirt. u. Recht WiesbadenGermany

Bibliographic information

  • DOI https://doi.org/10.1007/978-3-658-20975-9
  • Copyright Information Springer Fachmedien Wiesbaden GmbH 2018
  • Publisher Name Springer Gabler, Wiesbaden
  • eBook Packages Business and Management
  • Print ISBN 978-3-658-20974-2
  • Online ISBN 978-3-658-20975-9
  • Buy this book on publisher's site
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