Can Excess Liquidity Signal an Asset Price Boom?

This paper analyses the relationship between the prevailing liquidity conditions (such as measures of money, credit and interest rates) and developments in asset prices from a monetary analysis perspective. After having identified periods of sustained excess liquidity, we analyse under which conditions they are more likely to be followed by an asset price boom. The results from a descriptive analysis of the developments in a number of macroeconomic and financial variables suggest that periods of sustained excess liquidity that are accompanied by strong economic activity, low interest rates, high real credit growth and low inflation have a higher likelihood of being followed by an asset price boom. This conclusion is also confirmed by a logit analysis.excess liquidity, asset prices, logit model

A monthly monetary model with banking intermediation for the euro area

JEL Classification: C32, E41, E43, E50, G21Banking intermediation, cointegration, Loan demand, Money demand, Structural VECM

Is the demand for euro area M3 stable?

JEL Classification: C22, C32, E41Aggregation, Bootstrap, Money demand, Own Rate of Money, Parameter Constancy

Determinanten van de debetrentes toegepast door Belgische kredietinstellingen

Given the importance of bank credit in Belgium as a financing source for both households and non-financial firms, it is important to know how Belgian banks react to a monetary policy shock. Since the direct influence of central banks is confined to the very short-term market interest rates, financial intermediaries play a very important role in the transmission of these shocks to the real economy. This paper therefore investigates the determinants of the rates charged by individual Belgian banks for a number of standardised forms of credit. The data used are mainly from a survey conducted by the National Bank of Belgium and relate to the period from January 1993 to September 2000. It is shown that Belgian banks set their credit rates as a stationary mark-up on top of the market interest rate with a maturity similar to the one of the credit contract. This mark-up seems to depend on a number of factors. First, it varies between the different forms of credit we studied in this paper. On average a higher rate is charged for those credit forms that are characterised by a longer maturity, a higher risk and/or a lower amount. Second, for a given form of credit the mark-up also varies across banks. Large and/or liquid banks tend to charge lower rates, whereas highly capitalised banks seem to charge higher rates. Third, the mark-up although stationary does change over time, decreasing with the business cycle and increasing with the cost of the bank's resources which are approximated in this paper by the rates paid by the bank on deposits and/or savings notes. This study indicates that especially the Belgian market for investment credits is characterised by a very tight competition. This conclusion follows from the fact that the mark-ups on these credits do not seem to be influenced by bank specific characteristics such as size, liquidity or capitalisation. Moreover, the mark-up does react strongly to monetary shocks and does have a significant impact on the demand, indicating that the demand for investment credits is very price elastic. On the Belgian markets for short-term credits, consumer credits and mortgage spread loans, however, the degree of competition seems to be lower. The mark-ups on these credit forms do depend on at least one of the bank characteristics used in this paper. Finally, especially the rates on short-term credits seem to react strongly to monetary shocks, a response which is positively related to the size of the bank.

Structural filters for monetary analysis: the inflationary movements of money in the euro area

The quantity theory of money predicts a positive relationship between monetary growth and inflation over long-run horizons. However, in the short-run, transitory shocks to either money or inflation can obscure the inflationary signal stemming from money. The spectral analysis of time series provides filtering tools for removing fluctuations associated with certain frequency movements. However, use of these techniques in isolation is often criticised as being an oversimplistic statistical exercise potentially void of economic content. The objective of this paper is to develop ‘structural’ filtering techniques that rely on the use of spectral analysis in combination with a structural economic model with well identified shocks. A ‘money augmented’ Phillips curve that links inflation to money tightness and demand shocks of medium to long-term persistence is presented. It is shown that medium to long-term movements in inflation are mostly associated with the estimated monetary indicators. JEL Classification: E31, E50, C32Inflation and Money

Archeologisch vooronderzoek Elsegem (Wortegem-Petegem) - Kwadenbulk

Dit rapport werd ingediend bij het agentschap samen met een aantal afzonderlijke digitale bijlagen. Een aantal van deze bijlagen zijn niet inbegrepen in dit pdf document en zijn niet online beschikbaar. Sommige bijlagen (grondplannen, fotos, spoorbeschrijvingen, enz.) kunnen van belang zijn voor een betere lezing en interpretatie van dit rapport. Indien u deze bijlagen wenst te raadplegen kan u daarvoor contact opnemen met: [email protected]

Archeologisch vooronderzoek Erpe (Erpe-Mere) - Dorpsstraat (motte)

Dit rapport werd ingediend bij het agentschap samen met een aantal afzonderlijke digitale bijlagen. Een aantal van deze bijlagen zijn niet inbegrepen in dit pdf document en zijn niet online beschikbaar. Sommige bijlagen (grondplannen, fotos, spoorbeschrijvingen, enz.) kunnen van belang zijn voor een betere lezing en interpretatie van dit rapport. Indien u deze bijlagen wenst te raadplegen kan u daarvoor contact opnemen met: [email protected]

Archeologisch vooronderzoek Westkerke (Oudenburg) - Vervlotenweg

Dit rapport werd ingediend bij het agentschap samen met een aantal afzonderlijke digitale bijlagen. Een aantal van deze bijlagen zijn niet inbegrepen in dit pdf document en zijn niet online beschikbaar. Sommige bijlagen (grondplannen, fotos, spoorbeschrijvingen, enz.) kunnen van belang zijn voor een betere lezing en interpretatie van dit rapport. Indien u deze bijlagen wenst te raadplegen kan u daarvoor contact opnemen met: [email protected]

Archeologisch vooronderzoek Wontergem (Deinze) - Tabakstraat

Dit rapport werd ingediend bij het agentschap samen met een aantal afzonderlijke digitale bijlagen. Een aantal van deze bijlagen zijn niet inbegrepen in dit pdf document en zijn niet online beschikbaar. Sommige bijlagen (grondplannen, fotos, spoorbeschrijvingen, enz.) kunnen van belang zijn voor een betere lezing en interpretatie van dit rapport. Indien u deze bijlagen wenst te raadplegen kan u daarvoor contact opnemen met: [email protected]