From “whatever the cost” to “whatever it takes” : the paradigm shift within the ECB in 2011 and its impact on the monetary union

Detalhes bibliográficos
Autor(a) principal: Francisquinho, André Filipe Carriço
Data de Publicação: 2022
Tipo de documento: Dissertação
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10400.5/27158
Resumo: Mestrado Bolonha em Economia Monetária e Financeira
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spelling From “whatever the cost” to “whatever it takes” : the paradigm shift within the ECB in 2011 and its impact on the monetary unionFinancial EconomicsTime Series ModelsInterest RatesMonetary PolicyCentral Banks and their PoliciesParticular Policy EpisodesMestrado Bolonha em Economia Monetária e FinanceiraThis paper provides a brief historical account of the financial crisis years and the way their impact has led to a paradigmatical change at the ECB level of monetary policy decisions. Several speeches from prominent actors inside the ECB institutional direction were analyzed and discussed. From this historiographical endeavor, I created a model seeking to analyze and explain the effects of the changes in communication stance of the ECB on the interest rate spreads for sovereign debt bonds in the euro area. To provide and empirical analysis of my hypothesis, I used the speech given by Mr. Mario Draghi on July 26th, 2012, as a proxy for this paradigm shift, as well as gathered data on real economic variables - inflation, unemployment, and financial risk measures - and direct monetary policy effects – the ECB standing facility rates. With this empirical model, I found that a dummy variable for the speech of Mr. Mario Draghi provides a strong statistical significance for the regression of the dependent variable of the interest rate spreads between Germany and euro area periphery countries – Greece, Ireland, Italy, Portugal, and Spain - sovereign debt bonds.Instituto Superior de Economia e GestãoLouçã, FranciscoRepositório da Universidade de LisboaFrancisquinho, André Filipe Carriço2023-02-07T10:35:32Z2022-102022-10-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10400.5/27158engFrancisquinho, André Filipe Carriço (2022). “From “whatever the cost” to “whatever it takes” : the paradigm shift within the ECB in 2011 and its impact on the monetary union”. Dissertação de Mestrado. Universidade de Lisboa. Instituto Superior de Economia e Gestãoinfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-03-06T14:56:33Zoai:www.repository.utl.pt:10400.5/27158Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T17:10:42.260084Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv From “whatever the cost” to “whatever it takes” : the paradigm shift within the ECB in 2011 and its impact on the monetary union
title From “whatever the cost” to “whatever it takes” : the paradigm shift within the ECB in 2011 and its impact on the monetary union
spellingShingle From “whatever the cost” to “whatever it takes” : the paradigm shift within the ECB in 2011 and its impact on the monetary union
Francisquinho, André Filipe Carriço
Financial Economics
Time Series Models
Interest Rates
Monetary Policy
Central Banks and their Policies
Particular Policy Episodes
title_short From “whatever the cost” to “whatever it takes” : the paradigm shift within the ECB in 2011 and its impact on the monetary union
title_full From “whatever the cost” to “whatever it takes” : the paradigm shift within the ECB in 2011 and its impact on the monetary union
title_fullStr From “whatever the cost” to “whatever it takes” : the paradigm shift within the ECB in 2011 and its impact on the monetary union
title_full_unstemmed From “whatever the cost” to “whatever it takes” : the paradigm shift within the ECB in 2011 and its impact on the monetary union
title_sort From “whatever the cost” to “whatever it takes” : the paradigm shift within the ECB in 2011 and its impact on the monetary union
author Francisquinho, André Filipe Carriço
author_facet Francisquinho, André Filipe Carriço
author_role author
dc.contributor.none.fl_str_mv Louçã, Francisco
Repositório da Universidade de Lisboa
dc.contributor.author.fl_str_mv Francisquinho, André Filipe Carriço
dc.subject.por.fl_str_mv Financial Economics
Time Series Models
Interest Rates
Monetary Policy
Central Banks and their Policies
Particular Policy Episodes
topic Financial Economics
Time Series Models
Interest Rates
Monetary Policy
Central Banks and their Policies
Particular Policy Episodes
description Mestrado Bolonha em Economia Monetária e Financeira
publishDate 2022
dc.date.none.fl_str_mv 2022-10
2022-10-01T00:00:00Z
2023-02-07T10:35:32Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/masterThesis
format masterThesis
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10400.5/27158
url http://hdl.handle.net/10400.5/27158
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv Francisquinho, André Filipe Carriço (2022). “From “whatever the cost” to “whatever it takes” : the paradigm shift within the ECB in 2011 and its impact on the monetary union”. Dissertação de Mestrado. Universidade de Lisboa. Instituto Superior de Economia e Gestão
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Instituto Superior de Economia e Gestão
publisher.none.fl_str_mv Instituto Superior de Economia e Gestão
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron:RCAAP
instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron_str RCAAP
institution RCAAP
reponame_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
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