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href="/mopo/market-contact-groups/iid/html/index.en.html">Institutional Investor Dialogue (IID)</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/paym/html/index.en.html">Payments & financial stability</a><a href="#" class="subpages" title="toggle subpages for Payments & financial stability"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Payments & financial stability</div> <p>Insights into our work on financial stability and payments and market infrastructures</p> <a href="/paym/html/index.en.html">Overview of payments and financial stability</a> <hr> <div class="nav-title">Quick links</div> <ul> <li><a href="/euro/digital_euro/html/index.en.html">Digital euro</a></li> <li><a href="/press/intro/html/index.en.html">Payments news & events</a></li> <li><a href="/paym/target/target-professional-use-documents-links/html/index.en.html">TARGET professional use 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href="/paym/target/t2/governance/html/index.en.html">Governance</a></li></ul></li><li class="has-subpages"><a href="/paym/target/t2s/html/index.en.html">T2S</a><a href="#" class="subpages" title="toggle subpages for T2S"></a><ul><li class="clearfix"><a href="/paym/target/t2s/governance/html/index.en.html">Governance</a></li><li class="clearfix"><a href="/paym/target/t2s/facts/html/index.en.html">Facts and figures</a></li><li class="clearfix"><a href="/paym/target/t2s/pricing/html/index.en.html">Pricing</a></li></ul></li><li class="has-subpages"><a href="/paym/target/tips/html/index.en.html">TIPS</a><a href="#" class="subpages" title="toggle subpages for TIPS"></a><ul><li class="clearfix"><a href="/paym/target/tips/crossborder/html/index.en.html">Cross-border payments</a></li><li class="clearfix"><a href="/paym/target/tips/governance/html/index.en.html">Governance</a></li><li class="clearfix"><a href="/paym/target/tips/facts/html/index.en.html">Facts and figures</a></li><li class="clearfix"><a href="/paym/target/tips/onboarding/html/index.en.html">Onboarding</a></li></ul></li><li class="clearfix"><a href="/paym/target/ecms/html/index.en.html">ECMS</a></li><li class="has-subpages"><a href="/paym/target/target-professional-use-documents-links/html/index.en.html">TARGET professional use documents & links</a><a href="#" class="subpages" title="toggle subpages for TARGET professional use documents & links"></a><ul><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/coco/html/index.en.html">Shared features documents & links</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/t2/html/index.en.html">T2 documents & links</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/t2s/html/index.en.html">T2S documents & links</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/tips/html/index.en.html">TIPS documents & links</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/ecms/html/index.en.html">ECMS documents & links</a></li></ul></li></ul></li><li class="has-subpages"><a href="/paym/integration/html/index.en.html">Integration and innovation</a><a href="#" class="subpages" title="toggle subpages for Integration and innovation"></a><ul><li class="has-subpages"><a href="/paym/integration/distributed/html/index.en.html">Distributed ledger technologies</a><a href="#" class="subpages" title="toggle subpages for Distributed ledger technologies"></a><ul><li class="clearfix"><a href="/paym/integration/distributed/exploratory/html/index.en.html">Exploratory work</a></li></ul></li><li class="has-subpages"><a href="/paym/integration/retail/html/index.en.html">Retail payments</a><a href="#" class="subpages" title="toggle subpages for Retail payments"></a><ul><li class="clearfix"><a href="/paym/integration/retail/retail_payments_strategy/html/index.en.html">Retail payments strategy</a></li><li class="clearfix"><a href="/paym/integration/retail/ecb/html/index.en.html">ECB as a catalyst</a></li><li class="clearfix"><a href="/paym/integration/retail/sepa/html/index.en.html">SEPA</a></li><li class="clearfix"><a href="/paym/integration/retail/instant_payments/html/index.en.html">Instant payments</a></li></ul></li><li class="has-subpages"><a href="/paym/integration/collateral/html/index.en.html">Collateral management harmonisation</a><a href="#" class="subpages" title="toggle subpages for Collateral management harmonisation"></a><ul><li class="clearfix"><a href="/paym/integration/collateral/implementation/html/index.en.html">Implementation</a></li><li class="clearfix"><a href="/paym/integration/collateral/faq/html/index.en.html">FAQ</a></li></ul></li></ul></li><li class="has-subpages"><a href="/paym/cyber-resilience/html/index.en.html">Cyber resilience</a><a href="#" class="subpages" title="toggle subpages for Cyber resilience"></a><ul><li class="clearfix"><a href="/paym/cyber-resilience/fmi/html/index.en.html">Financial market infrastructures</a></li><li class="clearfix"><a href="/paym/cyber-resilience/tiber-eu/html/index.en.html">TIBER-EU</a></li></ul></li><li class="has-subpages"><a href="/paym/pol/html/index.en.html">Oversight</a><a href="#" class="subpages" title="toggle subpages for Oversight"></a><ul><li class="clearfix"><a href="/paym/pol/systems/html/index.en.html">Payment systems</a></li><li class="clearfix"><a href="/paym/pol/target2-securities/html/index.en.html">TARGET2-Securities</a></li><li class="clearfix"><a href="/paym/pol/instr/html/index.en.html">Electronic payments</a></li><li class="clearfix"><a href="/paym/pol/clearing/html/index.en.html">Securities settlement systems and central counterparties</a></li><li class="clearfix"><a href="/paym/pol/critical/html/index.en.html">Critical service providers</a></li><li class="clearfix"><a href="/paym/pol/correspondent-and-custodian-banks/html/index.en.html">Correspondent and custodian banks</a></li><li class="clearfix"><a href="/paym/pol/forum/html/index.en.html">SecuRe Pay forum</a></li></ul></li><li class="has-subpages"><a href="/paym/erms/html/index.en.html">Reserve management services</a><a href="#" class="subpages" title="toggle subpages for Reserve management services"></a><ul><li class="clearfix"><a href="/paym/erms/aspects/html/index.en.html">Key aspects</a></li><li class="clearfix"><a href="/paym/erms/service/html/index.en.html">Range of services</a></li></ul></li><li class="has-subpages"><a href="/paym/cashprof/html/index.en.html">Cash professionals</a><a href="#" class="subpages" title="toggle subpages for Cash professionals"></a><ul><li class="has-subpages"><a href="/paym/cashprof/cashhand/html/index.en.html">Cash handling</a><a href="#" class="subpages" title="toggle subpages for Cash handling"></a><ul><li class="clearfix"><a href="/paym/cashprof/cashhand/devices/html/index.en.html">Authentication devices</a></li><li class="clearfix"><a href="/paym/cashprof/cashhand/recycling/html/index.en.html">Recirculation of banknotes</a></li></ul></li><li class="clearfix"><a href="/paym/cashprof/cdispec/html/index.en.html">Common detector interface specifications</a></li><li class="clearfix"><a href="/paym/cashprof/accreditation/html/index.en.html">Banknote manufacturer accreditation</a></li></ul></li><li class="has-subpages"><a href="/paym/groups/html/index.en.html">Payment contact groups</a><a href="#" class="subpages" title="toggle subpages for Payment contact groups"></a><ul><li class="clearfix"><a href="/paym/groups/ami/html/index.en.html">Advisory groups on market infrastructures</a></li><li class="clearfix"><a href="/paym/groups/euro-cyber-board/html/index.en.html">Euro Cyber Resilience Board</a></li><li class="clearfix"><a href="/paym/groups/erpb/html/index.en.html">Euro Retail Payments Board (ERPB)</a></li><li class="clearfix"><a href="/paym/groups/efip/html/index.en.html">European Forum for Innovation in Payments (EFIP)</a></li></ul></li><li class="clearfix"><span>Financial stability</span></li><li class="clearfix"><a href="/paym/financial-stability/html/index.en.html">Introduction to financial stability</a></li><li class="clearfix"><a href="/paym/macroprudential-measures/html/index.en.html">Macroprudential Measures</a></li><li class="clearfix"><a href="/paym/financial_stability_contact_groups/html/index.en.html">Financial stability contact groups</a></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/stats/html/index.en.html">Statistics</a><a href="#" class="subpages" title="toggle subpages for Statistics"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Statistics</div> <p>Access to all ECB statistics and background information</p> <a href="/stats/html/index.en.html">Overview of ECB statistics</a> <hr> <div class="nav-title">Quick links</div> <ul> <li><a href="https://data.ecb.europa.eu/main-figures">Main figures</a></li> <li><a href="https://data.ecb.europa.eu/">ECB Data Portal</a></li> <li><a href="/press/stats/html/index.en.html">Statistical releases</a></li> </ul> </div> <a href="/press/blog/date/2024/html/ecb.blog20240418~2240ea1850.en.html" class="item image"> <img src="/press/blog/date/2024/html//ecb.blog20240418~2240ea1850/ecb.blog20240418~2240ea1850.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"> <div class="image-caption">THE ECB BLOG - Improved data: how climate change impacts banks</div> <div class="image-date">18 April 2024</div> </a> </div></div><ul><li class="clearfix"><span>Frequently accessed</span></li><li class="clearfix"><a href="/stats/euro-exchange-rates/html/index.en.html">Euro exchange rates</a></li><li class="clearfix"><a href="/stats/key-ecb-interest-rates/html/index.en.html">Key ECB interest rates</a></li><li class="has-subpages"><a href="/stats/euro-short-term-rates/html/index.en.html">Euro short-term rate (€STR)</a><a href="#" class="subpages" title="toggle subpages for Euro short-term rate (€STR)"></a><ul><li class="has-subpages"><a href="/stats/euro-short-term-rates/interest_rate_benchmarks/html/index.en.html">Interest rate benchmarks</a><a href="#" class="subpages" title="toggle subpages for Interest rate benchmarks"></a><ul><li class="clearfix"><a href="/stats/euro-short-term-rates/interest_rate_benchmarks/WG_euro_risk-free_rates/html/index.en.html">Working group on euro risk-free rates</a></li></ul></li></ul></li><li class="clearfix"><a href="/stats/inflation/html/index.en.html">Inflation</a></li><li class="clearfix"><a href="/stats/euro-area-yield-curves/html/index.en.html">Euro area yield curves</a></li><li class="clearfix"><span>All statistics & background</span></li><li class="clearfix"><a href="/stats/all-key-statistics/html/index.en.html">All key statistics</a></li><li class="clearfix"><a href="/stats/accessing-our-data/html/index.en.html">All data services</a></li><li class="has-subpages"><a href="/stats/ecb_statistics/html/index.en.html">Data reporting & standards</a><a href="#" class="subpages" title="toggle subpages for Data reporting & standards"></a><ul><li class="clearfix"><a href="/stats/ecb_statistics/governance_and_quality_framework/html/index.en.html">Governance and quality framework</a></li><li class="clearfix"><a href="/stats/ecb_statistics/co-operation_and_standards/html/index.en.html">Co-operation and standards</a></li><li class="clearfix"><a href="/stats/ecb_statistics/reporting/html/index.en.html">Banks’ data reporting</a></li><li class="has-subpages"><a href="/stats/ecb_statistics/anacredit/html/index.en.html">AnaCredit</a><a href="#" class="subpages" title="toggle subpages for AnaCredit"></a><ul><li class="clearfix"><a href="/stats/ecb_statistics/anacredit/questions/html/index.en.html">AnaCredit Q&A</a></li></ul></li><li class="clearfix"><a href="/stats/ecb_statistics/consultations/html/index.en.html">Public consultations</a></li><li class="clearfix"><a href="/stats/ecb_statistics/dialogue/html/index.en.html">Banking industry dialogue on ESCB statistics and integrated reporting</a></li><li class="clearfix"><a href="/stats/ecb_statistics/sdmx/html/index.en.html">SDMX – statistical data exchange model</a></li><li class="clearfix"><a href="/stats/ecb_statistics/inexda/html/index.en.html">INEXDA - granular data network</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/euro/html/index.en.html">The euro</a><a href="#" class="subpages" title="toggle subpages for The euro"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">The euro</div> <p>All you need to know about our common currency</p> <a href="/euro/html/index.en.html">Overview of the euro</a> <hr> <div class="nav-title">Quick links</div> <ul> <li><a href="/paym/cashprof/html/index.en.html">Cash professionals</a></li> <li><a href="/stats/policy_and_exchange_rates/banknotes+coins/html/index.en.html">Banknote and coins statistics</a></li> <li><a href="/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/index.en.html">Euro exchange rates</a></li> </ul> </div> <a href="/stats/ecb_surveys/space/html/ecb.space2024~19d46f0f17.en.html" class="item image"> <img src="/euro/shared/img/cover.png" width="357" height="179" loading="lazy" style="object-fit:cover"> <div class="image-caption">Study on the payment attitudes of consumers in the euro area (SPACE) – 2024</div> <div class="image-date">19 December 2024</div> </a></div></div><ul><li class="has-subpages"><a href="/euro/digital_euro/html/index.en.html">Digital euro</a><a href="#" class="subpages" title="toggle subpages for Digital euro"></a><ul><li class="has-subpages"><a href="/euro/digital_euro/features/html/index.en.html">What it is</a><a href="#" class="subpages" title="toggle subpages for What it is"></a><ul><li class="clearfix"><a href="/euro/digital_euro/features/privacy/html/index.en.html">Digital euro and privacy</a></li></ul></li><li class="clearfix"><a href="/euro/digital_euro/how-it-works/html/index.en.html">How it works</a></li><li class="clearfix"><a href="/euro/digital_euro/why-we-need-it/html/index.en.html">Why we need it</a></li><li class="clearfix"><a href="/euro/digital_euro/progress/html/index.en.html">Timeline and progress</a></li><li class="has-subpages"><a href="/euro/digital_euro/timeline/html/index.en.html">In-depth information</a><a href="#" class="subpages" title="toggle subpages for In-depth information"></a><ul><li class="clearfix"><a href="/euro/digital_euro/timeline/stakeholder/html/index.en.html">Governance and stakeholder engagement</a></li><li class="clearfix"><a href="/euro/digital_euro/timeline/profuse/html/index.en.html">Technical documents and research</a></li><li class="clearfix"><a href="/euro/digital_euro/timeline/rulebook/html/index.en.html">Scheme rulebook</a></li></ul></li><li class="clearfix"><a href="/euro/digital_euro/faqs/html/index.en.html">Frequently asked questions</a></li></ul></li><li class="clearfix"><span>Cash</span></li><li class="has-subpages"><a href="/euro/cash_strategy/html/index.en.html">The Eurosystem cash strategy</a><a href="#" class="subpages" title="toggle subpages for The Eurosystem cash strategy"></a><ul><li class="clearfix"><a href="/euro/cash_strategy/cash_role/html/index.en.html">The role of cash</a></li><li class="clearfix"><a href="/euro/cash_strategy/issuance/html/index.en.html">Issuance and circulation</a></li><li class="clearfix"><a href="/euro/cash_strategy/acceptance-cash/html/index.en.html">Access to and acceptance of cash</a></li><li class="clearfix"><a href="/euro/cash_strategy/faqs/html/index.en.html">Frequently asked questions</a></li></ul></li><li class="has-subpages"><a 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<div class="header fast image-attribution -small" data-image-webp="/pub/shared/img/header.webp" data-image="/pub/shared/img/header.jpg"> <div data-image="/pub/shared/img/header.jpg" data-image-webp="/pub/shared/img/header.webp" ></div> </div> <aside aria-label="Social media sharing and related content (if available)"> <div id="ecb-social-sharing" class="" tab-index="2"> <ul class="-links"> <li class="-print"><a href="javascript:window.print()" title="Print page"></a></li> </ul> <div class="-separator"></div> <ul class="-links"> <li class="-twitter"><a href="javascript:window.open('https://twitter.com/intent/tweet?url='+location.protocol + '//' + location.host + location.pathname+((document.location.search.search(/\?youtubeID=[a-zA-Z0-9_-]+$/)!=-1&&document.location.search)||''),'_blank','width=600,height=400,menubar=no')" title="Share on X"></a></li> <li class="-facebook"><a href="javascript:window.open('https://www.facebook.com/sharer/sharer.php?u='+location.protocol + '//' + location.host + location.pathname+((document.location.search.search(/\?youtubeID=[a-zA-Z0-9_-]+$/)!=-1&&document.location.search)||''),'_blank','width=600,height=400,menubar=no')" title="Share on Facebook"></a></li> <li class="-linkedin"><a href="javascript:window.open('https://www.linkedin.com/shareArticle?url='+location.protocol + '//' + location.host + location.pathname+((document.location.search.search(/\?youtubeID=[a-zA-Z0-9_-]+$/)!=-1&&document.location.search)||''),'_blank','width=600,height=400,menubar=no')" title="Share on LinkedIn"></a></li> <li class="-email"><a href="javascript:window.open('mailto:?subject=I would like to share this link with you&body=Link to the website of the European Central Bank: '+location.protocol + '//' + location.host + location.pathname+((document.location.search.search(/\?youtubeID=[a-zA-Z0-9_-]+$/)!=-1&&document.location.search)||''))" title="Share by Email"></a></li> </ul> </div> </aside> <main > <div class="title"> <h1>Roland Beck</h1> </div><div class="profile-box -top-arrow -portrait-img"><div class='upper'> <div data-image='/pub/research/authors/profiles/profile_pics/author_picture_roland-beck.jpg'></div> <div class='content-box'> <h4>International & European Relations</h4> <dl><dt>Division</dt><dd><p>International Policy Analysis</p></dd> <dt>Current Position</dt> <dd> <p>Senior Team Lead - Economist</p> </dd><dt>Fields of interest</dt> <dd> <p>International Economics,Other Special Topics</p> </dd><dt>Email</dt> <dd> <p><a href='mailto:roland.beck@ecb.europa.eu'>roland.beck@ecb.europa.eu</a></p> </dd> </dl> </div> </div><div class='lower'><div class='tabs-container -white-blue'><input id='t1' name='author-tab-group' type='radio' checked> <label for='t1'><span class='arrow'></span>Biography</label> <div class='tab-content'> <dl><div> <dt>Other current responsibilities </dt><dd><span>2019-</span><p>Co-chair, IRC Network on Financial Flows</p> </dd></div><div> <dt>Education</dt><dd><span>1998-2002</span><p>Ph.D. in Economics, Goethe University Frankfurt; M.A. in Economics University of Bonn</p> </dd></div><div> <dt>Professional experience</dt><dd><span>2020-</span><p>Senior Team Lead Economist, International Policy Analysis Division, European Central Bank</p> </dd><dd><span>2012-2020</span><p>Principal Economist, International Policy Analysis Division, European Central Bank</p> </dd><dd><span>2009-2012</span><p>Principal Economist, EU Neighbouring Regions Division, European Central Bank</p> </dd><dd><span>2008-2009</span><p>Senior Economist, Organisation for Economic Co-operation and Development (OECD)</p> </dd><dd><span>2005-2008</span><p>Senior/Principal Economist, European Central Bank, EU Neighbouring Regions Division</p> </dd><dd><span>2002-2005</span><p>Deutsche Bank Research</p> </dd></div><div> <dt>Teaching experience</dt><dd><span>2022-</span><p>The Limits of Markets (MA), University of Mannheim, Germany</p> </dd><dd><span>2016-</span><p>Topics in International Finance (MA), University of Mannheim, Germany</p> </dd></div> </dl> </div><input id='t2' name='author-tab-group' type='radio'> <label for='t2'><span class='arrow'></span>ECB publications</label> <div class='tab-content'><div class="definition-list "><dl><dt isoDate="2024-06-18"><div class="date">18 June 2024</div></dt><dd><div class="category">FINANCIAL INTEGRATION AND STRUCTURE BOX</div><div class="title"><a href="/press/fie/box/html/ecb.fiebox202406_03.en.html" >Reassessing euro area financial integration: the role of euro area financial centres</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/roland-beck.en.html" >Roland Beck</a></li><li><a href="/pub/research/authors/profiles/martin-schmitz.en.html" >Martin Schmitz</a></li></ul></div><div class="main-publication">Financial Integration and Structure in the Euro Area 2024</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/fie/box/html/ecb.fiebox202406_03.en.html"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>This box reassesses the patterns of euro area financial integration, adjusting for the role of financial centres in the euro area. Their special role involves acting as one of the euro area’s major hubs for (i) the investment fund industry, and (ii) securities issuance by affiliates of foreign companies. Looking through these dual roles of euro area financial centres provides a nuanced picture of euro area financial integration and portfolio exposures. The restatements methodology reveals three main findings namely that (i) the euro area as a whole is less financially integrated with the rest of the world (ii) at the country level Luxembourg and Ireland act as a source of portfolio diversification for the other euro area countries and (iii) the evolution of equity home bias in the euro area looks very similar to that of the United States since 1995, while euro area bond home bias declined significantly.</dd><dt>JEL Code</dt><dd><strong>F3</strong> : International Economics→International Finance<br/><strong>F4</strong> : International Economics→Macroeconomic Aspects of International Trade and Finance<br/><strong>G2</strong> : Financial Economics→Financial Institutions and Services<br/><strong>G3</strong> : Financial Economics→Corporate Finance and Governance<br/><strong>H26</strong> : Public Economics→Taxation, Subsidies, and Revenue→Tax Evasion<br/></dd></dl></div></div></dd><dt isoDate="2023-09-13"><div class="date">13 September 2023</div></dt><dd><div class="category">OCCASIONAL PAPER SERIES - No. 317</div><div class="title"><a href="/pub/pdf/scpops/ecb.op317~4b572c363a.en.pdf?b122366f7eb24f58b23b04b54b842901" >Recent advances in the literature on capital flow management</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/roland-beck.en.html" >Roland Beck</a></li><li><a href="/pub/research/authors/profiles/juan-carlos-berganza.en.html" >Juan Carlos Berganza</a></li><li><a href="/pub/research/authors/profiles/axel-brueggemann.en.html" >Axel Brüggemann</a></li><li><a href="/pub/research/authors/profiles/rafael-cezar.en.html" >Rafael Cezar</a></li><li><a href="/pub/research/authors/profiles/carlijn-eijking.en.html" >Carlijn Eijking</a></li><li><a href="/pub/research/authors/profiles/markus-eller.en.html" >Markus Eller</a></li><li><a href="/pub/research/authors/profiles/alberto-fuentes.en.html" >Alberto Fuentes</a></li><li><a href="/pub/research/authors/profiles/joel-graca-alves.en.html" >Joel Graça Alves</a></li><li><a href="/pub/research/authors/profiles/lilian-kreitz.en.html" >Lilian Kreitz</a></li><li><a href="/pub/research/authors/profiles/clement-marsilli.en.html" >Clement Marsilli</a></li><li><a href="/pub/research/authors/profiles/isabella-moder.en.html" >Isabella Moder</a></li><li><a href="/pub/research/authors/profiles/luis-molina-sanchez.en.html" >Luis Molina Sánchez</a></li><li><a href="/pub/research/authors/profiles/alain-naef.en.html" >Alain Naef</a></li><li><a href="/pub/research/authors/profiles/valerio-nispi-landi.en.html" >Valerio Nispi Landi</a></li><li><a href="/pub/research/authors/profiles/beatrice-scheubel.en.html" >Beatrice Scheubel</a></li><li><a href="/pub/research/authors/profiles/anastasia-theofilakou.en.html" >Anastasia Theofilakou</a></li><li><a href="/pub/research/authors/profiles/floriane-van-den-hove.en.html" >Floriane Van Den Hove</a></li><li><a href="/pub/research/authors/profiles/grzegorz-wesolowski.en.html" >Grzegorz Wesołowski</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/scpops/ecb.op317~4b572c363a.en.pdf"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>Large swings in cross-border capital flows can have consequences for domestic stability and open a channel for the transmission of shocks and spillovers across economies, including the euro area. Against this backdrop, the present paper reviews new evidence for the effectiveness of capital flow management policies in achieving macroeconomic and financial stability. Particular attention is paid to literature that has been used by the International Monetary Fund (IMF) to underpin its so-called Integrated Policy Framework, in which the roles of monetary, exchange rate, macroprudential and capital flow management policies are considered jointly. The literature published since the global financial crisis continues to affirm the effectiveness of capital flow management measures (CFMs) in addressing financial stability risks resulting from capital flow reversals; at the same time, however, it also continues to underscore that such policies should not substitute for warranted economic adjustments and structural reforms. Even so, recent literature also provides a case for considering, under certain circumstances, “precautionary” CFMs which could be applied to capital inflows to prevent a boom-and-bust cycle from being set in motion. This paper also highlights the need for further work on the long-term effects of such precautionary instruments, as well as their joint use with monetary policy instruments. Regarding capital flow management policies within the domain of central banks, the literature points to the usefulness of foreign exchange interventions (FXIs) in mitigating financial stability risks in countries with specific characteristics such as currency mismatches, borrowing constraints and shallow foreign exchange markets that are common to emerging market and developing economies alike. However, the literature also warns that such measures may reduce economic agents’ incentives to hedge against currency risks, with the result that unfavourable initial conditions beco</dd><dt>JEL Code</dt><dd><strong>F32</strong> : International Economics→International Finance→Current Account Adjustment, Short-Term Capital Movements<br/><strong>F38</strong> : International Economics→International Finance→International Financial Policy: Financial Transactions Tax; Capital Controls<br/></dd></dl></div></div></dd><dt isoDate="2021-06-02"><div class="date">2 June 2021</div></dt><dd><div class="category">THE INTERNATIONAL ROLE OF THE EURO - BOX</div><div class="title"><a href="/pub/pdf/ire/focus/ecb.irebox202106_06~10e831c124.en.pdf?378e3a2deb2aaefd126142eddbbc66ae" >The effectiveness of ECB currency liquidity lines</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/roland-beck.en.html" >Roland Beck</a></li><li><a href="/pub/research/authors/profiles/massimo-ferrari-minesso.en.html" >Massimo Ferrari Minesso</a></li><li><a href="/pub/research/authors/profiles/stephanie-titzck.en.html" >Stephanie Titzck</a></li></ul></div><div class="main-publication">The international role of the euro 2021</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/ire/focus/ecb.irebox202106_06~10e831c124.en.pdf"> <span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2021-05-07"><div class="date">7 May 2021</div></dt><dd><div class="category">WORKING PAPER SERIES - No. 2546</div><div class="title"><a href="/pub/pdf/scpwps/ecb.wp2546~f85a09b7f3.en.pdf?2bb167477dc3c2632d4e5ab06e0d8fa0" >Globalisation and the efficiency-equity trade-off</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/roland-beck.en.html" >Roland Beck</a></li><li><a href="/pub/research/authors/profiles/virginia-di-nino.en.html" >Virginia Di Nino</a></li><li><a href="/pub/research/authors/profiles/livio-stracca.en.html" >Livio Stracca</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/scpwps/ecb.wp2546~f85a09b7f3.en.pdf"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>We revisit the effects of globalisation over the past 50 years in a large sample of advanced and emerging countries. We use accessions to \Globalisation Clubs" (WTO, OECD, EU), financial liberalisation and an instrument for trade openness to study the trade-off between efficiency (proxied by real GDP per capita and TFP) and equity (proxied by the labour share of income and the Gini index of inequality). We find that (i) most of our episodes lead to an increase in trade openness (ii) effects on GDP per capita are mostly positive with some interesting exceptions and (iii) there is little evidence that globalisation shocks lead to more inequality.</dd><dt>JEL Code</dt><dd><strong>F13</strong> : International Economics→Trade→Trade Policy, International Trade Organizations<br/><strong>F36</strong> : International Economics→International Finance→Financial Aspects of Economic Integration<br/></dd></dl></div></div></dd><dt isoDate="2019-01-29"><div class="date">29 January 2019</div></dt><dd><div class="category">WORKING PAPER SERIES - No. 2229</div><div class="title"><a href="/pub/pdf/scpwps/ecb.wp2229~00d920df20.en.pdf?3c9643d4065c041e679da97c157b0230" >Medium term treatment and side effects of quantitative easing: international evidence</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/roland-beck.en.html" >Roland Beck</a></li><li><a href="/pub/research/authors/profiles/ioana-a-duca.en.html" >Ioana A. Duca</a></li><li><a href="/pub/research/authors/profiles/livio-stracca.en.html" >Livio Stracca</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/scpwps/ecb.wp2229~00d920df20.en.pdf"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>We use a cross-country sample of monthly observations for quantitative easing (QE) treatments in order to study the causal effect of such policies on a large set of economic and financial outcome variables. We address potential endogeneity by re-randomising the sample and applying the augmented inverse probability weighting (AIPW) estimator. Our results show that QE policies do affect the central bank balance sheet and asset prices, in particular long term yields, equity prices and exchange rates in the expected direction. Most importantly, we find that QE policies lead to a sustained rise in the CPI and in inflation expectations. However, our findings suggest that the main transmission channel does not appear to be stronger aggregate demand impacting inflation through the Phillips curve, but rather exchange rate depreciation. Finally, we do not find any evidence for side effects and increases in risk taking following QE, with real house prices and real credit not increasing or falling, and no downward effect on stock market volatility.</dd><dt>JEL Code</dt><dd><strong>E5</strong> : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit<br/><strong>F3</strong> : International Economics→International Finance<br/></dd><dt>Network</dt><dd>Research Task Force (RTF)</dd></dl></div></div></dd><dt isoDate="2016-12-09"><div class="date">9 December 2016</div></dt><dd><div class="category">WORKING PAPER SERIES - No. 1987</div><div class="title"><a href="/pub/pdf/scpwps/ecbwp1987.en.pdf?1a159557c3e2879c26ee95d5ca75d14d" >Determinants of sub-sovereign bond yield spreads: the role of fiscal fundamentals and federal bailout expectations</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/roland-beck.en.html" >Roland Beck</a></li><li><a href="/pub/research/authors/profiles/gianluigi-ferrucci.en.html" >Gianluigi Ferrucci</a></li><li><a href="/pub/research/authors/profiles/arno-hantzsche.en.html" >Arno Hantzsche</a></li><li><a href="/pub/research/authors/profiles/matthias-rau-goehring.en.html" >Matthias Rau-Goehring</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/scpwps/ecbwp1987.en.pdf"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>This paper investigates to what extent yield spreads on bonds issued by sub-sovereign entities within federations are driven by bailout expectations and investors</dd><dt>JEL Code</dt><dd><strong>E62</strong> : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Fiscal Policy<br/><strong>G12</strong> : Financial Economics→General Financial Markets→Asset Pricing, Trading Volume, Bond Interest Rates<br/><strong>H7</strong> : Public Economics→State and Local Government, Intergovernmental Relations<br/></dd></dl></div></div></dd><dt isoDate="2015-09-23"><div class="date">23 September 2015</div></dt><dd><div class="category">OCCASIONAL PAPER SERIES - No. 166</div><div class="title"><a href="/pub/pdf/scpops/ecbop166.en.pdf?8d4ac28433818b3cf2d28c8c6b1b3764" >The side effects of national financial sector policies: framing the debate on financial protectionism</a></div><div class="authors"><div class='accordion'><div class="header"><div class="title">Ad hoc team of the European System of Central Banks</div></div><div class="content-box"><ul><li><a href="/pub/research/authors/profiles/roland-beck.en.html" >Roland Beck</a></li><li><a href="/pub/research/authors/profiles/john-beirne.en.html" >John Beirne</a></li><li><a href="/pub/research/authors/profiles/julia-woerz.en.html" >Julia Wörz</a></li><li><a href="/pub/research/authors/profiles/francesco-paterno.en.html" >Francesco Paternò</a></li><li><a href="/pub/research/authors/profiles/jolanda-peeters.en.html" >Jolanda Peeters</a></li><li><a href="/pub/research/authors/profiles/julio-ramos-tallada.en.html" >Julio Ramos-Tallada</a></li><li><a href="/pub/research/authors/profiles/cyril-rebillard.en.html" >Cyril Rebillard</a></li><li><a href="/pub/research/authors/profiles/dennis-reinhardt.en.html" >Dennis Reinhardt</a></li><li><a href="/pub/research/authors/profiles/lisa-weissenseel.en.html" >Lisa Weissenseel</a></li></ul></div></div></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/scpops/ecbop166.en.pdf"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>The decrease of financial integration both at the global and European level reflects, to a certain extent, a market response to the crisis. It might, however, also be partly driven by policies such as capital flow management measures (CFMs). In addition, several other measures taken by central banks, regulators and governments in response to the crisis may have had less obvious negative side effects on financial integration. Against this backdrop, this paper explores broad definitions of financial protectionism in order to raise awareness of the fact that the range of policies which could negatively affect financial integration may be much wider than residency-based CFMs. At the same time, the paper acknowledges that these measures have mostly been taken for legitimate financial stability purposes and with no protectionist intentions. The paper considers five categories of policy measures which could contribute to financial fragmentation both at the global and at the EU level: currency-based measures directed towards banks, geographic ring fencing, some financial repression policies, crisis resolution policies with a national bias, and some financial sector taxes.</dd><dt>JEL Code</dt><dd><strong>F36</strong> : International Economics→International Finance→Financial Aspects of Economic Integration<br/><strong>F42</strong> : International Economics→Macroeconomic Aspects of International Trade and Finance→International Policy Coordination and Transmission<br/><strong>F62</strong> : International Economics→Economic Impacts of Globalization→Macroeconomic Impacts<br/></dd></dl></div></div></dd><dt isoDate="2015-08-07"><div class="date">7 August 2015</div></dt><dd><div class="category">WORKING PAPER SERIES - No. 1839</div><div class="title"><a href="/pub/pdf/scpwps/ecbwp1839.en.pdf?ff90fa10bda8fd8e96c981620a71e389" >The geography of the great rebalancing in euro area bond markets during the sovereign debt crisis</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/roland-beck.en.html" >Roland Beck</a></li><li><a href="/pub/research/authors/profiles/georgios-georgiadis.en.html" >Georgios Georgiadis</a></li><li><a href="/pub/research/authors/profiles/johannes-graeb.en.html" >Johannes Gräb</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/scpwps/ecbwp1839.en.pdf"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>During the sovereign debt crisis investors rebalanced out of stressed and into non-stressed euro area countries, thereby contributing to the tensions in euro area financial markets. This paper examines the geographical pattern of this great rebalancing. Specifically, we test whether euro area and non-euro area investors adjusted their holdings of debt securities of euro area stressed and non-stressed countries dis-proportionately relative to benchmarks derived from a standard gravity model for portfolio choice. We find that non-euro area investors under-invested in stressed euro area countries, but did not over-invest in non-stressed euro area countries. As regards intra-euro area flows, we do not find evidence for a disproportionate slowdown of capital flows from non-stressed into stressed euro area countries. Instead, our results suggest that investors in stressed euro area countries disproportionately shifted capital into debt securities of non-stressed euro area countries. Finally, we find that both non-euro area investors' under-investment in stressed countries and stressed euro area investors' over-investment in non-stressed euro area countries ceased after the announcement of the ECB's OMT programme.</dd><dt>JEL Code</dt><dd><strong>F34</strong> : International Economics→International Finance→International Lending and Debt Problems<br/><strong>F36</strong> : International Economics→International Finance→Financial Aspects of Economic Integration<br/><strong>G15</strong> : Financial Economics→General Financial Markets→International Financial Markets<br/></dd></dl></div></div></dd><dt isoDate="2014-07-16"><div class="date">16 July 2014</div></dt><dd><div class="category">THE INTERNATIONAL ROLE OF THE EURO - SPECIAL FEATURE</div><div class="title"><a href="/pub/pdf/ire/article/ecb.ireart201407_01~ee2b55cde5.en.pdf?1e01beef1ddca8a3bb6e52dc0742558c" >Dissecting foreign investments in euro area bond markets during the sovereign debt crisis</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/roland-beck.en.html" >Roland Beck</a></li><li><a href="/pub/research/authors/profiles/georgios-georgiadis.en.html" >Georgios Georgiadis</a></li><li><a href="/pub/research/authors/profiles/johannes-graeb.en.html" >Johannes Gräb</a></li></ul></div><div class="main-publication">The international role of the euro </div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/ire/article/ecb.ireart201407_01~ee2b55cde5.en.pdf"> <span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2013-07-02"><div class="date">2 July 2013</div></dt><dd><div class="category">THE INTERNATIONAL ROLE OF THE EURO - SPECIAL FEATURE</div><div class="title"><a href="/pub/pdf/ire/article/ecb.ireart201307_01~238d62d8e1.en.pdf?26e31da2afb6eee5998f2f1636be3bff" >Global safe asset shortage, non-traditional reserve currencies and the global financial crisis</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/roland-beck.en.html" >Roland Beck</a></li><li><a href="/pub/research/authors/profiles/arnaud-mehl.en.html" >Arnaud Mehl</a></li></ul></div><div class="main-publication">The international role of the euro 2013</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/ire/article/ecb.ireart201307_01~238d62d8e1.en.pdf"> <span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2013-07-02"><div class="date">2 July 2013</div></dt><dd><div class="category">THE INTERNATIONAL ROLE OF THE EURO - SPECIAL FEATURE</div><div class="title"><a href="/pub/pdf/ire/article/ecb.ireart201307_02~b3a1c7b986.en.pdf?d1ffc73da5e00404470eea2d1bfef277" >The emergence of the Chinese Renminbi as an international currency</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/roland-beck.en.html" >Roland Beck</a></li><li><a href="/pub/research/authors/profiles/georgios-georgiadis.en.html" >Georgios Georgiadis</a></li><li><a href="/pub/research/authors/profiles/arnaud-mehl.en.html" >Arnaud Mehl</a></li><li><a href="/pub/research/authors/profiles/michel-soudan.en.html" >Michel Soudan</a></li></ul></div><div class="main-publication">The international role of the euro 2013</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/ire/article/ecb.ireart201307_02~b3a1c7b986.en.pdf"> <span class="ecb-full">English</span></a></span></div></dd><dt isoDate="2013-02-15"><div class="date">15 February 2013</div></dt><dd><div class="category">WORKING PAPER SERIES - No. 1515</div><div class="title"><a href="/pub/pdf/scpwps/ecbwp1515.pdf?0c7a127872f1798dc55e25eeebc24f69" lang="fixed" >Non-performing loans: what matters in addition to the economic cycle?</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/roland-beck.en.html" >Roland Beck</a></li><li><a href="/pub/research/authors/profiles/petr-jakubik.en.html" >Petr Jakubik</a></li><li><a href="/pub/research/authors/profiles/anamaria-piloiu.en.html" >Anamaria Piloiu</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/scpwps/ecbwp1515.pdf"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>Using a novel panel data set we study the macroeconomic determinants of nonperforming loans (NPLs) across 75 countries during the past decade. According to our dynamic panel estimates, the following variables are found to significantly affect NPL ratios: real GDP growth, share prices, the exchange rate, and the lending interest rate. In the case of exchange rates, the direction of the effect depends on the extent of foreign exchange lending to unhedged borrowers which is particularly high in countries with pegged or managed exchange rates. In the case of share prices, the impact is found to be larger in countries which have a large stock market relative to GDP. These results are robust to alternative econometric specifications.</dd><dt>JEL Code</dt><dd><strong>G21</strong> : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages<br/><strong>G28</strong> : Financial Economics→Financial Institutions and Services→Government Policy and Regulation<br/><strong>G32</strong> : Financial Economics→Corporate Finance and Governance→Financing Policy, Financial Risk and Risk Management, Capital and Ownership Structure, Value of Firms, Goodwill<br/><strong>F34</strong> : International Economics→International Finance→International Lending and Debt Problems<br/></dd></dl></div></div></dd><dt isoDate="2012-09-28"><div class="date">28 September 2012</div></dt><dd><div class="category">OCCASIONAL PAPER SERIES - No. 136</div><div class="title"><a href="/pub/pdf/scpops/ecbocp136.pdf?fc1076a67831eb1469bf58aa01b4a9fe" lang="fixed" >Financial stability challenges for EU acceding and candidate countries: making financial systems more resilient in a challenging environment</a></div><div class="authors"><div class='accordion'><div class="header"><div class="title">Task Force International Relations Committee</div></div><div class="content-box"><ul><li><a href="/pub/research/authors/profiles/roland-beck.en.html" >Roland Beck</a></li><li><a href="/pub/research/authors/profiles/sam-langfield.en.html" >Sam Langfield</a></li><li><a href="/pub/research/authors/profiles/marianna-cervena.en.html" >Marianna Ĉervená</a></li><li><a href="/pub/research/authors/profiles/emidio-cocozza.en.html" >Emidio Cocozza</a></li><li><a href="/pub/research/authors/profiles/alexandre-francart.en.html" >Alexandre Francart</a></li><li><a href="/pub/research/authors/profiles/daniela-pulst.en.html" >Daniela Pulst</a></li><li><a href="/pub/research/authors/profiles/gundars-ostrovskis.en.html" >Gundars Ostrovskis</a></li><li><a href="/pub/research/authors/profiles/stoyan-manolov.en.html" >Stoyan Manolov</a></li><li><a href="/pub/research/authors/profiles/stefanie-evdjic.en.html" >Stefanie Evdjic</a></li><li><a href="/pub/research/authors/profiles/ramona-jimborean.en.html" >Ramona Jimborean</a></li><li><a href="/pub/research/authors/profiles/mariya-stankeva-hake.en.html" >Mariya Stankeva Hake</a></li><li><a href="/pub/research/authors/profiles/piotr-macki.en.html" >Piotr Macki</a></li><li><a href="/pub/research/authors/profiles/horatiu-lovin.en.html" >Horatiu Lovin</a></li></ul></div></div></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/scpops/ecbocp136.pdf"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>This Occasional Paper reviews financial stability challenges in countries preparing for EU membership with a candidate country status, i.e. Croatia (planned to accede to the EU on 1 July 2013), Iceland, the former Yugoslav Republic of Macedonia, Montenegro and Turkey. It follows a macro-prudential approach, emphasising systemic risks of financial systems as a whole. After recalling that some EU candidate countries went through a pronounced boom-and-bust credit cycle in recent years, the paper identifies current challenges for the bank-based financial sectors as mainly stemming from: (i) high or rising domestic credit risk; (ii) unhedged borrowing in foreign currencies; and (iii) strains related to the euro area debt crisis, which is impacting the EU candidate countries via a number of channels. The main channels of transmission of the euro area debt crisis to the EU candidate countries operate via: (i) trade and foreign direct investment; (ii) an increased market focus on sovereign risk; and (iii) "deleveraging", e.g. via a decline of external funding to local subsidiaries of EU parent banks. A macro-stress-test exercise performed by the national authorities of the EU candidate countries in February 2012 suggests that large capital buffers can absorb a shock to credit quality stemming from a drop in economic activity in the EU and renewed strains from the euro area debt crisis. With respect to supervisory practices, the paper finds that the EU candidate countries have made good progress, but some gaps with respect to international and EU standards remain.</dd><dt>JEL Code</dt><dd><strong>F32</strong> : International Economics→International Finance→Current Account Adjustment, Short-Term Capital Movements<br/><strong>F41</strong> : International Economics→Macroeconomic Aspects of International Trade and Finance→Open Economy Macroeconomics<br/><strong>G21</strong> : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages<br/><strong>G28</strong> : Financial Economics→Financial Institutions and Services→Government Policy and Regulation<br/></dd></dl></div></div></dd><dt isoDate="2010-06-16"><div class="date">16 June 2010</div></dt><dd><div class="category">OCCASIONAL PAPER SERIES - No. 113</div><div class="title"><a href="/pub/pdf/scpops/ecbocp113.pdf?4c4cb9ad3dc936175889f2ff40bcabe0" lang="fixed" >Energy markets and the euro area macroeconomy</a></div><div class="authors"><div class='accordion'><div class="header"><div class="title">Task Force of the Monetary Policy Committee of the ESCB</div></div><div class="content-box"><ul><li><a href="/pub/research/authors/profiles/milan-donoval.en.html" >Milan Donoval</a></li><li><a href="/pub/research/authors/profiles/erwan-gautier.en.html" >Erwan Gautier</a></li><li><a href="/pub/research/authors/profiles/galo-nuno.en.html" >Galo Nuño</a></li><li><a href="/pub/research/authors/profiles/anton-nakov.en.html" >Anton Nakov</a></li><li><a href="/pub/research/authors/profiles/noelia-jimenez.en.html" >Noelia Jiménez</a></li><li><a href="/pub/research/authors/profiles/maria-de-los-llanos-matea.en.html" >María de los Llanos Matea</a></li><li><a href="/pub/research/authors/profiles/angel-estrada.en.html" >Ángel Estrada</a></li><li><a href="/pub/research/authors/profiles/pinelopi-zioutou.en.html" >Pinelopi Zioutou</a></li><li><a href="/pub/research/authors/profiles/zacharias-bragoudakis.en.html" >Zacharias Bragoudakis</a></li><li><a href="/pub/research/authors/profiles/laura-weymes.en.html" >Laura Weymes</a></li><li><a href="/pub/research/authors/profiles/derry-obrien.en.html" >Derry O'Brien</a></li><li><a href="/pub/research/authors/profiles/delphine-irac.en.html" >Delphine Irac</a></li><li><a href="/pub/research/authors/profiles/nicolas-maggiar.en.html" >Nicolas Maggiar</a></li><li><a href="/pub/research/authors/profiles/ivan-faiella.en.html" >Ivan Faiella</a></li><li><a href="/pub/research/authors/profiles/mikulas-car.en.html" >Mikulas Car</a></li><li><a href="/pub/research/authors/profiles/monika-tepina.en.html" >Monika Tepina</a></li><li><a href="/pub/research/authors/profiles/joao-amador.en.html" >João Amador</a></li><li><a href="/pub/research/authors/profiles/andreas-breitenfellner.en.html" >Andreas Breitenfellner</a></li><li><a href="/pub/research/authors/profiles/guido-schotten.en.html" >Guido Schotten</a></li><li><a href="/pub/research/authors/profiles/brian-micallef.en.html" >Brian Micallef</a></li><li><a href="/pub/research/authors/profiles/amela-hubic.en.html" >Amela Hubic</a></li><li><a href="/pub/research/authors/profiles/muriel-bouchet.en.html" >Muriel Bouchet</a></li><li><a href="/pub/research/authors/profiles/lena-cleanthous.en.html" >Lena Cleanthous</a></li><li><a href="/pub/research/authors/profiles/fabrizio-venditti.en.html" >Fabrizio Venditti</a></li><li><a href="/pub/research/authors/profiles/ulf-slopek.en.html" >Ulf Slopek</a></li><li><a href="/pub/research/authors/profiles/christin-hartmann.en.html" >Christin Hartmann</a></li><li><a href="/pub/research/authors/profiles/bettina-landau.en.html" >Bettina Landau</a></li><li><a href="/pub/research/authors/profiles/luca-gattini.en.html" >Luca Gattini</a></li><li><a href="/pub/research/authors/profiles/michael-fidora.en.html" >Michael Fidora</a></li><li><a href="/pub/research/authors/profiles/riccardo-costantini.en.html" >Riccardo Costantini</a></li><li><a href="/pub/research/authors/profiles/agostino-consolo.en.html" >Agostino Consolo</a></li><li><a href="/pub/research/authors/profiles/roland-beck.en.html" >Roland Beck</a></li><li><a href="/pub/research/authors/profiles/claudia-sullivan.en.html" >Claudia Sullivan</a></li><li><a href="/pub/research/authors/profiles/sylvia-kelley.en.html" >Sylvia Kelley</a></li><li><a href="/pub/research/authors/profiles/aidan-meyler.en.html" >Aidan Meyler</a></li><li><a href="/pub/research/authors/profiles/rolf-strauch.en.html" >Rolf Strauch</a></li><li><a href="/pub/research/authors/profiles/ana-lima.en.html" >Ana Lima</a></li><li><a href="/pub/research/authors/profiles/david-lodge.en.html" >David Lodge</a></li><li><a href="/pub/research/authors/profiles/marco-j-lombardi.en.html" >Marco J. Lombardi</a></li><li><a href="/pub/research/authors/profiles/david-cornille.en.html" >David Cornille</a></li><li><a href="/pub/research/authors/profiles/vanessa-baugnet.en.html" >Vanessa Baugnet</a></li><li><a href="/pub/research/authors/profiles/melina-a-vasardani.en.html" >Melina A. Vasardani</a></li><li><a href="/pub/research/authors/profiles/martin-spitzer.en.html" >Martin Spitzer</a></li><li><a href="/pub/research/authors/profiles/michel-soudan.en.html" >Michel Soudan</a></li><li><a href="/pub/research/authors/profiles/michal-slavik.en.html" >Michal Slavík</a></li><li><a href="/pub/research/authors/profiles/frauke-skudelny.en.html" >Frauke Skudelny</a></li><li><a href="/pub/research/authors/profiles/moreno-roma.en.html" >Moreno Roma</a></li><li><a href="/pub/research/authors/profiles/matthias-mohr.en.html" >Matthias Mohr</a></li><li><a href="/pub/research/authors/profiles/ricardo-mestre.en.html" >Ricardo Mestre</a></li></ul></div></div></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/scpops/ecbocp113.pdf"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>This report aims to analyse euro area energy markets and the impact of energy price changes on the macroeconomy from a monetary policy perspective. The core task of the report is to analyse the impact of energy price developments on output and consumer prices. Nevertheless, understanding the link between energy price fluctuations, inflationary pressures and the role of monetary policy in reacting to such pressure requires a deeper look at the structure of the economy. Energy prices have presented a challenge for the Eurosystem, as the volatility of the energy component of consumer prices has been high since the creation of EMU. At the same time, a look back into the past may not necessarily be very informative for gauging the likely impact of energy price changes on overall inflation in the future. For instance, the reaction of HICP inflation to energy price fluctuations seems to have been more muted during the past decade than in earlier periods such as the 1970s.</dd><dt>JEL Code</dt><dd><strong>E52</strong> : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy<br/><strong>E58</strong> : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies<br/><strong>E44</strong> : Macroeconomics and Monetary Economics→Money and Interest Rates→Financial Markets and the Macroeconomy<br/></dd><dt>Network</dt><dd>Eurosystem Monetary Transmission Network</dd></dl></div></div></dd><dt isoDate="2010-05-20"><div class="date">20 May 2010</div></dt><dd><div class="category">WORKING PAPER SERIES - No. 1193</div><div class="title"><a href="/pub/pdf/scpwps/ecbwp1193.pdf?8cbf2d397e02a936c646c36a29ef4a12" lang="fixed" >Should larger reserve holdings be more diversified?</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/roland-beck.en.html" >Roland Beck</a></li><li><a href="/pub/research/authors/profiles/sebastian-weber.en.html" >Sebastian Weber</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/scpwps/ecbwp1193.pdf"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>The notable increase in international reserve holdings over the past decade and their use during the global financial crisis of 2008/2009 has sparked renewed interest in the analysis of the optimal level of reserve holdings, in particular in countries which are subject to sudden stops. Less attention has been given to the optimal composition of reserves and even less to the joint determination of level and composition. In light of current developments, we show that despite the common belief that higher reserve levels should go along with higher diversification to minimize the opportunity costs from holding reserves, the opposite may even be true. It depends on the factors that stand behind the increase in reserves whether increased diversification is optimal or not. We estimate for a panel of 20 countries the determinants of the currency composition of reserves and show how it is affected by the different motives of reserve accumulation. In line with the recent literature on reserve levels we find that reserve accumulation is primarily driven by precautionary motives, which in turn underpins the allocation of reserves to safe assets. While we find primarily evidence of the allocation being a function of precautionary motives, we also find some weak evidence for reserve accumulation to lead to more diversified portfolios if reserve accumulation is driven by other factors than precautionary motives.</dd><dt>JEL Code</dt><dd><strong>F31</strong> : International Economics→International Finance→Foreign Exchange<br/><strong>F33</strong> : International Economics→International Finance→International Monetary Arrangements and Institutions<br/><strong>E42</strong> : Macroeconomics and Monetary Economics→Money and Interest Rates→Monetary Systems, Standards, Regimes, Government and the Monetary System, Payment Systems<br/><strong>G11</strong> : Financial Economics→General Financial Markets→Portfolio Choice, Investment Decisions<br/></dd></dl></div></div></dd><dt isoDate="2009-02-25"><div class="date">25 February 2009</div></dt><dd><div class="category">WORKING PAPER SERIES - No. 1012</div><div class="title"><a href="/pub/pdf/scpwps/ecbwp1012.pdf?c1fb370e6ea738a95f0447b0a278f71e" lang="fixed" >Petrodollars and imports of oil exporting countries</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/annette-kamps.en.html" >Annette Kamps</a></li><li><a href="/pub/research/authors/profiles/roland-beck.en.html" >Roland Beck</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/scpwps/ecbwp1012.pdf"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>This paper investigates the empirical determinants of import demand in oil exporting countries. Using a new dataset including a large cross section of oil exporting countries, we show with a panel cointegration analysis that import demand in these countries depends positively on domestic demand and exports, the real exchange rate and the price of oil. Fiscal surpluses, on the other hand, tend to reduce the demand for imports. More specifically, our import elasticities estimated for oil exporting countries are not far from estimates found in the literature on industrial countries. In particular, we conclude that the import elasticity with respect to domestic activity is larger than one - a finding which is in contrast to standard theoretical predictions but in line with most empirical findings for other countries. These results are robust over a wide set of alternative specifications.</dd><dt>JEL Code</dt><dd><strong>F14</strong> : International Economics→Trade→Empirical Studies of Trade<br/><strong>F01</strong> : International Economics→General→Global Outlook<br/><strong>Q43</strong> : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Energy→Energy and the Macroeconomy<br/></dd></dl></div></div></dd><dt isoDate="2008-07-31"><div class="date">31 July 2008</div></dt><dd><div class="category">WORKING PAPER SERIES - No. 916</div><div class="title"><a href="/pub/pdf/scpwps/ecbwp916.pdf?6a3df463f2178639aa255c8da21f9e08" lang="fixed" >Optimal reserve composition in the presence of sudden stops: the euro and the dollar as safe haven currencies</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/roland-beck.en.html" >Roland Beck</a></li><li><a href="/pub/research/authors/profiles/ebrahim-rahbari.en.html" >Ebrahim Rahbari</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/scpwps/ecbwp916.pdf"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>We analytically derive optimal central bank portfolios in a minimum variance framework with two assets and "transaction demands" caused by sudden stops in capital inflows. In this model, the transaction demands become less important relative to traditional portfolio objectives as debt to reserve ratios decrease. We empirically estimate optimal dollar and euro shares for 24 emerging market countries and find that optimal reserve portfolios are dominated by anchor currencies and, at current debt to reserve ratios, introducing transactions demand has a relatively modest effect. We also find that euro and dollar bonds act as "safe haven currencies" during sudden stops. Dollars are better hedges for global sudden stops and for regional sudden stops in Asia and Latin America, while the euro is a better hedge for sudden stops in Emerging Europe. We reproduce qualitatively the recent decline in the share of the dollar in emerging market reserves and find that the denomination of foreign currency debt has very little importance for optimal reserve portfolios.</dd><dt>JEL Code</dt><dd><strong>F31</strong> : International Economics→International Finance→Foreign Exchange<br/><strong>F32</strong> : International Economics→International Finance→Current Account Adjustment, Short-Term Capital Movements<br/><strong>F33</strong> : International Economics→International Finance→International Monetary Arrangements and Institutions<br/><strong>G11</strong> : Financial Economics→General Financial Markets→Portfolio Choice, Investment Decisions<br/></dd></dl></div></div></dd><dt isoDate="2008-07-02"><div class="date">2 July 2008</div></dt><dd><div class="category">OCCASIONAL PAPER SERIES - No. 91</div><div class="title"><a href="/pub/pdf/scpops/ecbocp91.pdf?ec5ebd69cbd296990d477d3b53e48af2" lang="fixed" >The impact of sovereign wealth funds on global financial markets</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/michael-fidora.en.html" >Michael Fidora</a></li><li><a href="/pub/research/authors/profiles/roland-beck.en.html" >Roland Beck</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/scpops/ecbocp91.pdf"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>wealth funds (SWFs) on global financial markets. It presents back-of-the-envelope calculations which simulate the potential impact of a transfer of traditional foreign exchange reserves to SWFs on global capital flows. If SWFs behave as CAPM-type investors and thus allocate foreign assets according to market capitalisation rather than liquidity considerations, official portfolios reduce their "bias" towards the major reserve currencies. As a result, more capital flows "downhill" from rich to less wealthy economies, in line with standard neoclassical predictions. More specifically, it is found that under the assumption of SWFs investing according to market capitalisation weights, the euro area and the United States could be subject to net capital outflows while Japan and the emerging markets would attract net capital inflows. It is also shown that these findings are sensitive to alternative assumptions for the portfolio objectives of SWFs. Finally, the paper discusses whether a change in net capital flows triggered by SWFs could have an impact on stock prices and bond yields. Based on an event study approach, no evidence can be found for a stock price impact of non-commercially motivated stock sales by Norway's Government Pension Fund.</dd><dt>JEL Code</dt><dd><strong>F30</strong> : International Economics→International Finance→General<br/><strong>F40</strong> : International Economics→Macroeconomic Aspects of International Trade and Finance→General<br/><strong>G15</strong> : Financial Economics→General Financial Markets→International Financial Markets<br/></dd><dt>Network</dt><dd>Eurosystem Monetary Transmission Network</dd></dl></div></div></dd><dt isoDate="2007-03-30"><div class="date">30 March 2007</div></dt><dd><div class="category">OCCASIONAL PAPER SERIES - No. 58</div><div class="title"><a href="/pub/pdf/scpops/ecbocp58.pdf?3b0715b508989ac065f4aaaf297db188" lang="fixed" >Long-term growth prospects for the Russian economy</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/roland-beck.en.html" >Roland Beck</a></li><li><a href="/pub/research/authors/profiles/annette-kamps.en.html" >Annette Kamps</a></li><li><a href="/pub/research/authors/profiles/elitza-mileva.en.html" >Elitza Mileva</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/scpops/ecbocp58.pdf"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>This paper provides an assessment of Russia's long-term growth prospects. In particular, it addresses the question of the medium- and long-term sustainability of the country's currently high growth rates. Starting from the notion that Russia's fast economic expansion in recent years has benefited from a number of singular factors such as the unprecedented rise in oil prices, the paper presents new evidence on Russia's oil price dependency using a Vector Error Correction Model (VECM) framework. The findings indicate that the positive impact of rising oil prices on Russia's GDP growth has increased in recent years, but tends to be buffered by an appreciation of the real effective exchange rate which is stimulating imports. Additionally, there is empirical confirmation that growth in the service sector - a symptom usually associated with the Dutch disease phenomenon - is mainly a result of the transition process. Finally, the paper provides an overview of the relevant factors that are likely to affect Russia's growth performance in the future.</dd><dt>JEL Code</dt><dd><strong>O43</strong> : Economic Development, Technological Change, and Growth→Economic Growth and Aggregate Productivity→Institutions and Growth<br/><strong>O51</strong> : Economic Development, Technological Change, and Growth→Economywide Country Studies→U.S., Canada<br/><strong>O11</strong> : Economic Development, Technological Change, and Growth→Economic Development→Macroeconomic Analyses of Economic Development<br/><strong>O14</strong> : Economic Development, Technological Change, and Growth→Economic Development→Industrialization, Manufacturing and Service Industries, Choice of Technology<br/></dd></dl></div></div></dd><dt isoDate="2006-07-04"><div class="date">4 July 2006</div></dt><dd><div class="category">OCCASIONAL PAPER SERIES - No. 48</div><div class="title"><a href="/pub/pdf/scpops/ecbocp48.pdf?98ed467ee54e9ac8ca72815caf7ff74d" lang="fixed" >Macroeconomic and financial stability challenges for acceding and candidate countries</a></div><div class="authors"><div class='accordion'><div class="header"><div class="title">Task Force International Relations Committee</div></div><div class="content-box"><ul><li><a href="/pub/research/authors/profiles/adalbert-winkler.en.html" >Adalbert Winkler</a></li><li><a href="/pub/research/authors/profiles/peter-backe.en.html" >Peter Backé</a></li><li><a href="/pub/research/authors/profiles/oscar-calvo-gonzalez.en.html" >Oscar Calvo-Gonzalez</a></li><li><a href="/pub/research/authors/profiles/roland-beck.en.html" >Roland Beck</a></li><li><a href="/pub/research/authors/profiles/francois-gurtner.en.html" >François Gurtner</a></li><li><a href="/pub/research/authors/profiles/zbigniew-polanski.en.html" >Zbigniew Polański</a></li><li><a href="/pub/research/authors/profiles/rita-bessone-basto.en.html" >Rita Bessone Basto</a></li><li><a href="/pub/research/authors/profiles/jorim-schraven.en.html" >Jorim Schraven</a></li><li><a href="/pub/research/authors/profiles/jorge-da-silva.en.html" >Jorge da Silva</a></li><li><a href="/pub/research/authors/profiles/anthony-de-lannoy.en.html" >Anthony de Lannoy</a></li><li><a href="/pub/research/authors/profiles/kalin-hristov.en.html" >Kalin Hristov</a></li><li><a href="/pub/research/authors/profiles/adam-gersl.en.html" >Adam Gersl</a></li><li><a href="/pub/research/authors/profiles/tina-winther-frandsen.en.html" >Tina Winther Frandsen</a></li><li><a href="/pub/research/authors/profiles/klaus-dieter-geisler.en.html" >Klaus-Dieter Geisler</a></li><li><a href="/pub/research/authors/profiles/pedro-del-rio.en.html" >Pedro del Río</a></li><li><a href="/pub/research/authors/profiles/cyril-pouvelle.en.html" >Cyril Pouvelle</a></li><li><a href="/pub/research/authors/profiles/brian-golden.en.html" >Brian Golden</a></li><li><a href="/pub/research/authors/profiles/marina-vasjukova.en.html" >Marina Vasjukova</a></li><li><a href="/pub/research/authors/profiles/zoltan-szalai.en.html" >Zoltán Szalai</a></li><li><a href="/pub/research/authors/profiles/miquel-dijkman.en.html" >Miquel Dijkman</a></li><li><a href="/pub/research/authors/profiles/anca-adriana-galatescu.en.html" >Anca Adriana Gǎlǎţescu</a></li><li><a href="/pub/research/authors/profiles/matjaz-noc.en.html" >Matjaž Noč</a></li><li><a href="/pub/research/authors/profiles/cristiana-de-alessi.en.html" >Cristiana de-Alessi</a></li></ul></div></div></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/scpops/ecbocp48.pdf"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>This paper - based on a report by a Task Force established by the International Relations Committee (IRC) of the European System of Central Banks (ESCB) - reviews macroeconomic and financial stability challenges for acceding (Bulgaria and Romania) and candidate countries (Croatia and Turkey). In an environment characterised by strong growth and capital inflows, the main macroeconomic challenges relate to the recent pick-up of inflation and the large and widening current account deficits. Moreover, rapid credit growth has been a recent feature of financial development in all countries and thus constitutes the main financial stability challenge. In general, monetary authorities have responded to these challenges by tightening monetary conditions and prudential standards, with concrete measures also reflecting the different monetary and exchange rate regimes in the region. The paper also highlights four specific features of fiancial development in the countries under review, namely the dominance of banks in financial intermediation, the strong participation of foreign-owned banks, the widespread use of foreign currencies and the strengthening of supervisory frameworks.</dd><dt>JEL Code</dt><dd><strong>E65</strong> : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Studies of Particular Policy Episodes<br/><strong>G21</strong> : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages<br/><strong>G38</strong> : Financial Economics→Corporate Finance and Governance→Government Policy and Regulation<br/><strong>O16</strong> : Economic Development, Technological Change, and Growth→Economic Development→Financial Markets, Saving and Capital Investment, Corporate Finance and Governance<br/><strong>P27</strong> : Economic Systems→Socialist Systems and Transitional Economies→Performance and Prospects<br/></dd></dl></div></div></dd></dl></div></div><input id='t3' name='author-tab-group' type='radio'> <label for='t3'><span class='arrow'></span>External publications</label> <div class='tab-content'><div class="definition-list"><dl><dt><div>2024</div></dt><dd><div class="category">NBER Working Paper</div><div class="title"><a href="https://www.nber.org/papers/w32275">The Geography of Capital Allocation in the Euro Area</a></div><div class="authors"><ul><li>Roland Beck, Antonio Coppola, Angus Lewis, Matteo Maggiori, Martin Schmitz, Jesse Schreger</li></ul></div></dd><dt><div>2017</div></dt><dd><div class="category">Journal of International Money and Finance</div><div class="title"><a href="https://www.sciencedirect.com/science/article/pii/S0261560617301651">Determinants of sub-sovereign bond yield spreads – The role of fiscal fundamentals and federal bailout expectations</a></div><div class="authors"><ul><li>Roland Beck, Gianluigi Ferrucci, Arno Hantzsche, Matthias Rau-Göhring</li></ul></div></dd><dt><div>2016</div></dt><dd><div class="category">Journal of Empirical Finance</div><div class="title"><a href="https://www.sciencedirect.com/science/article/pii/S0927539816000049">The geography of the great rebalancing in euro area bond markets during the sovereign debt crisis</a></div><div class="authors"><ul><li>Roland Beck, Georgios Georgiadis, Johannes Gräb</li></ul></div></dd><dt><div>2015</div></dt><dd><div class="category">Open Economies Review</div><div class="title"><a href="https://link.springer.com/article/10.1007/s11079-015-9358-8">Key Determinants of Non-performing Loans: New Evidence from a Global Sample</a></div><div class="authors"><ul><li>Roland Beck, Petr Jakubik, Anamaria Piloiu</li></ul></div></dd><dt><div>2014</div></dt><dd><div class="category">Economics Letters, Volume 124, Issue 3, September 2014</div><div class="title"><a href="http://dx.doi.org/10.1016/j.econlet.2014.06.024">The Finance and Growth nexus Revisited</a></div><div class="authors"><ul><li>Roland Beck, Georgios Georgiadis and Roland Straub</li></ul></div></dd><dt><div>2012</div></dt><dd><div class="category">International Finance, 14: 415–444</div><div class="title"><a href="http://onlinelibrary.wiley.com/doi/10.1111/j.1468-2362.2011.01289.x/abstract">Should Larger Reserve Portfolios Be More Diversified</a></div><div class="authors"><ul><li>Roland Beck, Sebastian Weber</li></ul></div></dd><dt><div>2011</div></dt><dd><div class="category">Journal of International Money and Finance 30 (2011) 1107-1127</div><div class="title"><a href="https://www.sciencedirect.com/science/article/pii/S026156061100074X">Optimal Reserve Composition in the Presence of Sudden Stops</a></div><div class="authors"><ul><li>Roland Beck, Ebrahim Rahbari</li></ul></div></dd><dt><div>2008</div></dt><dd><div class="category">Review of European Economic Policy Vol. 43, No. 6</div><div class="title"><a href="http://www.intereconomics.eu/downloads/getfile.php?id=658">The Impact of Sovereign Wealth Funds on Global Financial Markets</a></div><div class="authors"><ul><li>Roland Beck, Michael Fidora</li></ul></div></dd><dt><div>2003</div></dt><dd><div class="category">CFS Monographien XIX Fritz Knapp Verlag</div><div class="title">Determinants of Emerging Market Bond Spreads - An Empirical Investigation</div><div class="authors"><ul><li>Roland Beck</li></ul></div></dd></dl></div></div></div></div></div> </main> </div> <div id="feedback" class="hidden"> <div class="content-box"> <div class="initial"> <div class="title">Are you happy with this page?</div> <a class="button -inverted-color" id="feedback-yes">Yes</a> <a class="button -inverted-color" id="feedback-no">No</a> </div> <div class="second hidden"> <div class="title">What made you unhappy?</div> <a class="button -inverted-color" id="feedback-broken">Page not working</a> <a class="button -inverted-color" 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