https://www.esm.europa.eu/publications/2022-carbon-footprint-report As an international financial institution with a public mandate, the European Stability Mechanism (ESM) strives to implement environmental, social, and governance (ESG) best practices within its operations. In line with the ESM’s continued commitment to improving its ESG considerations, this 2023...

https://www.esm.europa.eu/publications/2018-carbon-footprint-report-0 As an international financial institution with a public mandate, the European Stability Mechanism (ESM) strives to implement environmental, social, and governance (ESG) best practices within its operations. This 2022 publication is the fourth in a continuing series. The report provides a...

https://www.esm.europa.eu/publications/pri-public-transparency-report-2023-esm PRI reporting is the largest global reporting project on responsible investment. It was developed with investors, for investors. PRI signatories are required to report publicly on their responsible investment activities each year. In turn, they receive a number of outputs, including a public and...

https://www.esm.europa.eu/publications/2020-carbon-footprint-report As an international financial institution with a public mandate, the European Stability Mechanism (ESM) strives to implement environmental, social and governance best practices within its operations. This 2021 publication is the third in a continuing series. The report provides a comprehensive...

https://www.esm.europa.eu/publications/2019-carbon-footprint-report As an international financial institution with a public mandate, the European Stability Mechanism (ESM) strives to implement environmental, social and governance best practices within its operations. The ESM published its first carbon footprint report in September 2019 covering the period from 1...

https://www.esm.europa.eu/publications/2018-carbon-footprint-report As an international financial institution with a public mandate, the European Stability Mechanism (ESM) strives to implement environmental, social, and governance best practices within its internal operations. This is the ESM’s first carbon footprint report. It provides a comprehensive account of...

https://www.esm.europa.eu/publications/housing-supply-channel-monetary-policy Title: The housing supply channel of monetary policy Download PDF: Working Paper 59 This paper studies the role of housing supply constraints in explaining regional differences in the transmission of monetary policy to housing markets, economic activity, and the financial sector. Authors: Bruno...

https://www.esm.europa.eu/publications/assessing-debt-sustainability-modelling-challenges-and-way-forward-30-november-2023 Assessing Debt Sustainability: modelling challenges and the way forward, 30 November 2023The ESM 2023 Debt Sustainability Seminar (DSA) seminar brought together debt sustainability experts from policy institutions and academia to explore how to combine behavioural and empirical models to assess debt...

https://www.esm.europa.eu/publications/collateral-pledgeability-and-asset-manager-portfolio-choices-during-redemption-waves Title: Collateral pledgeability and asset manager portfolio choices during redemption waves Download PDF: Working Paper 58 This paper studies whether Eurosystem collateral eligibility played a role in the portfolio choices of euro area asset managers during the “dash-for-cash” episode of 2020...

https://www.esm.europa.eu/publications/joint-conference-recent-developments-and-future-prospects-international-monetary Joint conference on “Recent Developments and Future Prospects of the International Monetary System” in Hong Kong on 24-25 August 2023. Co-organised by the Hong Kong Institute for Monetary and Financial Research; ASEAN+3 Macroeconomic Research Office (AMRO), the European Central Bank, the European...

https://www.esm.europa.eu/publications/evaluation-report-past-programmes The Evaluation Report evaluates the relevance, effectiveness, and efficiency of EFSF and ESM financial assistance in safeguarding the financial stability of the euro area and its members. It primarily focuses on aspects that were not covered in detail by other evaluations, such as financing and the...

https://www.esm.europa.eu/publications/fear-no-more-floating-asset-purchases-and-exchange-rate-dynamics Title: Fear (no more) of Floating: Asset Purchases and Exchange Rate Dynamics Download PDF: Working Paper 57 This paper studies the impact of local-currency asset purchases by emerging market economy central banks on financial conditions, capital flows and exchange rates, and the implications for...

https://www.esm.europa.eu/publications/leaning-against-persistent-financial-cycles-occasional-crises Title: Leaning against persistent financial cycles with occasional crises Download PDF: Working Paper 56 This paper quantitatively investigates conditions under which a leaning against the wind (LAW)-type monetary policy is advisable to address risks to financial stability. Authors: Thore Kockerols...

https://www.esm.europa.eu/publications/global-efforts-fight-consequences-climate-change-role-regional-financing-arrangements Title: Global efforts to fight the consequences of climate change: the role of Regional Financing Arrangements Authors: Graciela Schiliuk, Dominika Miernik, Jens Lapointe-Rohde (ESM); Habib Attia (AMF); Aziz Durrani, Marthe Memoracion Hinojales, Faith Qiying Pang (AMRO); Gennady Vasiliev, Artem...

https://www.esm.europa.eu/publications/wholesale-central-bank-digital-currency-safe-way-debt-capital-market-efficiency Title: Wholesale central bank digital currency – the safe way to debt capital market efficiency Authors: Josselin Hebert (ESM), Edmund Moshammer (ESM), Herbert Barth Abstract: In this paper we analyse the usefulness of digital currencies for wholesale financial transactions in Europe. Currently...

https://www.esm.europa.eu/publications/asset-purchases-and-sovereign-risk-premia-euro-area-during-pandemic Title: Asset purchases and sovereign risk premia in the euro area during the pandemic Download PDF: Working Paper 55 This paper traces the impact of asset purchases during the Covid-19 pandemic on sovereign risk premia, distinguishing between announcements, expectations, and implementation effects...

https://www.esm.europa.eu/publications/expectations-and-term-premia-efsf-bond-yields Title: Expectations and term premia in EFSF bond yields Download PDF: Working Paper 54 This paper offers the first study of the term structure of EFSF bond yields and a decomposition into expected interest rates and term premia. Authors: Andrea Carriero (Queen Mary University of London, University...

https://www.esm.europa.eu/publications/aggregate-skewness-and-business-cycle Title: Aggregate skewness and the business cycle Download PDF: Working Paper 53 This paper introduces a new measure to assess the balance of economy-wide risks and shows how changing risks relate to business cycle dynamics. Authors: Martin Iseringhausen (ESM), Ivan Petrella (University of Warwick...

https://www.esm.europa.eu/publications/case-loan-based-euro-area-stability-fund Title: The case for a loan-based euro area stability fund Download PDF: Discussion Paper 20 Authors: Florian Misch and Martin Rey (both ESM) Abstract: A greater likelihood of significant asymmetric shocks, the war in Ukraine, and stretched fiscal space all underscore the importance of establishing a...

https://www.esm.europa.eu/publications/japans-sovereign-rating-post-pandemic-era Title: Japan’s sovereign rating in the post-pandemic era Download PDF: Working Paper 52 This paper provides an outlook of Japan’s credit rating using market and fundamental data-driven models. Authors: Jinho Choi, Alexander den Ruijter, Kimi Xu Jiang, and Edmund Moshammer Abstract: We assess Japan’s...