33 Perspectives on the future of cash from a political, economic and philosophical viewpoint.

In a securitisation, a clearly defined and immutable loan portfolio is removed from a bank’s balance sheet and converted into marketable securities – that is the general understanding of how securitisation works. However, contrary to this view, the composition of securitised loan portfolios may change during the life of the securities. A new study explains why this is the case and examines the impact of replenishment on the quality of securitised portfolios. Originators’ reputation and transparency in the securitisation market are identified as key determinants in the selection of loans used to replenish securitised portfolios.

The August 2022 edition of the Monthly Report comments on the economic situation in Germany in summer 2022.

Are asset prices driven by news or by factors unrelated to economic fundamentals, such as market sentiment? In most asset pricing models news play a dominant role, but most empirical applications find only a low explanatory power of news. A new study examines this problem using an extensive time-stamped event database and finds that about half of all high-frequency market movements can be attributed to news.

Das Kinderbuch erzählt von drei Freunden, die einen falschen 20-Euro-Schein erhalten. Neugierig geworden, begeben sie sich auf eine spannende Entdeckungstour, die sie von der örtlichen Bankfiliale bis ins Geldmuseum der Bundesbank führt.