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.

The Bundesbank’s greenhouse gas emissions came in at around 13,676 tonnes of CO2 equivalents in 2021, which corresponds to a reduction of just over 52.3% compared with the 2013/14 base value (28,650 t). As in 2020, the restrictions on public life caused by the coronavirus pandemic resulted in reduced emissions in 2021 as well. This was because business travel were still very low and reductions were made in heat consumption.

Fotos vom Museumsuferfest

Aufgrund seines Silberreichtums war Sachsen über Jahrhunderte einer der zentralen Produzenten stabilen Geldes in Deutschland. Sächsische Münzen zeichnen sich neben ihrer Wertstabilität durch künstlerische Schönheit aus. Sachsen zählte auch zu den ersten deutschen Ländern, die modernes Papiergeld einführten.