Liquidity factors, autonomous (autonomous liquidity factors)

At the ECB, all influences not stemming from the use of monetary policy instruments. These include – the circulation of ECB banknotes, – the deposits of public households at the central bank, – the minimum reserve requirement together with any balances of banks at the central bank in excess of the requirement, and – the net foreign currency position of the Eurosystem. – See excess liquidity. – Cf. ECB Annual Report 2004, pp. 90 f., ECB Monthly Bulletin of November 2006, p. 93 (enumeration; forecast in connection with benchmark allocation), Deutsche Bundesbank Monthly Bulletin of July 2007, pp. 16 f. (higher liquidity preference leads to higher cash ratio).

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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
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