HFCS | Jotup

Isabel Schnabel: The state contingency of monetary policy transmission

Retrieved on:

Thursday, April 25, 2024

Consensus, HHI, Hamas, Tax, MIR, BLS, Consensus Economics, HSBC Finance, Employment, Compression, Champ, Transport, Foodservice, DFR, SDW, European Systemic Risk Board, APP, Policy, Bank of Greece, PEPP, BSI, S&P Global, House, ECB, Unemployment, Risk, ESCB, SPF, NFC, Imir, QSA, Refinitiv, GDP, Index, Oesterreichische Nationalbank, Banco de Portugal, RHS, Kilowatt-hour, Person, Weather, Consumption, Communication, PMI, Bank of France, News, Food, OIS, Credit, HFCS, Service, European Central Bank, Mining, Roe, Conference, Pressure, Central bank, Growth, Caldara, HH, LHS, GPR, Household, Rubric, Bank, ROE, Capital, ILS, Energy, Bloomberg, HICP, IBoxx, Reference, Deutsche Bundesbank, Water, Unit, Inventory, BEIR, IBES, Interval (mathematics), Fused quartz

Key Points:

Digital euro safeguards – protecting financial stability and liquidity in the banking sector

Retrieved on:

Thursday, April 18, 2024

A digital euro would offer a wide range of

Key Points:

A digital euro would offer a wide range of
financial stability benefits, including safeguarding the role of public money and
strengthening the strategic autonomy and monetary sovereignty of the euro area in
the digital era.
Keywords: CBDC, digital euro, bank intermediation, financial stability risks.
A digital euro has the potential to offer a wide range of financial stability
benefits for the digital era.
A digital euro would
stimulate financial innovation among private sector entities and enhance the
efficiency and resilience of the financial system by supporting competition and
diversity within it.3 In addition, a digital euro would strengthen the strategic autonomy
and monetary sovereignty of the euro area.
A digital euro would be designed to minimise risks to the financial system.
2
The preparation phase will pave the way for a future decision on whether or not to issue a digital euro.
When gauging the implications for the euro area banking sector of introducing a
digital euro, take-up would be key, as it would determine the level of deposit
outflows.
In the latter case, the
issuance of a digital euro would not affect banks? balance sheets, since banks would return euro
banknotes to the Eurosystem in exchange for digital euro.
Banknotes and digital euro are two different
types of central bank liability, so a swap between banknotes and digital euro would only affect the
composition and not the size of the Eurosystem?s balance sheet.
In our analysis, we model only the
substitution of commercial bank deposits with a possible future digital euro.
8
The legislative proposal on a digital euro provides for the inclusion of such safeguards and establishes
specific criteria for the limits, aiming to contain the use of a digital euro as a store of value.
ECB Occasional Paper Series No 346
4

2

The added value of digital euro
safeguards such as holding limits
To understand the benefits of digital euro safeguards, such as holding limits, it
is useful to first consider the implications of introducing a CBDC without
adequate safeguards.
(2022), ?Central bank digital currency and bank intermediation: Exploring different
approaches for assessing the effects of a digital euro on euro area banks?, Occasional Papers, No 293,
European Central Bank, Frankfurt am Main, May.
deciding to adopt the digital euro, and (ii) the average amount of digital euro in a
wallet.
At the same time, as discussed in this paper, the design of a digital euro would
include effective safeguards, such as individual holding limits, to mitigate
potential financial stability risks.
ECB Occasional Paper Series No 346
15

an upper bound on the amount of digital euro in circulation, thereby addressing and
limiting financial stability concerns associated with the introduction of a digital euro.
(2023), ?A digital euro: gauging the
financial stability implications?, Financial Stability Review, ECB, November.

Hydrochloric Acid Market Size to Grow by USD 978.77 million, 5.72% YOY market growth in 2023-2024, Technavio

Retrieved on:

Thursday, March 14, 2024

The food segment, valued at USD 689.47 million in 2018, drives significant growth in the hydrochloric acid market.

Key Points:

The food segment, valued at USD 689.47 million in 2018, drives significant growth in the hydrochloric acid market.
The report provides actionable insights and estimates the contribution of all regions to the growth of the global hydrochloric acid market.
Expansion of hydrochloric acid facilities, like SGL Carbon's unit delivery to Travancore-Cochin Chemicals Ltd., drives market growth, enabling companies to enhance their market presence and offer a wider product range, boosting the global hydrochloric acid market.
Substitutes like emerald-safe acid, phosphoric acid, sodium bisulfate, and trisodium phosphate pose challenges to hydrochloric acid market growth.

Consumer participation in the credit market during the COVID-19 pandemic and beyond

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Tuesday, April 2, 2024

Tax, BLS, Face, La Cava, Liquidity, Journal of Economic Perspectives, Special, MRO, Recovery, Next Generation, Child, Interview, Transport, Attanasio, Consumer behaviour, DFR, Research Papers in Economics, Post-Keynesian economics, Gross domestic product, .177 caliber, Great Moderation, European Commission, Vaccine, Employment, Loan, PDF, Hall, House, ECB, Unemployment, Risk, Shock, Education, Rutgers University Press, Quarterly Journal, Policy, Real estate economics, EU Council, Woman, HHS, World Health Organization, Section 4, Clutch (eggs), MIT Press, Omicron, De Nederlandsche Bank, Social science, Federal Reserve Bank, Modigliani, EDS, JEL, Christian Social Union (UK), Female, Section 3, COVID-19, The Journal of Finance, Journal, Classification, News, Journal of Monetary Economics, Oxford Economic Papers, Death, Insurance, Journal of Economics, FRB, FED, Credit, HFCS, Economy, Deficit reduction, Vaccination, Princeton University Press, Literature, CES, Application, University of Oxford, Paper, R.E, Quarterly Journal of Economics, Section 2, European Central Bank, Civil service commission, C23, COVID, Conference, European Council, Central bank, Lifting, HH, Political economy, Consumer confidence index, European Parliament, MIT, RRF, Monetary economics, Household, Perception, Section 5, Bank, Structure, Reproduction, Website, HICP, Aimé Dossche, Working paper, Housing, Cambridge, Massachusetts, Heart, Fabbri, American Economic Review, Partner, Data, Collection, Probability, Government, Real estate

We find that credit demand is highest when

Key Points:

We find that credit demand is highest when
the first lockdown ends and it drops when supportive monetary compensation schemes are implemented.
Credit is more likely to be
accepted under favourable borrowing conditions and after the approval of national recovery plans.
We also find
that demographic, economic factors, perceptions and expectations are associated with the demand for credit and
the credit grant.
First, it adds to a rapidly growing literature on household
borrowing behaviour during the COVID-19 pandemic; see, for example, Ho et al.
We provide evidence that credit applications and credit acceptances display a different pattern over
time.
Credit is more likely to be accepted under favourable borrowing conditions and after the
approval of national recovery plans.
In almost all countries
households are significantly less likely to apply and to get their credit approved than in Germany.
In line with literature, we show that
demographic and economic factors affect the probability for credit applications and credit approval.
In addition,
the paper shows that consumer perceptions and expectations matter when they decide to apply for credit.
Introduction
The participation of households in the credit market receives wide attention in the consumer finance literature
because consumer credit enters the monetary policy transmission mechanism through the so-called ?credit
channel?: changes in credit demand and supply have an effect on consumers' spending and investment, which in
turn affect economic growth.
We use microdata from the ECB?s Consumer Expectations Survey (hereinafter CES), a survey that
measures consumer expectations and behaviour in the euro area.
Its panel dimension allows for an assessment of
how consumer behaviour changes over time and how consumers respond to critical economic shocks.
This way we can gauge how credit applications and credit acceptances change under different, almost
opposite, borrowing conditions.
We also distinguish between the demand for long-term secured loans (mortgages) and for short-term
uncollateralized loans (consumer loans).
ECB Working Paper Series No 2922
3

We use probit models to estimate the probability of the consumer to apply for credit and the credit being granted.
The rate peaks in 2020Q3 which reflects the rebound in the demand for loans when the first lockdown ended.
In almost all countries households are significantly less likely
to apply and to get their credit approved than in Germany.
However,
when it comes to credit acceptance, we observe that the two groups of households are more similar.
Finally, we find some heterogeneity with respect to the type of credit, particularly between secured and unsecured
debt.
The demand for
consumer credit is insignificant for liquid households and decreases significantly for constrained households in
the last two quarters of our timespan.
The first consists of a recently growing literature which
explores consumer behaviour in the credit market during the COVID-19 pandemic, mostly in the United States.
Sandler and Ricks (2020) show that consumers did not use credit card debt for financial liquidity in the early stage
of the COVID-19 pandemic.
(2020) report that credit card applications and new mortgage loans
declined during the first months of the pandemic in regions with more unemployment insurance claims.
Lu and
Van der Klaauw (2021) show that there was a sharp drop in consumer credit demand, especially for credit cards.
(2022) document that there was a substantial decrease in the usage of credit cards and home equity lines
of credit by Canadian consumers.
Our paper is also consonant with studies on the association between financial and demographic factors and
consumers? participation in the credit market as well as on the demand for specific types of credit.
January 2020 ? October 2020 - The two main events are the outbreak of the COVID-19 pandemic and the
consequential lockdowns in the euro area.
4 If the
respondent has applied for more than one type of credit, she is asked to refer to the most recent credit application.
Between 2021Q3 and 2022Q3 the acceptance
rate stays above the average values, mirroring the easing of credit standards for consumer credit and other lending
to households during this period.
Second, we can investigate the presence of nonlinearities in how liquidity and the credit type interact in explaining credit applications.
(2023) ? who show that in the United States the local pandemic severity had a strong
negative effect on credit card spending early in the pandemic, which diminished over time.
First, we select mortgages and consumer credit as the two mostly reported categories for secured and
13

The full estimation results are reported in Table 3.
The right-hand side panel of Figure 6 shows that the demand for consumer credit is insignificant for both liquid
and illiquid households.
It also shows that
subjective perceptions of credit access, financial concerns and expectations on interest rates matter for the demand
for credit.
In Bertola, G., Disney
R., and Grant, C. (eds) The Economics of Consumer Credit, Cambridge MA, MIT Press.
Horvath, A., Kay, B. and Wix, C. (2023) The COVID-19 shock and consumer credit: Evidence from credit card
data.
Magri, S. (2007) Italian households? debt: The participation to the debt market and the size of the loan.

ECB publishes new statistics on the distribution of household wealth

Retrieved on:

Tuesday, January 9, 2024

Through its TARGET Services, the Eurosystem facilitates the settlement of wholesale financial transactions in central bank money, the safest and most liquid settlement asset.

Key Points:

Through its TARGET Services, the Eurosystem facilitates the settlement of wholesale financial transactions in central bank money, the safest and most liquid settlement asset.
Settling such transactions in central bank money helps to reduce risks to the financial system and to support financial stability and trust in the currency.

Global High-Fructose Corn Syrups Industry: Trends, Challenges, and Opportunities - ResearchAndMarkets.com

Retrieved on:

Wednesday, August 30, 2023

Retail, Health, Fitness & Nutrition, Agriculture, Natural Resources, Food, Beverage, COVID-19, High-fructose corn syrup, Market, Risk, Growth, HFCS, Sugar, Pharmaceutical industry

The "High-Fructose Corn Syrups - Global Strategic Business Report" has been added to ResearchAndMarkets.com's offering.

Key Points:

The "High-Fructose Corn Syrups - Global Strategic Business Report" has been added to ResearchAndMarkets.com's offering.
The Global Market Perspective provides an extensive analysis of the high-fructose corn syrups market, covering various geographical regions and end-uses.
The market presence of high-fructose corn syrups is categorized as strong, active, niche, or trivial in different regions.
Special coverage on Russia-Ukraine war; global inflation; easing of zero-Covid policy in China and its `bumpy` reopening; supply chain disruptions, global trade tensions; and risk of recession.

Global Sweeteners Market Report 2022 to 2030: Growing Prevalence of Diseases Associated With High Sugar Consumption Has Increased the Demand for Low- or No-Calorie Sweeteners - ResearchAndMarkets.com

Retrieved on:

Friday, December 9, 2022

Further, the growing prevalence of diseases associated with high sugar consumption has increased the demand for low- or no-calorie sweeteners such as high-intensity sweeteners.

Key Points:

Further, the growing prevalence of diseases associated with high sugar consumption has increased the demand for low- or no-calorie sweeteners such as high-intensity sweeteners.
Increasing health consciousness among consumers in emerging economies is expected to accelerate the market growth during the forecast period.
The growing prevalence of diseases associated with high sugar consumption has increased the demand for low- or no-calorie sweeteners.
Europe is witnessing an increased demand for cakes, pastries, bread-based products, and beverages, which is driving the demand for sweeteners.

Household inequality and financial stability risks: exploring the impact of changes in consumer prices and interest rates

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Saturday, November 26, 2022

GDP, Growth, B.1, Housing, B.3, OECD, Policy, Household, Consumption, Food, Risk, Unemployment, Employment, Overalls, Shock, B.2, Face, Government, Fixed-rate mortgage, HFCS, NPL, B.4, Guideline, Book, Time, Tax, ECB, Journal, Translation, Finance, Income, Pressure, Probability, Budget, Renewable energy, Security (finance), Real estate, Bank, Bookkeeping, Mobile phone, Credit

= Household inequality and financial stability risks: exploring the impact of changes in consumer prices and interest rates =

Key Points:

= Household inequality and financial stability risks: exploring the impact of changes in consumer prices and interest rates =
Published as part of the Financial Stability Review, November 2022.
Since the start of 2022, euro area households have seen the largest increase in consumer prices in decades and the first increase in interest rates in over ten years.
Simulations of the impact of rising consumer prices and interest rates on the near-term financial health of households reveal a more pronounced risk of default in lower income quintiles.
During 2022, euro area households have seen the largest increase in consumer prices in decades and the first increase in interest rates in over ten years.
Despite the scale of the pandemics impact on overall GDP, households have generally experienced relatively benign financial conditions in recent years, supported by declining unemployment, stable incomes and low interest rates.
On aggregate, debt service-to-income ratios and household non-performing loan (NPL) ratios have steadily declined since 2015 ( Chart B.1, panel a).
However, the recent combination of higher core inflation, surging energy prices, high economic uncertainty and increasing mortgage rates could test households financial capacity ( Chart B.1, panel b).
Additionally, significant declines in consumption resulting from the financial squeeze could have a negative feedback effect on economic performance.
Recent stability in euro area households financial situation could be tested by sharp increases in energy and consumer prices
Sources: Panel a: Bank for International Settlements, Eurostat, ECB and ECB staff calculations.
This special feature explores financial stability risks from a perspective of household inequality.
It takes a granular look at households consumer price and interest rate sensitivities, exploiting distributional survey data from the ECBs Household Finance and Consumption Survey (HFCS).
The average lower-income household in the euro area spends a large portion of its income on basic goods and housing.
By contrast, the average household in the lowest income quintile spends about 70% on basic needs ( Chart B.2, panel a).
[6] The lower the income, the higher the probability of any illiquidity stemming from changes in prices and interest rates translating into debt default.
Shock refers to the impact of changes in consumer prices and interest rates on household finances between the first quarter of 2022 and the end of 2022.
Shock refers to the impact of changes in consumer prices and interest rates on household finances between the first quarter of 2022 and the end of 2022.

The impact of the recent rise in inflation on low-income households

Retrieved on:

Friday, November 11, 2022

The effects of the recent increase in euro area HICP inflation significantly differ for low and high-income households.

Key Points:

The effects of the recent increase in euro area HICP inflation significantly differ for low and high-income households.
This box explores how recent high inflation levels are affecting low-income and high-income households differently in two main areas: their effective inflation rate due to different spending patterns, and their ability to buffer cost of living increases through savings or borrowing.
Consumption baskets vary across income groups, with low-income households spending proportionally more on essentials.
The income-specific consumption baskets reported in the Eurostat Household Budget Survey (HBS) allow effective inflation rates to be calculated by income quintile.
Decomposing the inflation gap, electricity, gas and other fuels and, increasingly, food prices are the main drivers of the higher inflation faced by lower-income households.
Inflation difference between the lowest and highest income quintile households in the euro area
(percentages)
Sources: Eurostat Household Budget Survey, ISTAT and ECB calculations.
Notes: Chart B shows the difference between the effective inflation rates for low-income households (first quintile) and high-income households (fifth quintile).
They tend to consume a larger share of their income, save less and face liquidity constraints more often than high-income households.
The higher incidence of liquidity constraints experienced by poorer households is reflected in the rise in households expecting to make late payments on their utility bills.
Low-income households perceived the recent government measures aimed at easing the impact of higher energy prices as less adequate than high-income households did.
This may suggest that there is scope for more effectively targeting government measures towards low-income households.