Ulrich Bindseil

European Central Bank (ECB)

Sonnemannstrasse 22

Frankfurt am Main, 60314

Germany

SCHOLARLY PAPERS

43

DOWNLOADS
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SSRN RANKINGS

Top 1,250

in Total Papers Downloads

43,866

TOTAL CITATIONS
Rank 6,393

SSRN RANKINGS

Top 6,393

in Total Papers Citations

133

Ideas:
“  I am working since November 2019 in the ECB on payment systems and market infrastructures.  ”

Scholarly Papers (43)

1.

The distributional consequences of Bitcoin

Number of pages: 29 Posted: 22 Oct 2024 Last Revised: 04 Nov 2024
Ulrich Bindseil and Jürgen Schaaf
European Central Bank (ECB) and European Central Bank (ECB)
Downloads 18,624 (418)
Citation 4

Abstract:

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asset price bubble, wealth effect on consumption, redistribution, Bitcoin

2.

Tiered CBDC and the Financial System

Number of pages: 42 Posted: 04 Jan 2020
Ulrich Bindseil
European Central Bank (ECB)
Downloads 6,546 (2,508)
Citation 6

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central bank digital currencies, central banks, financial accounts, financial instability

3.

Central Bank Digital Currency - Financial System Implications and Control

Number of pages: 39 Posted: 31 May 2019 Last Revised: 01 Aug 2019
Ulrich Bindseil
European Central Bank (ECB)
Downloads 1,955 (18,404)
Citation 5

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central bank money, central bank digital currency, central bank, electronic payments, financial accounts

4.

Public crypto networks as financial market infrastructures

Number of pages: 17 Posted: 18 Feb 2025
Ulrich Bindseil and Omid Malekan
European Central Bank (ECB) and Columbia University - Columbia Business School
Downloads 1,666 (23,583)

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5.
Downloads 1,659 (23,730)
Citation 3

Towards the Holy Grail of Cross-Border Payments

ECB Working Paper No. 2022/2693
Number of pages: 59 Posted: 02 Aug 2022
Ulrich Bindseil and George Pantelopoulos
European Central Bank (ECB) and University of Newcastle (Australia)
Downloads 1,067 (44,785)
Citation 3

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bitcoin, CBDC, correspondent banking, cross-currency payments, interlinking, stablecoins

Towards the holy grail of cross-border payments

Number of pages: 41 Posted: 06 Apr 2022
Ulrich Bindseil and George Pantelopoulos
European Central Bank (ECB) and University of Newcastle (Australia)
Downloads 592 (98,432)

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cross-border payments, cross-currency payments, bitcoin, correspondent banking, stablecoins, CBDC

6.

The Role of Central Bank Capital Revisited

Number of pages: 39 Posted: 13 Dec 2004
Ulrich Bindseil, Andres Manzanares and Benedict Weller
European Central Bank (ECB), European Central Bank (ECB) and European Central Bank (ECB)
Downloads 1,193 (38,704)
Citation 25

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Central Bank Capital, Central Bank Independence

7.

Central Bank Digital Currency: Functional Scope, Pricing and Controls

ECB Occasional Paper No. 2021/286
Number of pages: 36 Posted: 02 Dec 2021
Ulrich Bindseil, Fabio Panetta and Ignacio Terol
European Central Bank (ECB), European Central Bank (ECB) and European Central Bank (ECB)
Downloads 1,101 (43,489)

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central bank digital currency, cross-border payments, financial stability, means of payment, payment solution, store of value

8.

The case for and against CBDC – five years later

Number of pages: 14 Posted: 28 Mar 2022
Ulrich Bindseil
European Central Bank (ECB)
Downloads 1,099 (43,608)

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central bank digital currencies, central bank money, retail payments, financial stability

9.

Digital money and finance: a critical review of terminology

Number of pages: 46 Posted: 13 Dec 2024 Last Revised: 14 Dec 2024
European Central Bank (ECB), University of Newcastle (Australia) and European Central Bank (ECB)
Downloads 1,085 (44,418)

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Digital assets, DeFi, DLT, Tokenization, CBDC, Economic Terminology JEL classification: B26, E42

Destabilisation of Bank Deposits Across Destinations – Assessment and Policy Implications

Number of pages: 41 Posted: 09 Aug 2023 Last Revised: 27 Nov 2023
Ulrich Bindseil and Richard Senner
European Central Bank (ECB) and Swiss National Bank - Financial Stability
Downloads 796 (67,003)
Citation 1

Abstract:

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bank funding, bank runs, flows of funds, financial stability, liquidity crisis

Destabilisation of Bank Deposits Across Destinations: Assessment and Policy Implications

ECB Working Paper No. 2024/2887
Number of pages: 51 Posted: 16 Jan 2024
Ulrich Bindseil and Richard Senner
European Central Bank (ECB) and European Central Bank (ECB)
Downloads 162 (396,124)
Citation 3

Abstract:

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bank funding, bank runs, financial stability, flows of funds, liquidity crisis

11.
Downloads 832 (64,287)
Citation 2

Macroeconomic modelling of CBDC: a critical review

Number of pages: 45 Posted: 16 Apr 2024
Ulrich Bindseil and Richard Senner
European Central Bank (ECB) and Swiss National Bank - Financial Stability
Downloads 479 (127,975)

Abstract:

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JEL Classification: E3, E5, G1

Macroeconomic Modelling of CBDC: A Critical Review

ECB Working Paper No. 2024/2978
Number of pages: 47 Posted: 30 Aug 2024
Ulrich Bindseil and Richard Senner
European Central Bank (ECB) and European Central Bank (ECB)
Downloads 353 (182,868)
Citation 2

Abstract:

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central bank digital currencies, central bank money, financial stability, macroeconomics

Bidding and Performance in Repo Auctions - Evidence from ECB Open Market Operations

Number of pages: 57 Posted: 29 May 2003
Kjell G. Nyborg, Ulrich Bindseil and Ilya A. Strebulaev
University of Zurich - Department of Banking and Finance, European Central Bank (ECB) and Stanford University - Graduate School of Business
Downloads 434 (144,156)
Citation 11

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Repo auctions, multiunit auctions, discriminatory auctions, reserve requirements, money markets, central bank, interest rates, collateral, open market operations.

Bidding and Performance in Repo Auctions: Evidence from ECB Open Market Operations

FEEM Working Paper No. 92.05
Number of pages: 59 Posted: 28 Jul 2005
Kjell G. Nyborg, Ulrich Bindseil and Ilya A. Strebulaev
University of Zurich - Department of Banking and Finance, European Central Bank (ECB) and Stanford University - Graduate School of Business
Downloads 344 (187,524)
Citation 17

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Repo auctions, Multiunit auctions, Reserve requirements, Loser's nightmare, Money markets, Central bank, Collateral, Open market operations

Bidding and Performance in Repo Auctions - Evidence from ECB Open Market Operations

Number of pages: 46 Posted: 26 May 2004
Ulrich Bindseil, Kjell G. Nyborg and Ilya A. Strebulaev
European Central Bank (ECB), University of Zurich - Department of Banking and Finance and Stanford University - Graduate School of Business
Downloads 25 (1,129,763)
Citation 1
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Multiunit auctions, reserve requirements, loser's nightmare, money markets, collateral, repo auctions, central bank, open market operations

13.

The Operational Target of Monetary Policy and the Rise and Fall of Reserve Position Doctrine

Number of pages: 46 Posted: 03 Dec 2004
Ulrich Bindseil
European Central Bank (ECB)
Downloads 682 (83,252)
Citation 1

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operational target of monetary policy, monetary policy instruments, monetary policy implementation, instruments' choice problem

14.

Credit Risk Mitigation in Central Bank Operations and its Effects on Financial Markets: The Case of the Eurosystem

ECB Occasional Paper No. 49
Number of pages: 38 Posted: 12 Aug 2006
Ulrich Bindseil and Francesco Papadia
European Central Bank (ECB) and European Central Bank (ECB)
Downloads 653 (87,966)

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15.

Monetary Policy Implementation: A European Perspective

NHH Department of Finance & Management Science Discussion Paper No. 2007/10
Number of pages: 36 Posted: 12 Apr 2007
Ulrich Bindseil and Kjell G. Nyborg
European Central Bank (ECB) and University of Zurich - Department of Banking and Finance
Downloads 478 (129,921)
Citation 6

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16.

The Use of Portfolio Credit Risk Models in Central Banks

ECB Occasional Paper No. 64
Number of pages: 45 Posted: 18 Jul 2007
European Central Bank (ECB), PGGM Investments, European Central Bank (ECB) and European Central Bank (ECB)
Downloads 390 (164,664)

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17.

Central Bank Forecasts of Liquidity Factors: Quality, Publication and the Control of the Overnight Rate

Number of pages: 42 Posted: 24 Feb 2003
Ulrich Bindseil
European Central Bank (ECB)
Downloads 356 (182,282)
Citation 1

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Monetary Policy instruments; money market; signal extractions

18.

Towards immediacy and continuity in money and finance?

Number of pages: 15 Posted: 13 Dec 2024 Last Revised: 20 Apr 2025
Ulrich Bindseil and Omid Malekan
European Central Bank (ECB) and Columbia University - Columbia Business School
Downloads 350 (185,682)

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time structure of money, closing hours, settlement lag, continuity, immediacy, fast payments, real time gross settlement, deferred net settlement, IOU JEL code: E42, E43, settlement lag, instant payments, RTGS, deferred net settlement

19.

The Optimal Width of the Central Bank Standing Facilities Corridor and Banks' Day - to - Day Liquidity Management

ECB Working Paper No. 1350
Number of pages: 37 Posted: 07 Jun 2011
Ulrich Bindseil and Juliusz Jablecki
European Central Bank (ECB) and National Bank of Poland
Downloads 333 (196,018)
Citation 12

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standing facilities, money market, liquidity management

20.

The Longer Term Refinancing Operations of the ECB

Number of pages: 60 Posted: 30 Nov 2004
Tobias Linzert, Dieter Nautz and Ulrich Bindseil
European Central Bank (ECB), Free University of Berlin (FUB) - Department of Economics and European Central Bank (ECB)
Downloads 288 (229,023)
Citation 3

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Monetary Policy Instruments of the ECB, Auctions, Winner's Curse, Panel Analysis of Bidding Behavior

21.

Some Pre-1800 French and German Central Bank Charters and Regulations

Number of pages: 69 Posted: 23 May 2018 Last Revised: 21 Oct 2020
Ulrich Bindseil
European Central Bank (ECB)
Downloads 250 (264,575)

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Early central banks, central bank mandates, central bank regulations, central bank operations, central bank governance

22.

Excess Reserves and the Implementation of Monetary Policy of the ECB

Number of pages: 42 Posted: 30 Nov 2004
European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB) and European Central Bank (ECB)
Downloads 219 (301,052)

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excess reserves, monetary policy implementation, liquidity management

23.

Central Bank Collateral, Asset Fire Sales, Regulation and Liquidity

ECB Working Paper No. 1610
Number of pages: 35 Posted: 30 Nov 2013
Ulrich Bindseil
European Central Bank (ECB)
Downloads 207 (317,613)
Citation 7

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asset liquidity, liquidity regulation, bank run, central bank collateral framework, unconventional monetary policy

24.

A Structural Model of Central Bank Operations and Bank Intermediation

ECB Working Paper No. 1312
Number of pages: 36 Posted: 06 Apr 2011
Ulrich Bindseil and Juliusz Jablecki
European Central Bank (ECB) and National Bank of Poland
Downloads 197 (332,615)

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bank intermediation, central bank operations, standing facilities, central bank crisis measures

25.

Asset Liquidity, Central Bank Collateral, and Banks’ Liability Structure

Number of pages: 44 Posted: 09 Oct 2017 Last Revised: 11 Oct 2017
European Central Bank (ECB), European Central Bank (ECB), European Central Bank and European Central Bank (ECB)
Downloads 194 (337,452)
Citation 1

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Asset Liquidity, LOLR, Bank Run, Central Bank Collateral Framework, Unconventional Monetary Policy

26.

Critique of Accommodating Central Bank Policies and the ‘Expropriation of the Saver’

ECB Occasional Paper No. 161
Number of pages: 64 Posted: 25 Sep 2015
Ulrich Bindseil, Clemens Domnick and Joerg Zeuner
European Central Bank (ECB), Kreditanstalt für Wiederaufbau (KFW) and International Monetary Fund (IMF)
Downloads 164 (392,129)
Citation 9

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Real interest rate, natural rate, zero lower bound, growth

27.

Central Bank Liquidity Provision, Risk-Taking and Economic Efficiency

ECB Working Paper No. 1542
Number of pages: 37 Posted: 19 Jun 2013
Ulrich Bindseil, Juliusz Jablecki and Juliusz Jablecki
European Central Bank (ECB) and National Bank of PolandUniversity of Warsaw - Faculty of Economic Sciences
Downloads 158 (404,860)
Citation 8

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central bank, risk-taking, collateral policy, economic efficiency

28.

Equilibrium Bidding in the Eurosystem's Open Market Operations

Number of pages: 54 Posted: 20 Jan 2003
Ulrich Bindseil
European Central Bank (ECB)
Downloads 153 (416,015)
Citation 5

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Open market operations, tender procedures, central bank liquidity management

29.

The Supply and Demand for Eurosystem Deposits the First 18 Months

Number of pages: 54 Posted: 12 Dec 2002
Ulrich Bindseil and Franz Seitz
European Central Bank (ECB) and Technical University of Applied Sciences Weiden
Downloads 141 (444,565)
Citation 1

Abstract:

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Monetary policy instruments, money markets, money market rate

30.

Lessons from Early Central Banking for Today

Number of pages: 14 Posted: 11 Jan 2022
Ulrich Bindseil
European Central Bank (ECB)
Downloads 134 (463,242)
Citation 1

Abstract:

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origins of central banking, financial history, central bank money

31.

Early French and German Central Bank Charts and Regulations

Number of pages: 94 Posted: 30 Sep 2019
Ulrich Bindseil
European Central Bank (ECB)
Downloads 127 (483,569)

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central bank governance, central bank mandates, central bank operations, central bank regulations, origins of central banking

32.

Dual Liquidity Crises Under Alternative Monetary Frameworks: A Financial Accounts Perspective

ECB Working Paper No. 1478
Number of pages: 63 Posted: 18 Oct 2012
Ulrich Bindseil and Adalbert Winkler
European Central Bank (ECB) and Frankfurt School of Finance & Management
Downloads 125 (489,550)

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liquidity crisis, bank run, sovereign debt crisis, central bank co-operation, gold standard

33.

Stress Testing with Multi-Faceted Liquidity: The Central Bank Collateral Framework as a Financial Stability Tool

ECB Working Paper No. 2023/2814
Number of pages: 74 Posted: 11 May 2023
Angelo Cuzzola, Claudio Barbieri and Ulrich Bindseil
Scuola Superiore Sant’Anna, European Central Bank (ECB) and European Central Bank (ECB)
Downloads 115 (521,871)

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Asset liquidity, Central Bank Collateral Framework, Collateral, Lender-Of-Last Resort, Stress test

34.

The Impact of Central Bank Digital Currency on Central Bank Profitability, Risk-Taking and Capital

ECB Occasional Paper No. 2024/360
Number of pages: 39 Posted: 11 Dec 2024
Ulrich Bindseil, Marco Marrazzo and Stephan Sauer
European Central Bank (ECB), European Central Bank (ECB) and European Central Bank (ECB)
Downloads 111 (535,908)

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central bank capital, central bank digital currency, digital money, financial risk management, seigniorage

35.

Digital Money and Finance: A Critical Review of Terminology

ECB Working Paper No. 2025/3022
Number of pages: 49 Posted: 13 Feb 2025
European Central Bank (ECB), European Central Bank (ECB) and University of Newcastle (Australia)
Downloads 94 (602,237)

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CBDC, DeFi, digital assets, DLT, tokenization

36.

Efficient and Universal Frameworks (EUF) for Monetary Policy Implementation

Number of pages: 42 Posted: 02 Jun 2023
Ulrich Bindseil and Flemming Reinhardt Würtz
European Central Bank (ECB) and European Central Bank (ECB)
Downloads 86 (636,414)

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operational framework, monetary policy implementation

37.

Fire Sales, the LOLR and Bank Runs With Continuous Asset Liquidity

Number of pages: 19 Posted: 03 Dec 2020
Ulrich Bindseil and Edoardo Lanari
European Central Bank (ECB) and Institute of Mathematics, Czech Academy of Sciences,
Downloads 77 (678,853)

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Fire Sales, lender-of-last resort, bank run, capital structure, asset liquidity, collateral, bank intermediation spreads.

38.

Die Stabilisierungswirkungen Von Mindestreserven

Bundesbank Series 1 Discussion Paper No. 1997,01
Number of pages: 70 Posted: 07 Jun 2016
Ulrich Bindseil
European Central Bank (ECB)
Downloads 77 (678,853)

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39.

Macroeconomic modelling of CBDC: a critical review (Presentation Slides)

Number of pages: 24 Posted: 10 Jul 2024
Richard Senner and Ulrich Bindseil
Swiss National Bank - Financial Stability and European Central Bank (ECB)
Downloads 69 (721,667)

Abstract:

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40.

Reserve Requirements and Economic Stabilization

Bundesbank Series 1 Discussion Paper No. 1997,01E
Number of pages: 68 Posted: 07 Jun 2016
Ulrich Bindseil
European Central Bank (ECB)
Downloads 65 (744,901)

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41.

Zombification and Central Bank Risk Taking: The LOLR as a Signal Extraction Problem

Number of pages: 18 Posted: 20 Jul 2023
Ulrich Bindseil and Juliusz Jablecki
European Central Bank (ECB) and National Bank of Poland
Downloads 52 (833,387)

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LOLR, zombification, central bank, risk-taking, collateral policy, economic growth

42.

Modeling Central Bank Digital Currencies

Journal of Economic Surveys, 0[10.1111/joes.12686]
Posted: 21 Feb 2025
Richard Senner and Ulrich Bindseil
Swiss National Bank - Financial Stability and European Central Bank (ECB)

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CBDC, macroeconomics, financial stability, central bank money

43.

The Eurosystem Collateral Framework Explained

ECB Occasional Paper No. 189
Posted: 10 Jun 2017
Ulrich Bindseil, Marco Corsi, Benjamin Sahel and Ad Visser
European Central Bank (ECB), European Central Bank (ECB), European Central Bank and European Central Bank (ECB)

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central banking, collateral, ECB, eurosystem, lender of last resort, operations