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DIW Roundup 3 / 2014
Sichere und liquide Wertpapiere sind das Schmiermittel im Finanzsystem. Sie dienen der Wertaufbewahrung, um regulatorische Erfordernisse zu erfüllen, sowie als Bezugspunkt für wichtige Marktpreise. Während einige Wissenschaftler eine fortdauernde Knappheit im Angebot sicherer Anleihen und Anlagemöglichkeiten sehen, mit möglichen globalen Auswirkungen, sind andere Wissenschaftler gelassen oder widersprechen ...
2014| Christoph Große Steffen
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SOEPpapers 137 / 2008
The accumulation of the human capital stock plays a key role to explain the macroeconomic performance across regions. However, despite the strong theoretical support for this claim, empirical evidence has been not very convincing, probably because of the low quality of the data. This paper provides a robustness analysis of alternative measures of human capital available at the level of EU NUTS1 and ...
2008| Christian Dreger, Georg Erber, Daniela Glocker
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EUSECON Policy Briefing 5 / 2011
When defining the absence of a threat as an economic good, it is necessary to define this good using the standard economic typology: is security a private, public, club or common good? We argue in this Policy Briefing that security provision can display characteristics belonging to any of these types of goods. In recent years, we can observe a change from more publicly oriented security provision to ...
2011| Olaf J. de Groot, Hella Engerer
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FINESS Working Papers 4.5 / 2010
We use a life-cycle model of consumption and portfolio choice to study the effects of social security on the investment decisions of households for the European case. Our model is mainly based on the one developed by Cocco, Gomes, and Maenhout (2005). We extend it by unemployment risk using Markov chains to model the transition between different employment states. In contrast to most models in the ...
2010| Vladimir Kuzin, Franziska Bremus
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FINESS Working Papers 3.5 / 2010
A strong private equity market is a cornerstone for commercialization and innovation in modern economies. However, substantial differences exist in the relative amounts raised and invested in private equity across European countries. We investigate the macro-determinants of private equity investment in Europe, focusing on the comparison between CEE and Western European countries. Our estimations are ...
2010| Kerstin Bernoth, Roberta Colavecchio, Magdolna Sass
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FINESS Working Papers 7.4A / 2009
The appropriate design of monetary policy in integrated financial markets is one of the most challenging areas for central banks. One hot topic is whether the rise in liquidity in recent years has contributed to the formation of price bubbles in asset markets. If strong linkages exist, the inclusion of asset prices in the monetary policy rule can eventually limit speculative runs and negative effects ...
2009| Christian Dreger, Jürgen Wolters
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FINESS Working Papers 5.6 / 2009
We investigate the likely sources of exchange rate dynamics in selected CIS countries (Russia, Kazakhstan, Ukraine, Kyrgyzstan, Azerbaijan, and Moldova) over the past decade (1999-2008). The analysis is based on country VAR models augmented by a regional common factor structure (FAVAR model). The models include nominal exchange rates, the common factor of exchange rates in the CIS countries, and global ...
2009| Christian Dreger, Jarko Fidrmuc
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FINESS Working Papers 1.1b / 2009
The European Union made a number of steps not least of them the introduction of a common currency to foster the integration of the European financial markets. A number of papers have tried to gauge the degree of integration for various financial markets looking at the convergence of interest rates. A common finding is that government bond markets are quite well integrated. In this paper stochastic ...
2009| Sebastian Weber
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FINESS Working Papers 1.1a / 2009
This paper examines the integration of stock markets in Germany, France, Netherlands, Ireland and UK over the January 1973- August 2008 period at the aggregate market and industry level considering the following industries: basic materials, consumer goods, industrials, consumer services, health care and financials. The analysis is practised by using correlation analysis, beta-convergence and sigma-convergence ...
2009| Burcu Erdogan
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FINESS Working Papers 7.1b / 2008
Monetary growth in the euro area has exceeded its target since several years. At the same time, the money demand function seems to be increasingly unstable if more recent data are used. If the link between money balances and the macroeconomy is fragile, the rationale of monetary aggregates in the ECB strategy has to be doubted. In fact, a rise in the income elasticity after 2001 can be observed, and ...
2008| Christian Dreger, Jürgen Wolters