Thema Finanzmärkte

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601 Ergebnisse, ab 481
  • Diskussionspapiere 1602 / 2016

    Ambiguity and Time-Varying Risk Aversion in Sovereign Debt Markets

    This paper introduces changes in the level of ambiguity as a complementary source of time-varying risk aversion. We show in a consumption-based asset pricing model with simultaneously risky and ambiguous assets that a rise in the level of ambiguity raises investors' risk aversion. The effect is quantified in an application to European sovereign debt markets using a structural VAR to achieve identification ...

    2016| Christoph Große Steffen, Maximilian Podstawski
  • Diskussionspapiere 1606 / 2016

    Re-vitalizing Money Demand in the Euro Area: Still Valid at the Zero Lower Bound

    The analysis of monetary developments have always been a cornerstone of the ECB’s monetaryanalysis and, thus, of its overall monetary policy strategy. In this respect, money demandmodels provide a framework for explaining monetary developments and assessing price stabilityover the medium term. It is a well-documented fact in the literature that, when interestrates are at the zero lower bound, the analysis ...

    2016| Christian Dreger, Dieter Gerdesmeier, Barbara Roffia
  • DIW Wochenbericht 11 / 2016

    CoCo-Bonds: Nicht nur für Privatanleger, sondern auch für Banken zu gefährlich: Kommentar

    2016| Dorothea Schäfer
  • Zeitungs- und Blogbeiträge

    Finger weg!

    In: Handelsblatt (03.03.2016), S. 27 | Dorothea Schäfer
  • Zeitungs- und Blogbeiträge

    Stay away from CoCo Bonds

    In: Handelsblatt Global Edition (03.03.2016), [Online-Artikel] | Dorothea Schäfer
  • Diskussionspapiere 1609 / 2016

    Distributional Effects of Taxing Financial Transactions and the Low Interest Rate Environment

    The study aims to assess the distributional effects of taxing financial transactions including a focus on gender. It specifically investigates the impact of the low interest rate environment on tax revenues and distribution. The first part of the study is explorative, aiming to develop a concept for the assessment. This is because the role of low or even negative interest rates is not yet specifically ...

    2016| Dorothea Schäfer
  • DIW Roundup 95 / 2016

    The Dilemma or Trilemma Debate: Empirical Evidence

    One of the central results in international economics is that an economy cannot have at the same time independent monetary policy, free capital flows, and a fixed exchange rate. Over the last few years, however, this so-called Mundell-Flemming ‘trilemma’ has increasingly been challenged. It is argued that given the rising importance and synchronization of capital and credit flows across countries and ...

    2016| Pablo Anaya, Michael Hachula
  • DIW Wochenbericht 21 / 2016

    Die neue Basler Liquiditätsregulierung: Ausgestaltung und Fallstricke

    Nach der Finanzkrise von 2008/2009 erließ der Basler Ausschuss für Bankenaufsicht einen neuen Vorschriftenkatalog zur Bankenregulierung (Basel III). Erstmals seit der Einführung internationaler Standards zur Bankenregulierung im Jahr 1988 werden darin verbindliche Vorgaben zur Liquiditätsregulierung formuliert. Eckpfeiler dieser Regelungen sind zwei Bilanzkennzahlen, mit denen die Liquiditäts- und ...

    2016| Philipp König, David Pothier
  • DIW Economic Bulletin 21 / 2016

    Design and Pitfalls of Basel’s New Liquidity Rules

    Following the financial crisis of 2008/09, the Basel Committee on Banking Supervision introduced a new framework for banking regulation, commonly known as Basel III. For the first time since the inception of global banking regulation in 1988, Basel III contains explicit mandatory rules for liquidity regulation. The cornerstones of the new liquidity regulation are two balance sheet ratios that seek ...

    2016| Philipp König, David Pothier
  • Referierte Aufsätze Web of Science

    Credit Rating Agency Downgrades and the Eurozone Sovereign Debt Crises

    This paper studies the reaction of the Euro's value against major currencies to sovereign rating announcements from Moody's, S&P and Fitch CRAs during the Eurozone debt crisis in 2010–2012 based on event study methodology combined with GARCH models. We also analyze how the yields of French, Italian, German and Spanish government long-term bonds were affected by CRA announcements. Our results reveal ...

    In: Journal of Financial Stability 24 (2016), S. 117-131 | Christopher F. Baum, Dorothea Schäfer, Andreas Stephan
601 Ergebnisse, ab 481
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