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578 Ergebnisse, ab 561
  • Nicht-referierte Aufsätze

    The Costs for Germany if the Eurozone Collapses

    In: Europe's World (2013), 25, 7 S. | Marcel Fratzscher
  • Diskussionspapiere 1349 / 2013

    What Influences Banks' Choice of Risk Management Tools? Theory and Evidence

    This paper investigates the factors influencing banks' decision to engage in advanced risk management, from both a theoretical and an empirical perspective. In recent decades, credit risk management in banks has become highly sophisticated and banks have become more active and advanced in the management of credit risks. We identify two driving factors for risk management: bank competition and sector ...

    2013| Dilek Bülbül, Hendrik Hakenes, Claudia Lambert
  • Diskussionspapiere 1346 / 2013

    Granularity in Banking and Growth: Does Financial Openness Matter?

    We explore the impact of large banks and of financial openness for aggregate growth. Large banks matter because of granular effects: if markets are very concentrated in terms of the size distribution of banks, idiosyncratic shocks at the bank-level do not cancel out in the aggregate but can affect macroeconomic outcomes. Financial openness may affect GDP growth in and of itself, and it may also influence ...

    2013| Franziska Bremus, Claudia M. Buch
  • Diskussionspapiere 1348 / 2013

    Big Banks and Macroeconomic Outcomes: Theory and Cross-Country Evidence of Granularity

    Does the mere presence of big banks affect macroeconomic outcomes? In this paper, we develop a theory of granularity (Gabaix, 2011) for the banking sector, introducing Bertrand competition and heterogeneous banks charging variable markups. Using this framework, we show conditions under which idiosyncratic shocks to bank lending can generate aggregate fluctuations in the credit supply when the banking ...

    2013| Franziska Bremus, Claudia M. Buch, Katheryn N. Russ, Monika Schnitzer
  • Diskussionspapiere 1343 / 2013

    Capital Controls and Macroprudential Measures: What Are They Good For?

    Are capital controls and macroprudential measures successful in achieving their objectives? Assessing their effectiveness is complicated by selection bias and endogeneity; countries which change their capital-flow management measures (CFMs) often share specific characteristics and are responding to changes in variables that the CFMs are intended to influence. This paper addresses these challenges by ...

    2013| Kristin Forbes, Marcel Fratzscher, Roland Straub
  • Diskussionspapiere 1344 / 2013

    Cross-Border Banking, Bank Market Structures and Market Power: Theory and Cross-Country Evidence

    Patterns in cross-border banking have changed since the global financial crisis. This may affect domestic bank market structures and macroeconomic stability in the longer term. In this study, I theoretically and empirically analyze how different modes of cross-border banking impact bank concentration. I use a two- country general equilibrium model with heterogeneous banks developed by De Blas and Russ ...

    2013| Franziska Bremus
  • Diskussionspapiere 1333 / 2013

    Credit Rating Agency Announcements and the Eurozone Sovereign Debt Crisis

    This paper studies the impact of credit rating agency (CRA) announcements on the value of the Euro and the yields of French, Italian, German and Spanish long-term sovereign bonds during the culmination of the Eurozone debt crisis in 2011-2012. The employed GARCH models show that CRA downgrade announcements negatively affected the value of the Euro currency and also increased its volatility. Downgrading ...

    2013| Christopher F. Baum, Margarita Karpava, Dorothea Schäfer, Andreas Stephan
  • Referierte Aufsätze Web of Science

    Asset Prices, News Shocks, and the Trade Balance

    We analyze the relationship between asset prices and the trade balance estimating a Bayesian VAR for a broad set of 38 industrialized and emerging market countries. To derive model-based identifying restrictions, we model asset price shocks as news shocks about future productivity in a two-country dynamic stochastic general equilibrium model. Such shocks are found to exert sizable effects on the trade ...

    In: Journal of Money, Credit and Banking 45 (2013), 7, S. 1211-1251 | Marcel Fratzscher, Roland Straub
  • Referierte Aufsätze Web of Science

    The Long Run Relationship between Private Consumption and Wealth: Common and Idiosyncratic Effects

    We investigate the long run relationship between private consumption, disposable income and wealth approximated by equity and house price indices for a panel of 15 industrialized countries. Consumption, income and wealth are cointegrated in their common components. The impact of house prices exceeds the effect arising from equity wealth. The long run vector is broadly in line with the life cycle permanent ...

    In: Portuguese Economic Journal 11 (2012), 1, S. 21-34 | Christian Dreger, Hans-Eggert Reimers
  • Diskussionspapiere 1254 / 2012

    Business Cycles, International Trade and Capital Flows: Evidence from Latin America

    This paper adopts a flexible framework to assess both short- and long-run business cycle linkages between six Latin American (LA) countries and the four largest economies in the world (namely the US, the Euro area, Japan and China) over the period 1980:I-2011:IV. The result indicate that within the LA region there are considerable differences between countries, success stories coexisting with extremely ...

    2012| Guglielmo Maria Caporale, Alessandro Girardi
578 Ergebnisse, ab 561