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738 results, from 561
Diskussionspapiere 1198 / 2012

Financial Transaction Tax Contributes to More Sustainability in Financial Markets

We argue that a financial transaction tax complements financial market regulation. With the tax, governments have an additional instrument at hand to influence trading activity. FTT aims to reduce regulatory arbitrage, flash trading, overactive portfolio management, excessive leverage and speculative transactions of financial institutions. The focus clearly addresses these classes of activities that ...

2012| Dorothea Schäfer
Diskussionspapiere 1218 / 2012

Modifying Taylor Reaction Functions in Presence of the Zero-Lower-Bound: Evidence for the ECB and the Fed

We propose an alternative way of estimating Taylor reaction functions if the zero-lowerbound on nominal interest rates is binding. This approach relies on tackling the real rather than the nominal interest rate. So if the nominal rate is (close to) zero central banks can influence the inflation expectations via quantitative easing. The unobservable inflation expectations are estimated with a state-space ...

2012| Ansgar Belke, Jens Klose
EUSECON Policy Briefing 18 / 2012

Combating Money Laundering and Terrorist Financing

International policy standards in the fight against money laundering and terrorist financing are set forth by the Financial Action Task Force (FATF) recommendations on Anti-money laundering (AML)/Combating the financing of terrorism (CFT) policies. While those standards are very high and require, for example, financial businesses to strictly pursue the "know your customer principle", countries compliance ...

2012| Stefan Haigner, Friedrich Schneider, Florian Wakolbinger
Diskussionspapiere 1190 / 2012

Differential Taxation and Firms' Financial Leverage: Evidence from the Introduction of a Flat Tax on Interest Income

Tax competition for the mobile factor capital has led to a trend in many countries to levy lower taxes on interest income, often introducing differential taxation between interest and business income. In this study, we analyze the effect of such differential taxation on the debt ratio of firms. We exploit a 2009 tax reform in Germany as a quasi-experiment, which introduced a flat final withholding ...

2012| Frank M. Fossen, Martin Simmler
Monographien

Differential Taxation and Firms' Financial Leverage: Evidence from the Introduction of a Flat Tax on Interest Income

Tax competition for the mobile factor capital has led to a trend in many countries to levy lower taxes on interest income, often introducing differential taxation between interest and business income. In this study, we analyze the effect of such differential taxation on the debt ratio of firms. We exploit a 2009 tax reform in Germany as a quasi-experiment, which introduced a flat final withholding ...

Berlin: Freie Univ. Berlin, FB Wirtschaftswiss., 2012, 45 S.
(Discussion Paper / School of Business & Economics ; 2012,4)
| Frank M. Fossen, Martin Simmler
Diskussionspapiere 1223 / 2012

Interest Rate Pass-through in the EMU: New Evidence from Nonlinear Cointegration Techniques for Fully Harmonized Data

This study puts the monetary transmission process in the eurozone between 2003 and 2011 under closer scrutiny. For this purpose, we investigate the interest rate pass-through from money market to various loan rates for up to twelve countries of the European Monetary Union. Applying different cointegration techniques, we first test for a long-run relationship between loan rates and the Euro OverNight ...

2012| Ansgar Belke, Joscha Beckmann, Florian Verheyen
Externe referierte Aufsätze

Sovereign Risk Premiums in the European Government Bond Market

This paper provides a study of bond yield differentials among EU government bonds on the basis of a unique data set of issue spreads in the US and DM (Euro) bond market between 1993 and 2009. Interest differentials between bonds issued by EU countries and Germany or the USA contain risk premiums which increase with fiscal imbalances and depend negatively on the issuer's relative bond market size. The ...

In: Journal of International Money and Finance 31 (2012), 5, S. 975-995 | Kerstin Bernoth, Jürgen von Hagen, Ludger Schuknecht
Diskussionspapiere 1181 / 2012

How Do Taxes Affect Investment When Firms Face Financial Constraints?

This study uses a switching regression framework with known sample separation to analyze the effects of corporate income taxation on investment in case of binding and non-binding financial constraints. By employing two different sample splitting criteria, payout behavior and the ratio of liabilities to total assets, I show that the elasticity of capital to its user costs in an auto-distributed-lag ...

2012| Martin Simmler
Externe referierte Aufsätze

Government Ownership of Banks, Institutions and Economic Growth

We present new cross-country evidence that reveals that during 1995-2007, government ownership of banks has been robustly associated with higher long-run growth rates. We also show that previous results suggesting that government ownership of banks is associated with lower long-run growth rates are not robust to conditioning on more "fundamental" determinants of economic growth.

In: Economica 79 (2012), 315, S. 449-469 | Svetlana Andrianova, Panicos Demetriades, Anja Shortland
Externe referierte Aufsätze

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
738 results, from 561
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