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738 results, from 571

Credit Reporting, Access to Finance and Identification Systems: International Evidence

Jena: Friedrich-Schiller-Universität, 2011, 29 S.
(Jena Economic Research Papers ; 2011-031)
| Caterina Giannetti, Nicola Jentzsch
EUSECON Policy Briefing 14 / 2011

Terrorism Shocks and Stock Market Reaction Patterns

In this Policy Briefing, we discuss two important questions: (i) whether and how terrorism shocks are transmitted across international stock markets, (ii) what is the role of behavioral factors in explaining these stock market reactions. According to our findings terrorism shocks are indeed diffused cross-nationally in a non-uniform manner. Economic channels such as the degree of a country's integration ...

2011| Christos Kallandranis, Konstantinos Drakos
Diskussionspapiere 1180 / 2011

Does Government Ideology Matter in Monetary Policy? A Panel Data Analysis for OECD Countries

This paper examines whether government ideology has influenced monetary policy in OECD countries. We use quarterly data in the 1980.1-2005.4 period and exclude EMU countries. Our Taylor-rule specification focuses on the interactions of a new time-variant index of central bank independence with government ideology. The results show that leftist governments have somewhat lower short-term nominal interest ...

2011| Ansgar Belke, Niklas Potrafke
Diskussionspapiere 1174 / 2011

Labor Markets and the Financial Crisis: Evidence from Tajikistan

The financial crisis in 2008/2009 substantially influenced the everyday social and economic life of many Tajik people, including their behavior in the labor market. However, not much is known about the dynamics of the labor markets of the transition economies, especially in the context of the current financial crisis. Arguably, this is mainly due to paucity of panel data. In this paper, we aim to study ...

2011| Antje Kröger, Kristina Meier
DIW Economic Bulletin 6 / 2011

Securitizations Are Dead - Long Live Securitizations?

After the financial markets slumped worldwide in 2008, securitizations were seen as a major cause of the conflagration. The securitization market dried up because this financial instrument was no longer trusted. At the time, no one thought securitizations had any future as a financial innovation. However, just three years after the financial meltdown, the securitization market in the US has made a ...

2011| Georg Erber
Diskussionspapiere 1173 / 2011

In-Sample and Out-of-Sample Prediction of Stock Market Bubbles: Cross-Sectional Evidence

We evaluate the informational content of ex post and ex ante predictors of periods of excess stock (market) valuation. For a cross section comprising 10 OECD economies and a time span of at most 40 years alternative binary chronologies of price bubble periods are determined. Using these chronologies as dependent processes and a set of macroeconomic and financial variables as explanatory variables, ...

2011| Helmut Herwartz, Konstantin A. Kholodilin
Diskussionspapiere 1164 / 2011

Fiscal Spillovers in the Euro Area

This paper analyses the dynamic effects of fiscal imbalances in a given EMU member state on the borrowing costs of other countries in the euro area. The estimation of a multivariate, multi-country time series model (specifically a Global VAR, or GVAR) using quarterly data for the EMU period suggests that euro-denominated government yields are strongly linked with each other. However, financial markets ...

2011| Guglielmo Maria Caporale, Alessandro Girardi
Diskussionspapiere 1165 / 2011

Persistence and Cyclical Dependence in the Monthly Euribor Rate

This paper analyses two well-known features of interest rates, namely their time dependence and their cyclical structure. Specifically, it focuses on the monthly Euribor rate, using monthly data from January 1994 to May 2011. Models based on fractional integration at the long run or zero frequency, although adequately describing the persistent behaviour of the series, do not take into account its cyclical ...

2011| Guglielmo Maria Caporale, Luis A. Gil-Alana
Economics of Security Working Paper Series 53 / 2011

The Financial Flows of the Transnational Crime: Some Preliminary Empirical Results

Until 2008, the growth of the world economy was quite strong and improved the economic well-being all over the globe, but this development was also accompanied by some risks. One of them is transnational crime, which has shown a remarkable increase in the last 20 years3. This raises the following two questions: (1) How is transnational crime financed, and what do we know about this financing? (2) What ...

2011| Friedrich Schneider
738 results, from 571