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Economics of Security Working Paper Series 31 / 2010

Terrorism and Capital Markets: The Effects of the Istanbul Bombings

Beyond the loss of life and personal injuries that the victims of terrorist actions suffer and the atmosphere of fear terrorists seek to create with their premeditated use of brutal violence, terror also has real economic and political costs that go beyond the immediate costs and damages of a terrorist attack. Terrorist actions can have a multitude of economic consequences that may adversely affect ...

2010| Nikos Christofis, Christos Kollias, Stephanos Papadamou, Apostolos Stagiannis
Economics of Security Working Paper Series 35 / 2010

Radical Islamic Terrorism in the Middle East and Its Direct Costs on Western Financial Markets

Close examination of the behaviour of participants in financial markets in the aftermath of terrorist attacks is a valuable line of enquiry. In this paper, we bring together insights from field of finance and politics. Specifically, we examine trading patterns on highly liquid insurance-type financial instruments around a specific terrorist event. This approach provides an insight into risk perception ...

2010| Martin Mullins, John Garvey
Diskussionspapiere 1006 / 2010

Estimating Persistence in the Volatility of Asset Returns with Signal Plus Noise Models

This paper examines the degree of persistence in the volatility of financial time series using a Long Memory Stochastic Volatility (LMSV) model. Specifically, it employs a Gaussian semiparametric (or local Whittle) estimator of the memory parameter, based on the frequency domain, proposed by Robinson (1995a), and shown by Arteche (2004) to be consistent and asymptotically normal in the context of signal ...

2010| Guglielmo Maria Caporale, Luis A. Gil-Alana
Diskussionspapiere 976 / 2010

Structuring International Financial Support for Climate Change Mitigation in Developing Countries

In the Copenhagen Accord of December 2009, developed countries agreed to provide start-up finance for adaptation in developing countries and expressed the ambition to scale this up to $100 billion per year by 2020. The financial mechanisms to deliver this support have to be tailored to country and sector specific needs so as to enable domestic policy processes and self sustaining business models, and ...

2010| Karsten Neuhoff, Sam Fankhauser, Emmanuel Guerin, Jean Charles Hourcade, Helen Jackson, Ranjita Rajan, John Ward
Diskussionspapiere 981 / 2010

Fractional Cointegration in US Term Spreads

This note examines the stochastic properties of US term spreads with parametric and semi-parametric fractional integration techniques. Since the observed data (rather than the estimated residuals from a cointegrating regression) are used for the analysis, standard methods can be applied. The results indicate that US Treasury maturity rates are I(1) in most cases, although the order of integration decreases ...

2010| Guglielmo Maria Caporale, Luis A. Gil-Alana
Diskussionspapiere 996 / 2010

How Much Fiscal Backing Must the ECB Have? The Euro Area Is Not the Philippines

The ECB has accepted increasing amounts of rubbish collateral since the crisis started leading to exposure to serious private sector credit risk (i.e. default risk) on its collateralised lending and reverse operations ("repo"). This has led some commentators to argue that the ECB needs "fiscal back-up" to cover any potential losses to be able to continue pursuing price stability. This Brief argues ...

2010| Ansgar Belke
Economics of Security Working Paper Series 25 / 2010

Money Laundering: Some Facts

The term "Money Laundering" originates from the US describing the Mafia's attempt to "launder" illegal money via cash-intensive washing salons, which where controlled by company acquisitions or business formations. Estimated two to five per cent of the global gross domestic product stems from illicit sources. A great deal of the money derives from drug-dealing, with a total revenue of 810 Billion USD ...

2010| Friedrich Schneider, Ursula Windischbauer
Economics of Security Working Paper Series 26 / 2010

Money Laundering and Financial Means of Organized Crime: Some Preliminary Empirical Findings

After giving a short literature review, the paper tries a quantification of the volume of money laundering activities, with the help of a MIMIC estimation procedure for the years 1995 to 2006 for 20 highly developed OECD countries. The volume of laundered money was 273 billions USD in the year 1995 for these 20 OECD countries and increased to 603 billions USD in 2006. The overall turnover in organized ...

2010| Friedrich Schneider
FINESS Working Papers 6.1 / 2009

Risk Attitudes and Investment Decisions across European Countries: Are Women More Conservative Investors than Men?

This study questions the popular stereotype that women are more risk averse than men in their financial investment decisions. The analysis is based on micro-level data from large-scale surveys of private households in five European countries. In our analysis of investment decisions, we directly account for individuals' self-perceived willingness to take financial risks. The empirical evidence we provide ...

2009| Oleg Badunenko, Nataliya Barasinska, Dorothea Schäfer
FINESS Working Papers 3.4 / 2009

What's Banking Sector Concentration Got to Do with Private Equity Market?

The paper investigates the link between bank concentration and a country's buyout market. We perform a macro level analysis for 15 European countries during 1997-2007. We estimate the elasticity of the country i's buyout market to country i's concentration in the banking sector. Our major finding suggests that the more concentrated the banking sector is, the better it is for the size of the buyout ...

2009| Oleg Badunenko, Saloni Deva, Dorothea Schäfer, Michael Viertel
738 results, from 611