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898 results, from 791
  • Diskussionspapiere 746 / 2007

    Does the Nominal Exchange Rate Regime Affect the Long Run Properties of Real Exchange Rates?

    This paper examines whether the behaviour of the real exchange rate is associated with a particular regime for the nominal exchange rate, like fixed and flexible exchange rate arrangements. The analysis is based on 16 annual real exchange rates and covers a long time span, 1870-2006. Four subperiods are distinguished and linked to exchange rate regimes: the Gold Standard, the interwar float, the Bretton ...

    2007| Christian Dreger, Eric Girardin
  • Diskussionspapiere 757 / 2007

    The Default Risk of Firms Examined with Smooth Support Vector Machines

    In the era of Basel II a powerful tool for bankruptcy prognosis is vital for banks. The tool must be precise but also easily adaptable to the bank's objections regarding the relation of false acceptances (Type I error) and false rejections (Type II error). We explore the suitability of Smooth Support Vector Machines (SSVM), and investigate how important factors such as selection of appropriate accounting ...

    2007| Wolfgang Härdle, Yuh-Jye Lee, Dorothea Schäfer, Yi-Ren Yeh
  • Refereed essays Web of Science

    Long-Run Money Demand in the New EU Member States with Exchange Rate Effects

    Within a wide range of other economic and financial indicators, money is highly relevant to the two-pillar monetary strategy of the European Central Bank for detecting risks to price stability over the medium term. Money demand models are a natural benchmark for assessing monetary developments. The existence of a well-specified and stable relation between money and prices can be perceived as a prerequisite ...

    In: Eastern European Economics 45 (2007), 2, S. 75-94 | Christian Dreger, Hans-Eggert Reimers, Barbara Roffia
  • Diskussionspapiere 701 / 2007

    Venture Capital versus Bank Financing in Innovative German Firms

    The paper investigates young firms' choice of capital source. Our theoretical model hypothesizes a positive (negative) relation between riskiness of the project (price of venture capital) and receiving informed equity. We test our predictions by employing a unique data set collected by KfW group. The theoretical framework is largely confirmed for the sample of bank financing and independent VC financing. ...

    2007| Dorothea Schäfer, Oleksandr Talavera, Volker Zimmermann
  • Diskussionspapiere 704 / 2007

    The Effects of the Bank-Internal Ratings on the Loan Maturity

    The paper focuses on the effects of three different internal bank ratings - Risk-, Property- and Creditworthiness-Rating - on the loan maturity. We use a sample of about 5,000 loans given to sole proprietors and corporate borrowers by two German banks from January 2003 till July 2005. The estimation results for corporate borrowers are consistent with Diamond's (1991) predictions of non-monotonic relationship ...

    2007| Nataliya Fedorenko, Dorothea Schäfer, Oleksandr Talavera
  • Refereed essays Web of Science

    Fiscal Policy Rules for Stabilisation and Growth: A Simulation Analysis of Deficit and Expenditure Targets in a Monetary Union

    We analyse the effectiveness of fiscal policy rules for business cycle stabilisation in a monetary union using a quarterly macro-econometric model of Germany. The simulations compare a deficit target and an expenditure target under a range of supply, demand and fiscal shocks. Their effects are evaluated by their impact on prices and output. The analysis demonstrates that in general the deficit target ...

    In: Journal of Policy Modeling 28 (2006), 4, S. 357-369 | Tilman Brück, Rudolf Zwiener
  • Diskussionspapiere 549 / 2006

    Informed Capital in a Hostile Environment: The Case of Relational Investors in Germany

    Informed capital is a crucial ingredient to a well-functioning market for start-up finance, especially in times of difficult market conditions. For bank-based systems, the question regarding which investors actually supply informed capital has not yet been answered. To fill this gap, we conduct a survey among German suppliers of start-up finance. We find significant differences between the investors ...

    2006| Dorothea Schäfer, Dirk Schilder
  • Diskussionspapiere 599 / 2006

    On the Role of Stock Market for Real Economic Activity

    In this study we have addressed the relationship between the stock market, the measure of real economic activity (represented by the real GDP), the economic sentiment indicator, and real interest rate for the five European countries: Germany, France, Italy, the Netherlands, and the UK. We find that even when accounting for expectations, represented by the economic sentiment indicator, the stock market ...

    2006| Boriss Siliverstovs, Manh Ha Duong
  • Refereed essays Web of Science

    The Argentinean Currency Crisis: A Markov-Switching Model Estimation

    In 2002, the Argentinean currency board came to a sudden and dramatic end. Although the country had been suffering from weak economic fundamentals for years, the timing and severity of the currency crisis surprised most observers. The present study analyzes the role of fundamentals and self-fulfilling speculation in the Argentinean crisis. Arguing within a theoretical model of a fixed exchange rate ...

    In: The Developing Economies 44 (2006), 1, S. 79-91 | Patricia Alvarez-Plata, Mechthild Schrooten
  • Externe Monographien

    Informed Capital in a Hostile Environment: The Case of Relational Investors in Germany

    Freiberg: Technische Universität Bergakademie, 2006, 23 S.
    (Freiberg Working Papers / Technical University Bergakademie Freiberg, Faculty of Economics and Business Administration ; 03/2006)
    | Dorothea Schäfer, Dirk Schilder
898 results, from 791