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726 results, from 531
Diskussionspapiere 1295 / 2013

The European Debt Crisis and Fiscal Reaction Functions in Europe 2000-2012

After the global financial crisis, some governments in the EU experienced serious debt financing problems, while others were less affected. This paper seeks to shed light on the divergent fiscal performance by assessing the fiscal conduct in the EU countries before and after the outbreak of the crisis. Fiscal reaction functions of the primary balance are estimated for different groups of EU countries ...

2013| Guido Baldi, Karsten Staehr
Diskussionspapiere 1289 / 2013

On the Linkages between Stock Prices and Exchange Rates: Evidence from the Banking Crisis of 2007-2010

This study examines the nature of the linkages between stock market prices and exchange rates in six advanced economies, namely the US, the UK, Canada, Japan, the euro area, and Switzerland, using data on the banking crisis between 2007 and 2010. Bivariate GARCH-BEKK models are estimated producing evidence of unidirectional spillovers from stock returns to exchange rate changes in the US and the UK, ...

2013| Guglielmo Maria Caporale, John Hunter, Faek Menla Ali
Diskussionspapiere 1282 / 2013

Forecasting the Risk of Speculative Assets by Means of Copula Distributions

The GARCH(1,1) model and its extensions have become a standard econometric tool for modeling volatility dynamics of financial returns and port-folio risk. In this paper, we propose an adjustment of GARCH implied conditional value-at-risk and expected shortfall forecasts that exploits the predictive content of uncorrelated, yet dependent model innovations. The adjustment is motivated by non-Gaussian ...

2013| Benjamin Beckers, Helmut Herwartz, Moritz Seidel
DIW Economic Bulletin 4 / 2013

Sustainable Financial Markets: Financial Transaction Tax and High Capital Buffers Indispensable

The sustainability of the financial markets is a requirement that has only appeared on the economic policy agenda very recently, whereas a stable financial system has been a declared goal for decades. The relationship between sustainability and stability is, however, still unclear. The two terms are often used synonymously but stability is only one part of sustainability. The following outlines the ...

2013| Dorothea Schäfer
Diskussionspapiere 1266 / 2013

Religious Heterogeneity and Fiscal Policy: Evidence from German Reunification

Theoretical work based on social identity theory and in-group favoritism predicts that increased population diversity (e.g., due to immigration) reduces support for redistributive public policies. In this article, we add to the empirical literature testing this prediction in three ways. First, rather than ethno-linguistic or racial heterogeneity, we analyze religious diversity, which in many countries ...

2013| Ronny Freier, Benny Geys, Joshua Holm
Externe referierte Aufsätze

Credit Reporting, Financial Intermediation and Identification Systems: International Evidence

Credit reporting systems are an important ingredient for financial markets. These systems are based upon the unique identification of borrowers, which is enabled if a compulsory national identification system exists in a country. We present evidence derived from difference-in-difference analyses on the impact of credit reporting and identification systems on financial intermediation in 172 countries ...

In: Journal of International Money and Finance 33 (2013), S. 60-80 | Caterina Giannetti, Nicola Jentzsch
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
DIW Economic Bulletin 11 / 2012

Need for Reform of EU Banking: Decoupling the Solvency of Banks and Sovereigns

Recent developments in Ireland, Greece, and Spain have shown that sovereign debt crises endanger the solvency of domestic banking sectors, while banking crises in turn endanger the solvency of the domestic sovereigns. This diabolic loop between government and bank solvency is exacerbated by the home bias in banks' government bond portfolios, that is, banks' excessive exposure to domestic sovereign ...

2012| Johannes Pockrandt, Sören Radde

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
726 results, from 531