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892 results, from 591
  • Externe Monographien

    Sovereign Risk, Interbank Freezes, and Aggregate Fluctuations

    This paper studies the bank-sovereign link in a dynamic stochastic general equilibrium set-up with strategic default on public debt. Heterogeneous banks give rise to an interbank market where government bonds are used as collateral. A default penalty arises from a breakdown of interbank intermediation that induces a credit crunch. Government borrowing under limited commitment is costly ex ante as bank ...

    Berlin: Freie Univ. Berlin, FB Wirtschaftswiss., 2014, 56 S.
    (Discussion Paper / School of Business & Economics ; 2014,35)
    | Philipp Engler, Christoph Große Steffen
  • Externe Monographien

    On the Relationship between Public and Private Investment in the Euro Area

    This paper explores the long run relationship between public and private investment in the euro area in terms of capital stocks and gross investment flows. Panel techniques accounting for international spillovers are employed. While private and public capital stocks are cointegrated, the evidence is quite fragile for public and private investment flows. They enter a long run relationship only after ...

    Bonn: IZA, 2014, 18 S.
    (Discussion Paper Series / Forschungsinstitut zur Zukunft der Arbeit ; 8002)
    | Christian Dreger, Hans-Eggert Reimers
  • Externe Monographien

    Credit Rating Agency Downgrades and the Eurozone Sovereign Debt Crises

    Warsaw: Economic Inst., 2014, 37 S.
    (National Bank of Poland Working Paper ; 177)
    | Christopher F. Baum, Margarita Karpava, Dorothea Schäfer, Andreas Stephan
  • Externe Monographien

    Capital Controls and Macroprudential Measures: What Are They Good For?

    Are capital controls and macroprudential measures successful in achieving their objectives? Assessing their effectiveness is complicated by selection bias and endogeneity; countries which change their capital-flow management measures (CFMs) often share specific characteristics and are responding to changes in variables that the CFMs are intended to influence. This paper addresses these challenges by ...

    London: CEPR, 2014, 54 S.
    (Discussion Paper Series / Centre for Economic Policy Research ; 9798)
    | Kristin Forbes, Marcel Fratzscher, Roland Straub
  • Diskussionspapiere 1436 / 2014

    Sovereign Risk, Interbank Freezes, and Aggregate Fluctuations

    This paper studies the bank-sovereign link in a dynamic stochastic general equilibrium set-up with strategic default on public debt. Heterogeneous banks give rise to an interbank market where government bonds are used as collateral. A default penalty arises from a breakdown of interbank intermediation that induces a credit crunch. Government borrowing under limited commitment is costly ex ante as bank ...

    2014| Philipp Engler, Christoph Große Steffen
  • DIW Economic Bulletin 9 / 2014

    Banking Union and Bank Regulation: Banking Sector Stability in Europe

    Despite the most recent period of calm on the financial markets, the long-term resilience of the European financial system is not yet assured, even several years after the financial crisis began. However, the stability of the financial system playsa crucial role for real economic development and consequently for growth and prosperity. The financial crisis has shown that stricter regulation is required ...

    2014| Franziska Bremus, Claudia Lambert
  • Diskussionspapiere 1405 / 2014

    Uncertainty of Macroeconomic Forecasters and the Prediction of Stock Market Bubbles

    We assess the contribution of macroeconomic uncertainty — approximated by the dispersion of the real GDP survey forecasts — to the ex post and ex ante prediction of stock price bubbles. For a panel of six OECD economies covering 24 years, two alternative binary chronologies of bubble periods are determined and subjected to panel logit regressions conditioning on macroeconomic indicators and expectation ...

    2014| Helmut Herwartz, Konstantin A. Kholodilin
  • Diskussionspapiere 1422 / 2014

    Institutional Determinants of Financial Development in MENA Countries

    Developed and well regulated financial markets are usually seen as a precondition for an efficient allocation of resources and can foster long term economic growth. This paper explores the institutional determinants for financial development in the countries of the Middle East and North African (MENA) region. Institutional conditions are from the International Country Risk Guide. Paneleconometric techniques ...

    2014| Mondher Cherif, Christian Dreger
  • Diskussionspapiere 1409 / 2014

    Local Banking and Local Economic Growth in Italy: Some Panel Evidence

    This paper provides new evidence on the contribution of local banking to local economic growth (i.e. at county level – the Italian “province”) in Italy. A comprehensive dataset is used, which includes control variables for social capital and human capital as well as indicators of the quality of local infrastructures and the production structure of the local economy. A linear within-estimator technique ...

    2014| Guglielmo Maria Caporale, Stefano Di Colli, Roberto Di Salvo, Juan Sergio Lopez
  • DIW Economic Bulletin 6 / 2014

    Pitfalls of Compound Interest Effect: Private Investors Underestimate Loss Risks of Financial Products

    People are investing their life savings in financial products, for instance, to provide for their retirement, and in doing so they are making their future financial situation almost entirely dependent on the success of these investments. The financial sector promotes numerous investment opportunities with widely varying levels of risk - from the classic private pension insurance to high-risk equity ...

    2014| Christian Zankiewicz
892 results, from 591
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