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892 results, from 671
  • Diskussionspapiere 1336 / 2013

    Institutional Herding in Financial Markets: New Evidence through the Lens of a Simulated Model

    Due to data limitations and the absence of testable, model-based predictions, theory and evidence on herd behavior are only loosely connected. This paper contributes towards closing this gap in the herding literature. We use numerical simulations of a herd model to derive new, theory-based predictions for aggregate herding intensity. Using high-frequency, investor-specific trading data we confirm the ...

    2013| Christopher Boortz, Simon Jurkatis, Stephanie Kremer, Dieter Nautz
  • DIW Roundup 55 / 2015

    Bubbles and Monetary Policy: To Burst or Not to Burst?

    The question of whether monetary policy should target asset prices remains a contentious issue. Prior to the 2007/08 financial crisis, central banks opted for a wait-and-see approach, remaining passive during the build-up of asset price bubbles but actively seeking to stabilize prices and output after they burst. The macroeconomic and financial turbulence that followed the subprime housing bubble has ...

    2015| Philipp König, David Pothier
  • Diskussionspapiere 1448 / 2015

    Monetary Policy, Bank Bailouts and the Sovereign-Bank Risk Nexus in the Euro Area

    The paper analyses the empirical relationship between bank risk and sovereign credit risk in the euro area. Using structural VAR with daily financial markets data for 2003-13, the analysis confirms two-way causality between shocks to sovereign risk and bank risk, with the former being overall more important in explaining bank risk, than vice versa. The paper focuses specifically on the impact of non-standard ...

    2015| Marcel Fratzscher, Malte Rieth
  • Externe Monographien

    Monetary Policy, Bank Bailouts and the Sovereign-Bank Risk Nexus in the Euro Area

    The paper analyses the empirical relationship between bank risk and sovereign credit risk in the euro area. Using structural VAR with daily financial markets data for 2003-13, the analysis confirms two-way causality between shocks to sovereign risk and bank risk, with the former being overall more important in explaining bank risk, than vice versa. The paper focuses specifically on the impact of non-standard ...

    London: CEPR, 2015, 49 S.
    (Discussion Paper Series / Centre for Economic Policy Research ; 10370)
    | Marcel Fratzscher, Malte Rieth
  • 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
  • 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
  • Diskussionspapiere 1221 / 2012

    Monetary Commitment and Structural Reforms: A Dynamic Panel Analysis for Transition Economies

    This paper examines the contemporaneous relationship between the exchange rate regime and structural economic reforms for a sample of CEEC/CIS transition countries. We investigate empirically whether structural reforms are complements or substitutes for monetary commitment in the attempt to improve macroeconomic performance. Both EBRD and EFW data suggest a negative relationship between flexible exchange ...

    2012| Ansgar Belke, Lukas Vogel
  • Diskussionspapiere 1223 / 2012

    Interest Rate Pass-through in the EMU: New Evidence from Nonlinear Cointegration Techniques for Fully Harmonized Data

    This study puts the monetary transmission process in the eurozone between 2003 and 2011 under closer scrutiny. For this purpose, we investigate the interest rate pass-through from money market to various loan rates for up to twelve countries of the European Monetary Union. Applying different cointegration techniques, we first test for a long-run relationship between loan rates and the Euro OverNight ...

    2012| Ansgar Belke, Joscha Beckmann, Florian Verheyen
  • Weitere externe Aufsätze

    The Problem of Money Illusion in Economics

    In: Hagen M. Krämer, Heinz D. Kurz, Hans-Michael Trautwein (Eds.) , Macroeconomics and the History of Economic Thought
    London [u.a.] : Routledge
    S. 251-266
    | Georg Erber
  • Diskussionspapiere 1198 / 2012

    Financial Transaction Tax Contributes to More Sustainability in Financial Markets

    We argue that a financial transaction tax complements financial market regulation. With the tax, governments have an additional instrument at hand to influence trading activity. FTT aims to reduce regulatory arbitrage, flash trading, overactive portfolio management, excessive leverage and speculative transactions of financial institutions. The focus clearly addresses these classes of activities that ...

    2012| Dorothea Schäfer
892 results, from 671
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