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How to Exit From Fixed Exchange Rate Regimes?

Aşıcı, Ahmet Atıl; Ivanova, Nadezhda; Wyplosz, Charles - Institut für Schweizerisches Bankwesen <Zürich> - 2007

Even though they can last for decades, fixed exchange rate regimes are increasingly seen as temporary arrangements, (Eichengreen, 1994). The hollowing out hypothesis, see, e.g. Fischer (2001), holds that fixed but adjustable exchange rate regimes of various kinds are scheduled to disappear in...

Persistent link: https://www.econbiz.de/10005858214

Financial Integration And Domestic Sovereignty In European Stock Markets

Chambet, Anthony; Gibson, Rajna - Institut für Schweizerisches Bankwesen <Zürich>; … - 2004

European equity markets since the introduction of the euro. We use a multivariate GARCH(1,1)-M return generating model allowing … euro and that sovereign risk represents a non-negligible component -on average 15%- of the excess ex- pected return … required for investing in the euro-zone as well as in a group of European stock markets enlarged to Switzerland and the UK. …

Persistent link: https://www.econbiz.de/10005859116

Strategic Transparency and Informed Trading : Will Capital Market Integration Force Convergence for Corporate Governance?

Perotti, Enrico C.; Thadden, Ernst-Ludwig von - Institut für Schweizerisches Bankwesen <Zürich>; … - 2002

Dominant investors can influence the publicly available informa-tion about firms by affecting the cost of information collection. Under strategic competition, transparency results in higher variability of profits and output. Thus lenders prefer less transparency, since this protects firms when...

Persistent link: https://www.econbiz.de/10005859099

Zur Effizienz des Marktes für feine Bordeauxweine

Franck, Egon; Winter, Stefan - Universität <Zürich> / Lehrstuhl für … - 2002

Der Beitrag widmet sich der Frage, ob der Markt für feine Bordeauxweineinformationseffizient ist. Wir finden deutliche Hinweise dafür, dass der Markt für die von uns untersuchten Weine nicht informationseffizient ist.

Persistent link: https://www.econbiz.de/10005844439

Was the Bundesbank’s credibility undermined during the process of German reunification?

Morys, Matthias - London School of Economics and Political Science - 2003

Monetary union in Germany as part of the reunification process required a conversion rate between the Deutschmark and the Mark, the currencies of West and East Germany respectively. Flows (in particular wages and pensions) were converted at a rate of 1:1, whilst there were different conversion...

Persistent link: https://www.econbiz.de/10005870598

EU Enlargement and Monetary Regimes from theInsurance Model Perspectives

Nenovsky, Nikolay - William Davidson Institute <Ann Arbor, Mich.> - 2010

Some ten years ago, Michael Dooley (Dooley, 1997; Dooley, 2000) put forwardan insurance model of currency crises, which after some modifications gives a goodtheoretical basis for explanation of the overall dynamics of the post communist transformationand diversity across countries and periods. The...

Persistent link: https://www.econbiz.de/10009360479

A Corporate Balance-Sheet Approach to Currency Crises

Aghion, Philippe; Bacchetta, Philippe; Banerjee, Abhijit - Institut für Schweizerisches Bankwesen <Zürich>; … - 2003

This paper presents a general equilibrium currency crisis model of the thirdgeneration, in which the possibility of currency crises is driven by the in-terplay between private ﬁrms credit-constraints and nominal price rigidities.Despite our emphasis on microfoundations, the model remains...

Persistent link: https://www.econbiz.de/10005858997

News from London: Greek Government Bonds on the London Stock Exchange, 1914-1929

Christodoulaki, Olga; Penzer, Jeremy - London School of Economics and Political Science; … - 2004

Statistical analysis of Greek sovereign debt denominated in gold and traded on the London Stock Exchange from the outbreak of the First World War until the advent of the Great Depression is employed to explore the way that historical events including political and institutional changes shaped...

Persistent link: https://www.econbiz.de/10005870576

International Stock-Bond Correlations in a Simple Affine Asset Pricing Model

D'Addona, Stefano; Kind, Axel H. - Institut für Schweizerisches Bankwesen <Zürich> - 2006

We use an affine asset pricing model to jointly value stocks and bonds. This enables us to derive endogenous correlations and to explain how economic fundamentals influence the correlation between stock and bond returns. The presented model is implemented for G7 post-war economies and its...

Persistent link: https://www.econbiz.de/10005858383

Flight-to-Quality or Flight-to-Liquidity? Evidence from the Euro-Area Bond Market

Beber, Alessandro; Brandt, Michael W.; Kavajec, Kenneth A. - Institut für Schweizerisches Bankwesen <Zürich> - 2006

reasons. Using data on the Euro-area government bond market, which features a unique negative correlation between credit …

Persistent link: https://www.econbiz.de/10005858392