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The Euro/Dollar exchange rate: Chaotic or non-chaotic?
Federici, Daniela; Gandolfo, Giancarlo - 2011
econometrically estimated in continuous time with Euro/Dollar data and examined for the possible presence of chaotic motion. Our …
Persistent link: https://www.econbiz.de/10010274880
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Monetary policy spillovers and emerging market credit: The impact of Federal Reserve communications on sovereign CDS spreads
Fender, Ingo; Hayo, Bernd; Neuenkirch, Matthias - 2011
In this paper, we study the effects of US target rate changes and related communications by members of the Federal Reserve Board of Governors on spreads for emerging market sovereign credit default swaps (CDS). Using GARCH models, we find that during the pre-financial crisis sub-sample (April...
Persistent link: https://www.econbiz.de/10010286429
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China and its Dollar exchange rate: A worldwide stabilizing influence?
McKinnon, Ronald; Schnabl, Gunther - 2011
We argue that criticism concerning the Chinese dollar peg is misplaced as no predictable link exists between the exchange rate and the trade balance of an international creditor economy. The stable nominal yuan/dollar rate is argued to have stabilized Chinese, East Asian and global growth....
Persistent link: https://www.econbiz.de/10010275052
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Findings of the signal approach for financial monitoring in Kazakhstan
Abberger, Klaus; Nierhaus, Wolfgang; Shaikh, Shynar - 2009
by robust statistical methods. The estimation period reaches from 1997 to 2007. It is shown that most of the composite …
Persistent link: https://www.econbiz.de/10010265989
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Predictive ability of business cycle indicators under test: A case study for the euro area industrial production
Carstensen, Kai; Wohlrabe, Klaus; Ziegler, Christina - 2010
In this paper we assess the information content of seven widely cited early indicators for the euro area with respect … forecasts the OECD composite leading indicator performs very good by all criteria, and for 12-month forecasts the FAZ-Euro …
Persistent link: https://www.econbiz.de/10010270868
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Testing for convergence in stock markets : a non-linear factor approach
Caporale, Guglielmo Maria; Erdogan, Burcu; Kuzin, … - 2009
subgroups including Euro area countries, the UK and the US respectively, provides evidence of a global convergence …
Persistent link: https://www.econbiz.de/10010274514
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What if the UK had joined the euro in 1999? : An empirical evaluation using a Global VAR
Pesaran, Mohammad Hashem; Smith, L. Vanessa; Smith, Ron P. - 2005
macroeconometric models. As an application we consider UK entry to the euro. Entry involves a long-term commitment to restrict UK … nominal exchange rates and interest rates to be the same as those of the euro area. We derive conditional probability … distributions for the difference between the future realisations of variables of interest (e.g UK and euro area output and prices …
Persistent link: https://www.econbiz.de/10010276168
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Escaping from a combination of liquidity trap and credit crunch
Heinemann, Frank - 2008
This brief exposition suggests that the Federal Reserve System temporarily guarantee a lower bound on stock prices in order to escape the current combination of liquidity trap and credit crunch. It shortly discusses reasons for this measure, consequences, and some alternatives. It is meant as a...
Persistent link: https://www.econbiz.de/10010264478
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Is socially responsible investing really beneficial? New empirical evidence for the US and European stock markets
Mollet, Janick Christian; Ziegler, Andreas - 2012
This paper empirically examines the theoretically ambivalent relationship between socially responsible investing (SRI) and stock performance. It extends the existing literature by considering both the US and the entire European stock markets as well as by using consistent world-wide corporate...
Persistent link: https://www.econbiz.de/10010294388
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Fundamentals, misvaluation, and investment: the real story
Chirinko, Robert S.; Schaller, Huntley - 2007
Is real investment fully determined by fundamentals or is it sometimes affected by stock market misvaluation? We introduce three new tests that: measure the reaction of investment to sales shocks for firms that may be overvalued; use Fama-MacBeth regressions to determine whether overinvestment...
Persistent link: https://www.econbiz.de/10010264073