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The Emergence of the Euro as an International Currency

Alogoskoufis, George; Portes, Richard; Rey, Hélène - C.E.P.R. Discussion Papers - 1997

*The European Union will enter Stage Three of Economic and Monetary Union (EMU) in 1999. The development of euro … financial markets and thickness externalities in the use of the euro as means of payment will be the major factors determining … the importance of the euro as an international currency. As euro securities markets become deeper and more liquid and …

Persistent link: https://www.econbiz.de/10005662175

The Determinants of Cross-Border Equity Flows

Portes, Richard; Rey, Hélène - C.E.P.R. Discussion Papers - 1999

We apply a new approach to a new panel data set on bilateral gross cross-border equity flows between 14 countries, 1989-96. The remarkably good results have strong implications for theories of asset trade. We find that the geography of information heavily determines the pattern of international...

Persistent link: https://www.econbiz.de/10005067617

Information Acquisition and Portfolio Performance

Guiso, Luigi; Jappelli, Tullio - C.E.P.R. Discussion Papers - 2006

Rational investors perceive correctly the value of financial information. Investment in information is therefore rewarded with a higher Sharpe ratio. Overconfident investors overstate the quality of their own information, and thus attain a lower Sharpe ratio. We contrast the implications of the...

Persistent link: https://www.econbiz.de/10005123525

Consumption Growth, the Interest Rate, and Financial Literacy

Jappelli, Tullio; Padula, Mario - C.E.P.R. Discussion Papers - 2013

We study a model in which financial sophistication improves portfolio returns and therefore the incentive to substitute consumption intertemporally. The model delivers a Euler equation in which consumption growth is positively correlated with financial sophistication. We test the model's...

Persistent link: https://www.econbiz.de/10011084488

Cognitive Abilities and Portfolio Choice

Christelis, Dimitris; Jappelli, Tullio; Padula, Mario - C.E.P.R. Discussion Papers - 2006

We study the relation between cognitive ability and the decision to invest in stocks using the recent Survey of Health, Ageing and Retirement in Europe (SHARE). The survey has detailed data on wealth and portfolio composition of individuals aged 50+ in 11 European countries and three indicators...

Persistent link: https://www.econbiz.de/10005788981

Financial Advisors: A Case of Babysitters?

Hackethal, Andreas; Haliassos, Michalis; Jappelli, Tullio - C.E.P.R. Discussion Papers - 2009

We merge administrative information from a large German discount brokerage firm with regional data to examine if financial advisors improve portfolio performance. Our data track accounts of 32,751 randomly selected individual customers over 66 months and allow direct comparison of performance...

Persistent link: https://www.econbiz.de/10004990848

Sovereign CDS and Bond Pricing Dynamics in the Euro-area

Palladini, Giorgia; Portes, Richard - C.E.P.R. Discussion Papers - 2011

six Euro-area countries over the period 2004-2011. As a first step, the supposed non stationarity of the two series is …

Persistent link: https://www.econbiz.de/10009365646

Finance, Trade and Development: Issues in Transatlantic Cooperation

Portes, Richard - C.E.P.R. Discussion Papers - 1986

Despite current economic problems and conflicts - or perhaps as their cause - the concordance of policies among the major industrial countries in the first half of the 1980s in dealing with finance, trade and development is at a peak. This has been the result not so much of cooperation or...

Persistent link: https://www.econbiz.de/10005666448

Financial Market Imperfections and Home Ownership: A Comparative Study

Chiuri, Maria Concetta; Jappelli, Tullio - C.E.P.R. Discussion Papers - 2001

We explore the determinants of the international pattern of home ownership using the Luxembourg Income Study (LIS), a collection of microeconomic data on fourteen OECD countries. In most, the cross-section is repeated over time and includes several demographic variables carefully matched between...

Persistent link: https://www.econbiz.de/10005792193

The European Contribution to International Financial Stability

Portes, Richard - C.E.P.R. Discussion Papers - 2001

This Paper considers how the European Union, and more specifically the euro area, can contribute to international … internal stability in the euro area and has promoted a dynamic development of capital markets. But in some respects, monetary … positions on exchange-rate policy, the international financial architecture, and the euro as an international currency. …

Persistent link: https://www.econbiz.de/10005114310