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Financial Liberalization in a Small Open Economy

Hagen, Jürgen von; Zhang, Haiping - CESifo - 2006

financial regulation in other sectors. Second, financial liberalization may have opposite welfare implications to domestic …

Persistent link: https://www.econbiz.de/10005416471

Volatility Spillovers and Contagion from Mature to Emerging Stock Markets

Beirne, John; Caporale, Guglielmo Maria; … - CESifo - 2009

This paper examines volatility spillovers from mature to emerging stock markets and tests for changes in the transmission mechanism—contagion—during turbulences in mature markets. Tri-variate GARCH-BEKK models of returns in global (mature), regional, and local markets are estimated for 41...

Persistent link: https://www.econbiz.de/10005765747

Do Bubbles Lead to Overinvestment?: A Revealed Preference Approach

Chirinko, Robert S.; Schaller, Huntley - CESifo - 2011

Many economists believe that the stock market plays an important role in efficiently allocating capital to its most productive uses. This standard story of the stock market was called into question by events in the late 1990s, when some observers believed that stock market overvaluation – or a...

Persistent link: https://www.econbiz.de/10009150640

The Political Economy of Financial Systems: Evidence from Suffrage Reforms in the Last Two Centuries

Degryse, Hans; Lambert, Thomas; Schwienbacher, Armin - CESifo - 2013

Initially, voting rights were limited to wealthy elites providing political support for stock markets. The franchise expansion induces the median voter to provide political support for banking development as this new electorate has lower financial holdings and benefits less from the uncertainty...

Persistent link: https://www.econbiz.de/10010877814

Stock Markets, Banks and Long Run Economics Growth: A Panel Cointegration-Based Analysis

Cavenaile, Laurent; Gengenbach, Christian; Palm, Franz - CESifo - 2013

The aim of this paper is to investigate the long run relationship between the development of banks and stock markets and economic growth. We make use of a Johansen-based panel cointegration methodology allowing for cross-country dependence to test the number of cointegrating vectors among these...

Persistent link: https://www.econbiz.de/10010723543

Global and Regional Spillovers in Emerging Stock Markets: A Multivariate GARCH-in-mean Analysis

Beirne, John; Caporale, Guglielmo Maria; … - CESifo - 2009

This paper examines global (mature market) and regional (emerging market) spillovers in local emerging stock markets. Tri-variate VAR GARCH(1,1)-in-mean models are estimated for 41 emerging market economies (EMEs) in Asia, Europe, Latin America, and the Middle East. The models capture a range of...

Persistent link: https://www.econbiz.de/10008596577

Labor Courts, Nomination Bias, and Unemployment in Germany

Berger, Helge; Neugart, Michael - CESifo - 2006

Labor courts play an important role in determining the effective level of labor market regulation in Germany, but their …

Persistent link: https://www.econbiz.de/10005765647

Government Outsourcing: Public Contracting with Private Monopoly

Auriol, Emmanuelle; Picard, Pierre M. - CESifo - 2006

The paper studies the impact of government budget constraint in a pure adverse selection problem of monopoly regulation …. The government maximizes total surplus but incurs some cost of public funds. An alternative to regulation is proposed in …-post with the private firms. This ex-post contracting set-up allows more flexibility than traditional regulation where …

Persistent link: https://www.econbiz.de/10005765762

Optimal Regulation of Auditing

Pagano, Marco; Immordino, Giovanni - CESifo - 2007

We study regulation of the auditing profession in a model where audit quality is unobservable and enforcing regulation …

Persistent link: https://www.econbiz.de/10005765804

Privatising Network Industries

Newbery, David - CESifo - 2004

Persistent link: https://www.econbiz.de/10005765806