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

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

and economic growth. We make use of a Johansen-based panel cointegration methodology allowing for cross-country dependence …The aim of this paper is to investigate the long run relationship between the development of banks and stock markets … the direction of potential causality between financial and economic development. Our results conclude to the existence of …

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

Liquidity, Term Spreads and Monetary Policy

Aksoy, Yunus; Basso, Henrique S. - CESifo - 2012

We propose a model that delivers endogenous variations in term spreads driven by banks’ portfolio decision while facing … the risk of maturity transformation. First, we show that fluctuations of the future profitability of banks’ portfolios … affect their ability to cover for any liquidity needs and hence influence the premium banks require to carry the maturity …

Persistent link: https://www.econbiz.de/10010690388

Securitization and Asset Prices

Aksoy, Yunus; Basso, Henrique S. - CESifo - 2015

bond and equity premia. We then build a model of bank portfolio choice where the creation of synthetic securities may occur …

Persistent link: https://www.econbiz.de/10011167135

Consumption, Wealth and Business Cycles in Germany

Hamburg, Britta; Hoffmann, Mathias; Keller, Joachim - CESifo - 2005

the long-run. We offer an explanation of this finding that emphasizes differences between the bank-based German financial …

Persistent link: https://www.econbiz.de/10005765943

Financial Dollarization and European Union Membership

Neanidis, Kyriakos C. - CESifo - 2010

We analyze the effect of European Union (EU) membership on financial dollarization for the Central and Eastern European countries. Using a unique monthly dataset that spans about two decades, we find that both the accession process toward EU membership and EU entry have a direct impact on...

Persistent link: https://www.econbiz.de/10008572484

Early Warning System for Economic and Financial Risks in Kazakhstan

Bhattacharyay, Biswa N.; Dlugosch, Dennis; Kolb, Benedikt; … - CESifo - 2009

This paper proposes a macro-prudential financial soundness analysis that can be used by most developing and transformation countries with or without crisis experience as well as by developed countries with limited data. The objective is to detect economic and financial sector vulnerability,...

Persistent link: https://www.econbiz.de/10008534036

Analysis of Monetary Policy and Financial Stability: A New Paradigm

Goodhart, Charles A. E.; Osorio, Carolina; Tsomocos, … - CESifo - 2009

This paper introduces agent heterogeneity, liquidity, and endogenous default to a DSGE framework. Our model allows for a comprehensive assessment of regulatory and monetary policy, as well as welfare analysis in the different sectors of the economy. Due to liquidity and endogenous default, the...

Persistent link: https://www.econbiz.de/10008583683

Towards a Macroprudential Surveillance and Remedial Policy Formulation System for Monitoring Financial Crisis

Bhattacharyay, Biswa N. - CESifo - 2009

maintaining financial sector stability through reduction of vulnerability is highly crucial. The world is now witnessing an …

Persistent link: https://www.econbiz.de/10008583704

Revisiting the Link between Growth and Federalism: A Bayesian Model Averaging Approach

Asatryan, Zareh; Feld, Lars P. - CESifo - 2013

Following the ambiguous results in the literature aimed at understanding the empirical link between fiscal federalism and economic growth, this paper revisits the question using a Bayesian Model Averaging approach. The analysis suggests that the failure to appropriately account for model...

Persistent link: https://www.econbiz.de/10010690384

Diversification, Dutch Disease, and Economic Growth: Options for Uganda

Gylfason, Thorvaldur; Nganou, Jean-Pascal Nguessa - CESifo - 2014

encouraging imports. (ii) The increased volatility of the real exchange rate induced by oscillating oil prices in world markets …

Persistent link: https://www.econbiz.de/10011093976

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