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Monetary Policies of Large Industrialised Countries, Emerging Market Credit Cycles and Feedback Effects

Hoffmann, Andreas; Schnabl, Gunther - CESifo - 2014

This paper explores the link between monetary policies of large industrial countries and international credit cycles. Based on an overinvestment framework, we show that in the prevailing asymmetric world monetary system, monetary policies of large centre countries can fuel credit booms in...

Persistent link: https://www.econbiz.de/10010756160

Escaping from a Combination of Liquidity Trap and Credit Crunch

Heinemann, Frank - CESifo - 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/10005765775

A Role Model for China? Exchange Rate Flexibility and Monetary Policy in Japan

Schnabl, Gunther; Danne, Christian - CESifo - 2007

Few papers have tried to project how Chinese monetary policy will behave under flexible exchange rates. As Japan … policy after the shift of Japan from a fixed to a floating exchange rate regime. The econometric estimations allow for regime … soften the appreciation pressure by interest rate cuts have led Japan into the liquidity trap. …

Persistent link: https://www.econbiz.de/10005405989

Market Segmentation in Two-Sided Markets: TV Rights for Premier League

Kind, Hans Jarle; Sørgard, Lars - CESifo - 2013

This paper analyzes market segmentation in a two-sided market that consists of media consumers and advertisers. The analysis is motivated by a European Court of Justice Decision in October 2011, which allowed viewers to take advantage of international price differences and buy access to Premier...

Persistent link: https://www.econbiz.de/10010603852

ECB Interventions in Distressed Sovereign Debt Markets: The Case of Greek Bonds

Trebesch, Christoph; Zettelmeyer, Jeromin - CESifo - 2014

This paper analyses the determinants and effects of ECB interventions in times of severe distress. We focus on the Greek government bond market in mid-2010 and use a unique new dataset to show, for the first time, what type of bonds the ECB bought. We then explore the short-term effects of ECB...

Persistent link: https://www.econbiz.de/10010756163

Beyond the Salassa-Samuelson Effect in some New Member States of the European Union

García-Solanes, José; Sancho-Portero, Francisco I.; … - CESifo - 2007

This paper analyses the Balassa and Samuelson hypothesis in two groups of European countries: six New Member States (NMS) and six advanced EU-15 economies. It is found that the second stage of the hypothesis, which relates relative sector prices with the real exchange rate, does not hold...

Persistent link: https://www.econbiz.de/10005416475

Financial Markets and Economic Growth in Poland: Simulations with an Econometric Model

Wdowinski, Piotr - CESifo - 2005

In this paper we present simulations of economic performance of the Polish economy based on a quarterly econometric model. The model consists of 22 stochastic equations, which link the financial market with the real economy. The purpose of the research is to present effects of changes to...

Persistent link: https://www.econbiz.de/10005766248

Iceland: How Could This Happen?

Gylfason, Thorvaldur - CESifo - 2014

, Japan, and Russia more than it resembles its Nordic neighbors or even Ireland. The paper also considers the uncertain …

Persistent link: https://www.econbiz.de/10010877635

Gold, Oil, and Stocks: Dynamic Correlations

Baruník, Jozef; Kocenda, Evžen; Vácha, Lukáš - CESifo - 2015

We employ a wavelet approach and conduct a time-frequency analysis of dynamic correlations between pairs of key traded assets (gold, oil, and stocks) covering the period from 1987 to 2012. The analysis is performed on both intra-day and daily data. We show that heterogeneity in correlations...

Persistent link: https://www.econbiz.de/10011272625

The Impact of the Global Financial Crisis on Business Cycles in Asian Emerging Economies

Fidrmuc, Jarko; Korhonen, Iikka - CESifo - 2009

We analyze the transmission of global financial crisis to business cycles in China and India. The pattern of business cycles in emerging Asian economies generally displays a low degree of synchronization with the OECD countries, which is consistent with the decoupling hypothesis. By contrast,...

Persistent link: https://www.econbiz.de/10005013072

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