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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 direction of potential causality between financial and economic development. Our results conclude to the existence of … a single cointegrating vector between financial development and growth and of causality going from financial development …

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

The Law of One Price - A Case Study

Haskel, Jonathan; Wolf, Holger C. - CESifo - 2001

We use retail transaction prices for a multinational retailer to examine the extent and permanence of violations of the law of one price (LOOP). For identical products, we find typical deviations of twenty to fifty percent, though there is muted evidence for convergence over time. Such...

Persistent link: https://www.econbiz.de/10005181286

Powering Up Developing Countries through Integration?

Auriol, Emmanuelle; Biancini, Sara - CESifo - 2012

Power market integration is analyzed in a two countries model with nationally regulated firms and costly public funds. If generation costs between the two countries are too similar negative business-stealing outweighs efficiency gains so that following integration welfare decreases in both...

Persistent link: https://www.econbiz.de/10010556079

Wholesale Price Discrimination and Parallel Imports

Ganslandt, Mattias; Maskus, Keith E. - CESifo - 2007

We develop a model of vertical pricing in which an original manufacturer sets wholesale prices in two markets integrated at the distributor level by parallel imports (PI). In this context we show that if competition policy requires uniform wholesale prices across locations it would push retail...

Persistent link: https://www.econbiz.de/10005765782

Deviations from the Law of One Price in Japan

Cheung, Yin-Wong; Fujii, Eiji - CESifo - 2008

Using 25 years of monthly data on individual Japanese retail prices, we study the behavior of product-specific Law of One Price (LOP) deviations. Individual tradable products, compared with nontradables, are more likely to have different distributions of LOP deviations across cities. Their...

Persistent link: https://www.econbiz.de/10005765970

China, Hong Kong, and Taiwan: A Quantitative Assessment of Real and Financial Integration

Cheung, Yin-Wong; Chinn, Menzie D.; Fujii, Eiji - CESifo - 2003

The status of real and financial integration of China, Hong Kong, and Taiwan is investigated using monthly data on one-month interbank rates, exchange rates, and prices. Specifically, the degree of integration is assessed based on the empirical validity of real interest parity, uncovered...

Persistent link: https://www.econbiz.de/10005181319

European Market Integration for Gas? Volume Flexibility and Political Risk

Asche, Frank; Osmundsen, Petter; Tveterås, Ragnar - CESifo - 2000

, Dutch and Russian gas export prices to Germany in 1990-1998 are examined. Cointegration tests show that the different border …

Persistent link: https://www.econbiz.de/10005181551

Regulating National Firms in a Common Market

Biancini, Sara - CESifo - 2008

We consider the regulation of national firms in a common market. Regulators can influence the production of national firms but they incur in a positive cost of public funds. First, we show that market integration is welfare improving if and only if the efficiency gains compensate for the...

Persistent link: https://www.econbiz.de/10005196269

Economic Nationalism and Economic Integration: The Austro-Hungarian Empire in the Late Nineteenth Century

Schulze, Max-Stephan; Wolf, Nikolaus - CESifo - 2009

This paper seeks to reconcile two seemingly contradictory strands in the literature on economic development in the late nineteenth century Habsburg Empire - one emphasizing the centrifugal impact of rising intra-empire of nationalism, the other stressing significant improvements in market...

Persistent link: https://www.econbiz.de/10008572582

Carbon Content of Electricity Futures in Phase II of the EU ETS

Fell, Harrison; Hintermann, Beat; Vollebergh, Herman R. J. - CESifo - 2013

We estimate the relationship between electricity, fuel and carbon prices in Germany, France, the Netherlands, the Nord Pool market and Spain, using one-year futures for base and peak load prices for the years 2009-2012, corresponding to physical settlement during the second market phase of the...

Persistent link: https://www.econbiz.de/10010877729