Similar Search Results

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

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

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

. Tri-variate VAR GARCH(1,1)-in-mean models are estimated for 41 emerging market economies (EMEs) in Asia, Europe, Latin … crossmarket linkages varies across countries and regions. While spillovers in mean returns dominate in emerging Asia and Latin … dominating in Asia, and regional spillovers in Latin America and the Middle East. …

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

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 …

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

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

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

Did US Consumers 'Save for a Rainy Day' Before the Great Recession?

Anundsen, André Kallåk; Nymoen, Ragnar - CESifo - 2015

The ‘saving for a rainy day’ hypothesis implies that households’ saving decisions reflect that they can (rationally) predict future income declines. The empirical relevance of this hypothesis plays a key role in discussions of fiscal policy multipliers and it holds under the null that the...

Persistent link: https://www.econbiz.de/10011278934

The Sustainability of Fiscal Policy in Italy: A Long-Term Perspective

Bartoletto, Silvana; Chiarini, Bruno; Marzano, Elisabetta - CESifo - 2012

debt and its ratio to GDP. Second, exploiting unit root analysis and cointegration, we test for the sustainability of …

Persistent link: https://www.econbiz.de/10010548150

Do Better Capitalized Banks Lend Less? Long-Run Panel Evidence from Germany

Buch, Claudia M.; Prieto, Esteban - CESifo - 2012

between the capitalization of the banking sector and bank loans using panel cointegration models. We study the evolution of …

Persistent link: https://www.econbiz.de/10010552440

On the Linkages between Stock Prices and Exchange Rates: Evidence from the Banking Crisis of 2007-2010

Caporale, Guglielmo Maria; Hunter, John; Ali, Faek Menla - CESifo - 2013

This study examines the nature of the linkages between stock market prices and exchange rates in six advanced economies, namely the US, the UK, Canada, Japan, the euro area, and Switzerland, using data on the banking crisis between 2007 and 2010. Bivariate GARCH-BEKK models are estimated...

Persistent link: https://www.econbiz.de/10010636593