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Contagion Between European and US Banks: Evidence from Equity Prices

Fricke, Daniel - Institut für Weltwirtschaft (IfW) - 2010

This paper employs an Extreme Value Theory framework to investigate the existence of contagion between European and US … finding market-based indicators in order to analyze the effects of crises and to quantify the risk of contagion. The Distance … coexceedances allows to interpret significant coefficients of foreign lagged coexceedances as contagion. The main finding is that …

Persistent link: https://www.econbiz.de/10008764567

A Bargaining Theory of Trade Invoicing and Pricing

Goldberg, Linda; Tille, Cédric - Institut für Weltwirtschaft (IfW) - 2013

We develop a theoretical model of international trade pricing in which individual exporters and importers bargain over the transaction price and exposure to exchange rate fluctuations. We find that the choice of price and invoicing currency reflects the full market structure, including the...

Persistent link: https://www.econbiz.de/10010886869

Do Real Exchange Rate Appreciations Matter for Growth?

Bussière, Matthieu; Lopez, Claude; Tille, Cédric - Institut für Weltwirtschaft (IfW) - 2014

While the impact of exchange rate changes on economic growth has long been an issue of key importance in international macroeconomics, it has received renewed attention in recent years, owing to weaker growth rates and the debate on "currency wars". However, in spite of its prevalence in the...

Persistent link: https://www.econbiz.de/10010886950

Overconfidence, Experience, and Professionalism: An Experimental Study

Menkhoff, Lukas; Schmeling, Maik; Schmidt, Ulrich - Institut für Weltwirtschaft (IfW) - 2010

This paper presents an online-experiment on overconfidence in the context of financial markets. Our subject pool consists of institutional investors, investment advisors and individual investors, all of them being registered users of a large online platform for market sentiment data. Due to...

Persistent link: https://www.econbiz.de/10008631613

How to Finance Economic Development in the New Millennium: German Capital Exports to Asia and the Debate on the Effectiveness of Official Development Financing

Nunnenkamp, Peter - Institut für Weltwirtschaft (IfW) - 2000

Germany's role in financing economic development in Asia on a sustainable basis leaves much to be desired. Direct investors are still underrepresented in the region. Commercial banks have fueled speculative bubbles. Official development financing does not appear to be based on efficiency-related...

Persistent link: https://www.econbiz.de/10005755139

Liberalization and Regulation of International Capital Flows: Where the Opposites Meet

Nunnenkamp, Peter - Institut für Weltwirtschaft (IfW) - 2001

The paper discusses the pros and cons of capital account liberalization. Rather than contrasting liberalization and regulation of capital flows as irreconcilable antagonisms, we argue that capital account liberalization requires institutional and regulatory safeguards. Even though the...

Persistent link: https://www.econbiz.de/10005700530

To What Extent Can Foreign Direct Investment Help Achieve International Development Goals?

Nunnenkamp, Peter - Institut für Weltwirtschaft (IfW) - 2002

For FDI to help achieve the international development goal of halving absolute poverty, two conditions have to be met. First, poor developing countries need to be attractive to foreign investors. Second, the host-country environment in which foreign investors operate must be conducive to...

Persistent link: https://www.econbiz.de/10005700544

Real Financial Market Exchange Rates and Capital Flows

Leppin, Julian S.; Reitz, Stefan - Institut für Weltwirtschaft (IfW) - 2014

This paper investigates the impact of a changing market environment on the pricing of CDS spreads written on debt from EURO STOXX 50 firms. A Panel Smooth Transition Regression reveals that parameter estimates of standard CDS fundamentals are time-varying depending on current values of a set of...

Persistent link: https://www.econbiz.de/10010886881

Structure in the Italian Overnight Loan Market

Raddant, Matthias - Institut für Weltwirtschaft (IfW) - 2012

We analyze the Italian interbank loan market from 1999 until 2010. The analysis of net trade flows shows a high imbalance caused by few large net borrowers in the market. The trading volume shows a significant drop starting in 2007, which accelerates with the Lehman default in late 2008. The...

Persistent link: https://www.econbiz.de/10010886893

Real Financial Market Exchange Rates and Capital Flows

Gelman, Maria; Jochem, Axel; Reitz, Stefan; Taylor, Mark P. - Institut für Weltwirtschaft (IfW) - 2014

Foreign exchange rates, asset prices and capital movements are expected to be closely related to each other as international capital markets become more and more integrated. This paper provides new empirical evidence from an index of exchange-rate adjusted cross-country asset price ratios, which...

Persistent link: https://www.econbiz.de/10010886943