Showing 1 - 10 of 37
This paper models volatility spillovers from mature to emerging stock markets, tests for changes in the transmission mechanism during turbulences in mature markets, and examines the implications for conditional correlations between mature and emerging market returns. Tri-variate GARCH-BEKK...
Persistent link: https://www.econbiz.de/10008458415
At the 2010 FIFA World Cup in South Africa, many soccer matches were played during stock market trading hours, providing us with a natural experiment to analyze fluctuations in investor attention. Using minute‐by‐minute trading data for fifteen international stock exchanges, we present three...
Persistent link: https://www.econbiz.de/10010686838
Economic and Monetary Union (EMU) has transformed Europe and has created an integrated pan-European economy. Much research has focused on understanding this integration process and what benefits and costs it entails. This paper identifies a political economy channel of EMU as the monetary union...
Persistent link: https://www.econbiz.de/10005530784
We study how public policy can contribute to increase the share of early stage and high-tech venture capital investments, thus helping the development of active venture capital markets. A simple extension of the seminal model by Holmstrom and Tirole (1997) provides a theoretical base for our...
Persistent link: https://www.econbiz.de/10005162909
productivity convergence among euro area countries. While no convergence can be found on the aggregate level, selected service … sectors and manufacturing sub-industries indicate evidence of convergence. In a search for factors influencing productivity … competitive environment, eventually facilitating economic convergence. JEL Classification: C33, O47, J24, L60, L80 …
Persistent link: https://www.econbiz.de/10010686756
In this paper we look at business cycles similarities between CEE countries and the euro area. Particularly, we uncover GDP-inflation cycles by adopting a trend-cycle decomposition model which allows the trend to be either stochastic or deterministic i.e. of the non-linear type. Once cyclical...
Persistent link: https://www.econbiz.de/10010686780
integration, convergence in the European retail payments market is measured during the period 1995-2011 for the most used retail … estimating convergence are used: sigma convergence and beta convergence. There is some evidence of convergence for all payment … instruments has declined over time in Europe. The pace of convergence has picked up since the introduction of the single currency …
Persistent link: https://www.econbiz.de/10010688324
integration, convergence in the European retail payments market is measured during the period 1995-2011 for the most used retail … estimating convergence are used: sigma convergence and beta convergence. There is some evidence of convergence for all payment … instruments has declined over time in Europe. The pace of convergence has picked up since the introduction of the single currency …
Persistent link: https://www.econbiz.de/10010693509
We describe a dynamic model of financial intermediation in which fundamental characteristics of the economy imply a unique equilibrium path of bank and financial market lending. Yet we also show that economies whose fundamental characteristics have converged may continue to have very different...
Persistent link: https://www.econbiz.de/10005530714
We study the convergence of European bond markets and the anchoring of inflation expectations in euro area countries …) has led to substantial convergence in euro area sovereign bond markets in terms of interest rate levels, unconditional …
Persistent link: https://www.econbiz.de/10005530722