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The Great Recession versus the Great Depression: stylized facts on siblings that were given different foster parents
Aiginger, Karl - Institut für Weltwirtschaft (IfW) - 2010
This paper compares the depth of the Recent Crisis and the Great Depression. We use a new data set to compare the drop in activity in the industrialized countries for seven activity indicators. This is done under the assumption that the Recent Crisis leveled off in mid-2009 for production and...
Persistent link: https://www.econbiz.de/10008615592
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An inconsistency in using stock flow consistency in modelling the monetary profit paradox
de la Fonteijne, Marcel - Institut für Weltwirtschaft (IfW) - 2014
In order to understand from where the profits or monetary profits of capitalists and firms emerge the author examined the phrase of Marx, 'Die Gesamtklasse der Kapitalisten kann nichts aus der Zirkulation herausziehen, was nicht vorher hineingeworfen war.' (The class of capitalists cannot...
Persistent link: https://www.econbiz.de/10010956050
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Securitization, housing market and banking sector behavior in a stock-flow consistent model
Fontana, Olimpia; Godin, Antoine - Institut für Weltwirtschaft (IfW) - 2013
This paper focuses on the different balance sheet management behavior of private banks and worker households, when assets are traded in the market. The authors take into consideration the securitization process, through which mortgage loans to households are converted into tradable securities...
Persistent link: https://www.econbiz.de/10010956133
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The paradox of monetary profits: an obstacle to understanding financial and economic Crisis?
Bruun, Charlotte; Heyn-Johnsen, Carsten - Institut für Weltwirtschaft (IfW) - 2009
problem, and neither did Keynes, who had to face the problem in “The General Theory”. A consequential logical conclusion to … Keynes’ treatment of the problem, leaves his concept of aggregate income indeterminate—based on imaginary magnitudes. Both … Marx and Keynes tried to solve the problem by addressing current transaction flows, which is also the approach taken by …
Persistent link: https://www.econbiz.de/10008479049
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Different risk-adjusted fund performance measures: a comparison
Grau-Carles, Pilar; Sainz, Jorge; Otamendi, Javier; … - Institut für Weltwirtschaft (IfW) - 2009
Traditional risk-adjusted performance measures, such as the Sharpe ratio, the Treynor index or Jensen's alpha, based on the mean-variance framework, are widely used to rank mutual funds. However, performance measures that consider risk by taking into account only losses, such as Value-at-Risk...
Persistent link: https://www.econbiz.de/10008561128
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Financial stress and economic dynamics: an application to France
Aboura, Sofiane; Roye, Björn van - Institut für Weltwirtschaft (IfW) - 2013
In this paper, we develop a financial stress index for France that can be used as a real-time composite indicator for the state of financial stability in France. We take 17 financial variables from different market segments and extract a common stress component using a dynamic approximate factor...
Persistent link: https://www.econbiz.de/10010886871
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Estimating the Shape of Economic Crises under Heterogeneity
Dovern, Jonas; Jannsen, Nils - Institut für Weltwirtschaft (IfW) - 2009
During the ongoing financial crisis the analysis of similar historical crises has gained more and more attention among economic researchers and forecasters. Existing studies, however, do not tackle the immense heterogeneity that is present in cross-country samples in a formal and consistent way....
Persistent link: https://www.econbiz.de/10005012878
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Contagion effect of financial crisis on OECD stock markets
Kazi, Irfan Akbar; Guesmi, Khaled; Kaabia, Olfa - Institut für Weltwirtschaft (IfW) - 2011
In this paper we investigate the contagion effect between stock markets of U.S and sixteen OECD countries due to Global Financial Crisis (2007-2009). We apply Dynamic Conditional Correlation GARCH model Engle (2002) to daily stock price data (2002-2009). In order to recognize the contagion...
Persistent link: https://www.econbiz.de/10009149314
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Euro Area: Single Currency - National Money Creation
Kooths, Stefan; Roye, Björn van - Institut für Weltwirtschaft (IfW) - 2012
The Eurosystem has been pursuing a crisis management policy for more than four years now. This policy aims primarily at maintaining financial stability in the euro area by providing vast liquidity support to commercial banks that are operating in nationally segmented banking systems. As a side...
Persistent link: https://www.econbiz.de/10010886947
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The crisis and beyond: thinking outside the box
Hillinger, Claude - Institut für Weltwirtschaft (IfW) - 2010
In this paper the author attempts an analysis of the current financial/economic crisis that is wider ranging and more fundamental than he has been able to find. For this purpose he reviews some social science literature that views the current crisis as an episode in the secular decline of the...
Persistent link: https://www.econbiz.de/10008561129