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Double Diversification with an Application to Iceland
Gylfason, Thorvaldur - 2015
diversification as an essential aspect of national risk management aimed at promoting efficiency, growth, and welfare. The paper first … presents economic and political diversification side by side in a cross-country framework and discusses how they interact and … effects of insufficient economic and insufficient political diversification. Dominated for decades by the fishing industry …
Persistent link: https://www.econbiz.de/10013020575
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Paralyzed by Shock : The Portfolio Formation Behavior of Peer-to-Business Lending Investors
Dorfleitner, Gregor - 2019
We study the investor behavior on a leading peer-to-business lending platform and identify a new investment mistake – a default shock bias. First, we find that investors stop investing in new loans and cease from diversifying their portfolio after experiencing a loan default. The default...
Persistent link: https://www.econbiz.de/10012899204
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Institutional Reform and Depositors' Portfolio Choice -- Evidence from Censored Quantile Regressions
Berlemann, Michael - 2014
In this paper we study the effect of institutional reform on the decision to hold risky assets at the extensive and the intensive margin. We therefore make use of the natural experiment of German Division and Reunification and, based on savings bank customer data from German savings banks, study...
Persistent link: https://www.econbiz.de/10013053072
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The Relevance or Otherwise of the Central Bank's Balance Sheet
Miles, David - 2014
This paper explores the impacts on an economy of a central bank changing the size and composition of its balance sheet. One of the ways in which such asset purchases could influence prices and demand is via portfolio balance effects. We develop and calibrate a simple OLG model in which...
Persistent link: https://www.econbiz.de/10013058499
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Modeling Optimism and Pessimism in the Foreign Exchange Market
De Grauwe, Paul; Rovira Kaltwasser, Pablo - 2021
In this paper we model how the existence of different beliefs about the underlying fundamental value of a currency affects the dynamics of the exchange rate. We find that a divergence of beliefs creates the potential for waves of optimism and pessimism that alternate in an unpredictable way....
Persistent link: https://www.econbiz.de/10013317108
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Asset Allocation and Monetary Policy : Evidence from the Eurozone
Hau, Harald - 2014
The eurozone has a single short-term nominal interest rate, but monetary policy conditions measured by real short-term interest rates varied substantially across countries in the period 2003-2010. We use this cross-country variation in the (local) tightness of monetary policy to examine its...
Persistent link: https://www.econbiz.de/10013045340
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Diversification, Risk Aversion and Expectation in a Holdout Scenario
Eggert, Wolfgang - 2015
We argue a holdout is not a destructive investor behaviour but a rational investment decision. This investment decision is characterised by the mean-variance approach. We investigate intercreditor conflict by diverse portfolio structure. We demonstrate that at some point during the Greek (2012)...
Persistent link: https://www.econbiz.de/10013013489
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Volatility and Diversification of Exports : Firm-Level Theory and Evidence
Vannoorenberghe, Gonzague - 2014
-run demand shocks. In this setup, the volatility of a firm's exports depends not only on the diversification of its destination … doubt on the commonly held belief that diversification must decrease volatility …
Persistent link: https://www.econbiz.de/10013048894
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Diversification, Dutch Disease, and Economic Growth : Options for Uganda
Gylfason, Thorvaldur - 2014
different from other oil-rich countries. In five main ways, all of which suggest the need for economic diversification as an … to economic development, including human and social capital. The need for diversification can be viewed in terms of … seeking at bay. Economic diversification for the purpose of containing the preponderance of the resource-intensive industry at …
Persistent link: https://www.econbiz.de/10013040480
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Diversification Power of Real Estate Market Securities : The Role of Financial Crisis and Dividend Policy
Ilbasmis, Metin - 2018
This paper investigates dynamic conditional correlations between stock and REIT markets in both Turkey and the U.S. We use an Asymmetric DCC - GJR - GARCH model to estimate the dynamic conditional correlation at daily, weekly, and monthly frequencies. Our contribution is threefold. First, we...
Persistent link: https://www.econbiz.de/10012916360