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Is Medicines Parallel Trade 'Regulatory Arbitrage'?
Costa-Font, Joan - 2015
medicines conflicts with traditional sources of arbitrage (e.g., price and income differences) and instead is a form of … ‘regulatory arbitrage' that does not produce equivalent welfare effects. We draw upon a unique dataset that contains records of … regulation, and not by price differences in line with the hypothesis of ‘regulatory arbitrage' …
Persistent link: https://www.econbiz.de/10013028783
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Credit Derivates and the Default Risk of Large Complex Financial Institutions
Calice, Giovanni - 2013
This paper addresses the impact of developments in the credit risk transfer market on the viability of a group of systemically important financial institutions. We propose a bank default risk model, in the vein of the classic Merton-type, which utilizes a multi-equation framework to model...
Persistent link: https://www.econbiz.de/10013092380
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Carbon Leakage, the Green Paradox and Perfect Future Markets
Eichner, Thomas - 2014
Policies of lowering carbon demand may aggravate rather than alleviate climate change (green paradox). In a two-period three-country general equilibrium model with finite endowment of fossil fuel one country enforces an emissions cap in the first or second period. When that cap is tightened the...
Persistent link: https://www.econbiz.de/10012750992
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Exit Strategies, Capital Flight and Speculative Attacks : Europe's Version of the Trilemma
Steiner, Andreas - 2018
proposing a theory-based index of exchange market pressure within the euro area. We argue that the euro area entails an inherent …
Persistent link: https://www.econbiz.de/10012929540
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China's Bilateral Currency Swap Lines
Lin, Zhitao - 2016
We study the determinants of China's bilateral local currency swap lines that were established since the recent global finance crisis. It is found that economic factors, political considerations, and institutional characteristics including trade intensity, economic size, strategic partnership,...
Persistent link: https://www.econbiz.de/10012997246
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Capital Flight : China's Experience
Cheung, Yin-Wong - 2013
We study the empirical determinants of China's capital flight. In addition to the covered interest differential, our empirical exercise includes a rather exhaustive list of macroeconomic variables and a few institutional factors. Overall, our regression exercise shows that China's capital flight...
Persistent link: https://www.econbiz.de/10013095146
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The Law of One Price - A Case Study
Haskel, Jonathan; Wolf, Holger C. - CESifo - 2001
We use retail transaction prices for a multinational retailer to examine the extent and permanence of violations of the law of one price (LOOP). For identical products, we find typical deviations of twenty to fifty percent, though there is muted evidence for convergence over time. Such...
Persistent link: https://www.econbiz.de/10005181286
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Bank of England Interest Rate Announcements and the Foreign Exchange Market
Melvin, Michael - 2013
Since 1997, the Bank of England Monetary Policy Committee (MPC) has met monthly to set the UK policy interest rate. We examine evidence of systematic patterns in exchange rate movements on MPC days over the first decade of operation of the MPC. Daily data reveal significant differences in...
Persistent link: https://www.econbiz.de/10013096000
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The Impact of Macro News and Central Bank Communication on Emerging European Forex Markets
Égert, Balázs - 2013
We employ two-stage empirical strategy to analyze the impact of macroeconomic news and central bank communication on the exchange rates of three Central and Eastern European (CEE) currencies against the euro. First we estimate the nominal equilibrium exchange rate based on a monetary model....
Persistent link: https://www.econbiz.de/10013079876
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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