Similar Search Results

Falk, Armin; Zimmermann, Florian - CESifo - 2011

This paper studies how a preference for consistency can affect economic decision-making. We propose a two-period model where people have a preference for consistency because consistent behavior allows them to signal personal and intellectual strength. We then present three experiments that study...

Persistent link: https://www.econbiz.de/10009228620

Reform, Uncertainty and Spillovers - A Gravity Model Approach

Fidrmuc, Jan; Karaja, Elira; Tichit, Ariane - CESifo - 2012

Reforms often occur in waves, seemingly cascading from country to country. We argue that such reform waves may be driven by informational spillovers: uncertainty about the outcome of reform is reduced by learning from the experience of similar countries. We motivate this hypothesis with a simple...

Persistent link: https://www.econbiz.de/10009651184

Global and Regional Spillovers in Emerging Stock Markets: A Multivariate GARCH-in-mean Analysis

Beirne, John; Caporale, Guglielmo Maria; … - CESifo - 2009

This paper examines global (mature market) and regional (emerging market) spillovers in local emerging stock markets. Tri-variate VAR GARCH(1,1)-in-mean models are estimated for 41 emerging market economies (EMEs) in Asia, Europe, Latin America, and the Middle East. The models capture a range of...

Persistent link: https://www.econbiz.de/10008596577

Financial Contagion and the European Debt Crisis

Missio, Sebastian; Watzka, Sebastian - CESifo - 2011

findings show that there is contagion within the Euro Area. Additionally, contagious effects generated by rating announcements …

Persistent link: https://www.econbiz.de/10009278131

Risk-Sharing and Contagion in Networks

Cabrales, Antonio; Gottardi, Piero; Vega-Redondo, Fernando - CESifo - 2014

We investigate the trade-off between the risk-sharing gains enjoyed by more interconnected firms and the costs resulting from an increased risk exposure. We find that when the shock distribution displays “fat” tails, extreme segmentation into small components is optimal, while minimal...

Persistent link: https://www.econbiz.de/10010754654

Monetary Policies of Large Industrialised Countries, Emerging Market Credit Cycles and Feedback Effects

Hoffmann, Andreas; Schnabl, Gunther - CESifo - 2014

This paper explores the link between monetary policies of large industrial countries and international credit cycles. Based on an overinvestment framework, we show that in the prevailing asymmetric world monetary system, monetary policies of large centre countries can fuel credit booms in...

Persistent link: https://www.econbiz.de/10010756160

Volatility Spillovers and Contagion from Mature to Emerging Stock Markets

Beirne, John; Caporale, Guglielmo Maria; … - CESifo - 2009

transmission mechanism—contagion—during turbulences in mature markets. Tri-variate GARCH-BEKK models of returns in global (mature …

Persistent link: https://www.econbiz.de/10005765747

A Panic-Prone Pack? The Behavior of Emerging Market Mutual Funds

Borensztein, Eduardo R.; Gelos, R. Gaston - CESifo - 2001

This paper explores the behavior of emerging market mutual funds using anovel database covering the holdings of individual funds over the periodJanuary 1996 to March 1999. An examination of individual crises shows that,on average, funds withdrew money one month prior to the events. Thedegree of...

Persistent link: https://www.econbiz.de/10005094343

Lender of Last Resort and Bank Closure Policy

Freixas, Xavier; Parigi, Bruno Maria - CESifo - 2008

of last resort and other safety net issues. We devote particular emphasis to the analysis of systemic risk and contagion …

Persistent link: https://www.econbiz.de/10005405802

Econometric Issues in the Analysis of Contagion

Pesaran, M. Hashem; Pick, Andreas - CESifo - 2004

that ignoring inter-dependence can introduce an upward bias in the estimate of the contagion coefficient, and using Monte …This paper presents a canonical, econometric model of contagion and investigates the conditions under which contagion … can be distinguished from inter-dependence. In a two-country (market) setup it is shown that for a range of fundamentals …

Persistent link: https://www.econbiz.de/10005406044