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EU banks rating assignments: Is there heterogeneity between new and old member countries?
Caporale, Guglielmo Maria; Matousek, Roman; Stewart, Chris - 2010
We model EU countries' bank ratings using financial variables and allowing for intercept and slope heterogeneity. Our aim is to assess whether old and new EU countries are rated differently and to determine whether new ones are assigned lower ratings, ceteris paribus, than old ones. We find that...
Persistent link: https://www.econbiz.de/10010271360
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An Economic Analysis of Security Policies
Brück, Tilman - 2004
This paper analyses public policy choices in the security economy from an economic perspective. It discusses the role … of public goods for national and global security and identifies the importance of the first- and second-order indirect … effects of insecurity on economic activity, which include the behavioural responses of agents and the government to security …
Persistent link: https://www.econbiz.de/10010260823
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Analysis of the world market for steam coal using a complementarity model
Haftendorn, Clemens; Holz, Franziska - 2008
analyze the level of competition in this market which is strategic for the importers' security of energy supply. In a spatial …
Persistent link: https://www.econbiz.de/10010265027
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The globalization of steam coal markets and the role of logistics: an empirical analysis
Zaklan, Aleksandar; Cullmann, Astrid; Neumann, Anne; … - 2009
In this paper, we provide a comprehensive multivariate cointegration analysis of three parts of the steam coal value chain - export, transport and import prices. The analysis is based on a rich dataset of international coal prices; in particular, we combine data on steam coal prices with freight...
Persistent link: https://www.econbiz.de/10010274289
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COALMOD-world: A model to assess international coal markets until 2030
Haftendorn, Clemens; Holz, Franziska; von Hirschhausen, … - 2010
Coal continues to be an important fuel in many countries' energy mix and, despite the climate change concerns, it is likely to maintain this position for the next decades. In this paper a numerical model is developed to investigate the evolution of the international market for steam coal, the...
Persistent link: https://www.econbiz.de/10010285752
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What about coal? Interactions between climate policies and the global steam coal market until 2030
Haftendorn, Clemens; Kemfert, Claudia; Holz, Franziska - 2011
Because of economic growth and a strong increase in global energy demand the demand for fossil fuels and therefore also greenhouse gas emissions are increasing, although climate policy should lead to the opposite effect. The coal market is of special relevance as coal is available in many...
Persistent link: https://www.econbiz.de/10010286625
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M3 money demand and excess liquidity in the euro area
Dreger, Christian; Wolters, Jürgen - 2008
Money growth in the euro area has exceeded its target since 2001. Likewise, recent empirical studies did not find evidence in favour of a stable long run money demand function. The equation appears to be increasingly unstable if more recent data are used. If the link between money balances and...
Persistent link: https://www.econbiz.de/10010291768
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Money velocity and asset prices in the euro area
Dreger, Christian; Wolters, Jürgen - 2008
Monetary growth in the euro area has exceeded its target since several years. At the same time, the money demand function seems to be increasingly unstable if more recent data are used. If the link between money balances and the macroeconomy is fragile, the rationale of monetary aggregates in...
Persistent link: https://www.econbiz.de/10010291770
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Liquidity and asset prices: how strong are the linkages?
Dreger, Christian; Wolters, Jürgen - 2009
The appropriate design of monetary policy in integrated financial markets is one of the most challenging areas for central banks. One hot topic is whether the rise in liquidity in recent years has contributed to the formation of price bubbles in asset markets. If strong linkages exist, the...
Persistent link: https://www.econbiz.de/10010291772
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European financial market integration: a closer look at government bonds in Eurozone countries
Weber, Sebastian - 2009
The European Union made a number of steps not least of them the introduction of a common currency to foster the integration of the European financial markets. A number of papers have tried to gauge the degree of integration for various financial markets looking at the convergence of interest...
Persistent link: https://www.econbiz.de/10010291773