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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 … intercepts) are a crucial determinant of ratings. Whilst "new" EU countries typically have lower ratings than "old" ones, after …
Persistent link: https://www.econbiz.de/10003971004
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Impacts of the German support for renewable energy on electricity prices, emissions and profits : an analysis based on a European electricity market model
Traber, Thure (contributor); Kemfert, Claudia (contributor) - 2007
Persistent link: https://www.econbiz.de/10003577403
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Inflation and inflation uncertainty in the euro area
Caporale, Guglielmo Maria; Onorante, Luca; Paesani, Paolo - 2009
This paper estimates a time-varying AR-GARCH model of inflation producing measures of inflation uncertainty for the euro area, and investigates the linkages between them in a VAR framework, also allowing for the possible impact of the policy regime change associated with the start of EMU in...
Persistent link: https://www.econbiz.de/10003858736
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Banking of surplus emissions allowances : does the volume matter?
Neuhoff, Karsten; Schopp, Anne; Boyd, Rodney; Stelmakh, … - 2012
In the European Emission Trading scheme the supply of allowances exceeds emissions - cumulating, according to our estimates, in a surplus of 2.7 billion tonnes by 2013/2014. We find that initially the surplus was acquired by power companies so as to hedge future carbon costs. As the surplus...
Persistent link: https://www.econbiz.de/10009579220
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Money and Inflation in the euro area during the financial crisis
Dreger, Christian; Wolters, Jürgen - 2011
This paper explores the stability of the relation between money demand for M3 and inflation in the euro area by including the recent period of the financial crisis. Evidence is based on a cointegration analysis, where inflation and asset prices are allowed to enter the long run relationship. By...
Persistent link: https://www.econbiz.de/10009427840
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Why do emitters trade carbon permits? : firm-level evidence from the European emission trading scheme
Zaklan, Aleksandar - 2013
The creation of the EU's Emission Trading Scheme (EU ETS) has turned the right to emit CO2 into a positively priced … intermediate good for the affected firms. Firms thus face the decision whether to source compliance with the EU ETS within their … exibility to shift the use of their allocation across time creates opportunities to achieve compliance with the EU ETS without …
Persistent link: https://www.econbiz.de/10009722291
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The role of natural gas in a low-carbon Europe : infrastructure and regional supply security in the global gas model
Holz, Franziska; Richter, Philipp M.; Egging, Ruud - 2013
In this paper, we use the Global Gas Model to analyze the perspectives and infrastructure needs of the European natural gas market until 2050. Three pathways of natural gas consumption in a future low-carbon energy system in Europe are envisaged: i) a decreasing natural gas consumption, along...
Persistent link: https://www.econbiz.de/10009722293
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Re-vitalizing money demand in the euro area : still valid at the zero lower bound
Dreger, Christian; Gerdesmeier, Dieter; Roffia, Barbara - 2016
The analysis of monetary developments have always been a cornerstone of the ECB’s monetaryanalysis and, thus, of its overall monetary policy strategy. In this respect, money demandmodels provide a framework for explaining monetary developments and assessing price stabilityover the medium term....
Persistent link: https://www.econbiz.de/10011532681
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Inclusion of consumption into emissions trading systems : legal design and practical administration
Ismer, Roland; Haussner, Manuel; Neuhoff, Karsten; … - 2016
trading systems such as the European Union Emissions Trading Scheme (EU ETS) arguably fulfils both the aims of preventing …
Persistent link: https://www.econbiz.de/10011479754
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The environmental and economic effects of European emissions trading
Kemfert, Claudia; Kohlhaas, Michael; Truong, Truong Phuoc; … - 2005
In 2005, the EU introduced an emissions trading system in order to pursue its Kyoto obligations. This instrument gives … on the national allocation plans as submitted to and approved by the EU. We find that, if the NAP is combined with a …
Persistent link: https://www.econbiz.de/10003219669