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Real effects of financial market integration : evidence from an ECB collateral framework change
Hüttl, Pia; Kaldorf, Matthias - 2022
This paper studies the effects of harmonizing collateral policy in a monetary union. In 2007, the European Central Bank replaced national collateral lists with a single list specifying which assets euro area banks can pledge as collateral. Banks holding newly eligible assets experience a...
Persistent link: https://www.econbiz.de/10013336407
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Real effects of financial market integration : evidence from an ECB collateral framework change
Hüttl, Pia; Kaldorf, Matthias - 2022 - Revised version: 6. February 2023
Does central bank collateral policy contribute to financial market integration? We address this question by exploiting that, in 2007, the European Central Bank replaced national collateral frameworks by a single list. Under the single list regime, euro area banks could pledge all euro area bank...
Persistent link: https://www.econbiz.de/10013549091
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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/10003818738
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Legal harmonization, institutional quality, and countries' external positions : a sectoral analysis
Bremus, Franziska; Kliatskova, Tatsiana - 2018
This paper analyzes links between institutional harmonization and bilateral portfolio debt and equity holdings at the sectoral level. Motivated by the action plan for the European Capital Markets Union, we examine the potential for legal harmonization and convergence in institutional quality to...
Persistent link: https://www.econbiz.de/10011928526
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Insolvency regimes and cross-border investment decisions
Kliatskova, Tatsiana; Savatier, Loïc Baptiste - 2020 - This version: April 2020
This paper investigates the effect of reforms of insolvency regulations on cross-border debt and equity investments at a sectoral level. Using disaggregated data from the Securities Holdings Statistics by Sector (SHSS) and OECD-indicators on the efficiency of insolvency regulations, we find...
Persistent link: https://www.econbiz.de/10012202728
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Brexit and uncertainty in financial markets
Caporale, Guglielmo Maria; Gil-Alaña, Luis A.; Trani, … - 2018
This paper applies long-memory techniques (both parametric and semi-parametric) to examine whether Brexit has led to any significant changes in the degree of persistence of the FTSE 100 Implied Volatility Index (IVI) and of the British pound’s implied volatilities (IVs) vis-à-vis the main...
Persistent link: https://www.econbiz.de/10011789327
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Nested stochastic possibility frontiers with heterogeneous capital inputs
Erber, Georg (contributor); Madlener, Reinhard (contributor) - 2007
Persistent link: https://www.econbiz.de/10003577454
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Productivity differences in the European Union : national, regional and spatial effects
Geppert, Kurt; Gornig, Martin; Stephan, Andreas - 2003
the relative importance of national, regional and spatial factors for explaining variations of productivity. Our analysis … shows that initial economic conditions or agglomeration and centrality are indeed relevant for differences in productivity … levels. What is far more important, however, is which country a region belongs to. Productivity differences in the European …
Persistent link: https://www.econbiz.de/10011439298
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Analyzing e-learning adoption via recursive partitioning
Koellinger, Philipp; Schade, Christian D. - 2003
The paper analyzes factors that influence the adoption of e-learning and gives an example of how to forecast technology adoption based on a post-hoc predictive segmentation using a classification and regression tree (CART). We find strong evidence for the existence of technological...
Persistent link: https://www.econbiz.de/10011438452
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Market concentration in Europe : evidence from antitrust markets
Affeldt, Pauline Luise; Duso, Tomaso; Gugler, Klaus; … - 2021 - This draft: January 20, 2021
many industries around the world since the 1980s. Two major criticisms of these studies is that concentration and market …
Persistent link: https://www.econbiz.de/10012426540