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Slacalek, Jirka (contributor) - 2006

This paper investigates the wealth effect for 16 industrial countries using the recently proposed technique that exploits the sluggishness of consumption growth. I estimate that the longrun marginal propensity to consume from wealth varies from less than 0.5 cents in France to 4.5 cents in the...

Persistent link: https://www.econbiz.de/10003338206

Forecasting the fragility of the banking and insurance sector

Bernoth, Kerstin; Pick, Andreas - 2009

This paper considers the issue of forecasting financial fragility of banks and insurances using a panel data set of performance indicators, namely distance-to- default, taking unobserved common factors into account. We show that common factors are important in the performance of banks and...

Persistent link: https://www.econbiz.de/10003832732

Representing GASPEC with the World Gas Model

Egging, Ruud; Holz, Franziska; Hirschhausen, Christian … - 2008

countries, sometimes called GASPEC. We use the World Gas Model, a dynamic, strategic representation of world gas production … North America would be affected more than other parts of the world. Lastly, the vulnerability of gas importers worldwide on … ; trade ; cartel ; collusion ; World Gas Model …

Persistent link: https://www.econbiz.de/10003793058

Strategic investment in international gas-transport systems : a dynamic analysis of the hold-up problem

Hubert, Franz (contributor); Suleymanova, Irina (contributor) - 2008

We develop a dynamic model of strategic investment in a transnational pipeline system. In the absence of international contract enforcement, countries may distort investment in order to increase their bargaining power, resulting in overinvestment in expensive and underinvestment in cheap...

Persistent link: https://www.econbiz.de/10003793068

The impact of financial structure on firms' financial constraints : a cross-country analysis

Baum, Christopher F.; Schäfer, Dorothea; Talavera, … - 2009

of financial systems around the world. We conjecture that a country's financial system, both in terms of its structure …

Persistent link: https://www.econbiz.de/10003818695

Rating assignments : lessons from international banks

Caporale, Guglielmo Maria; Matousek, Roman; Stewart, Chris - 2009

This paper estimates ordered logit and probit regression models for bank ratings which also include a country index to capture country-specific variation. The empirical findings provide support to the hypothesis that the individual international bank ratings assigned by Fitch Ratings are...

Persistent link: https://www.econbiz.de/10003821872

A model for the global crude oil market using a multi-pool MCP approach

Huppmann, Daniel; Holz, Franziska - 2009

This paper proposes a partial equilibrium model to describe the global crude oil market. Pricing on the global crude oil market is strongly influenced by price indices such as WTI (USA) and Brent (Northwest Europe). Adapting an approach for pool-based electricity markets, the model captures the...

Persistent link: https://www.econbiz.de/10003821875

Selectivity, market timing and the Morningstar star-rating system

Antypas, Antonios; Caporale, Guglielmo Maria; … - 2009

This paper evaluates the Morningstar mutual fund ranking system. We find that indeed higher Morningstar ratings are associated with higher returns on the portfolios including respectively five-, four-, three-, two- and one-star funds only (STAR5 to STAR1). We then perform an unconditional and...

Persistent link: https://www.econbiz.de/10003823971

Measuring ethno-linguistic affinity between nations

Groot, Olaf J. de - 2009

Research on ethno-linguistic ties has so far mostly focused on domestic measures of ethno-linguistic heterogeneity. Little attention has been given to the possibility that ethno-linguistic relations between countries may affect out- comes, particularly in a spatial econometric context. In this...

Persistent link: https://www.econbiz.de/10003879544

The world gas market in 2030 : development scenarios using the world gas model

Huppmann, Daniel; Egging, Ruud; Holz, Franziska; … - 2009

In this paper, we discuss potential developments of the world natural gas industry at the horizon of 2030. We use the … World Gas Model (WGM), a dynamic, strategic representation of world natural gas production, trade, and consumption between … 2005 and 2030. We specify a "base case" which defines the business-as-usual assumptions based on forecasts of the world …

Persistent link: https://www.econbiz.de/10003889146