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Do financial investors destabilize the oil price?
Lombardi, Marco J.; Van Robays, Ine - 2011
In this paper, we assess whether and to what extent financial activity in the oil futures markets has contributed to destabilize oil prices in recent years. We define a destabilizing financial shock as a shift in oil prices that is not related to current and expected fundamentals, and thereby...
Persistent link: https://www.econbiz.de/10011605392
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Do Financial Investors Destabilize the Oil Price?
Lombardi, Marco J. - 2011
In this paper, we assess whether and to what extent financial activity in the oil futures markets has contributed to destabilize oil prices in recent years. We define a destabilizing financial shock as a shift in oil prices that is not related to current and expected fundamentals, and thereby...
Persistent link: https://www.econbiz.de/10013124900
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Evaluating China’s integration in world trade with a gravity model based benchmark
Bussière, Matthieu; Schnatz, Bernd - 2006
The rapid transition of China from a closed agricultural society to an industrial powerhouse has been associated with a … rapid increase in the share of China in world trade. As the world is taking the full measure of this phenomenon, tensions … have been arising ranging from holding China partly responsible for global imbalances to complaints about the “excessive …
Persistent link: https://www.econbiz.de/10011604739
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Should quarterly government finance statistics be used for fiscal surveillane in Europe?
Pedregal, Diego J.; Pérez, Javier J. - 2008
content and its potential use for fiscal forecasting and monitoring purposes. The models are estimated with annual and …
Persistent link: https://www.econbiz.de/10011604983
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Fiscal policy in the semi-structural model ECB-BASE
Bańkowski, Krzysztof - 2023
Fiscal policy constitutes a key tool for business cycle stabilisation next to monetary policy. In this context, having a well-suited macroeconomic model for analysing fiscal policy at a central bank is of primary importance. This paper documents the fiscal block of the ECB-BASE, which is a...
Persistent link: https://www.econbiz.de/10014374590
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The interest rate and credit channel in Belgium: an investigation with micro-level firm data
Butzen, Paul; Fuss, Catherine; Vermeulen, Philip - 2001
This paper investigates the effects of monetary policy on firms' investment behaviour. The analysis relies on a comprehensive database of Belgian firms covering all sectors of economic activity and firms of all sizes. We proceed in two steps. First, we estimate a reduced-form investment equation...
Persistent link: https://www.econbiz.de/10011604153
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Credit channel and investment behaviour in Austria: a micro-econometric approach
Valderrama, Maria Teresa - 2001
Using individual firm data, this study analyzes the credit channel in Austria. The estimation is based on an accelerator specification of investment demand augmented by the liquidity ratio and a firm specific user cost of capital. The results show that there is a credit channel in Austria...
Persistent link: https://www.econbiz.de/10011604154
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Firms' investment decisions in response to demand and price uncertainty
Fuss, Catherine; Vermeulen, Philip - 2004
We estimate the effect of demand and price uncertainty on firms’ investment decisions from a panel of manufacturing firms. Uncertainty measures are derived from firms’ subjective qualitative expectations. They are close to their theoretical counterparts, the variances of future demand and...
Persistent link: https://www.econbiz.de/10011604393
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Trade integration of Central and Eastern European countries: lessons from a gravity model
Bussière, Matthieu; Fidrmuc, Jarko; Schnatz, Bernd - 2005
The aim of the paper is to analyse the factors behind the rapid trade integration of the Central and Eastern European countries with the euro area in the past ten years and to gauge the potential for further integration. We use as benchmark an enhanced gravity model estimated with a large sample...
Persistent link: https://www.econbiz.de/10011604591
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What “hides” behind sovereign debt ratings?
Afonso, António; Gomes, Pedro; Rother, Philipp - 2007
In this paper we study the determinants of sovereign debt credit ratings using rating notations from the three main international rating agencies, for the period 1995-2005. We employ panel estimation and random effects ordered probit approaches to assess the explanatory power of several...
Persistent link: https://www.econbiz.de/10011604757