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The Cost of Capital in Markets with Opaque Intermediaries and the Risk-Structure of Interest Rates

Mierzejewski, Fernando - 2009

The demand for cash balances of financial intermediaries that establish contractual liabilities with credit-sensitive customers is characterized. As stated by Merton, the success of the business activities of such firms crucially depends on their credit quality, and hence, they are obliged to...

Persistent link: https://www.econbiz.de/10013160192

Assessing Time-Varying Stock Market Integration in EMU for Normal and Crisis Periods

Sehgal, Sanjay; Gupta, Priyanshi; Deisting, Florent - Volkswirtschaftliche Fakultät, … - 2014

In this paper, we examine the financial integration process amongst 17 EMU countries from January 2002 to June 2013 over a normal period as well as for the Global Financial Crisis (GFC) and Eurozone Debt Crisis (EDC) periods. We classify the economies in three groups (A, B and C) based on their...

Persistent link: https://www.econbiz.de/10011272696

CRIZA DATORIILOR SUVERANE ȘI CONTAGIUNEA PE PIEȚELE FINANCIARE: CAZUL CRIZEI FINANCIARE DIN ISLANDA

Ana, Maria-Irina; Chitu, Lucia Mihaela; Adriana, … - Volkswirtschaftliche Fakultät, … - 2013

Tema acestei lucrări o reprezintă criza financiară internaționala, începută în 2007, ce a cuprins rapid atât țările din zona Euro, cât și întreaga Europa. Deși în anul 2010 se părea că ne aflăm pe drumul cel bun, pe calea spre ieșirea din criză, în a doua jumătate a...

Persistent link: https://www.econbiz.de/10011260147

The transmission of foreign financial crises to South Africa: a firm-level study

Boshoff, Willem H. - Volkswirtschaftliche Fakultät, … - 2006

The process of financial integration has increased the exposure of South African financial markets to foreign financial crises. This paper contributes to the understanding of crisis transmission by evaluating several hypotheses that claim to explain how financial crises are transmitted to South...

Persistent link: https://www.econbiz.de/10005619374

Dynamic Integration of Domestic Equity Price, Foreign Equity Price and Macroeconomic Indicators: Evidence from Malaysia

Kabir, Sarkar Humayun; Masih, Mansur - Volkswirtschaftliche Fakultät, … - 2014

How does the extent of integration of the Malaysian equity market with the equity markets of Japan and USA vary at different time scales? How dynamic is the extent of co-movement of equity price with the major macroeconomic indicators of Malaysia? In order to answer these two major issues, this...

Persistent link: https://www.econbiz.de/10011112605

The Diversification Potential Offered by Emerging Markets in Recent Years

Camilleri, Silvio John; Galea, Gabriella - Volkswirtschaftliche Fakultät, … - 2009

This paper investigates the diversification prospects which may be reaped when investing in a mixture of emerging and developed market assets. Given that emerging markets are somewhat distinct from developed ones, one may expect significant diversification potential and therefore risk reduction....

Persistent link: https://www.econbiz.de/10011189011

MODELLING THE WORLD EXCHANGE RATES:DYNAMICS, VOLATILITY AND FORECASTING

Nwaobi, Godwin - Volkswirtschaftliche Fakultät, … - 2008

Indeed, the specification of equilibrium in the world economy depends on the exchange rate regime and thus, the early … foreign exchange markets. However, the world has known several exchange rate systems beginning with the fixed-gold standard … exchange was deregulated, independent traders finally had access to the biggest trading market of the world; and these forex …

Persistent link: https://www.econbiz.de/10005619306

International Reserves for Emerging Economies: A Liquidity Approach.

Jung, Kuk Mo; Pyun, Ju Hyun - Volkswirtschaftliche Fakultät, … - 2015

The massive stocks of foreign exchange reserves, mostly held in the form of U.S. T-Bonds by emerging economies, are still an important puzzle. Why do emerging economies continue to willingly loan to the United States despite the low rates of return? We propose that a dynamic general equilibrium...

Persistent link: https://www.econbiz.de/10011275137

Capital mobility and macroeconomic volatility: evidence from Greece

Anastasios, Pappas - Volkswirtschaftliche Fakultät, … - 2010

This paper focuses on the impact of full capital account liberalization on macroeconomic volatility in Greece. According to the standard neoclassical model, such liberalization is to be desired because, among other advantages, it may reduce macroeconomic volatility. The link between...

Persistent link: https://www.econbiz.de/10009372530

Financial Globalization and Animal Spirits

Kunieda, Takuma; Shibata, Akihisa - Volkswirtschaftliche Fakultät, … - 2012

Using a multi-country general equilibrium model, we demonstrate that when agents face credit constraints in an international financial market, rational expectations, which are ex-post heterogeneous between countries, cause business fluctuations. If the international financial market becomes...

Persistent link: https://www.econbiz.de/10009422093

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