The accession of several Central and Eastern European Countries to Euroland is likely to be realised within the next years. Some studies aim at analysing the suitability of these Euro aspirants for currency union with EMU by evaluating the related macroeconomic costs. Still, they are prone to...

There is some evidence that interdependencies among European banks have increased over the past 15 years and that the potential of systemic risks in banking has shifted from a national level to a European level. / Whereas wholesale financial markets are considered to be highly integrated within...

This paper uses a structural vector autoregression to examine differences in demand and supply shocks and the response to these shocks between EMU member countries and three other groups of countries. The first group includes non-EMU EU countries, the second group EFTA countries and the third...

This paper attempts to answer the question whether the threat of systemic risk in banking exists only on a national or on a European level. Following De Nicolo and Kwast (2001), mean rolling-window correlations between bank stock returns are used as a measure for interdependencies among European...

With the introduction of the euro, a single European money market has emerged. Further wholesale financial markets are considered to be highly integrated within the European Union. However, integration in retail financial markets is less advanced. For measuring financial market integration this...

Nations compete for investment capital, and the assurances investors seek as they decide to provide that capital are universal. Motivated by the growing appetite for a global benchmark of corporate behaviour, this paper examines the relationship between the measured quality of corporate...

Der kommerzielle Erfolg eines professionellen Fußballspiels hängt wesentlich vom erwarteten Spannungsgrad ab. Je weniger der Spielausgang prognostizierbar ist, desto größer ist das Zuschauerinteresse. Im vorliegenden Beitrag wird deshalb die quantitative Bedeutung des Erfolgsfaktors Zufall...

In this paper, we use the Wall Street Journal poll of FX forecasts to analyze how the group of forecasters form their expectations. One focus is whether forecasters build rational expectations. Furthermore, we analyze whether the group of forecasters can be regarded as homogeneous or...

Since the mid-1990s, large movements in stock prices have not only raised central bankers' and policy-makers' interest in their implications for real economic activity, but have also led to extensive empirical research in this field. While most of the studies have focussed on the United States...