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The British foreign exchange reserves decreased by 40 percent during the period August 1996-December 1999 although the Pound Sterling is considered a floating exchange rate since it left the EMS in 1992. Since changes in the level of foreign exchange reserves are usually taken as indicators for...
Persistent link: https://www.econbiz.de/10011445032
The paper extends the evidence on the factors relevant for pricing stocks in emerging markets. While previous literature focused on Latin American and Asian developing markets, Central and Eastern European markets remain under-researched. By focusing on the Polish stock market, we aim to fill in...
Persistent link: https://www.econbiz.de/10008660508
Asset price processes are completely described by information processes and investors´ preferences. In this paper we derive the relationship between the process of investors´ expectations of the terminal stock price and asset prices in a general continous time pricing kernel framework. To...
Persistent link: https://www.econbiz.de/10011445936
In this paper we employ a time series econometric framework to explore the structural determinants of the spread between the euro overnight rate and the ECB's policy rate (EONIA spread) aiming to explain the widening of the EONIA spread in the period from mid-2004 to mid-2006. We mainly estimate...
Persistent link: https://www.econbiz.de/10003607705
The main characteristic of the implementation of the European Monetary Union (EMU) is the transition from various national currencies to the Euro, the common European currency. A final fixing of the individual bilateral exchange rates of all European countries involved in the Monetary Union...
Persistent link: https://www.econbiz.de/10011442518
Under the world dollar standard, a discrete appreciation by a dollar creditor country of the United States, such as China or Japan, has no predictable effect on its trade surplus. Currency appreciation by the creditor country will slow its economic growth and eventually cause deflation but...
Persistent link: https://www.econbiz.de/10003114252
Labour market reforms that are designed to stimulate labour supply at the lower end of the wage distribution can never be precisely restricted to affect only the target group. Spillovers to and feedback from other segments of the labour market are unavoidable and may counteract the direct...
Persistent link: https://www.econbiz.de/10003728424
This paper analyses the employment consequences of policies aimed to support biofuels in the European Union. The promotion of biofuel use has been advocated as a means to promote the sustainable use of natural resources and to reduce greenhouse gas emissions originating from transport activities...
Persistent link: https://www.econbiz.de/10003728599
Die sogenannten HartzReformen beinhalten eine Umstrukturierung und Reorganisation der Tätigkeit der Bundesagentur für Arbeit und eine Reform von Instrumenten der Arbeitsmarktpolitik. Trotz der seinerzeitigen Skepsis führender Ökonomen stellen diese Reformen einen bedeutenden Fortschritt in...
Persistent link: https://www.econbiz.de/10003650257
Public procurement has been at the centre of recent discussions on innovation policy on both European and national levels (e.g., Aho-Report, Barcelona Strategy). It has a large potential to stimulate innovation since it accounts for 16% of combined EU-15 GDP. We embed public procurement for...
Persistent link: https://www.econbiz.de/10003738701