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Bleaney, Michael F. - University <Nottingham> / Department of Economics - 2000

The standard model of currency crises is amended to distinguish betweenunemployment aversion and financial fragility. Fragility is assumed to affect theauthorities’ sensitivity to a combination of high real interest rates and unemployment.An increase in fragility expands the region of...

Persistent link: https://www.econbiz.de/10005869186

INFLATION AS TAXATION: THEORY ANDEVIDENCE

Bleaney, Michael F. - University <Nottingham> / Department of Economics - 2000

The theory of seigniorage is surveyed and reviewed. A theoretical model is developedwhich nests optimal tax theory and institutional approaches to fiscal and monetarypolicy...

Persistent link: https://www.econbiz.de/10005869187

The Commodity–Consumer Price Connection: Fact or Fable?

Blomberg, Stephen Brock; Harris, Ethan S. - Federal Reserve Bank <New York, NY> - 1995

Interest in commodity prices as indicators of consumerprice inflation has ebbed and flowed withthe rise and fall in … predictivepower has returned. Inflation hawks point to an outpouringof studies in the late 1980s showing a strong empiricalconnection … between commodity prices and subsequentconsumer inflation. Indeed, the concern over commoditieshas grown to the point where …

Persistent link: https://www.econbiz.de/10005870352

Enhanced Annuities and the Impact of Individual Underwriting on an Insurers Profit Situation

Hoermann, Gudrun; Russ, Jochen - Institut für Versicherungswirtschaft <Sankt Gallen> - 2008

We analyze the effect of enhanced annuities on an insurer engaging in individualunderwriting. We use a frailty model for the heterogeneity of the insured populationand model the individual underwriting by a random variable that positivelycorrelates with the corresponding frailty factor. For a...

Persistent link: https://www.econbiz.de/10005861406

Income diversification in theGerman banking industry

Busch, Ramona; Kick, Thomas - Volkswirtschaftliches Forschungszentrum <Frankfurt, Main> - 2009

In the last few years it has been possible to observe decreasing interest margins forGerman universal banks. At the same time, institutions increasingly moved partof their business from interest to fee-earning activities. This study analyzes thedeterminants of non-interest income and its impact...

Persistent link: https://www.econbiz.de/10005866273

Bank mergers and the dynamics ofdeposit interest rates

Craig, Ben R.; Dinger, Valeriya - Deutsche Bundesbank <Frankfurt, Main> / … - 2008

Despite extensive research interest in the last decade, the banking literature has notreached a consensus on the impact of bank mergers on deposit rates. In particular,results on the dynamics of deposit rates surrounding bank mergers vary substantiallyacross studies. In this paper, we aim for a...

Persistent link: https://www.econbiz.de/10005866369

Hedge Funds: Die „Königsdisziplin“der Kapitalanlage

Bessler, Wolfgang; Drobetz, Wolfgang; Henn, Jacqueline - Wirtschaftswissenschaftliches Zentrum <Basel>

Auch wenn die grundsätzliche Idee von Hedge Funds schon mehr als ein halbes Jahrhundertbesteht, so hat diese Anlageform doch erst in den letzten Jahren an Bedeutunggewonnen, und zwar sowohl in der Praxis als auch in der der akademischen Forschung.Dabei sind Hedge Funds in die größere Klasse...

Persistent link: https://www.econbiz.de/10005867933

WHY ARE RETURNS ON SWISS FRANC ASSETS SO LOW?

Kugler, Peter; Weder, Beatrice - Wirtschaftswissenschaftliches Zentrum <Basel> - 2005

As is well known, the uncovered interest rate parity fails in the short run but usually holds in the long run. This paper analyses the long and short run interest rate parity of 10 mayor OECD currencies and finds that there is a long run failure of the uncovered interest rate parity condition...

Persistent link: https://www.econbiz.de/10005867936

Steuerstundungs- und Zinseffekt: ZweiQuellen der Vorteilhaftigkeit von Zerobonds

Buhl, Hans Ulrich; Will, Andreas; Wolfersberger, Hans Peter - Universität <Augsburg> / Lehrstuhl für BWL, … - 2000

Ron Davidson kritisiert in seiner Stellungnahme die Analyse der Vorteilhaftigkeit von Zerobondsbei konstantem Steuersatz (Kapitel B unseres Beitrags in ZfB, 69. Jg. (1999), H. 1, 83-114).Seine Anmerkungen gehen davon aus, unsere explizite Modellannahme einer Cash-Flow-Barwertmaximierungin Frage...

Persistent link: https://www.econbiz.de/10005868631

How Far Apart Can Two Riskless Interest Rates Be?(One Moves, the Other One Does Not)

Delgado, F.; Dumas, B.; Puopolo, G.W. - Finrisk - 2009

In the presence of transactions costs, no matter how small, ar-bitrage activity does not necessarily render equal all riskless rates ofreturn. When two such rates follow stochastic processes, it is not opti-mal immediately to arbitrage out any discrepancy that arises betweenthem. The reason is...

Persistent link: https://www.econbiz.de/10005868694