This paper uses multivariate GARCH techniques to study volatility spillovers between the Chinese non-deliverable forward market and seven of its Asia-Pacific counterparts over the period January 1998 to March 2005.To account for the time-variability of conditional correlation, a dynamic...

This paper estimates switching autoregressive conditional heteroscedasticity (SWARCH) time series models for weekly returns of nine Asian forward exchange rates. We find two regimes with different volatility levels, whereby each regime displays considerable persistence. Our analysis provides...

The objective of this paper is to address the question of convergence across German districts in the first decade after German unification by drawing out and emphasising some stylised facts of regional per capita income dynamics. We achieve this by employing non-parametric techniques which focus...

A strong private equity market is a cornerstone for commercialization and innovation in modern economies. However, substantial differences exist in the relative amounts raised and invested in private equity across European countries. We investigate the macro-determinants of private equity...

A strong private equity market is a cornerstone for commercialization and innovation in modern economies. However, substantial differences exist in the relative amounts raised and invested in private equity across European countries. We investigate the macro-determinants of private equity...

Following an unprecedented contraction in GDP, the German economy returns to expansion. Growth will be modest in 2010, however, as the forces of the recovery are not yet stable. This is the key result of the Autumn outlook of the German Institute for Economic Research (DIW). DIW expects...

Weltwirtschaft: Erholung auf wackeligem Fundament / Deutschland: Nur langsam aus der Talsohle / Geldpolitik und Finanzmärkte: Kreditklemme vorbeugen / Finanzpolitik: Einnahmen steigern und Ausgaben kürzen / Die wichtigsten Daten der Volkswirtschaftlichen Gesamtrechnung für Deutschland

Das DIW Berlin rechnet für 2010 und 2011 mit einem Wachstum des realen Bruttoinlandsprodukts von 1,7 und 1,8 Prozent. Damit setzt die deutsche Wirtschaft ihren moderaten Erholungskurs der vergangenen Quartale fort. Zwar hat die Produktion im Winter überraschenderweise nur stagniert, dies ist...

How long does it take for exchange rate changes to pass through into in ation? Does it make a difference whether the exchange rate depreciates or appreciates? Do relatively large exchange rate changes entail more exchange rate pass-through? In this paper, we examine possible non-linearities in...

We employ a money-based early warning model in order to analyse the risk of a low inflation regime in the Euro Area, Japan and the US. The model specification allows for three different inflation regimes: "Low", "Medium" and "High" inflation, while state transition probabilities vary over time...