The ECB has an obligation to provide statistical information of the highest quality to the public and this third edition of the publication u0093Bond markets and long-term interest rates in non-euro area Member States of the European Union and in accession countriesu0094 serves to contribute to...

We analyse the potentially vulnerable and systemically relevant financial intermediation chain established by hedge funds and prime brokers. Our dataset covers the 306 largest global hedge funds and their prime brokers over the period July 2001 to December 2011. The study illustrates that hedge...

The price of derivatives (and hence of structured products) can be calculated as thediscounted value of expected future payoffs, assuming standard hypotheses on frictionless and complete markets and on the type of stochastic processes for the price of the underlying. However, the probabilities...

The purpose of the evaluation is to provide a comprehensive and independent assessment of the European Union (EU)’s past and present cooperation in Ivory Coast, in order to draw key lessons and make recommendations for the future, including within the context of joint programming between the...

The aim of this paper is twofold. First, for West Germany, France, Italy and US, we econometrically select within a SVAR model some fiscal policy regimes, i.e. a u0094set of rulesu0094 for the implementation of fiscal policies. Second, we identify the fiscal policy shocks related to different...

This paper examine differences between risk-neutral and objective probability densities of future interest rates. The identification and quantification of these differences are important when risk-neutral densities (RNDs), such as option-implied RNDs, are used as indicators of actual beliefs of...

Two seemingly unconnected empirical results suggest an intriguing mechanism. First, economic integration helps harmonize prices internationally, with trade being the primary channel (Rogoff 1996, Goldberg and Knetter 1997). Second, monetary union may greatly increase the amount of trade among...

Strukturen der allgemeinen und beruflichen Bildung und der Erwachsenenbildung in Europa Wer die allgemeine Organisation der Bildungssysteme in Europa kennen lernen möchte, findet die entsprechende Basisinformation in den ca. 40-Seiten umfassenden Länderberichten. Diese Monografien werden...