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Persistent link: https://www.econbiz.de/10011791245
This paper compares securities settlement gross and netting architectures. It studies settlement risk arising from exogenous operational delays and compares settlement failures between the two architectures as functions of the length of the settlement interval under different market conditions....
Persistent link: https://www.econbiz.de/10009639464
Capital-labor substitution and total factor productivity (TFP) estimates are essential features of growth and income distribution models. In the context of a Monte Carlo exercise embodying balanced and near balanced growth, we demonstrate that the estimation of the substitution elasticity can be...
Persistent link: https://www.econbiz.de/10009640366
The literature review showed that co-publications and co-patents are relevant proxies for international collaboration. Though publications are more frequently used than patents, not at least because private research collaborations and technological R&D may have additional outputs than only...
Persistent link: https://www.econbiz.de/10009639577
This third Progress Report of the FP7 SME Inter-service Task Force includes an analysis of SME participation rates … information is provided on the number of SMEs and the funding allocated to them, broken down across themes and countries. The … profile of the SMEs and the role they play in the projects are also described. This report includes an overview of the various …
Persistent link: https://www.econbiz.de/10009641054
Persistent link: https://www.econbiz.de/10011903933
, including within the context of joint programming between the EU, France, Germany and Spain. The scope of the study covers all …
Persistent link: https://www.econbiz.de/10012036340
The aim of this paper is twofold. First, for West Germany, France, Italy and US, we econometrically select within a …
Persistent link: https://www.econbiz.de/10009635887
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...
Persistent link: https://www.econbiz.de/10009635905
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...
Persistent link: https://www.econbiz.de/10009635969