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Seit dem Einbruch der Aktienmärkte Anfang 2000 hat die Fed durch massive Liquiditätszufuhr versucht, die amerikanische Wirtschaft zu stabilisieren. Ein wesentliches Motiv war die Befürchtung, die amerikanische Wirtschaft könne in eine Liquiditätsfalle geraten. Motiviert von der...
Persistent link: https://www.econbiz.de/10005047003
Persistent link: https://www.econbiz.de/10005056464
oil market is characterized by volatility persistence, (2) a negative shock has more impact on future volatility than an … equal positive shock, (3) crude oil volatility is lower at higher prices, (4) OPEC meeting announcements and the Petroleum …This paper examines the causes and behavior of price volatility in the US crude oil market. Although crude oil prices …
Persistent link: https://www.econbiz.de/10011267767
of a favorable shock (such as a large natural resource discovery, a rise in the international price of an exportable … contraction or stagnation of manufacturing and agriculture could accompany the positive effects of the shock, according to the … volatility; and concludes with a summary of possible policy responses, including the mix of fiscal, exchange rate, and structural …
Persistent link: https://www.econbiz.de/10008837682
International capital flows from rich to poor countries can be regarded as either too low (the Lucas paradox in a one-sector model) or too high (when compared with the logic of factor price equalization in a two-sector model). To resolve the paradoxes, we introduce a non-neoclassical model which...
Persistent link: https://www.econbiz.de/10005768844
This paper proposes an integrated and risk-based approach to the sequencing and coordination of reforms to develop domestic financial markets. The paper argues that there is a hierarchy of financial markets that reflects the complexity of risks in each market and the interlinkages among markets....
Persistent link: https://www.econbiz.de/10005768863
This paper assesses the status of financial development in Emerging Europe, analyzes the factors that have shaped it, and discusses policy priorities. Financial development has progressed to varying degrees across the region. Macroeconomic stability and institutional quality have been important...
Persistent link: https://www.econbiz.de/10005605312
In reaction to the recent financial crisis, increased attention has recently been given to financial transaction taxes (FTTs) as a means of (1) raising revenue for a variety of possible purposes and/or (2) helping to curb financial market excesses. This paper reviews existing theory and evidence...
Persistent link: https://www.econbiz.de/10008876594
In this paper, the development of price volatility on German agricultural markets is analyzed. The goal is to quantify … the degree of price volatility for selected German agricultural markets and determine how it evolutes over time. Where …, questions are: Was there an increase in price volatility? Did it came from the world markets? What is the impact of price …
Persistent link: https://www.econbiz.de/10009003989
stochastic volatility. The description of the unconditional distribution for the absolute returns is in good agreement with the … volatility clusters are described by a scaling law for the distribution of returns conditional to the value at the previous day …
Persistent link: https://www.econbiz.de/10010873069