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The year 2009 is a propitious time to evaluate systems of investor protection in financial markets as global bank losses exceed the 1 trillion mark and market losses equally exceed the 1 trillion mark. Prior to the Global Financial Crisis, the European Union enacted sweeping legislation to...
Persistent link: https://www.econbiz.de/10013157246
As part of financial market infrastructures, central counterparties (CCPs) have long been deemed systemically important and are likely to gain in importance due to the regulatory developments mandating central clearing for an increasing number of financial products. This paper focuses on the...
Persistent link: https://www.econbiz.de/10012852181
China's financial integration with the rest of the world lags far behind its trade integration, owing to long-standing capital controls and underdeveloped capital markets. Since 2009 Chinese policymakers have actively promoted the internationalization of the renminbi (RMB) and its use abroad,...
Persistent link: https://www.econbiz.de/10012982317
In this study, the informational efficiency of the European natural gas market is analyzed by empirically investigating price formation and arbitrage efficiency between spot and futures markets. Econometric approaches are specified that explicitly account for nonlinearities and the low...
Persistent link: https://www.econbiz.de/10010190788
Persistent link: https://www.econbiz.de/10012501555
cointegration technique, the study finds evidence of long-run relationship between innovation and per capita economic growth in most …
Persistent link: https://www.econbiz.de/10011661838
Persistent link: https://www.econbiz.de/10011749443
period 1960-97. Modern econometric techniques based on integration and cointegration analysis are used to test for the …
Persistent link: https://www.econbiz.de/10014091777
root and Westerlund (2007) cointegration tests that account for cross-sectional dependence in the series, and three panel …' integration, heterogeneous balanced panels and cases of limited evidence of cointegration. The empirical results suggested that … expenditure and output variables were non-stationary in levels and stationary in the first differences; the cointegration among …
Persistent link: https://www.econbiz.de/10014310932
Foreign currency loans to the unhedged non-banking sector are remarkably prevalent in Europe and create a significant exchange-rate-induced credit risk to European banking sectors. In particular, Swiss franc (CHF)-denominated loans, popular in Eastern European countries, could trigger...
Persistent link: https://www.econbiz.de/10010221680