A substantial amount of foreign portfolio and bank-related capital has been flowing into a number of emerging market economies since 2009. A reversal of these flows as a consequence of financial deleveraging or waning risk appetite could place the financial sectors of many of those economies...

Aktive Fonds, passive ETFs und Index Fonds, sowie Einzeltitel machen den Großteil der Aktienallokation der meisten Investoren aus. Die Herausforderung für die Investoren beschränkt sich dabei jedoch nicht nur auf die Wahl des für sie passenden Produkttyps, sondern schließt auch die...

In New Keynesian as well as in Post Keynesian macroeconomic models, money supply is assumed to be endogenous. The reasons for the endogeneity and the role of the financial sector in the supply process, however, are seen very different. In this paper we explicitly derive the behaviour of the...

This paper explores the impacts on an economy of a central bank changing the size and composition of its balance sheet. One of the ways in which such asset purchases could influence prices and demand is via portfolio balance effects. We develop and calibrate a simple OLG model in which...