Narrow search
Showing 1 - 10 of 4,062
Cover Image
An analysis of Romania's short-run sovereign rating determinants
Miricescu, Emilian Constantin - In: Romanian journal of fiscal policy : RJFP 3 (2012) 2, pp. 48-57
For most European Union countries the government expenditure exceeds government revenue which could lead in the long run to an increase in the government debt to GDP ratio. Considering the distortions generated by the financial and economic crisis, followed by the debt crisis, both local and...
Persistent link: https://www.econbiz.de/10010199903
Cover Image
Moral Hazard and Bail-Out in Fiscal Federations : Evidence for the German Länder
Heppke-Falk, Kirsten - 2016
We identify investor moral hazard in the German fiscal federation. Our identification strategy is based on a variable, which was used by the German Federal Constitutional Court as an indicator to determine eligibility of two German states (Länder) to a bail-out, the interest payments-to-revenue...
Persistent link: https://www.econbiz.de/10012991148
Cover Image
Sovereign bond spreads and credit sensitivity
Schefer, Ricardo - 2020
Expectations of risky bond payments are unobservable and recovery rates for sovereigns are hard to estimate because they have no contractual claims to defined assets and samples of defaults are limited. A geometric version of credit spread is used to derive expected payments, dependent on...
Persistent link: https://www.econbiz.de/10012307696
Cover Image
Testing the Tax-Loss Selling Explanation of the January Effect : Evidence from a 'Confiscatory' Tax Implemented in France in 1921
Le Bris, David - 2017
For almost a century, we document a significant January effect on the French equity market. We find strong evidences in favor of the tax-loss selling explanation for this phenomenon. Indeed, the January effect was insignificant before the introduction of a “confiscatory tax” on capital gains...
Persistent link: https://www.econbiz.de/10012954905
Cover Image
The Price of Stability. The Balance Sheet Policy of the Banque De France and the Gold Standard (1880-1914)
Bazot, Guillaume - 2014
Under the classical gold standard (1880-1914), the Bank of France maintained a stable discount rate while the Bank of …, differ so much? How did the Bank of France manage to keep a stable rate and continuously violate the “rules of the game …”? This paper tackles these questions and shows that the domestic asset portfolio of the Bank of France played a crucial role …
Persistent link: https://www.econbiz.de/10013045945
Cover Image
Financial Liberalization and Business Cycles: The Experience of Countries in the Baltics and Central Eastern Europe
Vinhas de Souza, Lúcio - 2004
This paper extends the work of Kaminsky and Schmukler (2003) to the Baltic and Central Eastern European future Member States of the European Union, to test if the same short-run increase in cyclical volatility arising from financial integration is observed in this specific sample of ?emerging...
Persistent link: https://www.econbiz.de/10010295650
Cover Image
Moral hazard and bail-out in fiscal federations: evidence for the German Länder
Heppke-Falk, Kirsten H.; Wolff, Guntram B. - 2007
We identify investor moral hazard in the German fiscal federation. Our identification strategy is based on a variable, which was used by the German Federal Constitutional Court as an indicator to determine eligibility of two German states (Länder) to a bail-out, the interest payments-to-revenue...
Persistent link: https://www.econbiz.de/10010295844
Cover Image
Systemic Risk in European Banking: Evidence from Bivariate GARCH Models
Schüler, Martin; Schröder, Michael - 2003
This paper attempts to assess the Europe-wide systemic risk in banking. We employ a bivariate GARCH model to estimate conditional correlations between European bank stock indices. These correlations are used as an indication for the interdependencies amongst the banking business in Europe and...
Persistent link: https://www.econbiz.de/10010298129
Cover Image
Determinants of spreads on sovereign bank loans: The role of credit history
Benczúr, Péter; Ilut, Cosmin - 2006
) from one that goes through increased default probabilities. Using developing country data from the period 1973-1981 and … constructing continuous variables for credit history, we find that past default is a significant determinant of the spread, even … future default are substantial determinants of sovereign bank loan spreads. …
Persistent link: https://www.econbiz.de/10010322423
Cover Image
Transparency and emerging market bond spreads
Moretti, Laura - 2011
I investigate the effect of transparency on the borrowing costs of Emerging Markets Economies. Transparency is measured by whether or not the countries publish the IMF Article IV Staff report and the Reports on the Observance of Standards and Codes (ROSC). Using difference-in-difference...
Persistent link: https://www.econbiz.de/10010308569