Trade between Eastern and Western Europe has increased considerably in the last years. Given this market-induced development, why should it be necessary to advance institutional integration? This paper argues that Central and Eastern European countries (CEECs) can potentially enhance the...

Diese Studie widmet sich den Verteilungen von Immobilienrenditen. Wir verwenden die Klasse der Pareto-stabilen Verteilungen welche sich im Bereich der Analyse von Immobilienrenditen etabliert haben. Wir tragen zur Forschung in diesem Bereich bei, indem wir die erste umfassende globale Analyse...

There is a great instrument to diversify a real estate portfolio quickly and cost effectively: Derivatives on real estate indices! Furthermore, derivatives have a very important hedging function. The global financial crisis has underlined the importance of better risk management. Consequently,...

Derivatives on real estate indices have the potential to increase effectively the liquidity of real estate as an asset class. A well-functioning market for real estate derivatives will help diversify investment markets since real estate derivates allow investors to change synthetically and...

When applying Computable General Equilibrium (CGE) models to transition economies, it is not plausible to use the standard assumption that the base year data represents stable structural characteristics or even the steady state of the economy. The suggestions forwarded until now to overcome this...