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Imperfect competition in derivatives markets
Brinkmann, Christina - 2022 - This version: March 20, 2022
Since the push towards central clearing in derivatives markets after the global financial crisis, an open question has … been how the development has affected competition. This paper models imperfect competition between dealers in derivatives … markets. Two risk-neutral dealers offer derivatives to risk-averse clients with a hedging need, and compete in price (fee) and …
Persistent link: https://www.econbiz.de/10013163197
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Hedging costs and joint determinants of premiums and spreads in structured financial products
Entrop, Oliver; Fischer, Georg - 2019
This paper is the first to analyze the joint determinants of premiums and spreads in structured financial products, while also focusing on issuers' hedging costs. We evaluate more than 396,000 single stock discount certificates on an intraday basis in the German secondary market. We find that...
Persistent link: https://www.econbiz.de/10011960799
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Compressing over-the-counter markets
D'Errico, Marco; Roukny, Tarik - 2017
derivatives including all firms based in the European Union. On average, we find that around 75% of market gross notional relates …
Persistent link: https://www.econbiz.de/10011976943
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Volatility dependent structured products
Dyachenko, Artem; Farkas, Walter; Rieger, Marc Oliver - 2019
We construct a derivative that depends on the SPY and VIX and, in this way, incorporates both the market risk premium and the variance risk premium. We show that the product's Sharpe ratio is higher than the SPY Sharpe ratio. If we invest $10000 into the product, the products' payoff is around...
Persistent link: https://www.econbiz.de/10012177147
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The pitfalls of central clearing in the presence of systematic risk
Kubitza, Christian; Pelizzon, Loriana; Getmansky, Mila - 2018
derivatives markets, and highlight that recent central clearing reforms might not incentivize market participants to clear … derivatives. …
Persistent link: https://www.econbiz.de/10011923506
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Globalization, integration and regional specialization
Krieger-Boden, Christiane - 2000
Globalization and European integration are substantially changing the interregional division of labor in Europe and the … integration (such as the new economic geography, urbanization economics, and the theory of comparative advantages), surveys the …
Persistent link: https://www.econbiz.de/10011495323
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The welfare state, an impediment to integration?
Walz, Uwe; Wellisch, Dietmar - 1997
We investigate the consequences of redistribution policy on migration and trade in a Standard two-good Heckscher-Ohlin framework. With free trade and factor price equalization, abolishing migration barriers is redundant. With the introduction of government activity, matters change drastically....
Persistent link: https://www.econbiz.de/10010407093
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Wachstumstheoretische Perspektiven der Wirtschaftsintegration : neuere Ansätze
Bretschger, Lucas - 2001
Die wirtschaftliche Integration verändert den Wachstumspfad der beteiligten Länder durch Skalen-, Faktorreallokations … Literatur zu den dynamischen Wirkungen der Integration in einem Überblick zusammengefasst. …
Persistent link: https://www.econbiz.de/10010485432
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How to increase the value of bilateral trade? : currency union versus fixed exchange rate regime
Stoykova, Oleksandra Ivanievna - In: Entrepreneurial business and economics review : EBER 9 (2021) 2, pp. 21-38
Objective: The objective of the article is to determine which exchange rate regime provides higher bilateral trade: fixed rate or currency union. Research Design & Methods: An index was designed based on variables commonly recognised as those that might affect the value of bilateral trade and...
Persistent link: https://www.econbiz.de/10012520004
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International integration processes influence on welfare of country
Bazaluk, Oleg; Yatsenko, Olha; Reznikova, Nataliia; … - In: Journal of business economics and management 23 (2022) 2, pp. 382-398
The primary objective of the research is to investigate the influence of international integration processes on … (RTA) forming have been scrutinized. Integration, which develops due to RTAs, is the most important mechanism of the … international cooperation in the field of economic policy. This integration is a coordination and protection mechanism, which …
Persistent link: https://www.econbiz.de/10013258982