The paper investigated the impact of stock market on economic growth in Nigeria from 1981 to 2016 using a three-equation simultaneous-equations model in a Three Stage Least Square (3SLS) estimation technique. The paper found that stock market positively spurs economic growth in Nigeria...

The effect of corporate governance failure and agency behaviour on stock market prices has long been of great interest to financial economists, behavioural scientists and capital market researchers. Yet there is to date no consensus over what constitutes an effective governance mechanism that...

The secession of Southern Sudan from the mother nation of Sudan was a direct result of political agreement known as the Comprehensive Peace Agreement (CPA). It was expected by the totalitarian government of Northern Sudan that it can contain the civil war between the Sudan Popular Liberation...

Durch Bereitstellung von Krediten tragen Banken zur Transformation von Finanzkapital in Sachkapital bei. Die Kreditvergabepolitik der Schweizer Banken hat sich im vergangenen Vierteljahrhundert stark gewandelt. Basierend auf einem Datensatz (1987-2012) mit bankengruppenspezifischen Bilanzdaten...

Banking regulators often practice forbearance and ambiguity in insolvency resolutions. The paper examines the effects of regulatory forbearance and ambiguity in a context of allocational efficiency. Bailouts, liquidations and their stochastic policy mix lead to suboptimal allocations if banks do...

Financial intermediaries may increase economic efficiency through intertemporal risk smoothing. However without an adequate regulation, intermediation may fail to do this. This paper studies the effects of a production shock in a closed economy and compares abilities of market-based and...

The paper estimates the immediate impact of Hungarian monetary policy on three classes of asset prices: the exchange rate of the forint vis-r-vis the euro, spot and forward government bond yields and the index of the Budapest Stock Exchange. The endogeneity problem is treated with the method of...

In order to better understand relationships between the real economy and financial economy, it is necessary to formulate a model of financing. New Keynesian theory emphasizes that a firm's net worth influences investment decisions and business cycles under an imperfect capital market. We have...

Using intra-day data, we assess the impact of the press release on euro area monetary data on the different segments of the euro area yield curve. For this purpose, we estimate a relation between the “news” or “surprise” in the released data for annual M3 growth and the move in the...