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Evidence on finance and economic growth
Popov, Alexander - 2017
economic growth that has accumulated over the past quarter-century. The bulk of the historical evidence suggests that financial … development a¤ects economic growth in a positive, monotonic way, yet recent research endeavors have provided useful and important … society, as well as the channels through which finance can slow down long-term growth. …
Persistent link: https://www.econbiz.de/10011764391
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Financial markets and green innovation
Aghion, Philippe; Boneva, Lena; Breckenfelder, Johannes; … - 2022
Fulfilling the commitments embedded in the Paris Agreement requires a climate-technology revolution. Patented innovation of low-carbon technologies is lower in the EU than in selected peers, and very heterogeneous across member states. We motivate this fact with an endogenous model of directed...
Persistent link: https://www.econbiz.de/10014278447
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Financial markets and green innovation
Aghion, Philippe; Boneva, Lena; Breckenfelder, Johannes; … - 2022
Fulfilling the commitments embedded in the Paris Agreement requires a climate-technology revolution. Patented innovation of low-carbon technologies is lower in the EU than in selected peers, and very heterogeneous across member states. We motivate this fact with an endogenous model of directed...
Persistent link: https://www.econbiz.de/10013285966
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Threshold bipower variation and the impact of jumps on volatility forecasting
Corsi, Fulvio; Pirino, Davide; Reno, Roberto - 2010
This study reconsiders the role of jumps for volatility forecasting by showing that jumps have a positive and mostly significant impact on future volatility. This result becomes apparent once volatility is separated into its continuous and discontinuous component using estimators which are not...
Persistent link: https://www.econbiz.de/10010328432
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Gambling for dollars: Strategic hedge fund manager investment
Bernhardt, Dan; Nosal, Ed - 2013
Hedge fund managers differ in ability and investors want to distinguish good ones from bad. Via the design of their investment strategies, better fund managers want to ease this inference problem while worse fund managers want to complicate it. We impose only the minimal restrictions on the...
Persistent link: https://www.econbiz.de/10010352178
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Asset prices and current account fluctuations in G7 economies
Fratzscher, Marcel; Straub, Roland - 2009
The paper analyses the effect of equity price shocks on current account positions for the G7 industrialized countries in 1974-2007. It uses a Bayesian VAR with sign restrictions for the identification of asset price shocks and to test empirically for their effect on current accounts. Such shocks...
Persistent link: https://www.econbiz.de/10011605060
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Volatility spillovers of Federal Reserve and ECB balance sheet expansions to emerging market economies
Apostolou, Apostolos; Beirne, John - 2017
This paper examines volatility spillovers from changes in the size of the balance sheets of the Federal Reserve (FED) and European Central Bank (ECB) to emerging market economies (EMEs) from 2003 to 2014. We find that EME bond markets are most susceptible to positive volatility spillovers from...
Persistent link: https://www.econbiz.de/10011667194
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The Existence of Equilibrium in a Financial Market with General Personal and Corporate Tax Structures
Jin, Xing; Milne, Frank - 1996
This article concerns the existence of equilibrium in a two-period model with general personal and corporate tax structures. We show that an equilibrium exists if there is a price system under which no consumer or firm has an arbitrage opportunity. The model can be modified to handle non convex...
Persistent link: https://www.econbiz.de/10011940594
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The development and transformation of the People's Republic of China's financial system
Tobin, Damian; Volz, Ulrich - 2018
This paper looks at the development and transformation of the People's Republic of China (PRC)'s financial system since the start of economic and financial reforms in 1978. It describes how despite the rapid development of capital markets since the 1990s, the PRC's financial system continues to...
Persistent link: https://www.econbiz.de/10011944209
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Policy advice: markets and policies
Orsi, Renzo; Zukrowska, Katarzyna - 2004
This paper aims at the provision of applicable recommendations for institutions and actors involved regarding the EMU accession process both in CEE and in the euro-zone. In order to provide topical advice, the first part, on markets, will concentrate on theory and empirics of labour markets,...
Persistent link: https://www.econbiz.de/10010266828