The divergence between increasingly supranational financial markets on the one hand and still largely national supervisory structures on the other gives rise to tensions which reduce the effectiveness of the supervision. It lies in the interests of both the public and the private sector that the...

Diese Arbeit thematisiert den Strukturwandel in Deutschland. Bei der klassischen Darstellung anhand der drei Wirtschaftssektoren Landwirtschaft/Industrie/Dienstleistung gehen wichtige Details verloren. Denn Tertiarisierung bedeutet nicht automatisch, dass alle Dienstleistungen auf einem...

This note examines how the DEM/USD rate and US short-term and long-term interest rates respond to the release of payroll announcements. In contrast to a recent paper by Edison (1997), who employs a linear econometric model, we test the influence of news by comparing the absolute values of the...

This paper systematically studies the use of mixed-frequency data sets and suggests that the use of high frequency data in forecasting economic aggregates can improve forecast accuracy. The best way of using this information is to build a single model, for example, an ARMA model with missing...

The divergence of growth and inflation rates across EMU in recent years has reignited the debate as to whether Europe is really an "optimum currency area" in which monetary union yields net benefits. But answering this question is complicated inter alia by the further controversy over whether...

Das EU Emissions Trading Scheme (ETS) ist als erstes Emissionshandelssystem auf metastaatlicher Ebene implementiert worden. Die USA haben schon vor Beginn der Präsidentschaft Barack Obamas ebenfalls mit den Planungen eines solchen Systems auf Bundesebene begonnen. Der entsprechende...

Political risk represents an important hidden transaction cost that reduces international trade. This paper investigates the claim that German public export credit guarantees (Hermes guarantees) mitigate this friction to trade flows and hence promote exports. We employ an empirical trade gravity...

Die Größenstruktur der deutschen Städte folgt so wie in vielen anderen Ländern einer strengen Gesetzmäßigkeit: dem Zipfschen Gesetz. Es gibt starke Hinweise, dass dieses Zipfsche Gesetz nicht nur auf nationaler Ebene gilt, sondern auch auf der Ebene von Bundesländern und teilweise sogar...

The integration of fuzzy logic systems and neural networks in data driven nonlinear modeling applications has generally been limited to functions based upon the multiplicative fuzzy implication rule for theoretical and computational reasons. We derive a universal approximation result for the...

With the introduction of the euro, a single European money market has emerged. Further wholesale financial markets are considered to be highly integrated within the European Union. However, integration in retail financial markets is less advanced. For measuring financial market integration this...