A fall in house prices due to a change in fundamental value redistributes wealth from those long housing (for whom the fundamental value of the house they own exceeds the present discounted value of their planned future consumption of housing services) to those short housing. In a closed economy...

Im Euroraum und insbesondere in Deutschland hat sich die Konjunktur lange Zeit nur schwach entwickelt. Ein wesentlicher Grund dafür war nur eine verhaltene Dynamik der Binnennachfrage und insbesondere des Konsums. Im Durchschnitt unterschiedlicher Länder ist ein deutlicher Einfluss der...

Im Euroraum und vor allem in Deutschland hat sich die Konjunktur seit dem Boom der "New Economy" lange Zeit nur verhalten entwickelt. Ein wesentlicher Grund dafür war die schwache Dynamik der Binnennachfrage, insbesondere der Konsumausgaben der privaten Haushalte. Sie haben in Deutschland in...

Der private Verbrauch hat sich in den letzten Jahren in der Bundesrepublik nur schwach entwickelt. Stattdessen wurde vermehrt gespart. Ein großer Teil der Haushalte - 40 Prozent - kann allerdings kein Geld zurücklegen. Sparen können vor allem die Bezieher hoher Einkommen. Die zunehmende...

The fiscal and financial reforms carried out in Mexico in 2000 have encouraged a widespread presence of rating agencies and have allowed several States and Municipalities to raise funds through bond offerings in the capital market. Any local government in Mexico intending to access credit and...

In this paper, we develop and examine a simple interactive agent-based model, where the distribution of returns generated from the model takes into account two stylized facts about financial markets： fat tails and volatility clustering. Our results indicate that the risk tolerance of...

Research on the relationship between stock and real estate prices focuses on two transmission mechanisms, namely the wealth and credit-price effects. This paper uses the 2007 global financial crisis as a natural experiment and examines whether the relationship between real estate prices and...

The paper is aimed at investigating the factors affecting the level of private deposits in banks in Russian regions and the verification of various theoretical concepts of personal savings. To achieve this purpose, we built a set of alternative Cobb-Douglas-type regressions with fixed time...

The purpose of this paper is to examine the wealth effect of the Check Clearing for the 21st Century Act, also known as Check 21, on bank stock return. We use event study analysis on thirty-four U.S. bank stocks listed on the New York Stock Exchange. Our analysis reveals that Check 21 is...