Vor 25 Jahren trat die Währungs-, Wirtschafts- und Sozialunion zwischen der Bundesrepublik und der damaligen DDR in Kraft. Direkt nach der Wende 1990 hatte Ostdeutschland ökonomisch rasch aufgeholt. Unterschiede in der Wirtschaftskraft zwischen Ost und West bleiben jedoch bis heute bestehen,...

On 4 March 2011, SUERF – The European Money and Finance Forum and the National Bank of Poland jointly organised a conference on the theme of: "Monetary Policy after the Crisis". Following a call for papers with a large number of submissions, the scientific committee selected 9 papers, which...

Am 1.5.2004 sind zehn neue Mitgliedstaaten, vor allem Transformationsländer, in die EU aufgenommen worden. Drei Jahre später, am 1.1.2007, kamen Bulgarien und Rumänien hinzu. Während deutsche Unternehmer zunächst die zusätzliche Konkurrenz fürchteten, bewerten sie die Auswirkungen der...

On February 12, 2010, SUERF, the Oesterreichische Nationalbank and the Bankwissenschaftliche Gesellschaft continued their established tradition of jointly organised conferences. As evidenced also by the 115 conference participants, this year's subject of "Contagion and Spillovers – New...

This thesis covers the further development of smooth transition regression models and their applications in finance. Smooth transition regression models are used to model nonlinearity of regime-switching type in empirical applications. Usually, smooth transition regression models are used with...

The protracted recession in the euro area will continue to be a drag on the economic growth of most CESEE countries in 2013. By and large, those countries are small open economies held hostage to the excessive fiscal austerity pursued in the euro area and the sluggish progress on the part of its...

In August 2007 the United Kingdom experienced its first bank run in over 140 years. Although Northern Rock was not a particularly large bank (it was at the time ranked 7th in terms of assets) it was nevertheless a significant retail bank and a substantial mortgage lender. In fact, ten years...

This article is centred around the notions of shareholder value orientation and financialisation. Shareholder value orientation is reflected by a high dividend payout ratio applied by firms and the reluctance of firms to finance physical investment via new equity issues. Financialisation is the...