In Anbetracht der gegenwärtigen dynamischen, schnelllebigen Welt, welche durch vielfältige Einflüsse, wie die Globalisierung, den technologischen Fortschritt sowie die COVID-19-Pandemie beeinflusst wird sowie die daraus hervorgehenden zunehmenden Belastungen und Anforderungen, erfährt die...

While there is a broad consensus in the literature that stock ownership is associated with individual characteristics, such as wealth, income, risk preferences, and financial literacy, less is known about the dynamics of stock market participation (SMP). Major fluctuations in SMP are oftentimes...

This Study is based on the 8th SUERF Lecture given by Alexandre Lamfalussy. Professor Lamfalussy has a long association with SUERF since its creation in 1963. In July 2000 the ECOFIN established the Committee of Wise Men on the Regulation of European Securities Markets under the chairmanship of...

Much effort has been devoted by both academics and practitioners to understanding which factors drive share prices. Nevertheless, there are still sharp moves in stock markets that are difficult to explain. Obviously, factors that are hard or impossible to measure and subject to interpretation,...

A bursting asset bubble inevitably requires central bank action, usually when it is already too late and with adverse spillover effects. In this sense, the Federal Reserve and other central banks already target asset prices; yet, by taking aim at them only on the way down - as in the current...

In an asset and debt deflation, the process of reducing debt by saving and curtailing spending takes a long time, say authors Philip Arestis and Elias Karakitsos. Current imbalances and poor prospects for spending in the private sector affect the balance sheets of the commercial banks. The...