Abstract Immediate effects of institutional reforms on growth and employment are highly important for political agents who frequently have short time horizons. Positive effects of expectations are a suitable transmission channel for a fast success of economic reforms. We analyse whether economic...

The paper analyses the potential impact of stock market developments on lending behaviour from different perspectives. First we scrutinize the impact of stock market movements on the banks’ and on the borrowers’ balance sheets. Subsequently we estimate aggregate credit supply and demand...

This paper analyses the performance of real estate securities and their relationship toother asset classes as well as to consumer price inflation in an international comparisonover the period from 1990 to 2004. The analysis focuses on the long run relationships,applying three different...