During the pre-EMU period changes in real effective exchange rate or faster-than-trading-partners growth rates Granger caused changes in trade balance in most of the EMU-12 countries. However, our data driven article provides evidence that after the adoption of euro, these Granger causalities...

Based on daily data from 1989-2016 we find that the correlations between some relevant commodity market futures and equity returns in the aggregate U.S. market, and specifically in the energy sector stocks have changed strongly during the stock market crisis periods. The correlation between...

We find that the pricing of Finnish electricity market futures has been inefficient during the latest 10 years, when the trading volumes of Electricity Price Area Differentials (EPADs) have more than doubled. Even though the calculated futures premium on EPADs is related to some risk measures...

Using annual data and both time series and a variety of panel econometric techniques for 22 OECD countries from the period of 1980-2016 we find that the euro countries as a group, and many of them as individual countries, too, are mainly dependent on their real economic performance regarding...

In this paper, we construct a new disaggregated net financial wealth data set for the OECD and some emerging markets countries. We find that since the beginning of 1990s, the net wealth positions of countries have developed differently. First, for a group of central and northern European...

This study uses a sample of Western European banks to examine the development in bank asset liquidity during the era of low interest rates. The results suggest that asset liquidity has converged during this period; the least liquid banks have improved their liquidity whereas the most liquid banks...

In the new Benchmark Determination Methodology (BDM), the calculation of Euro Interbank Offered Rates (EURIBOR) should be based on fully comprehensive euro unsecured money market transactions. As this set of eligible transactions contains a number of different instruments, it cannot be...

Based on quarterly data from the US commercial real estate market we find that a short position on the Dow-Jones US Real Estate index (DJUSRE) can serve as a useful and effective hedge against the price risk of U.S. direct commercial real estate investments. According to our results, when...

We identify the most significant factors that have influenced the profitability of European banking sector during the negative interest rate period (NIRP), with a particular focus on the bank size, loan portfolio quality, ownership structure, and location. Based on a panel dataset from 560 banks...

We augment the famous Fisher hypothesis for a small open economy by introducing foreign interest rate and exchange variables to the traditional test equation of the hypothesis. Using the Johansen cointegration method for the Finnish money market interest rate data we find it is possible to find...