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Beauty Contests and Irrational Exuberance : A Neoclassical Approach

Angeletos, George-Marios - 2010

The arrival of new, unfamiliar, investment opportunities is often associated with "exuberant" movements in asset prices and real economic activity. During these episodes of high uncertainty, financial markets look at the real sector for signals about the profitability of the new investment...

Persistent link: https://www.econbiz.de/10013146127

Sukuk in the First Decade : By the Numbers

McMillen, Michael J. T. - 2013

This article presents research on all sukuk issuances from inception of the sukuk markets (pre-2001) to November of 2008 in terms of US dollar volume and number of issuances. It presents an analysis of those issuances by industry, structural type, structural type in each year, and tenor, among...

Persistent link: https://www.econbiz.de/10013079119

Bubble Cycle

Sakuragawa, Masaya - 2013

rate. Bubbles are more likely to crowd investment in, the stronger is the intertemporal substitution in consumption, and …

Persistent link: https://www.econbiz.de/10013079238

The Macroeconomics of Hedging Income Shares

Grasso, Adriana - 2020

The recent debate about the falling share of labor income has brought attention to the trends in income shares, but less attention has been devoted to their variability. In this paper, we analyze how their fluctuations can be insured against between workers and capitalists, and the corresponding...

Persistent link: https://www.econbiz.de/10012827454

Transformation and Rural Finance

Buchenrieder, Gertrud - 1999

In the process of transformation from a centrally-planned to a market-orientated economy, the domestic financial sector plays two important roles. First, the financial sector itself has to be fundamentally restructured, and second, its efficient functioning is a crucial precondition for the...

Persistent link: https://www.econbiz.de/10012744012

Real macroeconomic variables and stock prices : evidence from Turkey

Okuyan, H. Aydın - In: Asian Journal of Empirical Research 3 (2013) 6, pp. 654-662

This paper investigates the relationship between reel macroeconomic variables and stock prices in Turkey. Consumption … and consumption price index as an indicator of inflation. The ARDL bounds testing is applied to the long-run relationship …

Persistent link: https://www.econbiz.de/10009779190

Comparing Financial Systems : A Structural Analysis

Champonnois, Sylvain - 2021

This paper builds a model of investment and financing that incorporates heterogeneous firms into general equilibrium. In order to characterize the financial structure of an economy, the model connects the share of market finance in total external finance and the distribution of firm sizes into a...

Persistent link: https://www.econbiz.de/10013317312

The Impact of Changes in Stock Prices and House Prices on Consumption in OECD Countries

Ludwig, Alexander; Sløk, Torsten - 2021

This paper quantifies the different impact of stock and house prices on consumption using data for 16 OECD countries … countries with a market-based financial system. The sensitivity of consumption to changes in stock wealth is about twice as … large as the sensitivity to changes in housing wealth. Splitting the sample into the 1980s and 1990s shows that both …

Persistent link: https://www.econbiz.de/10013317987

The Positive Link between Financial Liberalization, Growth and Crises

Tornell, Aaron; Westermann, Frank; Martinez Trigueros, … - 2021

There is no agreement regarding the growth-enhancing effects of financial liberalization, mainly because it is associated with risky international bank flows, lending booms, and crises. In this paper we make the case for liberalization despite the occurrence of crises. We show that in developing...

Persistent link: https://www.econbiz.de/10013319362

NAFTA and Mexico's Economic Performance

Tornell, Aaron; Westermann, Frank; Martinez Trigueros, … - 2021

Mexico, a prominent liberalizer, failed to attain stellar gross domestic product (GDP) growth in the 1990s, and since 2001 its GDP and exports have stagnated. In this paper we argue that the lack of spectacular growth in Mexico cannot be blamed on either the North American Free Trade Agreement...

Persistent link: https://www.econbiz.de/10013319397