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Stock volatility in the periods of booms and stagnations
Kaizoji, Taisei - 2010
time series of each of these indices in the two periods: booms and stagnations, and investigate the statistical properties …The aim of this paper is to compare statistical properties of stock price indices in periods of booms with those in … periods of stagnations. We use the daily data of the four stock price indices in the major stock markets in the world: (i) the …
Persistent link: https://www.econbiz.de/10011496110
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Stock volatility in the periods of booms and stagnations
Kaizoji, Taisei - 2010
time series of each of these indices in the two periods: booms and stagnations, and investigate the statistical properties …The aim of this paper is to compare statistical properties of stock price indices in periods of booms with those in … periods of stagnations. We use the daily data of the four stock price indices in the major stock markets in the world: (i) the …
Persistent link: https://www.econbiz.de/10011524072
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The Financial System in the Czech Republic, Hungary and Poland after a Decade of Transition
Schardax, Franz; Reininger, Thomas; Summer, Martin - 2001
The Czech Republic, Hungary and Poland (CEEC-3) have undertaken substantial efforts to build a new financial system under the constraints of their legacies from central planning. In this study, first we look at the banking sector. Then we give a description of bond and stock markets. These...
Persistent link: https://www.econbiz.de/10010295713
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Explaining the Trend and the Diversity in the Evolution of the Stock Market
Bose, Niloy; Neumann, Rebecca - 2005
In an overlapping generations economy, lenders fund risky investment projects of firms by drawing up loan contracts in the presence of an informational asymmetry. An optimal contract entails the issue of only debt, only equity, or a mix of the two. The equilibrium choice of contract depends on...
Persistent link: https://www.econbiz.de/10010296396
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The debt brake: business cycle and welfare consequences of Germany's new fiscal policy rule
Mayer, Eric; Stähler, Nikolai - 2009
In a New Keynesian DSGE model with non-Ricardian consumers, we show that automatic stabilization according to a countercyclical spending rule following the idea of the debt brake is well suited both to steer the economy and in terms of welfare. In particular, the adjustment account set up to...
Persistent link: https://www.econbiz.de/10010298840
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The naturalistic turn in economics: implications for the theory of finance
Herrmann-Pillath, Carsten - 2008
Economics is increasingly adopting the methodological standards and procedures of the natural sciences. The paper analyzes this 'naturalistic turn' from the philosophical perspective on naturalism, and I discuss the implications for the field of finance. The theory of finance is an interesting...
Persistent link: https://www.econbiz.de/10010298950
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Unemployment insurance and the business cycle: prolong benefit entitlements in bad times?
Moyen, Stéphane; Stähler, Nikolai - 2009
The aim of this paper is to study the optimal duration of unemployment benefit entitlement duration across the business cycle. We wonder if the entitlement duration should be prolonged in bad and shortened in good times. Because of consumption smoothing, such a countercyclical policy can be...
Persistent link: https://www.econbiz.de/10010299477
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Market concentration in the banking sector: Evidence from Albania
Tushaj, Arjan - 2010
The market structure can be described by concentration ratios based on the oligopoly theory or the structure - conduct - performance paradigm. Measures of concentration and also competition are essential for banks conduction in the banking industry. Several researchers have proved concentration...
Persistent link: https://www.econbiz.de/10010300844
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Optimal Organization of Financial Intermediaries
Bougheas, Spiros; Wang, Tianxi - 2015
This paper provides a unified framework for endogenizing two distinct organizational structures of financial intermediation. In one structure, called Bank, the intermediary is financed by issuing debt contracts to investors, and thus resembles commercial banks. In the other structure, called...
Persistent link: https://www.econbiz.de/10011307120
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The equity risk premium: A review of models
Duarte, Fernando; Rosa, Carlo - 2015
We estimate the equity risk premium (ERP) by combining information from twenty models. The ERP in 2012 and 2013 reached heightened levels - of around 12 percent - not seen since the 1970s. We conclude that the high ERP was caused by unusually low Treasury yields.
Persistent link: https://www.econbiz.de/10011340995