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Claessens, Stijn; Mody, Ashoka; Vallee, Shahin - 2012

This paper discusses proposals for common euro area sovereign securities. Such instruments can potentially serve two functions: in the short-term, stabilize financialmarkets and banks and, in the medium-term, help improve the euro area economic governance framework through enhanced fiscal...

Persistent link: https://www.econbiz.de/10010317344

Creating a Euro Area Safe Asset without Mutualizing Risk (Much)

Leandro, Álvaro; Zettelmeyer, Jeromin - 2019

This paper explains and evaluates three proposals to create “safe assets” for the euro area based on sovereign bonds, in which sovereign risk is limited through diversification and some form of seniority. These assets would be held by banks and other financial institutions, replacing...

Persistent link: https://www.econbiz.de/10012052872

Towards a Stable Monetary Union: What Role for Eurobonds?

Gilbert, Niels; Hessel, Jeroen; Verkaart, Silvie - de Nederlandsche Bank - 2013

This paper investigates the role that Eurobonds could play in making EMU stable in the long run. We establish that EMU … ECB form the ideal backstop, and that Eurobonds potentially offer a more stable solution, but at the price of important … and moral hazard by using Eurobonds themselves to further enforce budgetary discipline. Even then, however, EMU governance …

Persistent link: https://www.econbiz.de/10010757280

The origins of the Platonic approach to monetary systems: Retracing European and Chinese monetary thoughts on Chartalism, Nominalism, and the origins of monetary systems

Tymoigne, Éric - 2024

A monetary approach that combines Chartalism, Nominalism, and Command origins of monetary systems is often deemed to have emerged only recently, while the Aristotelian approach (Commodity, Metallism, and Market origins of monetary systems) is the only one that existed until the end of the...

Persistent link: https://www.econbiz.de/10015189321

The Resolution of Economic Conflicts: Beyond the Economic System

Obregon, Carlos - 2022

Economic conflict resolution historically has been seen, by the main schools of economic thought, as the distribution of given, scarce resources. The neoclassical school argued that the distribution was efficiently solved by the price system, and the Marxist school argued that a revolution to...

Persistent link: https://www.econbiz.de/10015214333

What Explains the Volatility in Pakistan’s Sovereign Bond Yields?

Tunio, Mohsin Waheed - 2023

This paper, using a combination of volatility models i.e. GARCH, TGARCH, and EGARCH, tries to explain the domestic and external factors, responsible for volatility in Pakistan’s sovereign bond yield-to-maturity of various bond tenors. The paper finds out that within domestic factors, apart...

Persistent link: https://www.econbiz.de/10015269315

Keynes und die Finanzmärkte: Auf halbem Weg vom "homo oeconomicus" zum "homo humanus"

Schulmeister, Stephan - 2019

John Maynard Keynes war ein Ökonom, der stets zwischen der Welt der Theorien und der Realität pendelte, er prüfte und verwarf theoretische Annahmen aufgrund seiner Beobachtungen, die er wiederum als Ausgangspunkte für die Entwicklung neuer Theorien nutzte. Gleichzeitig betrieb er als...

Persistent link: https://www.econbiz.de/10012140970

Does intrinsic value still have a role in capital market pricing?

Bélyácz, Iván - In: Society and Economy 34 (2012) April, pp. 95-113

In this study I make an effort to prove that market price signals are less subject to individual behavioural distortion than those sharing the idea of prevailing irrational investor behaviour, and that intrinsic value plays a major role in the market price. With stock market bubbles, the balance...

Persistent link: https://www.econbiz.de/10010822336

Financial Markets Efficiency (Nobel Memorial Prize in Economics 2013)

Sverchkov, R.; K. Sonin. - In: VOPROSY ECONOMIKI 1 (2014)

The article considers the ways to overcome the methodological gap between the analysis of economic cycles and the pure economic theory as suggested by the Western economists in the 1920s and 1930s. In this context, N. D. Kondratiev’s project of economic dynamics is analyzed, which implied a...

Persistent link: https://www.econbiz.de/10010752385

The Evolution of Valuation in Bankruptcy

Simkovic, Michael - 2017

Financial analyses such as valuation, solvency and capital adequacy play a crucial role in bankruptcy. Over the course of the 20th century, methods of financial analysis in bankruptcy have shifted from earnings multiples to discounted cash flow (DCF) and recently to market-based approaches such...

Persistent link: https://www.econbiz.de/10012968788