Diskussionspapiere 937 / 2009
The paper scrutinizes the role of wages and capital flows for competitiveness in the new EU member states in the context of real convergence. For this purpose it extends the seminal Balassa-Samuelson model by international capital markets. The augmented Balassa-Samuelson model is linked to the monetary overinvestment theories of Wicksell and Hayek in order to trace cyclical deviations of real exchange ...
2009| Ansgar Belke, Gunther Schnabl, Holger Zemanek
Diskussionspapiere 940 / 2009
This paper reviews the main features of the banking and financial sector in ten new EU members, and then examines the relationship between financial development and economic growth in these countries by estimating a dynamic panel model over the period 1994-2007. The evidence suggests that the stock and credit markets are still underdeveloped in these economies, and that their contribution to economic ...
2009| Guglielmo Maria Caporale, Christophe Rault, Robert Sova, Anamaria Sova
(Discussion Paper Series / Forschungsinstitut zur Zukunft der Arbeit ; 4292)
| Alexander S. Kritikos, Christoph Kneiding, Claas Christian Germelmann
Diskussionspapiere 942 / 2009
This paper examines global (mature market) and regional (emerging market) spillovers in local emerging stock markets. Tri-variate VAR GARCH(1,1)-in-mean models are estimated for 41 emerging market economies (EMEs) in Asia, Europe, Latin America, and the Middle East. The models capture a range of possible transmission channels: spillovers in mean returns, volatility, and cross-market GARCH-in-mean effects. ...
2009| John Beirne, Guglielmo Maria Caporale, Marianne Schulze-Ghattas, Nicola Spagnolo
Diskussionspapiere 901 / 2009
The paper investigates the motives of activity (entry and exit) of Private Equity (PE) investors in European companies. Investment of a PE firm is not viewed unambiguously. First, it is claimed that PE investment is made for the sake of seeking short-term gains by taking control and utilizing the company's resources. Second, a PE firm invests because of prior identification of chances to add value ...
2009| Oleg Badunenko, Nataliya Barasinska, Dorothea Schäfer
Diskussionspapiere 906 / 2009
This study assesses the relative performance of Greek equity funds employing a non-parametric method, specifically Data Envelopment Analysis (DEA). Using an original sample of cost and operational attributes we explore the effect of each variable on funds' operational efficiency for an oligopolistic and bank-dominated fund industry. Our results have significant implications for the investors' fund ...
2009| Vassilios Babalos, Guglielmo Maria Caporale, Nikolaos Philippas
Diskussionspapiere 903 / 2009
In developing and transition economies, microlending has become an effective instrument for providing micro businesses with the necessary financial resources to launch operations. In the industrialized countries, with their highly developed banking systems, however, there has been ongoing debate on the question of whether an uncovered demand for microlending services exists. The present pilot study ...
2009| Alexander S. Kritikos, Christoph Kneiding, Claas Christian Germelmann
Diskussionspapiere 1223 / 2012
This study puts the monetary transmission process in the eurozone between 2003 and 2011 under closer scrutiny. For this purpose, we investigate the interest rate pass-through from money market to various loan rates for up to twelve countries of the European Monetary Union. Applying different cointegration techniques, we first test for a long-run relationship between loan rates and the Euro OverNight ...
2012| Ansgar Belke, Joscha Beckmann, Florian Verheyen
Diskussionspapiere 1221 / 2012
This paper examines the contemporaneous relationship between the exchange rate regime and structural economic reforms for a sample of CEEC/CIS transition countries. We investigate empirically whether structural reforms are complements or substitutes for monetary commitment in the attempt to improve macroeconomic performance. Both EBRD and EFW data suggest a negative relationship between flexible exchange ...
2012| Ansgar Belke, Lukas Vogel
Refereed essays Web of Science
We investigate the long run relationship between private consumption, disposable income and wealth approximated by equity and house price indices for a panel of 15 industrialized countries. Consumption, income and wealth are cointegrated in their common components. The impact of house prices exceeds the effect arising from equity wealth. The long run vector is broadly in line with the life cycle permanent ...
Portuguese Economic Journal
11 (2012), 1, S. 21-34
| Christian Dreger, Hans-Eggert Reimers