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  • FINESS Working Papers 1.4 / 2009

    The Macroeconomic Effects of European Financial Development: A Heterogenous Panel Analysis

    This paper investigates the macroeconomic benefits of international financial integration and domestic financial sector development for the European Union. The sample consists of 26 European countries with annual data during the period 1970.2004. We attempt to exploit more fully the temporal dimension in the data by making use of the common correlated effects (CCE) estimator. We also account for the ...

    2009| Sean Holly, Mehdi Raissi
  • Diskussionspapiere 872 / 2009

    The Role of Asset Markets for Private Consumption: Evidence from Paneleconometric Models

    We explore the long and short run relationship between private consumption, disposable income and housing and financial wealth approximated by price indices for a panel of industrialized countries. Consumption, income and wealth are cointegrated in their common, but not in their idiosyncratic components. This stresses the relevance of inter-national spillovers to explain aggregate consumption behaviour. ...

    2009| Christian Dreger, Hans-Eggert Reimers
  • Weekly Report 9 / 2009

    Productivity in the Financial Sector: Brains Are More Important than Computers

    A conventional decomposition of the financial sector's gross value added growth into its various components indicates that investments in Information and Communication Technologies are highly important. However, a more comprehensive calculation reveals that growth is the result of - in particular - the increased deployment of medium-skilled labour, without whom the technological potential could not ...

    2009| Georg Erber, Reinhard Madlener
  • Diskussionspapiere 873 / 2009

    Volatility Spillovers and Contagion from Mature to Emerging Stock Markets

    This paper examines volatility spillovers from mature to emerging stock markets and tests for changes in the transmission mechanism-contagion-during turbulences in mature markets. Tri-variate GARCH-BEKK models of returns in global (mature), regional, and local markets are estimated for 41 emerging market economies (EMEs), with a dummy capturing parameter shifts during turbulent episodes. LR tests suggest ...

    2009| John Beirne, Guglielmo Maria Caporale, Marianne Schulze-Ghattas, Nicola Spagnolo
  • Diskussionspapiere 885 / 2009

    How Does European Integration Affect the European Stock Markets?

    This paper examines the integration of stock markets in Germany, France, Netherlands, Ireland and UK over January 1973-August 2008 at the aggregate market and industry level considering the following industries: basic materials, consumer goods, industrials, consumer services, health care and financials. The analysis is carried out by using correlation analysis, ß-convergence and s-convergence methods. ...

    2009| Burcu Erdogan
  • Diskussionspapiere 903 / 2009

    Demand Side Analysis of Microlending Markets in Germany

    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 901 / 2009

    Are Private Equity Investors Good or Evil?

    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

    Evaluating Greek Equity Funds Using Data Envelopment Analysis

    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
  • Economic Bulletin 10 / 1998

    Government Budgets 1998/99: The Need for a Change of Course

    1998| Dieter Teichmann, Dieter Vesper
  • Economic Bulletin 10 / 1999

    Government Budgets 1999/2000: No Departure from the Restrictive Course

    1999| Dieter Teichmann, Dieter Vesper
852 results, from 721