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  1. Is the View from the Eurotower Purely European? National Divergence and ECB Interest Rate Policy
  2. The Benefits of Creating an Integrated EU Market for Investment Funds
  3. Integration Benefits on EU Retail Credit Markets – Evidence from Interest Rate Pass-through
  4. How Integrated are the European Retail Financial Markets? A Cointegration Analysis
  5. Factor Mobility, Government Debt and the Decline in Public Investment
  6. Is the view from the Eurotower purely European?
    national divergence and ECB interest rate policy
    Erschienen: October 2002
    Verlag:  ZEW, Mannheim

    The official view on ECB monetary policy claims that monetary decisions are based solely on average data for the euro zone and that diverging regional developments are disregarded. However, experience from other two tier central banks and theoretical... mehr

    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    DS 15 (2002,69)
    keine Fernleihe

     

    The official view on ECB monetary policy claims that monetary decisions are based solely on average data for the euro zone and that diverging regional developments are disregarded. However, experience from other two tier central banks and theoretical considerations suggest that this official view cannot be accepted without empirical testing. A generalised monetary policy reaction function is developed which allows for an influence of regional divergence. The empirical tests are based on reaction function estimations and a probit model of interest rate decisions for the first years of the euro area. The results offer some first weak support for an impact of regional divergence in ECB decision making. The results further clarify that ignoring a potential national perspective may lead to a serious bias in the estimation of ECB reaction functions. The paper concludes that the correct identification of a possible impact of regional divergence is important for the transparency issue.

     

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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/24423
    Schriftenreihe: ZEW discussion paper ; no. 02-69
    Schlagworte: Geldpolitik; Taylor-Regel; Zinspolitik; Nationalismus; Schätzung; Eurozone; EU-Staaten
    Umfang: 1 Online-Ressource (circa 25 Seiten), Illustrationen
  7. How integrated are the European retail financial markets?
    a cointegration analysis
    Erschienen: January 2002
    Verlag:  ZEW, Mannheim

    With the introduction of the Euro, a single European money market has emerged. Further wholesale financial markets are considered to be highly integrated within the European Union. However, integration in retail financial markets is less advanced.... mehr

    Niedersächsische Staats- und Universitätsbibliothek Göttingen
    keine Fernleihe
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    DS 15 (2002,2)
    keine Fernleihe

     

    With the introduction of the Euro, a single European money market has emerged. Further wholesale financial markets are considered to be highly integrated within the European Union. However, integration in retail financial markets is less advanced. For measuring financial market integration this distinction between wholesale and retail markets becomes crucial. There is a wide literature relating to integration of wholesale financial markets but just a few studies that try to measure integration in European retail markets. This paper, in a first step, gives a systematisation of the literature on measuring financial market integration with a focus on the distinction between wholesale and retail financial markets. In a second step, bivariate and multivariate cointegration techniques are used to assess the degree of integration in four loans and two deposit markets in the European Union. Finally, based on this analysis obstacles to financial market integration are discussed.

     

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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/24784
    Schriftenreihe: ZEW discussion paper ; no. 02-22
    Schlagworte: Privatkundengeschäft; Internationaler Finanzmarkt; Marktintegration; Kointegration; Schätzung; EU-Staaten
    Umfang: 1 Online-Ressource (circa 34 Seiten), Illustrationen
  8. A Stigler view on banking supervision
    Erschienen: October 2002
    Verlag:  ZEW, Mannheim

    The system of banking supervision in Europe is undergoing substantial reforms. According to Stigler's capture theory regulation often follows the preferences of producers. Therefore, the interests of the financial industry might be a major driving... mehr

    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    DS 15 (2002,66)
    keine Fernleihe

     

    The system of banking supervision in Europe is undergoing substantial reforms. According to Stigler's capture theory regulation often follows the preferences of producers. Therefore, the interests of the financial industry might be a major driving force for the ongoing supervisory reform debate. This paper identifies possible interests of the regulated industries: Either they might favour strict supervision to create barriers for entry and thus to reduce competitive pressure in their market. Or they might use their political influence to press for a lax and low-cost supervisory system. A cross-country data base on supervisory systems and financial structure allows the application of a three-step testing procedure. It turns out that the private interest view on regulation is indeed relevant and that the data is more compatible with a "preference for laxity" than with a "barriers to entry" view.

     

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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/24445
    Schriftenreihe: ZEW discussion paper ; no. 02-66
    Schlagworte: Bankenaufsicht; Finanzsektor; Interessenpolitik; Bankenregulierung; Schätzung; Welt
    Umfang: 1 Online-Ressource (circa 42 Seiten), Illustrationen
  9. Factor mobility, government debt and the decline in public investment
    Erschienen: February 2002
    Verlag:  ZEW, Mannheim

    This paper tries to explain the declining level of public investment in OECD countries. The theoretical framework hints to the relevance of a number of demand and supply factors - ranging from the yield of public investment to institutions like the... mehr

    Niedersächsische Staats- und Universitätsbibliothek Göttingen
    keine Fernleihe
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    DS 15 (2002,19)
    keine Fernleihe

     

    This paper tries to explain the declining level of public investment in OECD countries. The theoretical framework hints to the relevance of a number of demand and supply factors - ranging from the yield of public investment to institutions like the EU deficit limits. The econometric results indicate that the decline is largely due to two developments: First to the pile-up of public debt since the 70s which in the 90s severely restricted ability to finance new investment. Second to the increasing mobility of factors that has added to the financing difficulties. In contrast to that neither the privatisation process nor EU deficit restrictions of the Maastricht Treaty can explain the decline.

     

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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/24787
    Schriftenreihe: ZEW discussion paper ; no. 02-19
    Schlagworte: Öffentliche Investition; Haushaltskonsolidierung; Faktormobilität; Standortwettbewerb; OECD-Staaten; EU-Staaten
    Umfang: 1 Online-Ressource (circa 17 Seiten), Illustrationen
  10. The benefits of a working European Retail Market for financial services
    report to European Financial Services Round Table
    Erschienen: 2002
    Verlag:  Europa Union Verl., Bonn

    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    DSM 30
    keine Fernleihe
    Export in Literaturverwaltung   RIS-Format
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 3771306078
    Weitere Identifier:
    hdl: 10419/110486
    Schriftenreihe: [ZEW Gutachten / Forschungsberichte]
    Schlagworte: Finanzmarkt; EU-Binnenmarkt; Finanzdienstleistung; EU-Staaten
    Umfang: Online-Ressource (65 S.), graph. Darst.