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Displaying results 1 to 4 of 4.

  1. Determinants of carry trades in Central and Eastern Europe
    Author: Hoffmann, Andreas
    Published: 2011
    Publisher:  Univ., Wirtschaftswissenschaftliche Fakultät, Leipzig

    In this paper, I analyze determinants of carry trade returns in Central and Eastern Europe (CEE). I show that carry trades to CEE were lucrative due to interest rate spreads between the funding and investment currency from 2004 to 2006. They became... more

    Location:
    Niedersächsische Staats- und Universitätsbibliothek Göttingen
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 279 (102)
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    In this paper, I analyze determinants of carry trade returns in Central and Eastern Europe (CEE). I show that carry trades to CEE were lucrative due to interest rate spreads between the funding and investment currency from 2004 to 2006. They became unprofitable when liquidity risk and exchange rate volatility increased after 2007. The analysis suggests that the exchange rate regime of the CEE economy matters for carry trade returns. Overall, exchange rate stabilization, particularly via managed floats, seems to allow for the highest profit opportunities. -- Carry trades ; emerging markets ; exchange rates

     
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    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/55536
    Series: Working Paper / Universität Leipzig, Wirtschaftswissenschaftliche Fakultät ; 102
    Subjects: Devisenmarkt; Zinsparität; Währungsspekulation; Kapitaleinkommen; Wechselkurssystem; Osteuropa
    Scope: Online-Ressource (PDF-Datei: 27 S., 276,33 KB), graph. Darst.
  2. Symmetrische Regeln und asymmetrisches Handeln in der Geld- und Finanzpolitik
    Author: Hoffmann, Andreas; Schnabl, Gunther
    Published: 2011
    Publisher:  Univ., Wirtschaftswissenschaftliche Fakultät, Leipzig

    Das Papier untersucht auf der Grundlage der monetären Überinvestitionstheorien von Wicksell (1898), Mises (1912) and Hayek (1929, 1935) das Scheitern von geld- und finanzpolitischen Regeln zur Kontrolle von übermäßigem Geldmengenwachstum und... more

    Location:
    Niedersächsische Staats- und Universitätsbibliothek Göttingen
    Inter-library loan:
    No inter-library loan

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 279 (95)
    Inter-library loan:
    No inter-library loan

     

    Das Papier untersucht auf der Grundlage der monetären Überinvestitionstheorien von Wicksell (1898), Mises (1912) and Hayek (1929, 1935) das Scheitern von geld- und finanzpolitischen Regeln zur Kontrolle von übermäßigem Geldmengenwachstum und ausufernder Staatsverschuldung. Es zeigt asymmetrische Geld- und Finanzpolitiken in den großen Industrieländern auf, die zu einem Verfall der Geldmarktzinsen gegen Null und einem Anstieg der Staatsverschuldungen auf globale Rekordstände geführt haben. Das strukturelle Absinken des globalen Zinsniveaus wird als Ursache für globale Überinvestitions- bzw. Boom-und-Krisen-Zyklen gesehen, die zu einem Ausufern der Staatsverschuldung geführt haben. Zur Stabilisierung des langfristigen globalen Wachstums wird die Rückkehr zu symmetrischen Regeln in der Geld- und Finanzpolitik gefordert. -- Regeln ; Geldpolitik ; Finanzpolitik ; Asymmetrie ; Boom-und-Krisen-Zyklen ; Exit

     
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    Source: Union catalogues
    Language: German
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/48852
    Series: Working Paper / Universität Leipzig, Wirtschaftswissenschaftliche Fakultät ; 95
    Subjects: Geldpolitik; Inflation; Finanzpolitik; Öffentliche Schulden; Konjunkturtheorie; Regelbindung versus Diskretion; Industrieländer
    Scope: Online-Ressource (PDF-Datei: 19 S., 206,66 KB), graph. Darst.
  3. National monetary policy, international economic instability and feedback effects
    an overinvestment view
    Author: Hoffmann, Andreas; Schnabl, Gunther
    Published: 2011
    Publisher:  Univ., Jena

    The paper explains internationally transmitted boom-and-bust cycles as the outcome of excessive liquidity supply based on the credit boom theories of Hayek (1929; 937), Mises (1912) and Minsky (1986). We show how too expansionary monetary policies... more

    Location:
    Universitäts- und Landesbibliothek Sachsen-Anhalt / Zentrale
    Signature:
    eBook
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    Location:
    Thüringer Universitäts- und Landesbibliothek
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 230 (19)
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    The paper explains internationally transmitted boom-and-bust cycles as the outcome of excessive liquidity supply based on the credit boom theories of Hayek (1929; 937), Mises (1912) and Minsky (1986). We show how too expansionary monetary policies cause distortions in the economic structure and boom-and-bust cycles on both a national and an international level. Feedback effects of crises in periphery countries on center countries are shown to trigger a new round of monetary expansion in large countries, which provide international currencies to an asymmetric world monetary system. Crisis and contagion in globalized goods and financial markets indicate the limits of purely national monetary policies, which solely focus on domestic consumer prices and output. This makes the case for monetary policies in large countries, which take responsibility for the long-term effects of monetary policy on goods and financial markets in both home and foreign as put forward by Hayek (1937).

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/94458
    Series: Working papers on global financial markets ; 19
    Subjects: Geldpolitik; Liquidität; Wirkungsanalyse; Konjunktur; Periphere Region; Konjunkturzusammenhang; Theorie
    Scope: Online-Ressource (PDF-Datei: 21 S., 0,25 MB), graph. Darst.
  4. Secundinus in der Diskussion mit Augustinus über das malum
    Beobachtungen zu den augustinischen Quellen der "Epistula Secundini"
    Author: Hoffmann, Andreas
    Published: 2011

    Location:
    Index theologicus der Universitätsbibliothek Tübingen
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    Source: Union catalogues
    Language: German
    Media type: Article (edited volume); Review
    Format: Print
    Parent title: In: "In search of truth"; Leiden ; Boston : Brill, 2011; (2011), Seite 481-517; XXXV, 706, [23] S.

    Subjects: Das Böse
    Other subjects: Augustinus, Aurelius Heiliger (354-430)