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Exchange Rate Dynamics and Financial Market Integration

Sutherland, Alan - C.E.P.R. Discussion Papers - 1996

Imperfect capital mobility is modelled in a two-country intertemporal general equilibrium framework by assuming that agents face costs of adjusting asset stocks in foreign asset markets. Goods markets are imperfectly competitive and goods prices are subject to sluggish adjustment. Simulation...

Persistent link: https://www.econbiz.de/10005661798

Risk Sharing and Industrial Specialization: Regional and International Evidence

Sørensen, Bent E; Yosha, Oved - C.E.P.R. Discussion Papers - 1999

We provide empirical evidence that risk sharing enhances specialization in production. To the best of our knowledge … market integration (a measure of risk sharing) within each of these groups of regions: the EC countries, the non-EC OECD … Latin America). Finally, we perform a regression of the specialization index on the degree of risk sharing, controlling for …

Persistent link: https://www.econbiz.de/10005504254

Personal Pensions with Risk sharing: Affordable, Adequate and Stable Private Pensions in Europe

Bovenberg, A Lans; Nijman, Theo E - C.E.P.R. Discussion Papers - 2015

withdrawal of employers and external insurers as risk bearers of systematic financial and longevity risks. Partly because of … pension: the Personal Pension with Risk sharing (PPR). By unbundling and valuing the investment, (dis)saving, insurance and … risk-sharing functions of pensions, PPRs allow risk management and (dis)saving to be customized to the specific features of …

Persistent link: https://www.econbiz.de/10011252616

Financial Market Integration Under EMU

Jappelli, Tullio; Pagano, Marco - C.E.P.R. Discussion Papers - 2008

to adjust to shocks and to allow risk-sharing. The paper concludes analyzing further steps that are required to …

Persistent link: https://www.econbiz.de/10005662182

Monetary Union, Institutions and Financial Market Integration, Italy 1862-1905

Conte, Leandro; Toniolo, Gianni; Vecchi, Giovanni - C.E.P.R. Discussion Papers - 2003

The Paper draws its motivation from the observation that, three years into the single currency, EMU financial markets are making only slow progress towards integration and from the belief that economic history can offer useful insight as to the causes of the phenomenon. In this vein, we...

Persistent link: https://www.econbiz.de/10005666915

Reciprocal Anti-Dumping and the Location of Firms

Haaland, Jan I.; Wooton, Ian - C.E.P.R. Discussion Papers - 1995

Anti-dumping policies are often justified as legitimate actions by governments in their efforts to protect domestic producers from unfair foreign competition. We investigate the impact of anti-dumping rules on firms' production decisions as to how much and where to produce. Anti-dumping measures...

Persistent link: https://www.econbiz.de/10005497797

Product Standards Coalitions in a Market without Borders

Casella, Alessandra - C.E.P.R. Discussion Papers - 1997

Traditional analyses of standards in international trade identify standards as government regulations and investigate the potential for distortion of trade flows. In reality, however, private industry groups exercise critical influence on the determination of technical standards. The composition...

Persistent link: https://www.econbiz.de/10005498057

The Trade Impact of the Zollverein

Keller, Wolfgang; Shiue, Carol Hua - C.E.P.R. Discussion Papers - 2013

The Zollverein was arguably the most important free-trade agreement of the 19th century. This paper investigates the economic impact of the Zollverein on trade in Germany. Although 1834 is the official date of the Zollverein's establishment, member states in fact joined in a non-random sequence...

Persistent link: https://www.econbiz.de/10011083241

Subcontracting in International Asset Management: New Evidence on Market Integration

Massa, Massimo; Schumacher, David - C.E.P.R. Discussion Papers - 2015

We study the decisions of international asset managers to outsource portfolio management of their funds and we link these decisions to market integration. Using a structural model of selfselection, we endogenize the decision to outsource in a comprehensive sample of international mutual funds...

Persistent link: https://www.econbiz.de/10011196041

Economic Integration and Investment Incentives in Regulated Industries

Auriol, Emmanuelle; Biancini, Sara - C.E.P.R. Discussion Papers - 2009

The paper studies the impact of market integration on investment incentives in non-competitive industries. It distinguishes between investment in transportation and production cost-reducing technologies. Each domestic firm is controlled by a national regulator in a common market made of two...

Persistent link: https://www.econbiz.de/10005012490