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Does financial activity cause economic growth?

Graff, Michael; Karmann, Alexander - 2001

To clarify the causal links between financial activity and economic growth, three theoretical models are analyzed and a structural equation path models is estimated. In the modeling part, poverty traps result from large fixed costs or high proportions of real investment to run a financial...

Persistent link: https://www.econbiz.de/10010305424

What determines the finance-growth nexus? An endogenous growth model and empirical evidence

Graff, Michael; Karmann, Alexander - 2003

An endogenous growth model with a financial sector is formulated, and empirical analyses are conducted. The model exhibits structural shifts and breaks caused by institutional change, suggesting that a linear approach is inadequate. To address this point empirically, we fit data for 90 countries...

Persistent link: https://www.econbiz.de/10010305439

Does financial activity cause economic growth?

Graff, Michael; Karmann, Alexander - Fakultät Wirtschaftswissenschaften, Technische … - 2001

Persistent link: https://www.econbiz.de/10009226161

What determines the finance-growth nexus? An endogenous growth model and empirical evidence

Graff, Michael; Karmann, Alexander - Fakultät Wirtschaftswissenschaften, Technische … - 2003

Persistent link: https://www.econbiz.de/10009226237

Value at risk, bank equity and credit risk

Broll, Udo; Wahl, Jack E. - 2003

We study the implications of the value at risk concept for the bank's optimum amount of equity capital under credit risk. The market value of loans is risky and lognormally distributed. We show that the required equity capital depends upon managerial and market factors. Furthermore, the bank's...

Persistent link: https://www.econbiz.de/10010305454

Export and benefits of hedging in emerging economies

Broll, Udo; Wahl, Jack E.; Wessel, Christoph - 2009

markets. However there exists a financial asset whose price is correlated with the relevant foreign currency. We present …

Persistent link: https://www.econbiz.de/10010300622

Export and benefits of hedging in emerging economies

Broll, Udo; Wahl, Jack E.; Wessel, Christoph - Fakultät Wirtschaftswissenschaften, Technische … - 2009

markets. However there exists a financial asset whose price is correlated with the relevant foreign currency. We present …

Persistent link: https://www.econbiz.de/10009226173

Convergence of European Spot Market Prices for Natural Gas? A Real-Time Analysis of Market Integration using the Kalman Filter

Neumann, Anne; Siliverstovs, Boriss - 2005

This paper provides a textbook example of integration between commodity markets, and the subsequent price convergence … or absence thereof. We analyze price relations between spot markets for natural gas in Europe. We apply time …-varying coefficient estimation applying the Kalman filter, to test whether price convergence between different locations is really taking …

Persistent link: https://www.econbiz.de/10010296793

Prospect theory and hedging risks

Broll, Udo; Egozcue, Martín; Wong, Wing-Keung; … - 2010

. For example, the nature of monotonicity of the indifference curve depends on the underlying mean. Price hedging decisions …

Persistent link: https://www.econbiz.de/10010301357

The firm under uncertainty: capital structure and background risk

Broll, Udo; Wong, Keith K.P. - 2010

This paper examines the interplay between the real and financial decisions of the competitive firm under output price …

Persistent link: https://www.econbiz.de/10010301363