Showing 1 - 10 of 29
This study focuses on the rise and fall of the ‘Green Revolution’ in Punjab and on its social impact, demonstrating how this modernization process had a forefront role in the process of formation and consolidation of the political and social forces that supported and fed the...
Persistent link: https://www.econbiz.de/10011136401
Persistent link: https://www.econbiz.de/10007458811
This paper examines how credit risk affects bank lending and the business cycle. We estimate a panel Vector Autoregression model for an unbalanced sample of 12 OECD countries over the past two to three decades, consisting of the output gap, inflation, the short-term interest rate, bank lending,...
Persistent link: https://www.econbiz.de/10010945599
Policy impact studies often suffer from endogeneity problems. Consider the case of the ECB Securities Markets Programme. If Eurosystem interventions were triggered by sudden and strong price deteriorations, looking at daily (or weekly) price changes may bias downwards the correlation between...
Persistent link: https://www.econbiz.de/10011083658
This paper analyses changes in short-term interest rate expectations and uncertainty during ECB Governing Council days. For this purpose, it extends the estimation of risk-neutral probability density functions up to tick frequency. In particular, the non-parametric estimator of these densities,...
Persistent link: https://www.econbiz.de/10010595288
This paper analyses the main drivers of the ECB’s balance sheet and profit and loss account over the first 11 years of the ECB’s existence. Furthermore, the paper assesses the financial strength of the ECB. As monetary policy operations are normally conducted by national central banks under...
Persistent link: https://www.econbiz.de/10010688348
Policy impact studies often suffer from endogeneity problems. Consider the case of the ECB Securities Markets Programme: If Eurosystem interventions were triggered by sudden and strong price deteriorations, looking at daily price changes may bias downwards the correlation between yields and the...
Persistent link: https://www.econbiz.de/10010753737
Persistent link: https://www.econbiz.de/10010002779
This paper proposes a new procedure to determine the time of the prevailing quote relative to the time of the trade for NYSE stock data obtained from the TAQ database. The procedure tests whether the quote revision frequency around a trade is contaminated by quote revisions triggered by a trade,...
Persistent link: https://www.econbiz.de/10012736056
The International Monetary Fund (IMF) stated in spring of this year that a more timely restructuring of Greece’s sovereign debt would have been beneficial. But what are the available options for early debt restructuring? The report argues that current reforms in the Euro area, in particular,...
Persistent link: https://www.econbiz.de/10011266540