Emphasising the scope for further growth in institutional investment, in Europe in particular, this paper focuses on the impact of institutional investment on the efficiency and stability of financial systems. The paper stresses the scope for efficiency gains arising from an increasing role of...

In order to assess the effect of EMU on market conditions for banks based in countries which adopt the Single Currency, we use the H indicator suggested by Panzar and Rosse (1987). Our contribution is to assess results separately for large and small banks, and for interest income and total...

The sharp increase in equity prices over the 1990s was widely attributed to permanently higher productivity growth derived from the New Economy. This paper establishes a rational expectations model of technology innovations and equity prices, which shows that under plausible assumptions,...

As a result of Britain's decision to leave the EU, global economic output is likely to grow at a somewhat slower pace than anticipated. The decision will have consequences for the UK and for the euro area in particular; this is also confirmed by simulations produced by the National Institute...

Durch die Brexit-Entscheidung dürfte die Wirtschaftsleistung weltweit mit etwas geringerem Tempo als erwartet zulegen. Vor allem im Vereinigten Königreich und im Euroraum macht sich die Entscheidung bemerkbar; dies bilden auch Simulationen mit dem NiGEM-Modell ab. So führen die erwartete...

Oil price shocks have played a dominant role in the macroeconomic development of the world economy over the last twenty five years. In this paper a large, estimated, macro-economic world model with time varying trade weights, monetary and fiscal policy rules and explicit modelling of the...

It is common to observe that demand elasticities in trade equations for imports are implausibly large, and that they differ between countries. Both of these present us with problems, as they imply trade will rise without bound as a proportion of GDP. The research reported here looks for...

Economists are currently divided over the question of what represents a more immediate threat to the global economy - deflation or excessive infl ation. Using stochastic simulations, this article extrapolates the likely inflation rates in individual European countries and the euro area as a...