Today it's frequently used the terms PIGS or PIIGS, acronyms used by economic journalists to refer to different countries of the European Union for their statement of affairs. The bad connotation is evident from the fact that pigs in English suggest the bad state of the economies of these...

This paper offers a specific analysis of speculation bubbles in the economic history of the world, and then tries to identify the causes and effects of the speculation bubble on the real estate market in the USA, which was the main cause of the subprime crisis. The first part of the paper aims...

Die globale Finanz- und Wirtschaftskrise hat eine intensive Debatte über eine angemessene Regulierung des Banken- und Finanzsektors ausgelöst. Dabei wird insbesondere die Bedeutung von großen und stark vernetzten Banken für die gesamtwirtschaftliche Stabilität diskutiert. In diesem Beitrag...

In recent years the issue of the role of asset prices in monetary setting has become increasingly topical since booms and busts in asset market are associated with the fluctuations in overall economic activity through its impacts on aggregate spending. In this study, we use Smooth Transition...

We study optimal hedging design for returns on an Italian equity mutual fund index since 2008. Alternative hedging instruments include one-month futures contracts for FTSE-MIB, FTSE100 and Xetra DAX. We use bivariate models of our Italian equity mutual fund index and each hedging instrument to...

This paper codifies in a systematic and transparent way a historical chronology of business cycle turning points for Spain reaching back to 1850 at annual frequency, and 1939 at monthly frequency. Such an exercise would be incomplete without assessing the new chronology itself and against...

Die deutsche Wirtschaft wird wegen des schwachen Winterhalbjahres in diesem Jahr nur um 0,4 Prozent wachsen. Allerdings dürfte die Schwächephase wohl bereits überwunden sein; im kommenden Jahr wird das Wachstum mit 1,8 Prozent kräftig sein. Die Weltkonjunktur ist wieder auf einen...

The identification of real estate cycles has always been an important issue in the study of real estate. This paper selected as indicators the Composite Leading Index and Reference Cycle Index regarding the real estate cycles in Taiwan, as they incorporate real estate activities, such as...