In this paper we question the consensus of using a binary crisis definition for empirical crisis models. We believe that the most severe shortcomings of the crisis models today are in the crisis definition rather than the explanatory variables. We present a crisis model that is specified for a...

This paper investigates the credit channel in Germany and the United Kingdom. The financial systems of these two countries show substantial structural differences, which leads one to expect that their real sectors respond differently to changes in monetary policy. To the extent that this is the...

With the "more economic approach" the EU is taking a new tack on merger control policy. This is visible not only in the new SIEC prohibition criterion and the criteria for appraising horizontal mergers but also in more recent decision-making practice. Greater legal certainty, on the one hand,...

The accession of several Central and Eastern European Countries to Euroland is likely to be realised within the next years. Some studies aim at analysing the suitability of these Euro aspirants for currency union with EMU by evaluating the related macroeconomic costs. Still, they are prone to...

Value at risk (VaR) has become a standard measure of portfolio risk over the last decade. It even became one of the corner stones in the Basel II accord about banks' equity requirements. Nevertheless, the practical application of the VaR concept suffers from two problems: how to estimate VaR and...

Leading indicators are typical constructs used in macroeconomics to guide decision making in several areas of economic activity, including policy formation and long term investment. Researchers often evaluate and select leading indicators on a seemingly ad hoc basis involving OLS regression,...

In this paper we want to discuss macroscopic and microscopic properties of financial markets. By analyzing quantitatively a database consisting of 13 minute per minute recorded financial time series, we identify some macroscopic statistical properties of the corresponding markets, with a special...

Dieser Beitrag untersucht die Evolution der IT-Outsourcing-Industrie in Deutschland von 1990 bis 2006 aus Sicht der Industrielebenszyklusforschung. Ein neu erarbeiteter Datensatz wird daraufhin analysiert, inwieweit ein Shakeout vorliegt bzw. in welchen Punkten sich die Entwicklung in einer...

This paper revisits the question: Will Eastern Germany become a new Mezzogiorno? Building upon the established analysis of East Germany's disappointing economic performance since unification, when wages were allowed to far outstrip productivity, the purpose of this work is to provide fresh...

Das deutsche System der Finanzierung, Leitung und Kontrolle von Unternehmen, kurz der Corporate Governance, unterliegt einem weit reichenden Veränderungsprozess. Die wichtigsten Ursachen liegen in der Internationalisierung des Anlagekapitals, der regulatorischen Reform sowie einer erhöhten...