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PSN: International Finance & Investment (Topic)最新文献

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Model Uncertainty and Systematic Risk in US Banking 美国银行业的模型不确定性与系统风险
PSN: International Finance & Investment (Topic) Pub Date : 2013-01-10 DOI: 10.2139/ssrn.2216563
Lieven Baele, V. D. Bruyckere, Olivier De Jonghe, Rudi Vander Vennet
{"title":"Model Uncertainty and Systematic Risk in US Banking","authors":"Lieven Baele, V. D. Bruyckere, Olivier De Jonghe, Rudi Vander Vennet","doi":"10.2139/ssrn.2216563","DOIUrl":"https://doi.org/10.2139/ssrn.2216563","url":null,"abstract":"This paper uses Bayesian Model Averaging to examine the driving factors of equity returns of US Bank Holding Companies. BMA has as an advantage over OLS that it accounts for the considerable uncertainty about the correct set (model) of bank risk factors. We find that out of a broad set of 12risk factors only the market, real estate, and high-minus-low Fama–French factors are reliably related to US bank stock returns over the period 1986–2010. Other factors are either only relevant over specific subperiods or for subsets of bank holding companies. We discuss the implications of our findings for empirical banking research.","PeriodicalId":170864,"journal":{"name":"PSN: International Finance & Investment (Topic)","volume":"308 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-01-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121296101","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 26
Financial Deepening, Economic Growth and Unemployment: A Panel Data Analysis Worldwide (1995–2006) 金融深化、经济增长与失业:全球面板数据分析(1995-2006)
PSN: International Finance & Investment (Topic) Pub Date : 2013-01-03 DOI: 10.2139/ssrn.2196034
M. Georgiou
{"title":"Financial Deepening, Economic Growth and Unemployment: A Panel Data Analysis Worldwide (1995–2006)","authors":"M. Georgiou","doi":"10.2139/ssrn.2196034","DOIUrl":"https://doi.org/10.2139/ssrn.2196034","url":null,"abstract":"Present paper is an extension of Georgiou (2009) and the conclusion is indirectly explained by the view of (Wachtel and Rousseau, 2007), who claim that after 1995 credit to private sector as a percentage of GDP causes a decline in economic growth. Hence, in the present paper two things will be shown econometrically with panel data. First, that after 1995 credit to private sector as a percentage of GDP causes a decline in economic growth, thus supporting the view of (Wachtel and Rousseau, 2007); and second, that financial deepening has an optimum unemployment rate-wise, as initially supported by Georgiou (2009). The sample covers all world during the period 1995-2006. Data are drawn from World Bank and are elaborated by means of the Eviews software package.","PeriodicalId":170864,"journal":{"name":"PSN: International Finance & Investment (Topic)","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-01-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123879933","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
China's Housing Market: Is a Bubble About to Burst? 中国房地产市场:泡沫即将破裂吗?
PSN: International Finance & Investment (Topic) Pub Date : 2012-12-18 DOI: 10.2139/ssrn.2191087
James R. Barth, M. Lea, Tong Li
{"title":"China's Housing Market: Is a Bubble About to Burst?","authors":"James R. Barth, M. Lea, Tong Li","doi":"10.2139/ssrn.2191087","DOIUrl":"https://doi.org/10.2139/ssrn.2191087","url":null,"abstract":"The recent meltdown of the U.S. housing market triggered a financial crisis that evolved into the worst recession since the Great Depression. Other mature countries such as Ireland and Spain also have suffered severe housing problems in the past few years. Those difficulties continue to be a drag on economic growth. In the United States, for example, the residential housing market is still seeking to recover to a steadier condition, and home prices have yet to return to their historical trajectory in many regions. The current \"shadow inventory\" of delinquent and foreclosed homes is taking time for the market to absorb, which impedes employment growth in construction and related sectors and thus overall economic growth.","PeriodicalId":170864,"journal":{"name":"PSN: International Finance & Investment (Topic)","volume":"111 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-12-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130783075","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 37
Smoke with Fire: Financial Crises, Institutional Reform, and the Future of EU Democracy 火冒硝烟:金融危机、制度改革和欧盟民主的未来
PSN: International Finance & Investment (Topic) Pub Date : 2012-11-28 DOI: 10.2139/ssrn.2181987
G. Schneider
{"title":"Smoke with Fire: Financial Crises, Institutional Reform, and the Future of EU Democracy","authors":"G. Schneider","doi":"10.2139/ssrn.2181987","DOIUrl":"https://doi.org/10.2139/ssrn.2181987","url":null,"abstract":"The handling of the sovereign debt crisis in the European Union (EU) has raised fears that decision making in supranational organization and its member states has become less democratic and that European Central Bank now calls the shots in Europe. This article confronts this pessimistic speculation with systematic evidence of the institutional consequences of past financial crises. We advance an adapted modernization argument and expect in contrast to the renewed debate over the “Democratic deficit” of the EU that severe economic crises have increased the level of both democracy and central bank independence. Panel regression models support the double conjecture that growing democratic and technocratic decision making should be a consequence of severe economic crises. We qualify in light of these findings the widespread pessimism that the EMU crisis has depleted the power of the European legislatures. Our assessment of the reform potential of the EU boils down to the contention that treaty amendments need to rectify the potential for supranational agenda setting that that the Treaty of Lisbon has created and that the Fiscal Compact Treaty has further strengthened.","PeriodicalId":170864,"journal":{"name":"PSN: International Finance & Investment (Topic)","volume":"65 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-11-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123266494","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
The People's Republic of China and Global Imbalances from a View of Sectorial Reforms 部门改革视角下的中华人民共和国与全球失衡
PSN: International Finance & Investment (Topic) Pub Date : 2012-11-05 DOI: 10.2139/ssrn.2171176
Hiro Ito, Ulrich Volz
{"title":"The People's Republic of China and Global Imbalances from a View of Sectorial Reforms","authors":"Hiro Ito, Ulrich Volz","doi":"10.2139/ssrn.2171176","DOIUrl":"https://doi.org/10.2139/ssrn.2171176","url":null,"abstract":"This paper examines the impact of sectorial reforms on current account imbalances, with a special focus on the People’s Republic of China (PRC). In particular, we investigate to what extent reforms pertaining to the financial sector, social protection, and healthcare may contribute to a rebalancing of the PRC’s persistent current account imbalances. Our forecasting results suggest that reforming the financial sector would be a significant contributor to the country’s rebalancing with an effect much larger than that of capital account liberalization. Strengthened provisions of social protection and publicly-funded healthcare are also found to contribute to a rebalancing of the PRC economy.","PeriodicalId":170864,"journal":{"name":"PSN: International Finance & Investment (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-11-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129985588","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 6
The Role of Risk and Information for International Capital Flows: New Evidence from the SDDS 风险和信息在国际资本流动中的作用:来自SDDS的新证据
PSN: International Finance & Investment (Topic) Pub Date : 2012-10-01 DOI: 10.2139/ssrn.2162418
Y. Hashimoto, K. Wacker
{"title":"The Role of Risk and Information for International Capital Flows: New Evidence from the SDDS","authors":"Y. Hashimoto, K. Wacker","doi":"10.2139/ssrn.2162418","DOIUrl":"https://doi.org/10.2139/ssrn.2162418","url":null,"abstract":"In this paper, we investigate whether better information about the macroeconomic environment of an economy has a positive impact on its capital inflows, namely portfolio and foreign direct investment (FDI). The purpose of our study is to explicitly quantify information asymmetries by compliance with the IMF's Special Data Dissemination Standard (SDDS). For FDI, we fi nd statistically signi cant and robust support for this hypothesis: SDDS subscription increased inflows by an economically relevant magnitude of about 60 percent. We also find evidence of aversion against political and macroeconomic risk as determinants of portfolio and FDI flows and use a non-parametric test for spatial correlation in the residuals of capital flows.","PeriodicalId":170864,"journal":{"name":"PSN: International Finance & Investment (Topic)","volume":"138 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121689813","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 21
Indian Investments in Germany: A Win-Win Proposition 印度在德国投资:一个双赢的提议
PSN: International Finance & Investment (Topic) Pub Date : 2012-10-01 DOI: 10.15480/882.1096
R. Tiwari
{"title":"Indian Investments in Germany: A Win-Win Proposition","authors":"R. Tiwari","doi":"10.15480/882.1096","DOIUrl":"https://doi.org/10.15480/882.1096","url":null,"abstract":"Engagement of Indian multinationals in Germany continued to remain high since the publication of the last Annual Report of IGCC. At May end 2012, 204 subsidiaries of firms headquartered in India were active in Germany, up from 195 reported in the previous edition. Indian firms continue to display a preference for acquisitions in Germany, defending India’s position as “the” leading emerging market investor there.","PeriodicalId":170864,"journal":{"name":"PSN: International Finance & Investment (Topic)","volume":"98 6","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120980638","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Offshoring Location: Case of European Transition and Post-Transition Economies 离岸外包地点:欧洲转型和转型后经济体的案例
PSN: International Finance & Investment (Topic) Pub Date : 2012-09-25 DOI: 10.2139/ssrn.2151877
M. Radło
{"title":"Offshoring Location: Case of European Transition and Post-Transition Economies","authors":"M. Radło","doi":"10.2139/ssrn.2151877","DOIUrl":"https://doi.org/10.2139/ssrn.2151877","url":null,"abstract":"In this paper we present an empirical investigation of location patterns of various FDI investment projects in European transition and post-transition economies in recent decade. We also present major differences between locations in terms of FDI location patterns, and show the importance of various factors affecting the location of different activities. Our analysis indicates that FDI locations in Europe follow the flying geese patterns. We also indicate that the most important FDI location factors in European transition and post-transition economies are: population and level of infrastructure development, the size of the economy, level of transition, and the EU membership.","PeriodicalId":170864,"journal":{"name":"PSN: International Finance & Investment (Topic)","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124549185","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Mothers and Daughters: Heterogeneity of German Direct Investments in the Czech Republic 母亲和女儿:德国在捷克共和国直接投资的异质性
PSN: International Finance & Investment (Topic) Pub Date : 2012-07-25 DOI: 10.2139/ssrn.2185359
Daniel Munich, Martin Srholec, Michael Moritz, J. Schäffler
{"title":"Mothers and Daughters: Heterogeneity of German Direct Investments in the Czech Republic","authors":"Daniel Munich, Martin Srholec, Michael Moritz, J. Schäffler","doi":"10.2139/ssrn.2185359","DOIUrl":"https://doi.org/10.2139/ssrn.2185359","url":null,"abstract":"\"The aim of the paper is to assess the heterogeneity of German affiliates in the Czech Republic and their mother companies in Germany. Applying cluster analysis to firm-level data from the unique IAB-ReLOC survey, we identify four main groups of firms that partition the sample by broad sectoral lines and technological intensity of their operation. More specifically, the principal clusters can be interpreted as: I) High-tech industrial firms; II) Low-tech industrial firms; III) High-tech service providers; and IV) Low-tech service providers. The classification is examined more closely by location, ownership and industry of the firms and in the framework of a probit model. The main result is that there is a significant technological gap between the mothers and their cross-border daughters in industry that cannot be found in the service sector. From this follow implications for technological upgrading on both sides of the border, which are discussed in the concluding section of the paper.\" (Author's abstract, IAB-Doku) ((en))","PeriodicalId":170864,"journal":{"name":"PSN: International Finance & Investment (Topic)","volume":"58 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-07-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133480584","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 16
Financial Globalization, Capital Account Liberalization and Risk Sharing 金融全球化、资本账户自由化与风险共担
PSN: International Finance & Investment (Topic) Pub Date : 2012-05-27 DOI: 10.2139/ssrn.2067284
M. Gautam
{"title":"Financial Globalization, Capital Account Liberalization and Risk Sharing","authors":"M. Gautam","doi":"10.2139/ssrn.2067284","DOIUrl":"https://doi.org/10.2139/ssrn.2067284","url":null,"abstract":"Conventional wisdom suggests that countries that are financially integrated should be better insured against macroeconomic risk. In this paper, I study whether international risk sharing has improved with greater financial integration during the period 1973-2003. Using panel data regressions, I demonstrate that risk sharing improves with greater financial integration for industrial countries, especially during the globalization period. However, developing countries do not show any discernible pattern in risk sharing. Emerging economies, which accounted for a huge share of capital flows in the recent past, show only a marginal change in risk sharing. Capital flows come in different types such as portfolio equity flows, debt flows, foreign direct investment among others and each affects risk sharing differently. I examine the unique role of different types of capital flows in risk sharing and find that risk sharing benefits are higher for industrial countries for each of these components. On the contrary, greater reliance on debt flows appears to have reversed the potential risk sharing gains for the emerging economies.","PeriodicalId":170864,"journal":{"name":"PSN: International Finance & Investment (Topic)","volume":"79 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-05-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129125504","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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