Suche nach Schlagworten '10057-0'

26 entries found on 2 pages. starting on record 1 ending on 20

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Title: Optimal dynamic risk sharing when enforcement is a decision variable
Abstract
Societies provide institutions that are costly to use, but able to enforce long-run relationships. We study the optimal decision problem of using self-governance for risk sharing or governance through enforcement provided by these institutions. Third-party enforcement is modelled as a costly technology that consumes resources, but permits the punishment of agents who deviate from ex ante speci?ed allocations. We show that it is optimal to employ the technology whenever commitment problems prevent ?rst-best risk sharing, but never optimal to provide incentives exclusively via this technology. Commitment problems then persist and the optimal incentive structure changes dynamically over time with third-party enforcement monotonically increasing in the relative inequality between agents. [Thorsten V. Koeppl]
Author: Koeppl, Thorsten V.
Series Title: Working paper series / European Central Bank ; 282
Publisher: European Central Bank
Year: 2003
Language: en
Ressource: Einzelne Arbeitspapiere, Preprints
Keyword: Decision under riskInstitutional infrastructureRiskArbitrationVoluntary agreementTheoryContract theory
Subject: Macro- and micro-economics
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Zentralbank (http://www.ecb.int)
Title: Growth expectations, capital flows and international risk sharing
Abstract
Over the past decades, cross-border financial flows have increased in importance and have in many occasions exceeded the underlying current account positions. This phenomenon has been accompanied by an increase in the volume of international equity transactions that accentuate the role of international risk sharing as a factor for the macroeconomic response to shocks. We use a stylised two-bloc, two-period model of the global economy, with a simple stochastic productivity shock affecting only one country. Efficient global risk-sharing imply that expected productivity gains in one country will attract equity inflows in excess of those needed to finance the current account. Upward-biased expectations about prospects for the productivity gains can further increase the risk exposure of foreign shareholders. The model is calibrated to show how ex post market losses - whether due to 'normal' stock market downturn or ex ante over-optimism - are distributed and how they affect global consumption and current account positions. The results suggest that international spillover effects of stock market bubbles can contribute to business cycle synchronisation across economic areas. [Olli Castrén, Marcus Miller and Roger Stiegert]
Author: Castrén, Olli | Miller, Marcus | Stiegert, Roger
Series Title: Working paper series / European Central Bank ; 237
Publisher: European Central Bank
Year: 2003
Language: en
Ressource: Einzelne Arbeitspapiere, Preprints
Keyword: Stock MarketBubblesCapital mobilityBusiness cycle transmissionRiskTheoryWorldEconomic Growth
Subject: Economic and growth policiesInternational investments. Capital movements
Countries Scheme: Global Resources
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Zentralbank (http://www.ecb.int)
Title: Risk sharing through financial markets with endogenous enforcement of trades
Abstract
When people share risk in financial markets, intermediaries provide costly enforcement for most trades and, hence, are an integral part of financial markets' organization. We assess the degree of risk sharing that can be achieved through financial markets when enforcement is based on the threat of exclusion from future trading as well as on costly enforcement intermediaries. Starting from constrained efficient allocations and taking into account the public good character of enforcement we study a Lindahl-equilibrium where people invest in asset portfolios and simultaneously choose to relax their borrowing limits by paying fees to an intermediary who finances the costs of enforcement. We show that financial markets always allow for optimal risk sharing as long as markets are complete, default is prevented in equilibrium and intermediaries provide costly enforcement competitively. In equilibrium, costly enforcement translates into both agent-specific borrowing limits and price schedules that include a separate default premium. Enforcement costs - or, equivalently, default premia - increase borrowing costs, while interest rates per se depend on the change in enforcement over time. [Thorsten V. Köppl]
Author: Köppl, Thorsten V.
Series Title: Working paper series / European Central Bank ; 319
Publisher: European Central Bank
Year: 2004
Language: en
Ressource: Einzelne Arbeitspapiere, Preprints
Keyword: Financial marketIntertemporal equilibrium modelRiskFutures contractTheory
Subject: Currency. Monetary policyInvestment returns. Financial market. Interest rates
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Zentralbank (http://www.ecb.int)
Title: CBRN case study
Title (other): Ex-post evaluation of PASR activities in the field of security and interim evaluation of FP7 security research
Author (Corp. Body): Centre for Strategy & Evaluation Services
Year: 2011
Language: en
Ressource: Einzelne Berichte, Studien
Keyword: Homeland securityRiskSecurity Policy
Subject: Industrial waste. Industrial hazards
Countries Scheme: Europe. General Resources
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Kommission (http://europa.eu/)
Title: Risk assessment of the European Banking System : july 2013
Series Title:European Banking Authority - Risk assessment of the European Banking System ; 2013,june
Author (Corp. Body): European Banking Authority
Year: 2013
ISBN / ISSN / Kat.Nr: 978-92-95086-48-7 | DZ-AC-13-001-EN-C
Language: en
Ressource: Einzelne Berichte, Studien
Keyword: Banking SystemRiskEU
Subject: Financial institutions. Credit systems. Payment systems
Countries Scheme: Europe. General Resources
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: European Banking Authority (http://www.eba.europa.eu/)
Title: Meeting report on the possibility for an EU training course in Risk Assessment, Brussels, 10 March 2008
Author (Corp. Body): Europäische Kommission / Generaldirektion Gesundheit und Verbraucher
Year: 2008
Language: en
Ressource: Länderinformationen | Einzelne Berichte, Studien
Keyword: Riskreportmedical welfare services
Subject: Diseases
Countries Scheme: Europe. General Resources
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Kommission (http://ec.europa.eu/)
Title: Informal Brainstorming on risk assessment capacity in Europe – supply and training of risk assessors
Author (Corp. Body): Europäische Kommission / Generaldirektion Gesundheit und Verbraucher
Year: 2007
Language: en
Ressource: Länderinformationen | Einzelne Berichte, Studien
Keyword: Riskreportmedical welfare services
Subject: Diseases
Countries Scheme: Europe. General Resources
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Kommission (http://ec.europa.eu/)
Title: Comparative review of risk terminology : a comparative review of terminology and expressions used by the three non-food
scientific committees established by commission decision 2004/210/EC and by their predecessors established by commission
decision 97/579/EC (repealed by commission decision 2004/210/EC) : Final report
Author (Corp. Body): Europäische Kommission / Generaldirektion Gesundheit und Verbraucher
Year: 2007
ISBN / ISSN / Kat.Nr: S12.454739 | Tender SANCO / 2006 / C7 / 025
Language: en
Ressource: Länderinformationen | Einzelne Berichte, Studien
Keyword: RiskTerminologyreport
Subject: Diseases
Countries Scheme: Europe. General Resources
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Kommission (http://ec.europa.eu/)
Title: Preparation of an inventory of formal (graduate and post graduate) and "on-the-job" risk assessment training schemes of
relevance to the work of the non-food scientific committees established by commission decision 2004/210/EC : Final
report
Author (Corp. Body): Europäische Kommission / Generaldirektion Gesundheit und Verbraucher | Central Science Laboratory
Year: 2007
ISBN / ISSN / Kat.Nr: S12.454719 | Tender SANCO / 2006 / C7 / 024
Language: en
Ressource: Länderinformationen | Einzelne Berichte, Studien
Keyword: Riskreport
Subject: Diseases
Countries Scheme: Europe. General Resources
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Kommission (http://ec.europa.eu/)
Title: ESMA risk dashboard : no. 1, 2014
Series Title: European Securities and Markets Authority - ESMA risk dashboard ; 2015,1
Author (Corp. Body): European Securities and Markets Authority
Year: 2014
ISBN / ISSN / Kat.Nr: ESMA/2014/0197
Language: en
Ressource: Einzelne Berichte, Studien
Keyword: Investment policyRisk
Subject: Investments. Investment policy
Countries Scheme: Europe. General Resources
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: European Securities and Markets Authority (http://www.esma.europa.eu)
Title: ESMA report on trends, risks and vulnerabilities : No. 1, 2014
Series Title: ESMA reports on trends, risks and vulnerabilities
Author (Corp. Body): European Securities and Markets Authority
Year: 2014
ISBN / ISSN / Kat.Nr: ESMA/2014/0188
Language: en
Ressource: Einzelne Berichte, Studien
Keyword: Financial marketInvestmentRisk
Subject: Investments. Investment policy
Countries Scheme: Europe. General Resources
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: European Securities and Markets Authority (http://www.esma.europa.eu/)
Title: Fourth report on the consistency of risk weighted assets
Author (Corp. Body): European Banking Authority
Year: 2014
Language: en
Ressource: Einzelne Geschäfts- und Jahresberichte
Keyword: Banking supervisionRisk
Subject: Financial institutions. Credit systems. Payment systems
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: European Banking Authority (http://www.eba.europa.eu/)
Title: ESMA risk dashboard : no. 2, 2014
Series Title: European Securities and Markets Authority - ESMA risk dashboard ; 2014,2
Author (Corp. Body): European Securities and Markets Authority | ESMA Economics Financial Stability Unit
Year: 2014
ISBN / ISSN / Kat.Nr: ESMA/2014/0536
Language: en
Ressource: Einzelne Berichte, Studien
Keyword: Investment policyRisk
Subject: Financial institutions. Credit systems. Payment systems
Countries Scheme: Europe. General Resources
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: European Securities and Markety Authorits (http://www.esma.europa.eu/)
Title: Risk assessment of the european banking system : june 2014
Author (Corp. Body): European Banking Authority
Year: 2014
ISBN / ISSN / Kat.Nr: DZ-AC-14-001-EN-C | 978-92-95086-59-3
Language: en
Ressource: Einzelne Berichte, Studien
Keyword: Banking SystemRiskEU
Subject: Financial institutions. Credit systems. Payment systems
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: European Banking Authority (http://www.eba.europa.eu/)
Title: Discussion paper : calculation of counterparty risk by UCITS for OTC financial derivative transactions subject to
clearing obligations
Author (Corp. Body): European Securities and Markets Authority
Year: 2014
ISBN / ISSN / Kat.Nr: ESMA/2014/876
Language: en
Ressource: Einzelne Berichte, Studien
Keyword: Financial derivativeFiscal PolicyRisk
Subject: Public finance. State aid
Countries Scheme: Europe. General Resources
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: European Securities and Markets Authorities (http://www.esma.europa.eu/)
Title: Statement : potential risks associated with investing in contingent convertible instruments
Abstract
The European Securities and Markets Authority (ESMA) is issuing this statement to clarify to institutional investors risks from a newly emerging asset class referred to by most market participants as contingent convertibles instruments (CoCos). If they work as intended in a crisis CoCos will play an important role to inhibit risk transfer from debt holders to taxpayers. They along with standards to improve the quality and quantity of bank capital reflect a considerate response to the former regulatory capital framework. However, it is unclear as to whether investors fully consider the risks of CoCos and correctly factor those risks into their valuation. ESMA believes there are specific risks to CoCos and that investors should take those risks into consideration prior to investing in these instruments.[Author vide Copyright]
Author (Corp. Body): European Securities and Markets Authority
Year: 2014
ISBN / ISSN / Kat.Nr: ESMA/2014/944
Language: en
Ressource: Einzelne Berichte, Studien
Keyword: Fiscal PolicyInvestmentRisk
Subject: Financial institutions. Credit systems. Payment systemsInvestments. Investment policy
Countries Scheme: Europe. General Resources
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: European Securities and Markets Authority (http://www.esma.europa.eu/)
Title: ESMA risk dashboard : no. 4, 2014
Abstract
The European Securities and Markets Authority (ESMA) has today published its Risk dashboard for the third quarter of 2014. ESMA’s Risk Dashboard assess the risks associated to European financial markets looking into liquidity, market, contagion and credit risks.The Dashboard finds that in 3Q14 EU systemic stress indicators increased, after experiencing a calm 2Q14. Contagion risk augmented and liquidity and market risk remained on high levels, with potential for further increases ahead. Credit risk receded though remaining at a high level. Overall, market sentiment continued to be at odds with sluggish economic fundamentals and guarded expectations. An environment of ultra-low interest rates supported markets and preserved the current hunt-for-yield behaviour of investors.However, markets recognised resulting new balance sheet risks, as risk spreads increased, equity valuation moderated and expectations for future short-term interest rates fanned out. Due to these offsetting forces liquidity risk and market risk remained stable, preserving the risk of critical market corrections for the future. The systemic impact of such corrections could be exacerbated by liquidity bottlenecks, such as might arise from structural factors such as thin dealer markets or rising collateral requirements.[Author vide Copyright]
Series Title: European Securities and Markets Authority - ESMA risk dashboard ; 2014,4
Author (Corp. Body): European Securities and Markets Authority | ESMA Economics Financial Stability Unit
Year: 2014
ISBN / ISSN / Kat.Nr: ESMA/2014/1341
Language: en
Ressource: Einzelne Berichte, Studien
Keyword: Investment policyRisk
Subject: Financial institutions. Credit systems. Payment systems
Countries Scheme: Europe. General Resources
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: European Securities and Markets Authority (http://www.esma.europa.eu/)
Title: ESMA risk dashboard : no. 3, 2014
Abstract
The European Securities and Markets Authority (ESMA) has today published its Risk dashboard for the third quarter of 2014. ESMA’s Risk Dashboard assess the risks associated to European financial markets looking into liquidity, market, contagion and credit risks.The Dashboard finds that in 3Q14 EU systemic stress indicators increased, after experiencing a calm 2Q14. Contagion risk augmented and liquidity and market risk remained on high levels, with potential for further increases ahead. Credit risk receded though remaining at a high level. Overall, market sentiment continued to be at odds with sluggish economic fundamentals and guarded expectations. An environment of ultra-low interest rates supported markets and preserved the current hunt-for-yield behaviour of investors.However, markets recognised resulting new balance sheet risks, as risk spreads increased, equity valuation moderated and expectations for future short-term interest rates fanned out. Due to these offsetting forces liquidity risk and market risk remained stable, preserving the risk of critical market corrections for the future. The systemic impact of such corrections could be exacerbated by liquidity bottlenecks, such as might arise from structural factors such as thin dealer markets or rising collateral requirements.[Author vide Copyright]
Series Title:ESMA Risk Dashboard / European Securities and Markets Authority
Author (Corp. Body): European Securities and Markets Authority | ESMA Economics Financial Stability Unit
Year: 2014
ISBN / ISSN / Kat.Nr: ESMA/2014/883
Language: en
Ressource: Einzelne Berichte, Studien
Keyword: Investment policyRisk
Subject: Financial institutions. Credit systems. Payment systems
Countries Scheme: Europe. General Resources
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: European Securities and Markets Authority (http://www.esma.europa.eu/)
Title: ESMA risk dashboard : no. 1, 2013
Series Title: European Securities and Markets Authority - ESMA risk dashboard ; 2013,1
Author (Corp. Body): European Securities and Markets Authority
Year: 2013
ISBN / ISSN / Kat.Nr: ESMA/2013/213
Language: en
Ressource: Einzelne Berichte, Studien
Keyword: Investment policyRisk
Subject: Investments. Investment policy
Countries Scheme: Europe. General Resources
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: European Securities and Markets Authority (http://www.esma.europa.eu)
Title: ESMA risk dashboard : no. 2, 2013
Series Title: European Securities and Markets Authority - ESMA risk dashboard ; 2013,2
Author (Corp. Body): European Securities and Markets Authority | ESMA Economics Financial Stability Unit
Year: 2014
ISBN / ISSN / Kat.Nr: ESMA/2013/712
Language: en
Ressource: Einzelne Berichte, Studien
Keyword: Investment policyRisk
Subject: Financial institutions. Credit systems. Payment systems
Countries Scheme: Europe. General Resources
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: European Securities and Markety Authorits (http://www.esma.europa.eu/)
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