Schneider European Business Cycle Convergence

Portfolio Similarity and a Declining Home Bias of Private Investors
150. Auflage 2013
ISBN: 978-3-653-01915-5
Verlag: Peter Lang
Format: PDF
Kopierschutz: Adobe DRM (»Systemvoraussetzungen)

E-Book, Englisch, Band 69, 0 Seiten

Reihe: Hohenheimer volkswirtschaftliche Schriften

Is the euro area getting closer with regard to business cycles? The study investigates the linkage between business cycle convergence and financial portfolio choice for a panel of 18 European countries. For this purpose an index is constructed which measures the similarity of investment portfolios. The idea is that financial portfolio choice has an impact on business cycles and contributes to convergence via the consumption-wealth linkage. The background of the analysis is the International Asset Pricing Model (IAPM). The results of fixed effects GMM TSLS estimations confirm the linkage. The effect is higher for country-pairs that are built by one euro area member and one member outside the euro area.

Autoren/Hrsg.

Schneider, Jennifer

Fachgebiete

• Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Internationale Finanzmärkte
• Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Anlagen & Wertpapiere
• Wirtschaftswissenschaften Volkswirtschaftslehre Internationale Wirtschaft Internationale Finanzmärkte

Inhaltsverzeichnis

Contents: Business Cycle Convergence and Consumption – Portfolio Theory – Home Bias: Status quo in Europe – Similarity of Portfolios – Consumption and Business Cycle Correlation – Empirical Model – Political Implications.

Über Autor(innen)

Jennifer Schneider studied from 2001 to 2005 Economics at the University of Hohenheim and achieved her doctorate in 2011. Since 2005 she works in the field of risk management for banks.