1. Refereed Journal // 2013

    Nonlinearity in Cap-and-Trade Systems: The EUA Price and its Fundamentals

    In this paper we examine the nonlinear relation between the EUA price and its fundamentals, such as energy prices, macroeconomic risk factors and weather conditions. By estimating a Markov regime-switching…

  2. Refereed Journal // 2013

    Do we need a separate banking system? An assessment

    Motivated by the current discussion on different separate banking systems, we provide an overview of the different systems, question them and outline their effect on systemic stability and the German banking…