This paper attempts to answer the question whether the threat of systemic risk in banking exists only on a national or on a European level. Following De Nicolo and Kwast (2001), mean rolling-window…
This paper analyses the level of relative specialisation in terms of gross fixed capital formation in EU regions. Larger market and regional sizes diminish; a higher unemployment rate, population density, the…
Starting from an information process governed by a geometric Brownian motion we show that asset returns are predictable if the elasticity of the pricing kernel is not constant. Declining [Increasing] elasticity…