1,721,341 research outputs found
The economic sustainability of optimizing feedstock imports with environmental constraints
No full textThe energetic crisis jeopardizes the safety of nations and people in multiple ways. In addressing the problem of commodity production out of feedstock imports, an eco-environmentally rational agent aims at minimizing the cost of feedstock imports and their increasingly expensive transportation, but also the water footprint of the feedstock production process and the water scarcity in the exporting countries. This implies the need for more accurate feedstock import strategies, that account for the increased multiplicity of factors at play. This study proves the existence of solutions and quantitatively demonstrates that transportation costs and nonuniform feedstock characteristics inhibit feedstock interchangeability, by solving a novel nonlinear program
that accounts for the complexity of the factors at play. Moreover, it is shown that the interplay between water footprint and water scarcity across countries can inhibit or foster feedstock interchangeability. Model validation strategies and a sensitivity analysis complete the study
Media sentiment and CDS spread spillovers: Evidence from the GIIPS countries
Full text linkThis study explores the role of newswire messages during the European debt crisis. It quantifies how this news metric, revealed by statements recorded by newspapers articles, affects CDS spillovers across five European countries with sovereign debt problems and strict bail-out programs, i.e. Greece, Ireland, Italy, Portugal, and Spain with daily data spanning the period 2009–2012. Using panel ARDL and asymmetric conditional volatility modeling methods, the empirical findings document that the news variable generates significant spillover effects across the underlined CDS markets. These findings cast a cloudy doubt on the effectiveness of economic modeling on which CDS spreads are based
Quantitative Easing and Portfolio Rebalancing:A Survey of the Empirical Literature
No full textThis paper gives an overview about selected empirical papers dealing with the relationship between quantitative easing (QE) and the portfolio choice of banks, other institutional investors, and households. Overall, the reviewed literature reaches three main conclusions. First, investors rebalance away from QE-targeted assets (bonds) into non-targeted bonds, housing, and loans (for banks). Second, investors also reallocate away from the domestic to the foreign market. Third, QE-induced portfolio rebalancing is not restricted to sophisticated institutional investors, but is also prevalent among households
Quantitative Easing and Portfolio Rebalancing:A Survey of the Empirical Literature
No full textThis paper gives an overview about selected empirical papers dealing with the relationship between quantitative easing (QE) and the portfolio choice of banks, other institutional investors, and households. Overall, the reviewed literature reaches three main conclusions. First, investors rebalance away from QE-targeted assets (bonds) into non-targeted bonds, housing, and loans (for banks). Second, investors also reallocate away from the domestic to the foreign market. Third, QE-induced portfolio rebalancing is not restricted to sophisticated institutional investors, but is also prevalent among households
The development of financial markets and the impact of credit reforms on the relationship between asset tangibility and firm cash holdings
No full textCredit reforms have the potential to enhance access to credit for businesses with substantial intangible assets, thereby diminishing the dependence on tangible assets for cash holdings. This article examines the influence of credit reforms on cash holdings in 42 countries over the period 2004–2019, focusing on the impact of legal rights and information sharing. Additionally, this article investigates the role of country-level financial market development in explaining the aforementioned relationship. We show that the effects of credit reforms on the relationship between cash holdings and asset tangibility are more relevant in countries with highly (less) developed stock (credit) markets
Quantitative Easing and Portfolio Rebalancing:A Survey of the Empirical Literature
No full textThis paper gives an overview about selected empirical papers dealing with the relationship between quantitative easing (QE) and the portfolio choice of banks, other institutional investors, and households. Overall, the reviewed literature reaches three main conclusions. First, investors rebalance away from QE-targeted assets (bonds) into non-targeted bonds, housing, and loans (for banks). Second, investors also reallocate away from the domestic to the foreign market. Third, QE-induced portfolio rebalancing is not restricted to sophisticated institutional investors, but is also prevalent among households
The international monetary system: Toward a more multipolar configuration?
No full textThe international monetary system is evolving toward a more multipolar configuration, with the transition being driven as much by fundamentals as by increasing uncertainty at the heart of the system. In this chapter we assess the trajectories of the “big four” (EUR, GBP, JPY, USD) and secondary currencies (AUD, CAD, CHF, CNY) in the past decade and find that the system is increasingly ill-adapted to the reconfiguration of the global economy, bringing to the forefront the need for a reliable alternative international reserve asset that can supplement traditional reserves in euro, pound, yen and US dollar
Quantitative Easing and Portfolio Rebalancing:A Survey of the Empirical Literature
No full textThis paper gives an overview about selected empirical papers dealing with the relationship between quantitative easing (QE) and the portfolio choice of banks, other institutional investors, and households. Overall, the reviewed literature reaches three main conclusions. First, investors rebalance away from QE-targeted assets (bonds) into non-targeted bonds, housing, and loans (for banks). Second, investors also reallocate away from the domestic to the foreign market. Third, QE-induced portfolio rebalancing is not restricted to sophisticated institutional investors, but is also prevalent among households
Quantitative Easing and Portfolio Rebalancing:A Survey of the Empirical Literature
No full textThis paper gives an overview about selected empirical papers dealing with the relationship between quantitative easing (QE) and the portfolio choice of banks, other institutional investors, and households. Overall, the reviewed literature reaches three main conclusions. First, investors rebalance away from QE-targeted assets (bonds) into non-targeted bonds, housing, and loans (for banks). Second, investors also reallocate away from the domestic to the foreign market. Third, QE-induced portfolio rebalancing is not restricted to sophisticated institutional investors, but is also prevalent among households
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