Bidding behavior in the longer term refinancing operations of the European Central Bank: Evidence from a panel sample selection model

This paper analyzes individual bidding data of the longer term refinancing operations (LTROs) of the European Central Bank. We investigate how banks’ bidding behavior is related to a series of exogenous variables including collateral costs, interest rate expectations, market volatility and to individual bank characteristics like country of origin, size, and experience. A specific feature of these auctions is that the number and composition of bidders varies over time. Therefore, we estimate panel sample selection models to control for a bank’s endogenous participation decision. We find that bidding strategies depend on the banks’ attributes. Yet, different bidding behavior generally does not translate into differences concerning bidder success. There is evidence for the winner’s curse effect in LTROs indicating a common value component in banks’ demand for longer term refinancing.     

Trade with developing countries and employment in the European Community

The opposition to a liberal stance on imports of manufactures from developing countries is growing as certain specific groups of products made in these countries prove increasingly competitive and the industrialized countries suffer from persistent high unemployment. Model computations for the six most important EC countries reveal however that the imports from developing countries have only a small impact on employment in these economies seen as a whole.     

North-South interdependence: The case of the Federal Republic of Germany

This study examines economic relations between West Germany and the developing countries in the fields of trade, capital flows and migration of labour. Activity in most fields has expanded enormously since the mid-1960s; in addition the traffic has become markedly less one-way. For the purposes of analysis the developing countries are differentiated according to their economic capacity; prospects for co-operation with West Germany appear to differ markedly according to their stage of development. So German development policy, for its part, needs to employ a variety of different strategies. The more highly developed the partner country, the more the field can be left to private initiative, supported by a liberal foreign trade regime.     

Ökonomische Kriterien und Aufteilungsschlüssel im horizontalen Finanzausgleich

Ohne ZusammenfassungFür die kritische Durchsicht des Manuskripts bin ich Herrn Ass. Dr. Christian Seidl, Institut für Wirtschaftswissenschaften der Universität Wien, und Herrn Ass. Dr. Heinz Schäffer, Institut für Staatsrecht der Universität Wien, verbunden. Die Berechnung der Korrelationsmatrizen in Punkt 5 dieser Arbeit erfolgte auf der IBM 360 des Instituts für Statistik der Universität Wien (Herrn Ass. Dr. Leo Reisinger sei dafür gedankt).