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Review of World Economics - The past 20 years in Europe have seen large swings in real and financial markets, and sudden stops of capital flows have exposed the fault lines of the European... 相似文献
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Regina M. Reinert Florian Weigert Christoph H. Winnefeld 《Financial Markets and Portfolio Management》2016,30(2):113-136
In this study, we examine the relationship between the proportion of women in top management positions at banks and these institutions’ financial performance. Using prudential data from supervisory reporting for all credit institutions in the Grand Duchy of Luxembourg from 1999 to 2013, we find a positive association between female management and firm performance. The economic effect is substantial: a 10 % increase in women in top management positions improves the bank’s future return on equity by more than 3 % p.a. Moreover, we show that this positive relationship is (i) almost twice as large during the global financial crisis than in stable market conditions and (ii) non-linear, with banks having 20–40 % female management being the most successful. 相似文献
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Jürgen Meckl Benjamin Weigert 《The journal of international trade & economic development》2013,22(4):319-336
This paper shows that endogenous adjustments in the composition of labour supplies magnify the effects of changes in commodity prices on the measured skill premium under quite plausible conditions. These composition effects arise from decisions of individuals with heterogeneous inherent abilities about acquiring human capital. They reinforce the well-known Stolper?–?Samuelson effect on the measured skill premium in countries with a sufficiently high relative supply of skilled labour, but compensate them otherwise. As a result, the model can account for the observation of a worldwide increase in the skill premium during the last two decades. 相似文献
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The current state of affairs in the euro area (EA) instills hope in economic recovery but also substantial concern. The crisis countries have made considerable, albeit quite uneven, progress in central areas of reform. Yet severe obstacles remain. Moreover, European policy makers have reformed the EA’s institutional framework to strengthen its resilience. Yet important elements of a stable architecture are still missing, and it remains unclear whether the EA is moving towards full integration or a Maastricht 2.0. Most importantly, since it has become impossible to construct a viable fi scal bridge due to the success of the OMT programme, now everything depends on the perseverance of domestic reform policies. 相似文献
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Christoph?M.?SchmidtEmail author Benjamin?Weigert 《International Tax and Public Finance》2013,20(4):564-595
The Euro area is experiencing a severe and highly complex crisis. It comprises three problem areas: the difficulties of some highly indebted European sovereigns to ascertain funding at palatable cost, the disconcerting fragility of the European banking system and disappointing growth prospects in the Euro area periphery. To make matters even worse, these problems have developed into a systemic crisis of the European Monetary Union (EMU), since observers have apparently developed fundamental doubts over its integrity. To overcome this systemic crisis, it would not be sufficient, if only the stronger Euro area economies provided more solidarity, nor would it be sufficient, if only all of Europe adhered to ironclad budgetary discipline from now on. A European Redemption Pact could be a strong political commitment to the EMU and offer a bridge between the proponents of fiscal discipline and structural reform and those governments advocating more support. This pact would entail two indispensable aspects, the codification of a credible and coherent reform path and a temporary and limited instrument for joint refinancing. 相似文献
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The aim of macroprudential policy is to oversee financial stability and to safeguard the stability of the financial system. Systemic risk arises if distressed financial institutions put the stability of the entire financial system at risk, thus impairing its functioning and the provisioning of services to the real economy, with negative implications for economic growth. Macroprudential policy aims at increasing the overall resilience of the financial system by monitoring the allocation of risk in the financial system and by preventing the build-up of excessive risks. In the aftermath of the crisis, new institutions were established and macroprudential instruments were created. Responsibility for macroprudential policy is located mostly at the national level. Due to its international dimension it is embedded into a network of international institutions 相似文献
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