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European Currencies (european + currency)

Distribution by Scientific Domains

Business, Economics, Finance and Accounting	60%

Selected Abstracts

Securitization: The Transformation of Illiquid Financial Assets into Liquid Capital Market Securities Examples from the European Market

FINANCIAL MARKETS, INSTITUTIONS & INSTRUMENTS, Issue 3-4 2000
Charles Austin Stone
Since the benefits a firm can derive from securitization are universal, the discussion of a market bounded by national borders is somewhat artificial unless the focus is on constraints particular to the country which promote or inhibit the use of securitization. With the exception of the United Kingdom, regulatory constraints have been an important factor in slowing the development of a European market for asset and mortgage backed securities. In addition to the regulatory hurdles, securitization in Europe has been inhibited by segmented corporate bond markets and the relatively slow development of money market savings vehicles for households. Liquidity across credit spectrums has been enhanced since the introduction of the Euro, as has been the competition for savings. European companies are developing the ability to securitize even if the technique is not yet being widely exploited. What is the European market for mortgage and asset backed securities? Does it include the U.S. credit card banks, Citicorp, Chase, MBNA, and First USA that have refinanced U.S. credit card receivables in European currencies and in Euro? Does it include GMAC which has structured Swiss Franc and Euro ABS backed by its U.S. dealer floor plan loans? Does it include Japanese banks that have refinanced Yen denominated leases with Euro and Swiss Franc ABS? Does it include Barclays' issue of $1 billion of ABS backed by sterling credit card receivables? Of course the answer is yes. Markets are defined by both the supply and demand sides. Our analysis focuses on the supply side of the domestic European market. [source]

Beating the random walk in Central and Eastern Europe

JOURNAL OF FORECASTING, Issue 3 2005
Jesús Crespo Cuaresma
Abstract We compare the accuracy of vector autoregressive (VAR), restricted vector autoregressive (RVAR), Bayesian vector autoregressive (BVAR), vector error correction (VEC) and Bayesian error correction (BVEC) models in forecasting the exchange rates of five Central and Eastern European currencies (Czech Koruna, Hungarian Forint, Slovak Koruna, Slovenian Tolar and Polish Zloty) against the US Dollar and the Euro. Although these models tend to outperform the random walk model for long-term predictions (6 months ahead and beyond), even the best models in terms of average prediction error fail to reject the test of equality of forecasting accuracy against the random walk model in short-term predictions. Copyright © 2005 John Wiley & Sons, Ltd. [source]

Intraday price-reversal patterns in the currency futures market: The impact of the introduction of GLOBEX and the euro

THE JOURNAL OF FUTURES MARKETS, Issue 11 2006
Joel Rentzler
This article assesses the intraday price-reversal patterns of seven major currency futures contracts traded on the Chicago Mercantile Exchange over 1988,2003 after 1-day returns and opening gaps. Significant intraday price-reversal patterns are observed in five of the seven currency futures contracts, following large price changes. Additional tests are conducted in three subperiods (1988,1992, 1993,1998, and 1999,2003) to examine the impact of the introduction of electronic trading on GLOBEX in 1992 (to assess how a near 24-hour trading session might impact the next-day opening and closing futures prices) and the introduction of the euro in 1999 (to assess its impact on price predictability in other futures markets). It is found that the introduction of the GLOBEX in 1992 significantly reduced pricing errors in currency futures in the second subperiod, making the currency futures markets fairly efficient. However, the introduction of the new currency, the euro, and the disappearance of several European currencies in 1999, resulted in significant price patterns (mostly reversals and some persistence) in most of the currency futures, indicating inefficiencies in the third subperiod. © 2006 Wiley Periodicals, Inc. Jrl Fut Mark 26:1089,1130, 2006 [source]

The Costs of Childhood Epilepsy in Italy: Comparative Findings from Three Health Care Settings

EPILEPSIA, Issue 5 2001
R. Guerrini
Summary: ,Purpose: To determine the direct costs of epilepsy in a child neurology referral population, stratified by disease, duration, and severity, comparing three different health care settings [i.e., teaching or clinical research (CR) hospitals, general hospitals, and outpatient services]. Methods: Patients were accepted if they had confirmed epilepsy and were resident in the center catchment area. Eligible subjects were grouped in the following categories: (a) newly diagnosed patients; (b) patients with epilepsy in remission; (c) patients with active non,drug-resistant epilepsy; and (d) those with drug-resistant epilepsy. Over a 12-month period, data regarding the consuming of all resources (i.e., consultations, tests, hospital admissions, drugs), were collected for each patient. Using the Italian National Health Service tariffs, the unit cost of each resource was calculated and indicated in Euros, the European currency. Results: A total of 189 patients was enrolled by two teaching-CR hospitals, two general hospitals, and two outpatient services. The patients were evenly distributed across the four categories of epilepsy. The mean annual cost per person with epilepsy was 1,767 Euros. Drug-resistant epilepsy was the most expensive category (3,268 Euros) followed by newly diagnosed epilepsy (1,907 Euros), active non,drug-resistant epilepsy (1,112 Euros), and epilepsy in remission (844 Euros). Costs were generally highest in teaching-CR hospitals and lowest in outpatient services. Hospital services were the major cost in all epilepsy groups, followed by drugs. Conclusions: The cost of epilepsy in children and adolescents in Italy tends to vary significantly depending on the severity and duration of the disease Hospitals services and drugs are the major sources of costs. The setting of health care plays a significant role in the variation of the costs, even for patients in the same category of epilepsy. [source]

Research Note: The Influence of the Press in Shaping Public Opinion towards the European Union in Britain

POLITICAL STUDIES, Issue 3 2004
Sean Carey
Existing research finds that European citizens evaluate the EU according to the perceived costs and benefits of integration. Instead of assuming that cue-givers provide an informational role in this process, we investigate the direct effects of positive and negative EU messages from prominent cue-givers, including political parties and the media. Using the 2001 British Election Study, we examine the impact of the main political parties and newspapers on public attitudes towards membership of the EU and the prospect of joining the single European currency. During the 2001 British General Election campaign, the media and the main political parties had small independent effects on attitudes towards EU membership and the potential adoption of the single European currency. When voters receive the same messages from both their party and their newspaper, these effects are considerable. [source]