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The CDS and the government bonds markets during the last financial crisis
France Križanič, Žan Oplotnik, 2015, original scientific article

Abstract: Financial market had developed a special instrument to insure the buyers of bonds. This instrument is so called Credit Default Swap (CDS). The CDS price is a kind of insurance premium that the buyer of CDS pays to the seller of CDS in exchange for compensation of possible loss in operation. Paper analyses causality between CDS price and dynamics of bond yields and influence of macroeconomic factors on it in four selected countries during the last financial crisis. Analysis results show that there is no important macroeconomic variable included in the analysis that preceded the CDS prices connected with German government bonds. Sellers of CDS were apparently aware of the systemic nature of the financial crisis in the euro area. In the case of the United Kingdom, Russia and Slovenia we can observe the unemployment rate as the most important macroeconomic variable that preceded the CDS prices for government bonds.
Keywords: bonds, yield, CDS, international financial markets, macroeconomics
Published: 05.04.2017; Views: 337; Downloads: 64
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Analysis of the Energy Market Operator activity in eight European countries
France Križanič, Žan Oplotnik, 2015, original scientific article

Abstract: The article aims to analyze the connection between economic development, energy consumption, and prices of electricity and gas on one side and of the operation of the Energy Market Operator on the other. For this purpose we use a sample of eight EU countries with well-functioning energy markets but quite diverse characteristics. The results show that Market Operators in more developed countries in the sample have above average activity (according to revenue), and their primary goal is to achieve external economies. A higher level of Market Operator activity (greater revenue) is influenced by the decrease of transaction costs in energy markets and improves the prospect for greater use of energy. An active Market Operator is characteristically associated with international openness in the energy market as well as with the development of gas use in the given country. We find that a better equipped (greater assets used by the Market Operator) and more active (according to revenues) Market Operator is related with relatively higher levels of electricity and natural gas prices.
Keywords: energy, supply and demand, financial analysis, macroeconomics, international benchmark, comparison
Published: 06.07.2017; Views: 231; Downloads: 75
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5.
Re-examination of the purchasing power parity in Central and Eastern European economies
Ahmad Zubaidi Baharumshah, Jani Bekő, Darja Boršič, 2011, published scientific conference contribution

Abstract: The empirical record on PPP tests for transition economies is far from being so opulent as it is for the developed market economies. This paper attempts to fill this gap by scrutinizing the theory of PPP on a sample of Central and Eastern European economies. The paper has two main advances with respect to previous PPP studies. First, it employs a monthly data base on real exchange rates for a panel of 12 Central and Eastern European economies by testing the theory separately with respect to US dollar and with respect to Euro. Second, we utilise a panel unit root test that involves the estimation of the ADF regression in a SUR framework. Since our study found support for the validity of PPP in some reforming European economies, special attention should be devoted to individual country-specific factors that cause PPP deviations.
Keywords: purchasing power parity, real exchange rates, stationarity test, exchange rate, currency, exchange rates, macroeconomics, parity, purchasing power of money, purchasing power
Published: 21.07.2017; Views: 231; Downloads: 41
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