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  1. House prices and ultra-low interest rates
    exploring the non-linear nexus
    Author: Dieckelmann, Daniel; Hempell, Hannah S.; Jarmulska, Barbara; Lang, Jan Hannes; Rusnàk, Marek
    Published: [2023]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    The acceleration of house price growth amidst falling interest rates to record-low levels across euro area countries between 2015 and 2021 has sparked renewed interest in the link between the two variables. Asset-pricing theory suggests that real... more

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    Verlag (kostenfrei)
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    Resolving-System (kostenfrei)

    Location:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 534
    Inter-library loan:
    No inter-library loan

     

    The acceleration of house price growth amidst falling interest rates to record-low levels across euro area countries between 2015 and 2021 has sparked renewed interest in the link between the two variables. Asset-pricing theory suggests that real house prices respond to changes in real interest rates in a non-linear fashion. This non-linearity should be especially pronounced at very low real interest rates. Most existing empirical studies estimate models with a constant semi-elasticity, thereby ruling out by design the potential non-linearities between house prices and interest rates. To address this issue, we estimate a panel model for the euro area countries with a constant interest rate elasticity (as opposed to a constant semi-elasticity), which is consistent with asset pricing theory. Our empirical results suggest that, in a low interest rate environment such as the period between 2015 and 2021, non-linearities in the house price response to interest rate changes are important: an increase of real interest rates from ultra-low levels could lead to downward pressure on real house prices three to eight times higher than the literature suggests.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289959858
    Other identifier:
    hdl: 10419/278365
    Series: Working paper series / European Central Bank ; no 2789 (February 2023)
    Subjects: house prices; interest rates; elasticity; non-linearity; property market; price increase; interest; euro area
    Scope: 1 Online-Ressource (circa 40 Seiten), Illustrationen
  2. The impact of the EIB’s intermediated lending to businesses in the Western Balkans
    Author: Gatti, Matteo; Sinnott, Emily; Weiers, Georg; Fratto, Chiara; Van Der Wielen, Wouter
    Published: 2023
    Publisher:  European Investment Bank, Luxembourg

    This report assesses the impact of the intermediated lending of the European Investment Bank (EIB) on small and medium enterprises (SMEs) in the Western Balkans, with a particular focus on employment. The EIB plays a central role in the financing of... more

    Access:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Inter-library loan:
    No inter-library loan

     

    This report assesses the impact of the intermediated lending of the European Investment Bank (EIB) on small and medium enterprises (SMEs) in the Western Balkans, with a particular focus on employment. The EIB plays a central role in the financing of SMEs and mid-caps in the Western Balkans (Bosnia and Herzegovina, Montenegro, North Macedonia and Serbia), where firms' access to bank-lending finance is low compared to EU standards. With the aim of spurring firms' growth, the EIB channels liquidity through financial intermediaries on favourable conditions, such as providing lower interest rates or longer tenure.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789286156519
    Other identifier:
    Series: Array
    Subjects: small and medium-sized enterprises; EIB loan; economic consequence; job creation; interest; Bosnia and Herzegovina; Montenegro; North Macedonia; Serbia; impact study
    Scope: 1 Online-Ressource (circa 30 Seiten)
  3. "Übergewinne" und Erklärungen des Gewinns im Kapitalismus - Ökonomie im Resonanzraum I
    Author: Hübscher, Marc C.
    Published: 2023
    Publisher:  Lehrstuhl für Wirtschaftsethik an der Martin-Luther-Universität Halle-Wittenberg, Halle

    Dieser Beitrag beschäftigt sich mit Unternehmensgewinnen und ihrer theoretischen Erklärung. Ausgehend von dem üblichen Gewinnverständnis, wie wir es aus dem Shareholder-Kapitalismus kennen, wird einerseits gefragt, wie in der Politischen Ökonomie der... more

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    Location:
    Universitäts- und Landesbibliothek Sachsen-Anhalt / Zentrale
    Signature:
    eBook
    Inter-library loan:
    No inter-library loan

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 586
    Inter-library loan:
    No inter-library loan

     

    Dieser Beitrag beschäftigt sich mit Unternehmensgewinnen und ihrer theoretischen Erklärung. Ausgehend von dem üblichen Gewinnverständnis, wie wir es aus dem Shareholder-Kapitalismus kennen, wird einerseits gefragt, wie in der Politischen Ökonomie der Gewinn erklärt und behandelt wird, um daraus eine Arbeitsdefinition der Gewinnkomponenten abzuleiten. Andererseits wird darauf basierend die Distribution von Gewinnen diskutiert und behauptet, dass der Gewinn zunächst einmal der Unternehmung selbst zusteht. The paper deals with the profit of the firm and its theoretical explanations. Starting with the usual understanding of profit in the shareholder capitalism, on the one hand we investigate how the profit can be understood from the view of political economy. Based on these results we introduce a working definition for profit and its components. On the other hand we discuss the distribution of wealth stating that the profits are attributable to the firm in its own rights.

     
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    Source: Union catalogues
    Language: German
    Media type: Ebook
    Format: Online
    ISBN: 9783966702034
    Other identifier:
    hdl: 10419/283570
    Series: Diskussionspapier des Lehrstuhls für Wirtschaftsethik an der Martin-Luther-Universität Halle-Wittenberg ; 2023, Nr. 14
    Subjects: Gewinn; Zins; Wertschöpfung; Kooperationsrente; Politische Ökonomie; Distribution; Unternehmung; Unternehmer; Profit; interest; value creation; cooperation rent; political economy; distribution; firm; entrepreneur
    Scope: 1 Online-Ressource (III, 31 Seiten, 0,35 MB)