LEADER 04840 am 22005893u 450 001 9910297051103321 005 20181113024613.0 010 $a3-653-01915-X 035 $a(CKB)3710000000090224 035 $a(EBL)1632181 035 $a(SSID)ssj0001151309 035 $a(PQKBManifestationID)11742430 035 $a(PQKBTitleCode)TC0001151309 035 $a(PQKBWorkID)11124696 035 $a(PQKB)11507477 035 $a(MiAaPQ)EBC1632181 035 $a(EXLCZ)993710000000090224 100 $a20140313h20132013 uy 0 101 0 $aeng 135 $aurcnu|||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aEuropean business cycle convergence $eportfolio similarity and a declining home bias of private investors /$fJennifer Schneider 210 1$aFrankfurt am Main, [Germany] :$cPL Academic Research,$d2013. 210 4$dİ2013 215 $a1 online resource (223 p.) 225 1 $aHohenheimer volkswirtschaftliche Schriften,$x0721-3085 ;$vBand 69 300 $aDescription based upon print version of record. 311 $a3-631-63974-0 320 $aIncludes bibliographical references. 327 $aCover; Preface; Content; Tables; Graphs; Abbreviations; Variables; A. Introduction; 1. Motivation; B. Theoretical and Empirical Background; 2. Business Cycle Convergence and Consumption; 2.1 Optimal Currency Area Criteria; 2.2 Financial Market Integration and Business Cycle Convergence; 2.3 Consumption; 2.3.1 Consumption Function; 2.3.2 Consumption-wealth-linkage; 2.3.3 A Side Note on Financial Systems and Monetary Policy Transmission; 2.4 The Context of Consumption and Business Cycles; 3. Portfolio Theory; 3.1 Motivation; 3.2 Basics of Modern Portfolio Theory 327 $a3.2.1 Core Elements of Portfolio Theory 3.2.2 The Efficient Frontier; 3.2.3 The Single Index Model; 3.3 Capital Asset Pricing Model; 3.3.2 The Standard Model; 3.3.3 Shortcomings of the Standard CAPM; 3.3.4 Empirical Findings; 3.4 International Asset Pricing Model and the Home Bias Phenomenon; 3.4.2 IAPM; 3.4.3 Home Bias - Empirical Background; 3.4.4 Explaining Home Bias; 3.4.4.1 Rational Explanations; 3.4.4.2 Behavioural Finance; 3.5 IAPM - A Plausible Starting Point?; C. Empirical Analysis; 4. Home Bias - Status quo in Europe; 4.1 Development of Private Financial Wealth 327 $a4.2 Development of Foreign Investment 4.3 Calculation of Home Bias; 4.4 Status quo of Home Bias; 4.5 The Market Portfolio as the Ideal Portfolio; 4.6 Return on Investment of the Country Strategies; 4.7 Volatility of Return; 4.8 Contribution of Portfolio Returns to Consumption Convergence; 4.9 Concluding Remarks; 5. Similarity of Portfolios in Europe; 5.1 Calculation; 5.2 Results; 5.3 Portfolio Similarity and Home Bias; 6. Consumption and Business Cycle Correlation; 6.1 Data and Estimation Method; 6.2 Results/Correlations Coefficients 327 $a6.3 Summary of Results for Portfolio Similarity and Correlation 7. Model; 7.1 General Outline and Variables; 7.2 Econometric Model; 7.2.1 Formal Analysis and Model Specification; 7.2.2 Approach; 7.2.3 Consumption Correlation; 7.2.4 GDP Correlation; 7.2.5 Two-stage Least-squares and General Method of Moments; 7.2.5.1 Model; 7.2.5.2 Results; 7.2.6 Summary; D. Political Implications and Summary; 8. Political Implications; 8.1 Reasons for Political Actions; 8.2 Reasons for Portfolio Dissimilarity; 8.3 Solutions Discussed in Literature; 8.4 Current Political Discussion of Solutions 327 $a8.5 Target Group for Measurements 9. Summary; 9.1 Hypothesis 1; 9.2 Hypothesis 2; 9.3 Hypothesis 3; 9.4 Hypothesis 4; 9.5 Hypothesis 5; 9.6 Hypothesis 6; 9.7 Hypothesis 7; 9.8 Outlook; References; Data Appendices 330 $aIs the euro area getting closer with regard to business cycles? The study investigates the linkage between business cycle convergence and financial portfolio choice for a panel of 18 European countries. For this purpose an index is constructed which measures the similarity of investment portfolios. The idea is that financial portfolio choice has an impact on business cycles and contributes to convergence via the consumption-wealth linkage. The background of the analysis is the International Asset Pricing Model (IAPM). The results of fixed effects GMM TSLS estimations confirm the linkage. The e 410 0$aHohenheimer volkswirtschaftliche Schriften ;$vBd. 69. 606 $aBusiness cycles$zEurope 606 $aMonetary unions$zEurope 607 $aEurope$xEconomic integration 615 0$aBusiness cycles 615 0$aMonetary unions 676 $a330.94 700 $aSchneider$b Jennifer$0881983 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910297051103321 996 $aEuropean business cycle convergence$91970160 997 $aUNINA