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De opzet van dit onderzoek is een causaal verband proberen te vinden tussen de aandelenmarkt en wisselkoersen in Hongarije, gebruik makend van dagelijkse observaties voor de periode 01/01/2004 - 14/02/2013. Hierin wordt er ook nagegaan of er een verandering optreedt in het causaal verband wanneer er een crisis aanwezig is in de geobserveerde periode. Hier wordt de recent economische crisis, samen met de muntcrisis in Hongarije (01/10/2008 – 31/03/2009) opgenomen. Om de veranderingen in kaart te brengen werd de periode in drie deelperiodes opgedeeld: pre-crisis periode, crisis periode en after crisis periode. Het causaal verband is getest door gebruik te maken van de standard Granger causality test en de Granger causality- VAR test samen met een impuls response analyse. Doordat er unit root aanwezig is in de variabelen (getest a.h.v. Augmented Dickey- Fuller test), werden de eerste verschillen genomen om de causaliteit te testen. Dit zorgt ervoor dat de resultaten worden geïnterpreteerd als het causaal verband tussen de veranderingen (?) in de variabelen. Resultaten van de standard Granger causality test tonen een feedback relatie voor en tijdens de crisis, na de crisis is er een eenzijdig causaal verband van ? aandelen prijzen naar ? wisselkoersen (stock-oriented model). The Granger causality- VAR test toont een eenzijdig causal verband van ? aandelen prijzen naar ? wisselkoersen in de periode voor en na de crisis, tijdens de crisis werd er geen causaal verband gedetecteerd. De impuls response analyse geeft weer dat de response van de ? wisselkoersen voor en na de crisis negatief is in de eerste periode volgend op de schok in ? aandelen prijzen, deze stijgt vervolgens zeer snel naar zijn evenwichtstoestand (in de eerste vijf periodes).

Causality. --- Exchange rates. --- Flow-oriented model. --- Granger causality. --- Hungary. --- Impulse response model. --- S180-economie. --- Stock prices. --- Stock-oriented model. --- VAR.

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Weather derivatives provide a tool for weather risk management, and the markets for these exotic financial products are gradually emerging in size and importance. This unique monograph presents a unified approach to the modeling and analysis of such weather derivatives, including financial contracts on temperature, wind and rain. Based on a deep statistical analysis of weather factors, sophisticated stochastic processes are introduced modeling the time and space dynamics. Applying ideas from the modern theory of mathematical finance, weather derivatives are priced, and questions of hedging analyzed. The treatise contains an in-depth analysis of typical weather contracts traded at the Chicago Mercantile Exchange (CME), including so-called CDD and HDD futures. The statistical analysis of weather variables is based on a large data set from Lithuania.The monograph includes the research done by the authors over the last decade on weather markets. Their work has gained considerable attention, and has been applied in many contexts.

Stocks --- Weather derivatives. --- Prices. --- Stock prices --- Derivative securities --- Stockholder wealth --- Weather derivatives --- Prices --- E-books --- Actions (Titres de société) --- Prix

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Much effort has gone into the study of financial markets and how prices vary with time. The usual approach of random walk is known to be inadequate to fully describe price dynamics. In this book, many different approaches are provided that use alternative and more adequate models. This book also examines the renewal theory in actuarial science. A simple actuarial model can be simulated well by means of this kind of stochastic process. A method dealing with the numerical solution of the renewal equation is presented. In addition, based on a theoretical model for opinion spreading on a network,

Stock exchanges --- Stocks --- Stock prices --- Stockholder wealth --- Bulls and bears --- Commercial corners --- Corners, Commercial --- Equity markets --- Exchanges, Securities --- Exchanges, Stock --- Securities exchanges --- Stock-exchange --- Stock markets --- Capital market --- Efficient market theory --- Speculation --- Prices --- E-books --- Stock exchanges. --- Prices.

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Capital market --- Investment analysis --- Risk management --- Securities --- Stocks --- 332.01 --- Insurance --- Management --- Blue sky laws --- Capitalization (Finance) --- Investment securities --- Portfolio --- Scrip --- Securities law --- Underwriting --- Investments --- Investment banking --- Analysis of investments --- Analysis of securities --- Security analysis --- Capital markets --- Market, Capital --- Finance --- Financial institutions --- Loans --- Money market --- Crowding out (Economics) --- Efficient market theory --- Stock prices --- Stockholder wealth --- Prices --- Law and legislation --- Probability theory --- International financial management

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This paper uses the central tool of an investment-savings and monetary-policy model with an augmented Philips curve and presents a few extensions of that model to analyze the multiplier effects of macroeconomic policies in the United States. In doing so, the authors incorporate realistic assumptions in the model related to the recent financial characteristics of the global economy. The monetary policy reaction function embeds a new augmented Taylor-rule incorporating housing and stock prices and the credit lending rate. And the household consumption and firm investment decisions incorporate housing and stock assets and the credit market frictions. The equilibrium income is derived and compared with the actual nominal gross domestic product of the United States for the period 1990 to 2009. More importantly, fiscal and trade multipliers are derived and discussed. The main finding is that government spending, tax cut, and trade multipliers are relatively smaller in size when more realistic features are incorporated in the model. The model simulation shows that the model can track actual gross domestic product reasonably well. The model should be further improved before it could be used for policy exercises.

Access to Finance --- Aggregate demand --- Assets --- Central bank --- Central banks --- Closed economy --- Debt Markets --- Development policy --- Economic Stabilization --- Economic Theory & Research --- Emerging Markets --- Equilibrium --- Finance and Financial Sector Development --- Fiscal policy --- GDP --- Gross domestic product --- Income --- Interest rate --- Interest rates --- Macroeconomic policies --- Macroeconomics and Economic Growth --- Monetary policies --- Monetary policy --- Multiplier effects --- Multipliers --- Private Sector Development --- Stock prices --- Wealth