University of Groningen
Financial markets: market Information, investment strategies and spillovers
Dreher, Ferdinand Torin
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Publication date: 2019
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Dreher, F. T. (2019). Financial markets: market Information, investment strategies and spillovers. University of Groningen, SOM research school.
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1. Political budget cycles in the European Union are constrained by a press freedom threshold beyond which these cycles are eradicated. (Chapter 2)
2. Fiscal institutions only limit opportunistic spending in the absence of political pressure from a strong press scrutinising its sustainability. (Chapter 2)
3. The predictive properties of yield curve curvature for the trading of currencies reflect expectations about the future monetary policy stance. (Chapter 3)
4. Curvy trades do not employ typical funding currencies and are less susceptible to crash risk. (Chapter 3)
5. Financial market spillovers originating from US assets dominate in a country and multi-market framework, also in times of unconventional monetary policy. (Chapter 4)
6. Integration in interest rate markets, both for money markets and government bonds, rises during the period of unconventional monetary policy. (Chapter 4)
7. A society's cohesion is challenged when policymakers respond to global challenges using regulation rather than economic incentives.
8. "In a dark room you move with tiny steps. You don’t run but you do move." (Mario Draghi, commenting on the timing of ECB policy given uncertainties about growth)
9. Ben Bernanke once compared economics to trying to learn how to repair a car when the engine is running - he cannot have had a German car in mind.
