In der vorliegenden Arbeit soll der Zusammenhang zwischen Staatsverschuldung und Inflation untersucht werden. Es werden theoretische Übertragungswege von der Staatsverschuldung über die Geldmenge und die langfristigen Zinsen hin zur Inflation gezeigt. Aufbauend auf diesen theoretischen Überlegungen werden die Variablen Staatsverschuldung, Verbraucherpreisindex, Geldmenge M3 und langfristige Zinsen im Rahmen eines Vektor-Fehlerkorrekturmodells untersucht. In der empirischen Analyse werden die Variablen für Deutschland in dem Zeitraum vom 1. Quartal 1991 bis zum 4. Quartal 2010 betrachtet. In ein Vektor-Fehlerkorrekturmodell fließen alle Variablen als potentiell endogen in das Modell ein. Die Ermittlung der Kointegrationsbeziehungen und die Schätzung des Vektor-Fehlerkorrekturmodells erfolgen mithilfe des Johansen-Verfahrens. / In the following study the relation between the public debt and the inflation will be analysed. The transmission from the public debt to the inflation through the money supply and long term interest rate will be shown. Based on these theoretical thoughts the variables public debt, consumer price index, money supply m3 and the long term interest rate will be analysed within a vector error correction model. In the empirical part of this paper we will evaluate the timeperiod from the first quarter in 1991 until the fourth quarter in 2010 for Germany. In a vector error correction model every variable can be taken as endogenous. The variables in the model will be tested for cointegrated relationships and estimated with the Johansen-Approach.

This thesis has studied short and long-term dependence structures between European stock markets. Johansen's test for cointegration and Granger's test for non-causality have been applied in order to measure the degree of financial integration in Europe. The cointegration analysis has employed a comparative perspective in which different countries with different institutional adaptation to the economic cooperation within Europe have been considered. The study finds strong support for the existence of cointegration between the Belgian, Norwegian, Swiss and British stock markets in the period after the launch of the euro. This result indicates that financial integration has increased in Europe since no cointegration was identified prior to the introduction of the euro. However, it is more difficult to determine to what extent the European financial cooperation has affected the degree of integration because of the difficulties with isolating formal treaties contribution to the stationary equilibrium. Both the EU and the euro's importance may have affected the integration process, but this thesis finds that this is not the only explanation. Thus, it is more likely that the liberalization of financial markets and the overall integration process best explain the increase in financial integration. The most significant finding is that the cointegrated stock markets in the long-term can be regarded as a regional financial market characterized by similar systematic risk factors. This has implications for both policy-makers who adjust existing policies in Europe and investors looking to allocate portfolios in an efficient manner.

Uppsatsens titel: Penningmängd och huspriser - Finns det något samband? Ämne: Företagsekonomi, Kandidatuppsats, 15 hp Inlämningsdatum: 2009 – 05 – 29 Författare: Gunnar Levin, Viktor Sundling Handledare: Sven-Ola Carlsson Nyckelord: Penningmängd, Huspriser, Kointegration, M3, Fastigheter, FASTPI, Kvantitetsteorin Syfte: Syftet med uppsatsen är att genom statistiska tester beskriva sambandet mellan penningmängdens utveckling och småhusfastigheters prisutveckling. Vi vill även försöka förklara ett eventuellt samband med kvantitetsteorin. Tillvägagångssätt: I denna uppsats har vi genom att fastställa ett kointegrationssamband mellan tidsserievariabler kunnat genomföra en regressionsanalys mellan penningmängdsutvecklingen och prisutvecklingen för småhus avsedda för permanent boende. Slutsatser: Vi har funnit ett långsiktigt samband mellan utvecklingen i penningmängden uttryckt som M3 och prisutvecklingen för småhus avsedda för permanent boende. Sambandet mellan M3 och fastighetsprisindex för småhus kan förklaras med kvantitetsteorin. / Thesis title: Money supply and house prices - Is there any connection? Course: Business administration, Bachelor’s Essay, 15 credits Date of handing: 2009 – 05 – 29 Authors: Gunnar Levin, Viktor Sundling Advisor: Sven-Ola Carlsson Keywords: Money supply, House prices, Cointegration, M3, Real estate, FASTPI, Quantity Theory of Money Purpose of study: The purpose of this study is through statistical tests describe the relation between development in money supply and development in owner-occupied one- or two-dwelling buildings. We also want to describe a possible relation between the variables with the quantity theory. Method: In this essay, we have been able to perform a regression analysis between money supply and owner-occupied one- or two-dwelling buildings, by establishing cointegration between time variables. Conclusion: We have discovered a long term relation between the development in money supply defined as M3 and the development in prices for owner-occupied one- or two-dwelling buildings. The relation between M3 and real estate index can be explained with the quantity theory of money.

This paper examines the long-term relationship between primary energy consumption and other key macroeconomic variables, including real GDP, labour force, capital stock and technology, using a panel dataset for 64 countries over the period 1965-2009. Deploying panel error correction models, we find that there is a positive relationship running from physical capital, GDP, and population to primary energy consumption. We observe however a negative relationship between total factor productivity and primary energy usage. Significant differences arise in the magnitude of the cointegration coefficients, when we allow for differences in geopolitics and wealth levels. We also argue that inference on the basis of a single model without taking model uncertainty into account can lead to biased conclusions. Consequently, we address this problem by applying simple model averaging techniques to the estimated panel cointegration models. We find that tackling the uncertainty associated with selecting a single model with model averaging techniques leads to a more accurate representation of the link between energy consumption and the other macroeconomic variables, and to a significantly increased out-of-sample forecast performance. (authors' abstract) / Series: Department of Economics Working Paper Series

Md., Johns Hopkins Univ., Diss.--Baltimore, 2004. / Kopie, ersch. im Verl. UMI, Ann Arbor, Mich. - Enth. 3 Beitr.

Svenska Handelshögskolan, Diss.--Helsingfors, 2007. / Enth. 4 Beitr.

University, Diss--Frankfurt (Main), 2007.

No description available.

No description available.

NY, Columbia Univ., Graduate School of Arts and Sciences, Diss.--New York, 2003. / Kopie, ersch. im Verl. UMI, Ann Arbor, Mich. - Enth. 3 Beitr.