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Papers by Manfred Kremer


Abstract
After a period of about two years with fairly steady price increases and persistently low volatility, global stock markets experienced a notable price and volatility correction in early February 2018. Before this correction, policy authorities had become concerned about the benign volatility conditions, since low volatility may lead market participants to take on excessive risk and
thereby create risks to financial stability (the “volatility paradox”). Against this background, a return to conditions of higher volatility could, on the one hand, be regarded as a welcome normalisation. On the other hand, a “disorderly” stock market correction with sharp price declines and large price fluctuations might itself pose risks to financial and economic stability. ....

Financial Structure Division , Economics Department , European Central Bank , Strategy Review Project Office , Head Of Financial Markets Research Section , University Of Duisburg , Deutsche Bundesbank , Financial Research Division , Deputy Head Of Division , European Central , Financial Markets Research , Directorate General Research , Research Division , Directorate General Economics , Principal Economist , Capital Markets Section , நிதி அமைப்பு பிரிவு , பொருளாதாரம் துறை , ஐரோப்பிய மைய வங்கி , நிதி ஆராய்ச்சி பிரிவு , துணை தலை ஆஃப் பிரிவு , ஐரோப்பிய மைய , நிதி சந்தைகள் ஆராய்ச்சி , இயக்குநரகம் ஜநரல் ஆராய்ச்சி , ஆராய்ச்சி பிரிவு , இயக்குநரகம் ஜநரல் பொருளாதாரம் ,