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Voting in committee: firm value vs. back scratching.

Ravanel, M. - Banque de France - 2013

In this paper, I study how the CEO's election can be biased if some directors in the board belong to the same network. I use a static Bayesian game. Directors want to elect the best candidate but they also want to vote for the winner. In that context, results show that, when no candidate is part...

Persistent link: https://www.econbiz.de/10010815987

Illiquidity, Financial Development and the Growth-Volatility Relationship Illiquidity, Financial Development and the Growth-Volatility Relationship.

Kharroubi, E. - Banque de France - 2006

This paper studies how financial development affects the relation between average growth and growth volatility through liquidity crises. We .first establish in a micro model that imperfect enforceability creates a short term bias in contracts financing long term investments. This can generate...

Persistent link: https://www.econbiz.de/10004998817

The effect of Sovereign Wealth Funds’ involvement on stock markets.

Raymond, H. - Banque de France - 2008

This study assesses the reaction of stock markets, when Sovereign Wealth Funds (SWFs) announce that they have taken a stake in a listed company. It adds useful empirical results to the debate on the effect of SWFs on financial markets, which remains so far largely reliant on guess work. We...

Persistent link: https://www.econbiz.de/10009395382

Optimal Capacity in the Banking Sector and Economic Growth.

Amable, B.; Chatelain, J.-B.; De Bandt, O. - Banque de France - 2001

The paper investigates, from the welfare and growth point of view, the determination of the optimal capacity of the banking system. For that purpose, we consider an overlapping generation model with endogenous growth.

Persistent link: https://www.econbiz.de/10005487051

Can Financial Infrastructures Foster Economic Development?.

Amable, B.; Chatelain, J.-B. - Banque de France - 2001

In this paper, financial infrastructures increase the efficiency of the banking sector: they decrease the market power (due to horizontal differentiation) of the financial intermediaries, lower the cost of capital, increase the number of depositors and the amount of intermediated savings,...

Persistent link: https://www.econbiz.de/10005487052

Capital Regulation in a Macroeconomic Model with Three Layers of Default.

Clerc, L.; Derviz, A.; Mendicino, C.; Moyen, S.; Nikolov, K. - Banque de France - 2014

We develop a dynamic general equilibrium model for the positive and normative analysis of macroprudential policies. Optimizing financial intermediaries allocate their scarce net worth together with funds raised from saving households across two lending activities, mortgage and corporate lending....

Persistent link: https://www.econbiz.de/10011105999

A network view on interbank market freezes.

Gabrieli, S.; Georg, C.-P. - Banque de France - 2014

We study the liquidity allocation among European banks around the Lehman Brothers’ insolvency using a novel dataset of all interbank loans settled via the Eurosystem’s payment system TARGET2. Following the Lehman insolvency, lenders in the overnight segment become sensitive to counterparty...

Persistent link: https://www.econbiz.de/10011106001

The stability of short-term interest rates pass-through in the euro area during the financial market and sovereign debt crises.

Avouyi-Dovi, S.; Horny, G.; Sevestre, P. - Banque de France - 2015

We analyse the dynamics of the pass-through of banks’ marginal cost to bank lending rates over the 2008 crisis and the …-run relationship moved with the sovereign debt crises to a new one, with a slower pass-through and higher bank lending rates. Its …

Persistent link: https://www.econbiz.de/10011265898

Bank risks, monetary shocks and the credit channel in Brazil: identification and evidence from panel data.

Ramos-Tallada, J. - Banque de France - 2015

Using a large database of bank financial statements, this paper investigates the determinants of the bank lending … period. The sensitivity of credit supply to monetary shocks is not related to the bank characteristics generally used in the … empirical literature, whereas a proxy of the individual bank external finance premium (EFP) tends to capture financial …

Persistent link: https://www.econbiz.de/10011269008

Monetary Union with A Single Currency and Imperfect Credit Market Integration.

Bignon, V.; Breton, R.; Breu, M. Rojas - Banque de France - 2015

With the Euro Area context in mind, we show that currency arrangements impact on credit available through default incentives. To this end we build a symmetric two-country model with money and imperfect credit market integration. Differences in credit market integration are captured by variations...

Persistent link: https://www.econbiz.de/10011199814

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