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Cutting out the Middleman: Crowdinvesting, Efficiency, and Inequality

Grüner, Hans Peter; Siemroth, Christoph - C.E.P.R. Discussion Papers - 2015

We show that direct investments by consumers without the use of financial intermediaries can efficiently allocate financial capital to firms seeking funding for production of a novel consumption good. In our setting, consumers are also investors, and their privately known consumption preferences...

Persistent link: https://www.econbiz.de/10011201361

The Euro and International Capital Markets

Detken, Carsten; Hartmann, Philipp - C.E.P.R. Discussion Papers - 2000

bond and note issuance it experienced significant growth in 1999 even slightly overtaking the US dollar in the second half …

Persistent link: https://www.econbiz.de/10005123910

Carry

Koijen, Ralph; Moskowitz, Tobias J; Pedersen, Lasse Heje; … - C.E.P.R. Discussion Papers - 2013

including global equities, global bonds, commodities, US Treasuries, credit, and options. This predictability rejects a …

Persistent link: https://www.econbiz.de/10011083673

Corporate Bond Valuation and Hedging with Stochastic Interest Rates and Endogenous Bankruptcy

Acharya, Viral V; Carpenter, Jennifer - C.E.P.R. Discussion Papers - 2002

This Paper analyses corporate bond valuation and optimal call and default rules when interest rates and firm value are … stochastic. It then uses the results to explain the dynamics of hedging. Bankruptcy rules are important determinants of corporate … bond sensitivity to interest rates and firm value. Although endogenous and exogenous bankruptcy models can be calibrated to …

Persistent link: https://www.econbiz.de/10005123555

Systemic Risk: A Survey

de Bandt, Olivier; Hartmann, Philipp - C.E.P.R. Discussion Papers - 2000

This Paper develops a broad concept of systemic risk, the basic economic concept for the understanding of financial crises. It is claimed that any such concept must integrate systemic events in banking and financial markets as well as in the related payment and settlement systems. At the heart...

Persistent link: https://www.econbiz.de/10005114152

Risk and Intermediation in a Dual Financial Market Model

Bloise, Gaetano; Reichlin, Pietro - C.E.P.R. Discussion Papers - 2001

This Paper investigates the relationship between risk and productive activity and the degree of financial intermediation in a model with moral hazard. Entreprenuers can simultaneously get credit from two types of competing institutions: ‘financial intermediaries’ and ‘local lenders’. The...

Persistent link: https://www.econbiz.de/10005123992

Relating Output and Volatility in a Model of International Risk-Sharing with Limited Commitment

Reichlin, Pietro - C.E.P.R. Discussion Papers - 2006

I study the constrained efficient allocations of a simple model of risk sharing and capital flows across countries assuming that each country cannot commit to fully repay its contract obligations. In the model, the degree of risk sharing and the amount of investment are interdependent. It is...

Persistent link: https://www.econbiz.de/10005504378

Inflation in Open Economies with Complete Markets

Celentani, Marco; Conde-Ruiz, José Ignacio; Desmet, Klaus - C.E.P.R. Discussion Papers - 2004

This Paper uses an overlapping generations model to analyse monetary policy in a two-country model with asymmetric shocks. Agents insure against risk through the exchange of a complete set of real securities. Each central bank is able to commit to the contingent monetary policy rule that...

Persistent link: https://www.econbiz.de/10005067456

Government Bonds in Domestic and Foreign Currency: The Role of Macroeconomic and Institutional Factors

Claessens, Stijn; Klingebiel, Daniela; Schmukler, Sergio - C.E.P.R. Discussion Papers - 2003

enhance both domestic currency bond markets and increase countries’ ability to issue foreign currency bonds, while they raise …The development of government bond markets and, in particular, their currency composition have recently received much … composition of government bond markets for a panel of developed and developing countries. We find that countries with larger …

Persistent link: https://www.econbiz.de/10005114199

Inflation Targeting under Imperfect Knowledge

Orphanides, Athanasios; Williams, John C - C.E.P.R. Discussion Papers - 2006

A central tenet of inflation targeting is that establishing and maintaining well-anchored inflation expectations are essential. In this paper, we reexamine the role of key elements of the inflation targeting framework towards this end, in the context of an economy where economic agents have an...

Persistent link: https://www.econbiz.de/10005791794

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