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Regulatory Reform After the Crisis: Opportunities and Pitfalls

Beck, Thorsten - C.E.P.R. Discussion Papers - 2010

The recent crisis has led to a thriving academic and policy debate on the future regulation of financial institutions … market-restricting approach to regulation; it would imply price-based capital and liquidity regulation, rather than …

Persistent link: https://www.econbiz.de/10008468512

Accounting discretion of banks during a financial crisis

Huizinga, Harry; Laeven, Luc - C.E.P.R. Discussion Papers - 2009

This paper presents evidence of banks using accounting discretion to overstate the value of distressed assets. In particular, we show that the stock market applies far greater discounts to a bank’s real estate loans and mortgage-backed securities than are implicit in the book values of these...

Persistent link: https://www.econbiz.de/10004973976

Information Management in Banking Crises

Shapiro, Joel; Skeie, David - C.E.P.R. Discussion Papers - 2013

A regulator resolving a bank faces two audiences: depositors, who may run if they believe the regulator will not provide capital, and banks, which may take excess risk if they believe the regulator will provide capital. When the regulator's cost of injecting capital is private information, it...

Persistent link: https://www.econbiz.de/10011084160

Multinational Banking in Europe: Financial Stability and Regulatory Implications Lessons from the Financial Crisis

Barba Navaretti, Giorgio; Calzolari, Giacomo; Levi, Micol; … - C.E.P.R. Discussion Papers - 2010

This paper examines whether multinational banks have a stabilising or a destabilising role during times of financial distress. With a focus on Europe, it looks at how these banks’ foreign affiliates have been faring during the recent financial crisis. It finds that retail and corporate lending...

Persistent link: https://www.econbiz.de/10008468703

Direct and Indirect Network Effects are Equivalent: A Comment on “Direct and Indirect Network Effects: Are They Equivalent?”

Church, Jeffrey; Gandal, Neil - C.E.P.R. Discussion Papers - 2012

do not, in the case of indirect network effects, make standardization more likely, but (ii) indirect network effects are … associated with excessive standardization. We show in Clements’ framework that neither of these results are correct …: standardization is more likely as the number of software firms increases and when the type of market equilibrium is unique— there are …

Persistent link: https://www.econbiz.de/10011084429

Legal Evolution, Contract Evolution, and Standardization

Gennaioli, Nicola; Perotti, Enrico C; Ponzetto, Giacomo AM - C.E.P.R. Discussion Papers - 2014

law matures. Contract standardization avoids this cost, statically improving enforcement; but it crowds out innovative …

Persistent link: https://www.econbiz.de/10011084669

Network Effects, Standardization, and the Internet: What Have We Learned From The DVD Vs. DIVX Battle?

Dranove, David; Gandal, Neil - C.E.P.R. Discussion Papers - 1999

standardization, that is, left alone the market may fail to achieve standardization when it is socially desirable and (2) even if the …

Persistent link: https://www.econbiz.de/10005666918

The Rules of Standard Setting Organizations: An Empirical Analysis

Chiao, Benjamin; Lerner, Josh; Tirole, Jean - C.E.P.R. Discussion Papers - 2007

This paper empirically explores standard-setting organizations’ policy choices. Consistent with Lerner-Tirole (2006), we find (a) a negative relationship between the extent to which an SSO is oriented to technology sponsors and the concession level required of sponsors and (b) a positive...

Persistent link: https://www.econbiz.de/10005792070

Complementing Bagehot: Illiquidity and insolvency resolution

Eijffinger, Sylvester C W; Nijskens, Rob - C.E.P.R. Discussion Papers - 2011

During the recent financial crisis, central banks have provided liquidity and governments have set up rescue programmes to restore confidence and stability, often against the LLR principle advocated by Bagehot. Using a model of a systemic bank suffering from liquidity shocks, we find that the...

Persistent link: https://www.econbiz.de/10009320403

A primer on unconventional monetary policy

Bofinger, Peter; Debes, Sebastian - C.E.P.R. Discussion Papers - 2010

Due to the severity of the financial market crisis most central banks reached the limits of their traditional monetary policy instruments and relied to a very large extent on instruments of unconventional monetary policy. In our paper we develop a simple theoretical framework for the money...

Persistent link: https://www.econbiz.de/10008468505

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