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The Macroeconomic Implications of Financial Deregulation
Bordes, Christian; Melitz, Jacques - C.E.P.R. Discussion Papers - 1989
This paper explores the possible macroeconomic consequences of financial deregulation in an institutional environment where deregulation raises risks in banking. The central bank is assumed to maximize an objective function an argument of which is the probability of bank failure. It is then...
Persistent link: https://www.econbiz.de/10005792448
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The Role of Transaction Costs for Financial Volatility: Evidence from the Paris Bourse
Hau, Harald - C.E.P.R. Discussion Papers - 2002
Minimum price variation rules (tick size rules) in the French stock market prior to 1999 provide a natural experiment on the role of transaction costs for financial price volatility. For stock prices above French francs (FF) 500, the minimal tick size for quotes increases from FF 0.1 to FF 1....
Persistent link: https://www.econbiz.de/10005114161
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The Choice of Exchange Rate Regime and Speculative Attacks
Cukierman, Alex; Goldstein, Itay; Spiegel, Yossi - C.E.P.R. Discussion Papers - 2003
We develop a framework for studying the choice of exchange rate regime in an open economy where the local currency is vulnerable to speculative attacks. The framework makes it possible to study, for the first time, the strategic interaction between the ex ante choice of regime and the...
Persistent link: https://www.econbiz.de/10005661456
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The Countercyclical Capital Buffer of Basel III: A Critical Assessment
Repullo, Rafael; Saurina, Jesús - C.E.P.R. Discussion Papers - 2011
low, so it may end up exacerbating the inherent pro-cyclicality of risk-sensitive bank capital regulation. We also note …
Persistent link: https://www.econbiz.de/10008873330
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Water Nationalization: network access, water quality, and health outcomes
Borraz, Fernando; González, Nicolás; Olarreaga, Marcelo - C.E.P.R. Discussion Papers - 2011
, water quality, and health outcomes of Uruguay's nationalization of water services. An important advantage of focusing on … nationalization rather than privatization is that it avoids selection bias due to cherry-picking by firms or governments at the time … of privatization. Indeed, nationalization in Uruguay affected all private firms, as water was declared "part of the …
Persistent link: https://www.econbiz.de/10009643502
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Determinants of Expropriation in the Oil Sector: A Theory and Evidence from Panel Data
Guriev, Sergei; Kolotilin, Anton; Sonin, Konstantin - C.E.P.R. Discussion Papers - 2008
In this paper we study nationalizations in the oil industry around the world in 1960-2002. We show, both theoretically … nationalization is inefficient it does occur in equilibrium when oil prices are high. The model's predictions are consistent with the … panel analysis of a comprehensive dataset on nationalizations in the oil industry since 1960. Nationalization is more likely …
Persistent link: https://www.econbiz.de/10005662343
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Repeated Expropriation Contests and Foreign Direct Investment
Konrad, Kai A. - C.E.P.R. Discussion Papers - 2001
This Paper considers the incentives for foreign direct investment in transformation countries if actual expropriation is the possible result of a conflict between multinational firms and local or national governments. The Paper compares threats of complete expropriation and of repeated...
Persistent link: https://www.econbiz.de/10005791900
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Who Wants to Revise Privatization and Why? Evidence from 28 Post-Communist Countries
Denisova, Irina; Eller, Markus; Frye, Timothy; … - C.E.P.R. Discussion Papers - 2007
A 2006 survey of 28,000 individuals in 28 post-communist countries reveals overwhelming support for revising privatization, but most respondents prefer to leave firms in private hands. We examine who wants to revise privatization and why. Respondents with poor human capital and few assets...
Persistent link: https://www.econbiz.de/10005497879
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Does Competition Reduce the Risk of Bank Failure?
Martinez-Miera, David; Repullo, Rafael - C.E.P.R. Discussion Papers - 2008
A large theoretical literature shows that competition reduces banks' franchise values and induces them to take more risk. Recent research contradicts this result: When banks charge lower rates, their borrowers have an incentive to choose safer investments, so they will in turn be safer. However,...
Persistent link: https://www.econbiz.de/10005124382
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Uncertainty Aversion and Systemic Risk
Dicks, David L.; Fulghieri, Paolo - C.E.P.R. Discussion Papers - 2015
We propose a new theory of systemic risk based on Knightian uncertainty (or "ambiguity"). We show that, due to uncertainty aversion, beliefs on future asset returns are endogenous, and bad news on one asset class induces investors to be more pessimistic about other asset classes as well. This...
Persistent link: https://www.econbiz.de/10011213303