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Boone, Jan; Bovenberg, A Lans - C.E.P.R. Discussion Papers - 2001

This Paper explores the optimal role of the tax system in alleviating labour-market imperfections and raising revenue … the standard model: (1) only the ad valorem component of the wage tax should be employed to raise revenue; (2) the optimal … tax system should not distort labour-market tightness. …

Persistent link: https://www.econbiz.de/10005504773

The delegated Lucas tree

Kaniel, Ron; Kondor, Péter - C.E.P.R. Discussion Papers - 2011

We analyze the effects of the observed increased share of delegated capital for trading strategies and equilibrium prices by introducing delegation into a standard Lucas exchange economy. In equilibrium, some investors trade on their own account, but others decide to delegate trading to...

Persistent link: https://www.econbiz.de/10009322979

The Comparative Analysis of Settlement Systems

Kobayakawa, Shuji - C.E.P.R. Discussion Papers - 1997

After a rapid expansion of financial transactions, both the authorities and financial institutions became aware of the risk involved in interbank settlement systems. To cope with the risk the systems in most economies have been designed so that large-sized payments are settled in the real time...

Persistent link: https://www.econbiz.de/10005667037

Information Sharing in Credit Markets

Jappelli, Tullio; Pagano, Marco - C.E.P.R. Discussion Papers - 1991

We present a model with adverse selection where information sharing between lenders arises endogenously. Lenders' incentives to share information about borrowers are positively related to the mobility and heterogeneity of borrowers, to the size of the credit market and to advances in information...

Persistent link: https://www.econbiz.de/10005792145

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

Asset Prices and Institutional Investors

Basak, Suleyman; Pavlova, Anna - C.E.P.R. Discussion Papers - 2012

Empirical evidence indicates that trades by institutional investors have sizable effects on asset prices, generating phenomena such as index effects, asset-class effects and others. It is difficult to explain such phenomena within standard representative-agent asset pricing models. In this...

Persistent link: https://www.econbiz.de/10011083249

Determinants of Banking System Fragility: A Regional Perspective

Degryse, Hans; Elahi, Muhammad Ather; Penas, Maria Fabiana - C.E.P.R. Discussion Papers - 2012

Banking systems are fragile not only within one country but also within and across regions. We study the role of regional banking system characteristics for regional banking system fragility. We find that regional banking system fragility reduces when banks in the region jointly hold more liquid...

Persistent link: https://www.econbiz.de/10011084000

Second-Best Carbon Taxation in the Global Economy: The Green Paradox and Carbon Leakage Revisited

van der Ploeg, Frederick - C.E.P.R. Discussion Papers - 2015

goods, oil and bonds. Acceleration of global warming resulting from a future carbon tax is large if the price elasticities … cumulative emissions is strong enough. If the current carbon tax is too low, the second-best future carbon tax is set below the …-best taxes due to an import tariff component. The intertemporal terms of trade effects of the future carbon tax increase current …

Persistent link: https://www.econbiz.de/10011262885

Fiscal Norming of Wages to Promote Employment with Monopoly Unions

Crombrugghe, Alain L de; de Walque, Gregory - C.E.P.R. Discussion Papers - 1997

The paper analyses how a firm-level tax (or subsidy) calculated on the average wage relative to a pre-set norm may … 1990 and 1991. They support our model assumptions as well as the ‘employment-enhancing’ effect of the tax in Polish firms. …

Persistent link: https://www.econbiz.de/10005662313

Self-Enforcing Intergenerational Transfers and the Provision of Education

Anderberg, Dan; Balestrino, Alessandro - C.E.P.R. Discussion Papers - 2001

Due to the presence of borrowing constraints in the market, the cost of educating the young members of a family is often borne by the adults. We consider intrafamily financing of human capital under the assumptions that individuals are selfish and binding contracts are not feasible. Cooperation...

Persistent link: https://www.econbiz.de/10005666461

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