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A Gravity Model of International Lending: Trade, Default and Credit
Rose, Andrew K; Spiegel, Mark - C.E.P.R. Discussion Papers - 2002
One reason why countries service their external debts is the fear that default might lead to shrinkage of international trade. If so, then creditors should systematically lend more to countries with which they share closer trade links. We develop a simple theoretical model to capture this...
Persistent link: https://www.econbiz.de/10005789181
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Active Agents, Passive Principals: Does High-Powered CEO Compensation Really Improve Incentives
Dow, James; Raposo, Clara - C.E.P.R. Discussion Papers - 2002
In this Paper we use agency theory to study the active role of the CEO in the formulation of corporate strategy. We …
Persistent link: https://www.econbiz.de/10005504388
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Contracting under Incomplete Information and Social Preferences: An Experimental Study
Hoppe, Eva I; Schmitz, Patrick W - C.E.P.R. Discussion Papers - 2013
cornerstone of contract theory. We have conducted an experiment with 720 participants to explore whether the theoretical insights … are reflected by the behavior of subjects in the laboratory and to what extent deviations from standard theory can be … agency theory is indeed useful to qualitatively predict how variations in the degree of uncertainty affect subjects' behavior …
Persistent link: https://www.econbiz.de/10011084433
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Gathering Information before Signing a Contract: Experimental Evidence
Hoppe, Eva I; Schmitz, Patrick W - C.E.P.R. Discussion Papers - 2009
A central insight of agency theory is that when a principal offers a contract to a privately informed agent, the … particular, we investigate settings with both exogenous and endogenous information structures. We find that theory is indeed a …
Persistent link: https://www.econbiz.de/10005789080
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Sovereign Debt and Structural Reforms
Müller, Andreas; Storesletten, Kjetil; Zilibotti, Fabrizio - C.E.P.R. Discussion Papers - 2015
Motivated the European debt crisis, we construct a tractable theory of sovereign debt and structural reforms under …
Persistent link: https://www.econbiz.de/10011276380
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The Financial Crisis and the Geography of Wealth Transfers
Gourinchas, Pierre-Olivier; Rey, Hélène; Truempler, … - C.E.P.R. Discussion Papers - 2011
This paper studies the geography of wealth transfers during the 2008 global financial crisis. We construct valuation changes on bilateral external positions in equity, direct investment and portfolio debt at the height of the crisis to map who benefited and who lost on their external exposure....
Persistent link: https://www.econbiz.de/10009293659
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Dollar Illiquidity and Central Bank Swap Arrangements During the Global Financial Crisis
Rose, Andrew K; Spiegel, Mark - C.E.P.R. Discussion Papers - 2011
. Theory consistent with dollar appreciation in the crisis suggests that their impact should be greater for countries that have …
Persistent link: https://www.econbiz.de/10009293988
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The International Monetary System: Living with Asymmetry
Obstfeld, Maurice - C.E.P.R. Discussion Papers - 2011
This paper analyzes current stresses in the two key areas that concerned the architects of the original Bretton Woods system: international liquidity and exchange rate management. Despite radical changes since World War II in the market context for liquidity and exchange rate concerns, they...
Persistent link: https://www.econbiz.de/10009385766
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On the Distribution of Exchange Rate Regime Treatment Effects on International Trade
Dorn, Sabrina; Egger, Peter - C.E.P.R. Discussion Papers - 2011
This paper provides evidence of heterogeneous treatment effects on trade from switching among three types of de-facto exchange rate regimes: freely floating, currency bands, and pegs or currency unions. A cottage literature at the interface of macroeconomics and international economics focuses...
Persistent link: https://www.econbiz.de/10009365643
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Lenders of Last Resort in a Globalized World
Obstfeld, Maurice - C.E.P.R. Discussion Papers - 2009
The recent financial crisis teaches important lessons regarding the lender-of-last resort function. Large swap lines extended in 2007-08 from the Federal Reserve to other central banks show that the classic concept of a national last-resort lender fails to address key vulnerabilities in a...
Persistent link: https://www.econbiz.de/10004969129