equilibrium when banks have monopoly power, justifying a Pigouvian tax in this case. …

differences in financial factors, which may reflect differences in country risk and the legal and regulatory framework that banks …

The current financial crisis has sparked intense debate about how weak banks should be resolved. Despite international …

This paper investigates the benefits of banks’ direct investment in foreign subsidiaries and branches for non …-financial multinationals. The paper builds on the literature on international banks which has primarily focused on the implications for host … the volume of FDI by home market banks boosts FDI by non-financial firms from the same home market. Domestic and third …

Banks play a critical role in international trade by providing trade finance products that reduce the risk of exporting … highly concentrated in a few large banks. The two principal trade finance instruments, letters of credit and documentary … existence of substantial fixed costs in the provision and use of these instruments. Letters of credit are employed the most for …

during the period of the financial crisis. In a Value-at-Risk (VaR) analysis, finally, we further illustrate the advantages … confidence levels while other models fail to specify the risk correctly. This analysis shows that ignoring the actual nature of … dependence might lead to an underestimation of the risk for portfolios combining EUAs with commodities or equity investments. …

Building on a model of the interaction of risk-averse firms that compete in forward and spot markets, we develop an … empirical strategy to test whether oligopolistic firms use forward contracts for strategic motives, for risk-hedging, or for … both. An increase in the number of players weakens the incentives to sell forward for risk-hedging reasons. However, if …

The aim of this paper is to investigate the long run relationship between the development of banks and stock markets … as evidence supporting the significance of financial development for economic development although banks and stock …