medicines distribution chain regulation, and not by price differences in line with the hypothesis of ‘regulatory arbitrage’. … property rights) and country specific health care regulations (e.g., medicines pricing and distribution regulation). This gives … parallel trade of heavily regulated medicines rather than a traditional source of arbitrage (e.g., price and income differences …

Shocks to bank lending, risk-taking and securitization activities that are orthogonal to real economy and monetary … type of shock. Expansionary securitization shocks lead to a permanent rise in real GDP and a fall in inflation. Bank … using a model of bank risk-taking and securitization. …

Traditionally banks have used securitization for expanding credit and thus their profitability. It has been well …-rated tranche. This paper builds a simple model of securitization that accounts for the above retention strategies. Banks in the …

We explore the impact of mortgage securitization on the international diversification of macroeconomic risk. By making … mortgage-related risks internationally tradeable, securitization contributes considerably to better international consumption … countries that do not allow for mortgage securitization. Our results are based on quarterly data from a panel of 16 …

There are, at least, seven aspects relating to financial regulation where the recent, and still current, financial …-cyclical instruments; 6. Boundaries of regulation, conduits, SIVs and reputational risk; 7. Crisis management:- (a) domestic, within …

rating agency and the bank corrupts rating quality, rating-independent regulation enhances welfare. The welfare benefits are …

This paper seeks to understand the interplay between banks, bank regulation, sovereign default risk and central bank … in other “safe” countries will impose tighter regulation. As a result, governments in risky countries get to borrow more …

We develop a simple model of banking regulation with two policy instruments: minimum capital requirements and … regulation. Therefore, countries are better off by harmonising regulation on an international standard. …