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We revisit the evidence of the existence of a long -run link between financial intermediation and economic growth, by testing of cointegration between the growth rate of real GDP, control variables and three series reflecting financial intermediation. We consider a model with a factor structure...
Persistent link: https://www.econbiz.de/10008793870
This paper solves a second-best problem where a government has in particular to choose whether to tax financial inflows (capital controls) or not, and when. A multi-stage optimal control technique is used to this end. First, it is shown that it is optimal to switch in finite time from capital...
Persistent link: https://www.econbiz.de/10010933802
This paper analyzes a stylized (two period) credit market where investors care about the appropriability of the information they produce when they engage in costly ex ante evaluation of borrowers quality. We show that diversified intermediation arises as a dissimulation mechanism allowing...
Persistent link: https://www.econbiz.de/10008794248
We revisit the evidence of the existence of a long-run link between financial intermediation and economic growth, by testing of cointegration between the growth rate of real GDP, control variables and three series reflecting financial intermediation. We consider a model with a factor structure...
Persistent link: https://www.econbiz.de/10008794722
Purpose - The purpose of this paper is to highlight the potentials offered by New Product Committees for the development of responsible innovation in the financial services industry; and to provide grounds for policy recommendations. Design/methodology/approach - The paper takes the form of...
Persistent link: https://www.econbiz.de/10010820476
. Minsky believed that regulation should be linked to the structure of the financial system and effective policy making …
Persistent link: https://www.econbiz.de/10010820974
's capacity to ensure effective regulation through contracts. …
Persistent link: https://www.econbiz.de/10010821194
-taker smaller firms. A regulation trade-off between market efficiency and resilience is identified and quantified: improving the …
Persistent link: https://www.econbiz.de/10010738922
The procedures presented in this paper provide a dynamic apparatus of crediting the industrial operating systems with the assignment to avoid their correlated defaulting, to conserve general safety and soundness and improve its ability to serve as a source for sustainable growth for economy. The...
Persistent link: https://www.econbiz.de/10010739000
The 2007/08 financial crisis results in two major problems that issue difficult challenges for the economic theory and policy. The first challenge is the rise of unemployment notwithstanding growing imbalances of budget deficits. The second is the monetary and financial instability threatening...
Persistent link: https://www.econbiz.de/10010898561