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Liquidity Problems in the FX Liquid Market
Borgy, Vladimir; Idier, Julien; Fol, Gaëlle Le - HAL - 2010
immune against any liquidity problem. This paper analyzes on a long sample (2000-2009), the all set of quotes and … transactions in three main currency pairs (EURJPY, EURUSD, USDJPY) on the EBS platform. To characterize the FX market liquidity, we … propose the computation of a new liquidity indicator, BIL, that solely relies on price series availability. The main benefit …
Persistent link: https://www.econbiz.de/10008794876
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On the Role of Progressive Taxation in a Ramsey Model with Heterogeneous Households
Bosi, Stefano; Seegmuller, Thomas - HAL - 2008
The aim of this paper is to study the role of progressive tax rules on the allocations of steady state and the stability properties in a Ramsey economy with heterogeneous households and borrowing constraints. Since labor supply in elastic, considering different tax rates on capital and labor...
Persistent link: https://www.econbiz.de/10010738624
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Does trust favor macroeconomic stability?
Sangnier, Marc - HAL - 2009
This paper investigates the relationship between trust and macroeconomic volatility. In a cross section of countries, we show that higher trust is associated with lower macroeconomic instability. We use the inherited trust of Americans as an instrumental variable of trust in their origin country...
Persistent link: https://www.econbiz.de/10010738740
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Foreign Direct Investment, Macroeconomic Instability And Economic Growth in MENA Countries
Gbakou, Monnet; Jallab, Mustapha Sadni; Sandretto, René - HAL - 2008
This paper aims at analyzing the possible influence of foreign direct investment (FDI) on economic growth in the particular case of Middle East and North African countries (MENA). During the last years, the relation between FDI and growth in LDCs has been discussed extensively in the economic...
Persistent link: https://www.econbiz.de/10008791657
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Oil prices and government bond risk premiums
Alexandre, Herve; De, Benoist Antonin - HAL - 2010
This article analyses the impact of oil price on bond risk premiums issued by emerging economies. No empirical study has yet focussed on the effects of the oil price on government bond risk premiums. We develop a model of credit spread with data from the EMBIG index of seventeen countries, from...
Persistent link: https://www.econbiz.de/10010935037
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The sovereign default puzzle: Modelling issues and lessons for Europe
Cohen, Daniel; Villemot, Sébastien - HAL - 2012
Why do countries default? this seemingly simple question has yet to be adequately answered in the literature. Indeed, prevailing modelling strategies compel the to choose between two enappealing model features: depending on the cost of default selected by the modeler, either the debt ratios are...
Persistent link: https://www.econbiz.de/10010738843
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Oil prices and government bond risk premiums
Alexandre, Herve; De, Benoist Antonin - HAL - 2010
This article analyses the impact of oil price on bond risk premiums issued by emerging economies. No empirical study has yet focussed on the effects of the oil price on government bond risk premiums. We develop a model of credit spread with data from the EMBIG index of seventeen countries, from...
Persistent link: https://www.econbiz.de/10010618135
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Credit Default Swaps, Contract Theory, Public Debt, and Fiat Money Regimes: Comment on Polleit and Mariano
Méra, Xavier - HAL - 2013
In this paper, I show that Polleit and Mariano (2011) are right in concluding that Credit Default Swaps (CDS) are per se unobjectionable from Rothbard's libertarian perspective on property rights and contract theory, but that they fail to derive this conclusion properly. I therefore outline the...
Persistent link: https://www.econbiz.de/10010820940
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How much can European governments squeeze out of their taxpayers?
Courtault, Jean-Michel; Magnani, Riccardo - HAL - 2012
In this paper we use the notion of distributable surplus, introduced by Allais (1943) and Luenberger (1992), to evaluate the capacity of European countries to repay their debts. In our analysis, we use Computable General Equilibrium (CGE) models to simulate di erent policies that can be...
Persistent link: https://www.econbiz.de/10011026122
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Liquidity generated by heterogeneous beliefs and costly estimations
Shen, Min; Turinici, Gabriel - HAL - 2012
We study the liquidity, defined as the size of the trading volume, in a situation where an infinite number of agents …
Persistent link: https://www.econbiz.de/10010548256