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Liquidity Crises in Emerging Markets : Theory and Policy

Chang, Roberto - 1999

We build a model of financial sector illiquidity in an open economy. Illiquidity defined as a situation in which a country's consolidated financial system has potential short-term obligations in foreign currency that exceed the amount of foreign currency it can have access to on short notice can...

Persistent link: https://www.econbiz.de/10012471518

Reorganization

Hall, Robert E. - 1999

One of the productive activities engaging the work force is reorganizing. When factors of production are better matched, productivity is higher. The probabilistic matching model of Diamond, Mortensen, and others provides a way to make the idea of reorganization precise. Because the flow of...

Persistent link: https://www.econbiz.de/10012471607

Banks as Liquidity Providers : An Explanation for the Co-Existence of Lending and Deposit-Taking

Kashyap, Anil K. - 1999

and deposit-taking may be two manifestations of the same primitive function: the provision of liquidity on demand. After …

Persistent link: https://www.econbiz.de/10012471845

International Liquidity and Monetary Control

Frenkel, Jacob A. - 1983

This paper deals with the relations among international liquidity,the exchange-rate regime and the effectiveness of … provision of liquidity …

Persistent link: https://www.econbiz.de/10012477984

Real and Financial Decisions of a Firm with Bankruptcy and Default : An Integration

Hayashi, Fumio - 1983

This paper attempts to provide a framework for analyzing the interaction between real decisions (concerning investment and factor inputs)and financial decisions (concerning debt and new share issues) of a corporation. The model carries a rich menu of tax rates and explicitly incorporates...

Persistent link: https://www.econbiz.de/10012478005

LDC Borrowing with Default Risk

Sachs, Jeffrey - 1982

This paper presents a theoretical model to describe the effects of default risk on international lending to LDC sovereign borrowers. The threat of defaults in international lending is shown to give rise to many characteristics of the syndicated loan market: (1) quantity rationing of loans; (2)...

Persistent link: https://www.econbiz.de/10012478182

Liquidity Risk After 20 Years

Pastor, Lubos - 2019

the results in Pástor and Stambaugh (2003). Both studies successfully replicate our market-wide liquidity measure and find … similar estimates of the liquidity risk premium. In the sample period after our study, the liquidity risk premium estimates … are even larger, and the liquidity measure displays sharp drops during the 2008 financial crisis. We respond to both …

Persistent link: https://www.econbiz.de/10012479724

Designed to Fail : Effects of the Default Option and Information Complexity on Student Loan Repayment

Cox, James C. - 2018

We ask why so few student loan borrowers enroll in Income Driven Repayment when the majority would benefit from doing so. To do so we run an incentivized laboratory experiment using a facsimile of the government's Student Loan Exit Counseling website. We test the role information complexity,...

Persistent link: https://www.econbiz.de/10012480909

Liquidity and Exchange Rates : An Empirical Investigation

Engel, Charles - 2018

important innovation is that we include the liquidity yield on government bonds as an explanatory variable. We find impressive … evidence that changes in the liquidity yield are significant in explaining exchange rate changes for all of the G10 countries …. Moreover, after controlling for liquidity yields, traditional determinants of exchange rates - adjustment toward purchasing …

Persistent link: https://www.econbiz.de/10012481044

Optimal Illiquidity

Beshears, John - 2020

We calculate the socially optimal level of illiquidity in an economy populated by households with taste shocks and present bias (Amador, Werning, and Angeletos 2006). The government chooses mandatory contributions to respective spending/savings accounts, each with a different pre-retirement...

Persistent link: https://www.econbiz.de/10012481314