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Financial Intermediation, markets, and growth
Fecht, Falko; Huang, Kevin - Society for Economic Dynamics - SED - 2004
This paper contributes to the literature comparing the relative performance of financial intermediaries and markets by studying an environment in which a trade-off between risk sharing and growth arises endogenously. Financial intermediaries provide insurance to households against a liquidity...
Persistent link: https://www.econbiz.de/10004970349
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Private Debt and Idiosyncratic Volatility: A Business Cycle Analysis
Iacoviello, Matteo - Society for Economic Dynamics - SED - 2005
Persistent link: https://www.econbiz.de/10005069372
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Leaning against the wind
Weill, Pierre-Olivier - Society for Economic Dynamics - SED - 2004
During financial disruptions, marketmakers provide liquidity by absorbing external selling pressure. They buy when the pressure is large, accumulate inventories, and sell when the pressure alleviates. This paper studies optimal dynamic liquidity provision in a theoretical market setting with...
Persistent link: https://www.econbiz.de/10005027283
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Financial Frictions, Investment and Tobin's q
Lorenzoni, Guido; Walentin, Karl - Society for Economic Dynamics - SED - 2006
We develop a model of investment with financial constraints and use it to investigate the relation between investment and Tobin’s q. A firm is financed partly by insiders, who control its assets, and partly by outside investors. When insiders’ wealth is scarce, they earn a rate of...
Persistent link: https://www.econbiz.de/10005051248
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The Bank Capital Channel of Monetary Policy
Heuvel, Skander Van den - Society for Economic Dynamics - SED - 2006
This paper examines the role of bank lending in the transmission of monetary policy in the presence of capital adequacy regulations. I develop a dynamic model of bank asset and liability management that incorporates risk-based capital requirements and an imperfect market for bank equity. These...
Persistent link: https://www.econbiz.de/10005090765
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The Welfare Cost of Bank Capital Requirements
Heuvel, Skander Van den - Society for Economic Dynamics - SED - 2005
Persistent link: https://www.econbiz.de/10005069378
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Optimal Monetary and Exchange Rate Policies in Crisis-Prone Small Open Economies
Singh, Rajesh; Bhattacharya, Joydeep - Society for Economic Dynamics - SED - 2005
Persistent link: https://www.econbiz.de/10004970324
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Debt and Maturity without Commitment
Niepelt, Dirk - Society for Economic Dynamics - SED - 2006
I analyze how lack of commitment affects the maturity structure of sovereign debt. Ex post, the government trades off … the gains from default induced redistribution against the cost of defaulting. Ex ante, the government issues debt of … of government assets (tax collections) and liabilities (debt redemption) and avoids dilution as well as debt rollovers …
Persistent link: https://www.econbiz.de/10004970316
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Sovereign Risk: Constitutions Rule
Kohlscheen, Emanuel - Society for Economic Dynamics - SED - 2006
This paper models the executive's choice of whether to reschedule external debt as the outcome of an intra … significantly reduce their debt/GNP ratio without a 'credit incident' were parliamentary. Moreover, countries with stronger … understanding the international debt markets in the contemporary developing world …
Persistent link: https://www.econbiz.de/10005090753
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Evidence on the Effect of US Consumer Bankruptcy Exemptions
Grant, Charles - Society for Economic Dynamics - SED - 2004
differ dramatically across the different states. While increasing the level of these exemptions causes less debt to be held …
Persistent link: https://www.econbiz.de/10005027313