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Systemic Risk and the Refinancing Ratchet Effect

Khandani, Amir E. - 2009

The confluence of three trends in the U.S. residential housing market---rising home prices, declining interest rates, and near-frictionless refinancing opportunities---led to vastly increased systemic risk in the financial system. Individually, each of these trends is benign, but when they occur...

Persistent link: https://www.econbiz.de/10012463288

Monetary Policy in the Capitals of Capital

Gerko, Elena - 2017

The importance of financial markets and international capital flows have increased greatly since the 1990s. How does …

Persistent link: https://www.econbiz.de/10012455031

Misallocation, Property Rights, and Access to Finance : Evidence from Within and Across Africa

Kalemli-Ozcan, Sebnem - 2012

We study capital misallocation within and across 10 African countries using the World Bank Enterprise Surveys. First … product of capital (MPK), implying that countries could produce significantly more with the same aggregate capital stock if … capital were allocated optimally. Such variation differs from country to country with some African countries (success stories …

Persistent link: https://www.econbiz.de/10012460629

Debt Financing in Asset Markets

He, Zhiguo - 2012

We study rollover risk and collateral value in a dynamic asset pricing model with endogenous debt financing by … news. We demonstrate the optimality of the maximum riskless short-term debt financing for optimistic borrowers even in the …

Persistent link: https://www.econbiz.de/10012460724

An exploratory analysis of the impact of budget deficits and other factors on the ex post real interest rate yield on tax-free municipal bonds in the United States

Cebula, Richard J. - In: Applied financial economics 24 (2014) 19/21, pp. 1297-1302

Persistent link: https://www.econbiz.de/10010460177

Rational speculative bubbles and duration dependence in exchange rates : an analysis of five currencies

Jirasakuldech, Benjamas; Emekter, Riza; Went, Peter - In: Applied financial economics 16 (2006) 3, pp. 233-243

Persistent link: https://www.econbiz.de/10003291884

Effects of macroeconomic variables on Istanbul stock exchange indexes

Erdem, Cumhur; Arslan, Cem Kaan; Erdem, Meziyet Sema - In: Applied financial economics 15 (2005) 14, pp. 987-994

Persistent link: https://www.econbiz.de/10003177476

Is there a long run relationship between stock returns and monetary variables : evidence from an emerging market

Muradoğlu, Gülnur; Metin, Kıvılcım; Argaç, Reha - In: Applied financial economics 11 (2001) 6, pp. 641-649

Persistent link: https://www.econbiz.de/10001636210

Money and Interest Rates with Endogeneously Segmented Markets

Alvarez, Fernando - 1999

This paper analyses the effects of open market operations on interest rates in a model in which agents must pay a fixed cost to exchange assets and cash. Asset markets are endogenously segmented in that some agents choose to pay the fixed cost and some do not. When the fixed cost is zero, the...

Persistent link: https://www.econbiz.de/10012471741

The Response of Interest Rates to the Federal Reserve's Weekly Money Announcements : The "Puzzle" of Anticipated Money

Deaves, Richard - 1987

Researchers, using the survey conducted by Money Market Services, Inc., have found that the anticipated component in the Federal Reserve's weekly money supply announcement is negatively correlated with the post- announcement change in market yields. We prove that eliminating a (downward) bias in...

Persistent link: https://www.econbiz.de/10012476944