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A Tale of Two Platforms: Dealer Intermediation in the European Sovereign Bond Market
Dunne, Peter; Hau, Harald; Moore, Michael - C.E.P.R. Discussion Papers - 2008
Interdealer trading in the European sovereign bond market is characterized by low spreads and high liquidity. This … inside the interdealer spread. Moreover, higher market volatility increases interdealer spreads more than customer spreads … market structure of the European bond market. The model explains differences in the volatility dependence of interdealer and …
Persistent link: https://www.econbiz.de/10005123656
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French Post-war Growth: From (Indicative) Planning to (Administered) Market
Sicsic, Pierre; Wyplosz, Charles - C.E.P.R. Discussion Papers - 1994
France's post-war growth has gone through four phases. The strong growth performance of the 1950s was helped by a phenomenon of catch-up on best foreign practices, and by a positive effect of capital rejuvenation. Yet the best performance was to follow and covered a period beginning around 1958...
Persistent link: https://www.econbiz.de/10005123721
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Creditor Protection, Contagion, and Stock Market Price Volatility
Hale, Galina B; Razin, Assaf; Tong, Hui - C.E.P.R. Discussion Papers - 2008
volatility, of the aggregate stock market price. In a Tobin-q model with liquidity and productivity shocks, two channels are at … negative effect of the volatility, of stock prices, via the negative effect of the creditor protection on the probability of …
Persistent link: https://www.econbiz.de/10005124114
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Use of Banking Services in Emerging Markets--Household-Level Evidence
Beck, Thorsten; Brown, Martin - C.E.P.R. Discussion Papers - 2011
This paper uses survey data for 60,000 households from 29 transition economies in 2006 and 2010 to explore how the use of banking services is related to household characteristics, as well as to bank ownership, deposit insurance and creditor protection. At the household level we find that the...
Persistent link: https://www.econbiz.de/10009205063
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Sovereign debt, government myopia, and the financial sector
Acharya, Viral V; Rajan, Raghuram G - C.E.P.R. Discussion Papers - 2011
What determines the sustainability of sovereign debt? In this paper, we develop a model where myopic governments seek electoral popularity but can nevertheless commit credibly to service external debt. They do not default when they are poor because they would lose access to debt markets and be...
Persistent link: https://www.econbiz.de/10009371472
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Informational Rents, Macroeconomic Rents, and Efficient Bailouts
Philippon, Thomas; Schnabl, Philipp - C.E.P.R. Discussion Papers - 2011
We analyze government interventions to alleviate debt overhang among banks. Interventions generate two types of rents. Informational rents arise from opportunistic participation based on private information while macroeconomic rents arise from free riding. Minimizing informational rents is a...
Persistent link: https://www.econbiz.de/10008854493
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Bailout Uncertainty in a Microfounded General Equilibrium Model of the Financial System
Cukierman, Alex; Izhakian, Yehuda - C.E.P.R. Discussion Papers - 2011
This paper develops a micro-founded general equilibrium model of the financial system composed of ultimate borrowers, ultimate lenders and financial intermediaries. The model is used to investigate the impact of uncertainty about the likelihood of governmental bailouts on leverage, interest...
Persistent link: https://www.econbiz.de/10009144737
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Exports Versus FDI Revisited: Does Finance Matter?
Buch, Claudia M.; Kesternich, Iris; Lipponer, Alexander; … - C.E.P.R. Discussion Papers - 2010
The crisis on international financial markets that started in 2007 has shown the potential links between the financial sector and the real economy. Exports and foreign direct investment (FDI) have declined, presumably not only because of a lack of demand, but also because of restricted access of...
Persistent link: https://www.econbiz.de/10008468589
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Housing market regulation and the social demand for job protection
Decreuse, Bruno; van Ypersele, Tanguy - C.E.P.R. Discussion Papers - 2010
Controlling for country fixed effects, there is a positive and statistically significant relationship between the degree of housing market regulation (HMR) and the strictness of employment protection legislation (EPL) in OECD countries. We provide a model in which HMR increases foreclosure costs...
Persistent link: https://www.econbiz.de/10008468671
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Optimal Interventions in Markets with Adverse Selection
Philippon, Thomas; Skreta, Vasiliki - C.E.P.R. Discussion Papers - 2010
We study interventions to restore efficient lending and investment when financial markets fail because of adverse selection. We solve a design problem where the decision to participate in a program offered by the government can be a signal for private information. We charac terize optimal...
Persistent link: https://www.econbiz.de/10008468692