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China's Bilateral Currency Swap Lines
Lin, Zhitao - 2016
We study the determinants of China's bilateral local currency swap lines that were established since the recent global … a swap line agreement. Once a swap line agreement decision is made, the size of the swap line is then mainly affected by …
Persistent link: https://www.econbiz.de/10012997246
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Central Bank Swap Lines
Bahaj, Saleem - 2018
Swap lines between advanced-economy central banks are a new important part of the global financial architecture. This … shows that the swap line mimics discount-window credit from the source central bank to the recipient-country banks using the … shows that the swap-line rate puts a ceiling on deviations from covered interest parity, and finds evidence for it in the …
Persistent link: https://www.econbiz.de/10012912674
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Do Firms Sell Forward for Strategic Reasons? An Application to the Wholesale Market for Natural Gas
van Eijkel, Remco - 2010
empirical strategy to test whether oligopolistic firms use forward contracts for strategic motives, for risk-hedging, or for … both. An increase in the number of players weakens the incentives to sell forward for risk-hedging reasons. However, if …
Persistent link: https://www.econbiz.de/10013135361
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Time-Varying Spot and Futures Oil Price Dynamics
Caporale, Guglielmo Maria - 2013
contracts. The implications of these results for hedging and forecasting crude oil spot prices are also discussed …
Persistent link: https://www.econbiz.de/10013094836
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Implementation of Communication Equilibria by Correlated Cheap Talk : The Two-Player Case
Vida, Peter - 2011
We show that essentially every communication equilibrium of any finite Bayesian game with two players can be implemented as a strategic form correlated equilibrium of an extended game, in which before choosing actions as in the Bayesian game, the players engage in a possibly infinitely long (but...
Persistent link: https://www.econbiz.de/10013128960
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Ageing, Government Budgets, Retirement, and Growth
Gonzalez-Eiras, Martín - 2011
We analyze the short and long run effects of demographic ageing - increased longevity and reduced fertility - on per-capita growth. The OLG model captures direct effects, working through adjustments in the savings rate, labor supply, and capital deepening, and indirect effects, working through...
Persistent link: https://www.econbiz.de/10013129861
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Emotions in Litigation Contests
Baumann, Florian - 2011
This paper introduces the concept of emotions into the standard litigation contest. Positive (negative) emotions emerge when litigants win (lose) at trial and are dependent in particular on the level of defendant fault. Our findings establish that standard results of litigation contests change...
Persistent link: https://www.econbiz.de/10013129864
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Commodity Tax Structure Under Uncertainty in a Perfectly Competitive Market
Goerke, Laszlo - 2011
In a partial equilibrium setting without price uncertainty, the balanced-budget substitution of an ad valorem tax on output for a specific (unit) tax can enhance welfare in imperfectly competitive markets and is without impact in a competitive world. This paper demonstrates that a substitution...
Persistent link: https://www.econbiz.de/10013130099
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Strategic Nonlinear Income Tax Competition with Perfect Labor Mobility
Bierbrauer, Felix J. - 2011
Tax competition between two governments who choose nonlinear income tax schedules to maximize the average utility of its residents when skills are unobservable and labor is perfectly mobile is examined. We show that there are no Nash equilibria in which there is a skill type that pays positive...
Persistent link: https://www.econbiz.de/10013130417
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Shall We Keep the Highly Skilled at Home? The Optimal Income Tax Perspective
Simula, Laurent - 2011
We examine how allowing individuals to emigrate to pay lower taxes abroad changes the optimal non-linear income tax scheme in a Mirrleesian economy. An individual emigrates if his domestic utility is less than his utility abroad net of migration costs, utilities and costs both depending on...
Persistent link: https://www.econbiz.de/10013130418