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Sequential innovation, naked exclusion, and upfront lump-sum payments
Choi, Jay Pil; Stefanadis, Christodoulos - 2017
We present a potentially benign naked exclusion mechanism that can be applied to sequential innovation; a non …-patentable original innovation by the incumbent supplier fosters derivative innovation by rivals. In the absence of an appropriate legal … innovator. The former ban precludes the exclusion of socially beneficial derivative innovation by causing the incumbent supplier …
Persistent link: https://www.econbiz.de/10011637645
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Embedded supervision : how to build regulation into decentralised finance
Auer, Raphael A. - 2022
The emergence of so-called "decentralised finance" (DeFi) and a shadow financial system of cryptocurrency exchanges and stablecoin issuers raises the challenge of how to apply technology-neutral regulation so that similar risks are subject to the same rules. This paper makes the case for...
Persistent link: https://www.econbiz.de/10013206072
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Cryptocurrency market reactions to regulatory news
Auer, Raphael A.; Claessens, Stijn - 2020
Cryptocurrencies are often thought to operate out of the reach of national regulation, but in fact their valuations, transaction volumes and user bases react substantially to news about regulatory actions. The impact depends on the specific regulatory category to which the news relates: events...
Persistent link: https://www.econbiz.de/10012205633
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A micro data approach to the identification of credit crunches
Rottmann, Horst; Wollmershäuser, Timo - 2010
This paper presents a micro data approach to the identification of credit crunches. Using a survey among German firms which regularly queries the firms' assessment of the current willingness of banks to extend credit we estimate the probability of a restrictive credit supply policy by time...
Persistent link: https://www.econbiz.de/10008653413
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Sovereign default risk and banks in a monetary union
Uhlig, Harald - 2013 - This revision: August 12, 2013
This paper seeks to understand the interplay between banks, bank regulation, sovereign default risk and central bank guarantees in a monetary union. I assume that banks can use sovereign bonds for repurchase agreements with a common central bank, and that their sovereign partially backs up any...
Persistent link: https://www.econbiz.de/10009786077
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Investment shocks, tax evasion and the consumption puzzle : a DSGE analysis with financial frictions
Chiarini, Bruno; Ferrara, Maria; Marzano, Elisabetta - 2016
This paper contributes to the GDP-consumption comovement puzzle literature investigating the role of tax evasion in explaining the consumption path after a Marginal Efficiency of Investment shock. We use an otherwise standard medium-scale New Keynesian DSGE model combining tax evasion with...
Persistent link: https://www.econbiz.de/10011515322
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Unexpected loan losses and bank capital in an estimated DSGE model of the Euro area
Hristov, Nikolay; Hülsewig, Oliver - 2016
We develop a stylized DSGE model in which banks face capital regulation and their loan portfolios are subject to non-diversifiable losses due to aggregate shocks. The framework is used to explore the importance of the interaction between macroeconomic conditions, credit default and bank...
Persistent link: https://www.econbiz.de/10011557772
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The great mortgaging : housing finance, crises, and business cycles
Jordà, Òscar; Schularick, Moritz; Taylor, Alan M. - 2014
This paper unveils a new resource for macroeconomic research: a long-run dataset covering disaggregated bank credit for 17 advanced economies since 1870. The new data show that the share of mortgages on banks’ balance sheets doubled in the course of the 20th century, driven by a sharp rise of...
Persistent link: https://www.econbiz.de/10010412763
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External shocks and banking crises in developing countries : does the exchange rate regime matter?
Mendis, Chandima - 2002
This paper examines some determinants of banking crises in developing economies. Specifically, the effects of terms of trade shocks and capital flows are analyzed. The choice of the nominal exchange rate regime is found to be a crucial factor in the way various shocks are transmitted through the...
Persistent link: https://www.econbiz.de/10011410637
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Rise of the central bank digital currencies : drivers, approaches and technologies
Auer, Raphael A.; Cornelli, Giulio; Frost, Jon - 2020
economies with a high capacity for innovation. Work on retail CBDCs is more advanced where the informal economy is larger. We …
Persistent link: https://www.econbiz.de/10012306593