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This essay shows that government credit-allocation schemes generate incentive conflicts that undermine the quality of bank supervision and eventually produce banking crisis. For political reasons, most countries establish a regulatory culture that embraces three economically contradictory...
Persistent link: https://www.econbiz.de/10012464752
for hiding adverse information. It is ironic that what are called accounting ethics' fail to embrace the profession …'s common-law duty of assuring the economic meaningfulness of the statements that clients pay it to endorse …
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The globalization of capital and product markets has many implications for economic welfare. Countries can specialize in the production of goods for which they have comparative advantages, and capital is allocated more efficiently. However, one potentially adverse effect of globalization is the...
Persistent link: https://www.econbiz.de/10011474806
the framework of a new open economy macro-model, we show that the link between financial openness and business cycle …
Persistent link: https://www.econbiz.de/10011475038
the Russian economy need to be taken into account: the substantial foreign liabilities of commercial banks and the failure …
Persistent link: https://www.econbiz.de/10011475137
The introduction of the euro marks a milestone in the process of European financial market integration. This paper analyzes the implications of the euro for cross-border banking activities. A portfolio model is used which captures the role of banks as providers of informational and of...
Persistent link: https://www.econbiz.de/10011475635
The globalization of international financial markets has renewed interest in the measurement of capital mobility. Consumption-based tests such as the Euler equation test are commonly used. These tests, however, are derived under restrictive assumptions on consumer behavior. In this paper, we ask...
Persistent link: https://www.econbiz.de/10011475881