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Cross-Border Securities Clearing and Settlement Infrastructure in the European Union as a Prerequisite to Financial Markets Integration: Challenges and Perspectives

de Carvalho, Cynthia Hirata - 2004

The importance of an efficient securities clearing and settlement system lies on the safer transfer of ownership of assets against payment. Such a system must be developed in a way to minimize the risks involved on securities transactions, and it must still offer lower costs, which do not hinder...

Persistent link: https://www.econbiz.de/10010295420

Financial Risks, Bankruptcy Probabilities, and the Investment Behaviour of Enterprises

Kirchesch, Kai - 2004

The link between investment and finance usually enters the empirical literature in the form of financial constraints which are defined as the wedge between the costs of internal and external finance or as the risk of being rationed on the credit market. In this context, the sensitivity of...

Persistent link: https://www.econbiz.de/10010295432

Coordination failures and the lender of last resort: Was Bagehot right after all?

Rochet, Jean-Charles; Vives, Xavier - 2002

Central Bank should lend to „illiquid but solvent“ banks under certain conditions. Several authors have argued that this view … is now obsolete: when interbank markets are efficient, a solvent bank cannot be illiquid. This paper provides a possible … classical models of bank runs. We build a model of banks' liquidity crises that possesses a unique Bayesian equilibrium. In this …

Persistent link: https://www.econbiz.de/10010295507

Change and Crisis in the Japanese Banking Industry

Krawczyk, Mariusz K. - 2004

The weakness of the Japanese banking industry, suffering from acute problem of non-performing loans, prevents Japan from restoring sound growth rates despite having undertaken structural reforms and substantial fiscal policy efforts, and, through impairing transmission channels of monetary...

Persistent link: https://www.econbiz.de/10010295410

The World Bank as an International Financial Institution

Shams, Rasul - 2004

The World Bank is a prestigious and large international financial institution. Since its foundation it has widened the … scope and the size of its activities. One interpretation of what the World Bank is doing is the provision of public goods …. If we take this interpretation seriously the comprehensiveness of the Bank's activity suggests that the Bank is assuming …

Persistent link: https://www.econbiz.de/10010295425

Dollarization, bailouts, and the stability of the banking system

Gale, Douglas; Vives, Xavier - 2002

Central bank policy suffers from time-inconsistency when facing a banking crisis : A bailout is optimal ex post but ex … reputation for the central bank are high, monitoring effort by the banker is important in improving returns, and when the cost of …

Persistent link: https://www.econbiz.de/10010295508

An Account of Geographic Concentration Patterns in Europe

Brülhart, Marius; Traeger, Rolf - 2003

Using entropy indices and associated bootstrap tests, we describe the distribution of economic sectors across Western European regions over the 1975-2000 period. We decompose geographic concentration into its within-country and between-country components. In addition, we estimate...

Persistent link: https://www.econbiz.de/10010295328

Spatial dependence of regional unemployment in the European Union

Niebuhr, Annekatrin - 2002

The findings of recent studies on adjustment processes suggest that regional labour markets in the EU and the US differ significantly. Low wage flexibility and limited labour mobility in European countries involve persistent unemployment differentials across regions. However, the spatial...

Persistent link: https://www.econbiz.de/10010295334

Europäische Integration und räumliche Entwicklungsprozesse: Wo bleibt die nationale Ebene?

Lammers, Konrad - 1999

Im Zuge der europäischen Integration haben die nationalen Regierungen Kompetenzen an europäische Institutionen abgegeben. Die Folge ist, daß die ökonomische Entwicklung in der EU mehr und mehr von wirtschaftsräumlichen Faktoren anstatt von administrativen nationalen Unterschieden bestimmt...

Persistent link: https://www.econbiz.de/10010295339

Nach dem Euro-Gipfel: Perspektiven der Europäischen Währungsunion

Theurl, Theresia; Randzio-Plath, Christa - 1998

erfolgreichen Währung machen. Die Sanktion einer Nichtteilnahme wegen mangelnder Voraussetzungen einzelner Mitglieder besteht nicht …

Persistent link: https://www.econbiz.de/10010295351