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Treasury Bills And/Or Central Bank Bills for Absorbing Surplus Liquidity : The Main Considerations

Nyawata, Obert - 2012

This paper discusses the challenging question of whether central banks should use treasury bills or central bank bills … bank bills, the paper argues that treasury bills are the first best option especially because positive externalities for …) operational independence for the central bank; (ii) market development; and (iii) the strengthening of the transmission of …

Persistent link: https://www.econbiz.de/10013110099

Italian Sovereign Spreads : Their Determinants and Pass-Through to Bank Funding Costs and Lending Conditions

Zoli, Edda - 2013

due to bank funding shortages from the sovereign debt crisis were a major factor behind the lending slowdown in late 2011 …

Persistent link: https://www.econbiz.de/10013082857

Banks, Government Bonds, and Default : What Do the Data Say?

Gennaioli, Nicola - 2014

bond returns are high. At the bank level, bondholdings correlate negatively with subsequent lending during sovereign …

Persistent link: https://www.econbiz.de/10013049802

Is Banks’ Home Bias Good or Bad for Public Debt Sustainability?

Asonuma, Tamon - 2015

Motivated by the recent increase in domestic banks' holdings of domestic sovereign debt (i.e., home bias) in the European periphery, this paper analyzes implications of banks' home bias for the sovereign's debt sustainability. The main findings, based on a sample of advanced (AM) and emerging...

Persistent link: https://www.econbiz.de/10013025486

Intergenerational Implications of Fiscal Consolidation in Japan

Tokuoka, Kiichi - 2012

In Japan, intergenerational inequality in lifetime resources is substantial, with a heavier fiscal burden on the young than the old. Moreover, given the need for fiscal consolidation, the inequality is even worse than existing policy would suggest. However, this does not mean that fiscal...

Persistent link: https://www.econbiz.de/10013098611

A Tradeoff between the Output and Current Account Effects of Pension Reform

Catalán, Mario - 2013

We compare the long-term output and current account effects of pension reforms that increase the retirement age with those of reforms that cut pension benefits, conditional on reforms achieving similar fiscal targets. We show the presence of a policy trade-off. Pension reforms that increase the...

Persistent link: https://www.econbiz.de/10013088731

Generational Accounts, Aggregate Savings, and Intergenerational Distribution

Buiter, Willem H. - 2006

Are generational accounts informative about the effect of the budget on the intergenerational distribution of resources and on aggregate saving? First, the usefulness of generational accounts lives or dies with the strict life-cycle model of household consumption. Second, even if the life-cycle...

Persistent link: https://www.econbiz.de/10012782030

Productivity Shocks, Learning, and Open Economy Dynamics

Miniane, Jacques - 2006

I study the implications of productivity shocks in a model where agents observe the aggregate level of productivity but not its permanent and transitory components separately. The model`s predictions under learning differ substantially from those under full information and are in line with...

Persistent link: https://www.econbiz.de/10012783176

Fading Ricardian Equivalence in Ageing Japan

Saito, Ikuo - 2016

Japan seems to be turning less Ricardian, a trend set to continue. First, the discount wedge seems to have risen, suggesting that consumers have become more myopic. Second, some evidence points to the possibility that an increasing number of households are liquidity constrained. If these...

Persistent link: https://www.econbiz.de/10012977770

Bankruptcy Technology, Finance, and Entrepreneurship

Sobrinho, Nelson - 2017

Using an overlapping-generations growth model featuring financial intermediation, I find that inefficiencies in technology to deal with private debt distress (bankruptcy technology), and obstacles to entrepreneurship (high costs of doing business) have significant negative effects on the income...

Persistent link: https://www.econbiz.de/10012948517

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