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Uncertainty and Investment: The Financial Intermediary Balance Sheet Channel
Chen, Sophia - International Monetary Fund (IMF) - 2015
Rollover risk imposes market discipline on banks’ risk-taking behavior but it can be socially costly. I present a two-sided model in which a bank simultaneously lends to a firm and borrows from the short-term funding market. When the bank is capital constrained, uncertainty in asset...
Persistent link: https://www.econbiz.de/10011242305
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The Role of Country Concentration in the International Portfolio Investment Positions for the European Union Members
Brushko, Iuliia; Hashimoto, Yuko - International Monetary Fund (IMF) - 2014
) the level of countries portfolio investment concentration (those who invest evenly among counterparties versus those who … invest more heavily in some counterparties); (2) the share of total portfolio investment assets invested at the destination …; and (3) pre- and during the crisis periods. We find that portfolio investment positions respond differently to …
Persistent link: https://www.econbiz.de/10011242335
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The Tax-adjusted Q Model with Intangible Assets: Theory and Evidence from Temporary Investment Tax Incentives
Chen, Sophia; Dauchy, Estelle - International Monetary Fund (IMF) - 2014
intangible intensity. We estimate our model using temporary investment tax incentive policies in the United States in the early … 2000s. When the q-model accounts for intangible assets, the estimated investment elasticity to tax incentives is generally …
Persistent link: https://www.econbiz.de/10011142115