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The basic thesis of this article is that the essential origins of the modern ‘financial revolution’ were the late-medieval responses, civic and mercantile, to financial impediments from both Church and State, concerning the usury doctrine, that reached their harmful fruition in the later...
Persistent link: https://www.econbiz.de/10005031390
addition to global liquidity and default risk factors, we also include country-specific default risk component, and all of them …
Persistent link: https://www.econbiz.de/10011108563
This paper develops a quantitative model of contagion of financial crisis and sovereign default for small open … to default in its debts, this domestic shock will affect the investor's wealth and therefore her tolerance of risk … country does not force such country to default, the domestic shock affects the overall riskiness of the investor's portfolio …
Persistent link: https://www.econbiz.de/10009652932
sovereign debtor was a major exception that would not soon be repeated, the case of Ecuador’s latest default on shaky claims of …
Persistent link: https://www.econbiz.de/10008619150
This paper develops a model of debt and default for small open economies that interact with risk averse international … investors. The model developed here extends the recent work on the analysis of endogenous default risk to the case in which … preferences, then the emerging economy's default risk, capital flows, bond prices and consumption are a function not only of the …
Persistent link: https://www.econbiz.de/10008619199
productivity default shocks using a continuous time structural model of default. At every instant the government maximizes expected … if there was a default relative to the no default benchmark. This is a measure on how much productivity could countries … loose at default. We found a robust negative relation between the costs of default and the probability of default. That is …
Persistent link: https://www.econbiz.de/10011110370
In the early stock market in London there were substantial risks of non-payment and fraud. (Mortimer, 1801) According to Hobbesian theory, we would expect stock markets to develop only after government has implemented rules and regulations to eliminate these problems. The historical account,...
Persistent link: https://www.econbiz.de/10008680995
This paper assess the freedom of capital movements between France and Italy in the late 19 century looking at the … in France and in Italy the paper looks at the possibility of a possible arbitrage profit. The absence of any arbitrage …
Persistent link: https://www.econbiz.de/10005619631
-industrial states relied on private individuals to collect taxes; (ii) why after 1600 both England and France moved from competitive … self-undermining in England where it was quickly replaced by direct collection, but lasted in France until the French …
Persistent link: https://www.econbiz.de/10011258689
-Ages, the southern part of France was under Justinian civil law and the north was under customary laws which, as with common law … fundamental factors. The civil law appears even to have a positive effect in many specifications. Old Regime France does not …
Persistent link: https://www.econbiz.de/10011112316