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Collective Moral Hazard, Maturity Mismatch and Systemic Bailouts

Farhi, Emmanuel - 2009

The paper elicits a mechanism by which private leverage choices exhibit strategic complementarities through the reaction of monetary policy. When everyone engages in maturity transformation, authorities have little choice but facilitating refinancing. In turn, refusing to adopt a risky balance...

Persistent link: https://www.econbiz.de/10012463512

The Economics of Bank Supervision

Eisenbach, Thomas M. - 2016

We study bank supervision by combining a theoretical model distinguishing supervision from regulation and a novel … supervision and use the model to interpret the relation between supervisory efforts and bank characteristics observed in the data … proportionally with bank size, suggesting the presence of technological scale economies in supervision. The data also show …

Persistent link: https://www.econbiz.de/10012456474

Basel II : A Contracting Perspective

Kane, Edward J. - 2006

duties and standards of safety-net management across the community of nations. Modelling the stakes and stakeholders …

Persistent link: https://www.econbiz.de/10012465955

Financial Dampening

Wieland, Johannes F. - 2016

monetary policy. The theory unifies an endogenous supply of illiquid local loans and risk-sharing among subsidiaries of bank …

Persistent link: https://www.econbiz.de/10012456534

For Richer, for Poorer : Bankers' Liability and Risk-taking in New England, 1867-1880

Koudijs, Peter - 2018

We study whether banks are riskier if managers have less liability. We focus on New England between 1867 and 1880 and consider the introduction of marital property laws that limited liability for newly wedded bankers. We find that banks with managers who married after a legal change had more...

Persistent link: https://www.econbiz.de/10012480651

Covering Up Trading Losses : Opportunity-Cost Accounting as an Internal Control Mechanism

Kane, Edward J. - 1998

This paper analyzes the methods of loss concealment used by rogue traders in the Barings and Daiwa scandals. The analysis clarifies how and why these firms' top managers and home-country regulators deserve blame for allowing cumulative losses to become so large. The central point is that...

Persistent link: https://www.econbiz.de/10012471988

Expectations Hypotheses Tests

Bekaert, Geert - 2000

We investigate the Expectations Hypotheses of the term structure of interest rates and of the foreign exchange market using vector autoregressive methods for the U.S. dollar, Deutsche mark, and British pound interest rates and exchange rates. In addition to standard Wald tests, we formulate...

Persistent link: https://www.econbiz.de/10012471161

Why a Funded Pension System is Useful and Why It is Not Useful

Sinn, Hans-Werner - 2000

Based on explicit present value calculations, the paper criticizes the view that the PAYGO system wastes economic resources. In present value terms, there is nothing to be gained from a transition to funded system even though the latter offers a permanently higher rate of return. The sum of the...

Persistent link: https://www.econbiz.de/10012471177

The Distribution of Exchange Rate Volatility

Andersen, Torben - 1999

Using high-frequency data on Deutschemark and Yen returns against the dollar, we construct model-free estimates of daily exchange rate volatility and correlation, covering an entire decade. In addition to being model-free, our estimates are also approximately free of measurement error under...

Persistent link: https://www.econbiz.de/10012471846

Exchange Rate Dynamics with Sticky Prices : The Deutsch Mark, 1974-1982

Giovannini, Alberto - 1984

like those which appear to be typical in Germany …

Persistent link: https://www.econbiz.de/10012477815

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