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Corporate Yield Spreads : Default Risk or Liquidity? New Evidence from the Credit-Default Swap Market

Longstaff, Francis A. - 2004

-market liquidity …

Persistent link: https://www.econbiz.de/10012468275

International Liquidity Management : Sterilization Policy in Illiquid Financial Markets

Caballero, Ricardo J. - 2000

the international liquidity management aspect of sterilization over the traditional monetary one, a re-focus that seems … liquidity management issues more generally …

Persistent link: https://www.econbiz.de/10012471010

Debt Restructuring

Friedman, Benjamin M. - 2000

What difference does it make, and for whom, whether the nonperforming debts of emerging market borrowers are restructured? This paper begins by positing a set of counterfactual conditions under which restructuring would not matter, and then shows how several ways in which the actual world of...

Persistent link: https://www.econbiz.de/10012471039

Using Options to Divide Value in Corporate Bankruptcy

Bebchuk, Lucian Arye - 2000

This paper revisits the proposal to use options in corporate bankruptcy that was put forward in Bebchuk (1988). According to the proposed procedure, corporate bankruptcy should be implemented through the distribution to participants of appropriately designed options. The paper starts by...

Persistent link: https://www.econbiz.de/10012471156

An Economic Analysis of Transnational Bankruptcies

Bebchuk, Lucian Arye - 2000

This paper analyzes the effects of the legal rules governing transnational bankruptcies. We compare a regime of territoriality' -- in which assets are adjudicated by the jurisdiction in which they are located at the time of the bankruptcy -- with a regime of universality are adjudicated in a...

Persistent link: https://www.econbiz.de/10012471197

Can Output Losses Following International Financial Crises be Avoided?

Dooley, Michael P. - 2000

Recent financial crises in emerging markets have been followed by temporary but substantial losses in output. This paper explores the possibility that threats of such losses are the dominant incentive for repayment of international debt. In this environment private debtors and creditors have...

Persistent link: https://www.econbiz.de/10012471243

Capital Movements, Banking Insolvency, and Silent Runs in the Asian Financial Crisis

Kane, Edward J. - 2000

This paper supplies an agency-cost and contestable-markets perspective on the financial policies that triggered the Asian financial crisis. The agency-cost analysis hypothesizes that individual-country regulators knew that politically directed loans had made their banks insolvent, but...

Persistent link: https://www.econbiz.de/10012471262

Liquidity Risk, Liquidity Creation and Financial Fragility : A Theory of Banking

Diamond, Douglas W. - 1999

Both investors and borrowers are concerned about liquidity. Investors desire liquidity because they are uncertain about … when they will want to eliminate their holding of a financial asset. Borrowers are concerned about liquidity because they … compensation for the illiquidity investors will be subject to. We argue that banks can resolve these liquidity problems that arise …

Persistent link: https://www.econbiz.de/10012471328

Liquidity Crises in Emerging Markets : Theory and Policy

Chang, Roberto - 1999

We build a model of financial sector illiquidity in an open economy. Illiquidity defined as a situation in which a country's consolidated financial system has potential short-term obligations in foreign currency that exceed the amount of foreign currency it can have access to on short notice can...

Persistent link: https://www.econbiz.de/10012471518

The Japanese Banking Crisis : Where Did It Come From and How Will It End?

Hoshi, Takeo - 1999

We argue that the deregulation leading up to the Big Bang has played a major role in the current banking problems. This deregulation allowed large corporations to quickly switch from depending on banks to relying on capital market financing. We present evidence showing that large Japanese...

Persistent link: https://www.econbiz.de/10012471540

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