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Financial system architecture and technological vulnerability

Erol, Selman; Lee, Michael Junho - 2024 - Revised October 2024

This paper presents a framework to study of technological resiliency of financial system architecture. Financial market infrastructures, or platforms, compete with services critical functions along various stages in the lifecycle of a trade, and make investments in technological resiliency to...

Persistent link: https://www.econbiz.de/10015069782

Who collaborates with the Soviets? : financial distress and technology transfer during the Great Depression

Jiang, Jerry; Weber, Jacob P. - 2024

We provide evidence that financial distress induces firms to sell their technology to foreign competitors. To do so, we construct a novel, spatial panel dataset by individually researching and locating U.S. firms who signed Technology Transfer Agreements (TTAs) with the Soviet Union during the...

Persistent link: https://www.econbiz.de/10015115038

The global financial resource curse

Benigno, Gianluca; Fornaro, Luca; Wolf, Martin - 2020

productivity growth slowdown. Motivated by these facts, we provide a model connecting international financial integration and … global productivity growth. The key feature is that the tradable sector is the engine of growth of the economy. Capital flows … cut back investment in innovation. Since innovation in the United States determines the evolution of the world …

Persistent link: https://www.econbiz.de/10012167488

Zombie credit and (dis-)inflation: evidence from Europe

Acharya, Viral V.; Crosignani, Matteo; Eisert, Tim; … - 2020

labor, which results in lower productivity, investment, and value added. Without a rise in zombie credit, inflation in …

Persistent link: https://www.econbiz.de/10012391508

Brand reallocation and market concentration

Pearce, Jeremy; Wu, Liangjie - 2024

We study the interaction of customer capital and productivity through brand reallocation across firms. We develop a … firm dynamics model with brands as transferable customer capital, heterogeneous firm productivity, and variable markups. We … study the matching process between transferable brand capital and core productivity, which can be inefficient with …

Persistent link: https://www.econbiz.de/10015062505

The dual nature of trade : measuring its impact on imitation and growth

Connolly, Michelle P. - 1998

Persistent link: https://www.econbiz.de/10000992160

Banks, markets, and efficiency

Fecht, Falko (contributor); Martin, Antoine (contributor) - 2005

In this paper, we address the question whether increasing households' financial market access improves welfare in a financial system in which there is intense competition among banks for private households' funds. Following earlier work by Diamond and by Fecht, we use a model in which the degree...

Persistent link: https://www.econbiz.de/10002917590

The capital structure and governance of a mortgage securitization utility

Mosser, Patricia C.; Tracy, Joseph S.; Wright, Joshua D. - 2013

We explore the capital structure and governance of a mortgage-insuring securitization utility operating with government reinsurance for systemic or “tail” risk. The structure we propose for the replacement of the GSEs focuses on aligning incentives for appropriate pricing and transfer of...

Persistent link: https://www.econbiz.de/10010202677

Rollover risk as market discipline : a two-sided inefficiency

Eisenbach, Thomas M. - 2013

Why does the market discipline that banks face seem too weak during good times and too strong during bad times? This paper shows that using rollover risk as a disciplining device is effective only if all banks face purely idiosyncratic risk. However, if banks' assets are correlated, a two-sided...

Persistent link: https://www.econbiz.de/10009709345

Stigma in financial market : evidence from liquidity auctions and discount window borrowing during the crisis

Armantier, Olivier; Ghysels, Eric; Sarkar, Asani; … - 2011

We provide empirical evidence for the existence, magnitude, and economic impact of stigma associated with banks borrowing from the Federal Reserve's discount window facility. We find that, during the height of the financial crisis, banks were willing to pay an average premium of at least 37...

Persistent link: https://www.econbiz.de/10008935736