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On the political economy of financial deregulation
Ertürk, Korkut Alp - 2016
Drawing broadly on the literature on the political economy of the financial crisis, the paper looks at deregulation as a market driven process that culminated in a collective action failure. In the run up to the 2008 Financial Crisis strong competition and moral hazard went hand in hand and that...
Persistent link: https://www.econbiz.de/10011882744
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Intrinsic moral hazard
Ertürk, Korkut A. - 2019
The paper argues that financial deregulation incentivized financial firms to take excessive risks and over-expand because it turned social insurance against systemic risk into a common pool (or open) resource. The increased size and complexity of deregulated financial markets in turn raised the...
Persistent link: https://www.econbiz.de/10013269239
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Credit vs. payment services: Financial development and economic activity revisited
Bebczuk, Ricardo; Burdisso, Tamara; Sangiácomo, Máximo - 2012
The purpose of this paper is to assess whether the banking system, over and beyond its credit function, has a significant impact on per capita GDP by providing means of payment. An annual database of 85 countries spanning the 1980-2008 period is exploited to this end. On the descriptive front,...
Persistent link: https://www.econbiz.de/10010325088
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Core and Bargaining Set of Shortest Path Games
Grahn, Sofia - 2001
In this paper it is shown that the core and the bargaining sets of Davis-Maschler and Zhou coincide in a class of …
Persistent link: https://www.econbiz.de/10010321813
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Cores of combined games
Bloch, Francis; De Clippel, Geoffroy - 2008
This paper studies the core of combined games, obtained by summing two coalitional games. It is shown that the set of … core of the combined game coincides with the sum of the cores of its components. On the other hand, for non-balanced games …, the binary relation associating two component games whose combination has an empty core is not transitive. However, we …
Persistent link: https://www.econbiz.de/10010284063
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Managerial Incentives and the Efficiency of Capital Structure in U.S. Commercial Banking
Hughes, Joseph P.; Lang, William W.; Moon, Choon-Geol; … - 2004
-sectional data on publicly traded, highest-level U.S. bank holding companies, we find empirical evidence of Marcus? proposition (1984 …
Persistent link: https://www.econbiz.de/10010263221
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Exact arbitrage and portfolio analysis in large asset markets
Khan, M. Ali; Sun, Yeneng - 2002
We provide a detailed portfolio analysis for a financial market with an atomless continuum of assets. In the context of an exact arbitrage pricing theory (EAPT), we go beyond the characterization of the existence of important portfolios (normalized riskless, mean, cost, factor and mean-variance...
Persistent link: https://www.econbiz.de/10010293500
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A Pure Binary LP Model to the Facility Layout Problem
Papahristodoulou, Christos - 1999
In facility layout problems, a major concern is the optimal design or remodeling of the facilities of an organization. The decision maker's objective is to arrange the facility in an optimal way, so that the interaction among functions (i.e. machines, inventories, persons) and places (i.e....
Persistent link: https://www.econbiz.de/10010321747
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Preference symmetries, partial differential equations, and functional forms for utility
Tyson, Christopher J. - 2013
A discrete symmetry of a preference relation is a mapping from the domain of choice to itself under which preference comparisons are invariant; a continuous symmetry is a one-parameter family of such transformations that includes the identity; and a symmetry field is a vector field whose...
Persistent link: https://www.econbiz.de/10010368165
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Cardinal revealed preference, price-dependent utility, and consistent binary choice
Aguiar, Victor H.; Serrano, Roberto - 2018
We present a new notion of cardinal revealed preference that exploits the expenditure information in classical consumer theory environments with finite data. We propose a new behavioral axiom, Acyclic Enticement (AE), that requires the acyclicity of the cardinal revealed-preference relation. AE...
Persistent link: https://www.econbiz.de/10012058633