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To address the moral hazard problem that can motivate bank executives to take excessive risks and to fail to raise capital when needed, a group of 13 distinguished financial economists recommends that systemically important financial institutions be required to issue contingent convertible debt...
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The current financial crisis has highlighted the changing role of financial institutions and the growing importance of the shadow banking system, which grew on the back of the securitization of assets and the integration of banking with capital market developments. This trend has been most...
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When do flexible exchange rates prevent monetary and financial conditions from spilling over across currencies? We examine a model in which international investors strategically supply capital to a small inflation-targeting economy with flexible exchange rates. For some combination of...
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Veröffentlichung von Wirtschaftsstatistiken durch Regierungsstellen und die Zentralbank immer wünschenswert? Diese Frage zieht sich wie … ein roter Faden durch die Diskussion über das Thema, inwieweit Transparenz bei der Durchführung der Geldpolitik …. Wir wollen im Rahmen eines Modells, bei dem der Prinzipal (Zentralbank) Informationen an die Akteure im privaten Sektor …
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What are the welfare effects of enhanced disclosures of public information ? Is it always the case, that frequent and timely publication of economic statistics by government agencies and the central bank are desirable ? This question has become one of several interlinked strands of debate on the...
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