This paper contains a General Equilibrium model of an economy with Incomplete Markets (GEI) with money and default. The model is a simplified version of the real world consisting of a non-bank private sector, banks, a Central Bank, a government and a regulator. The model is used to analyse...

The paper casts the analysis of recent monetary developments in Europe and the future prospects for Economic and Monetary Union in historical perspective. The first part (the ‘past’) reconstructs the long march toward monetary union. The second part (the

In times of politically motivated low interest rates, many Credit Cooperatives are under pressure to increase productivity. This seems to be the only way in order to continue their business model in a profitable manner. The present study provides empirical results of the different parameters...

The study investigates the effect of interest rates on customer savings behavior in the Nigerian banking sector, after identifying a host of factors that are likely to influence customer confidence in commercial banks such as average income, commercial lending, legal rights strength, central...

Academic research, government inquiries, and press accounts show extensive mortgage fraud during the housing boom of the mid-2000s. We explore a particular type of mortgage fraud: the overstatement of income on mortgage applications. We define “income overstatement” in a zip code as the...

We point out that the two and half years of negotiation (1692-1694) between a group of investors and the English government, who led to the establishment of the Bank of England, aimed to guarantee the liquidity of a new public debt and not to establish a bank. We analyze the evolution of the...

The present paper argues that the present Internet conditions favour an entirely new finance model. Understood to soon supplement the existing ones (classical finance, corporate finance, and Islamic finance), it is argued that the new model will be defined by the destructive effect it is to have...

During the recent Financial Crisis, as well as the 2010 and ongoing European Sovereign Debt Crisis, several governments had/have had to raise their debt levels in order to stabilize their economies. The principal problem attributed to sovereign debts, which is linked to their characteristics, is...

The aim of this paper is to present a proposal regarding the possible stabilization of the rapid variations on the value of government bonds issued by the States, using the ``Game Theory". In particular, we focus our attention on three players: a large bank that has immediate access to the...