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Persistent link: https://www.econbiz.de/10005486713
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The role of movements in real rates in explaining the relationship between long and short-term interest rates is explored using a model of optimal government debt management.
Persistent link: https://www.econbiz.de/10005780674
We provide a unique test of trading behavior under asymmetric information with parallel markets characterized by different degrees of transparency for the same asset. We consider the Treasury bond market and show that the informed dealers simultaneously place bids in the primary market and sell...
Persistent link: https://www.econbiz.de/10005728041
This paper proposes a signaling model of fiscal stabilizations that offers a new perspective on why governments deviate from optimal tax smoothing. In our model, dependable -but not fully credible- governments have an incentive to tighten the fiscal regime when the signaling effect on credit...
Persistent link: https://www.econbiz.de/10005486708
The paper provides an empirical assessment of the market risk exposure of several portfolios representative of real life investment positions. We employ the notion of value at risk made popular by the recent debate on capital budgeting policies of financial intermediaries and by the new capital...
Persistent link: https://www.econbiz.de/10005640899
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This report analyses the financial position of non-financial enterprises in the euro area, in particular the amount of external financing, the choice between debt and equity and the composition and maturity structure of debt. It aims at identifying the main features of the euro area, as well as...
Persistent link: https://www.econbiz.de/10012777284
This report analyzes the financial position of non-financial enterprises in the euro area, in particular the amount of external financing, the choice between debt and equity and the composition and maturity structure of debt. It aims at identifying the main features of the euro area, as well as...
Persistent link: https://www.econbiz.de/10012764742
This report analyses the main developments in housing finance in the euro area in the decade, covering the period from 1999 to 2007. It looks at mortgage indebtedness, various characteristics of loans for house purchase, the funding of such loans and the spreads between the interest rates on...
Persistent link: https://www.econbiz.de/10012749924