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Can competing stablecoins produce efficient and stable outcomes? We study competition among stablecoins pegged to a …
Persistent link: https://www.econbiz.de/10014492831
Persistent link: https://www.econbiz.de/10014363744
Can competing stablecoins produce efficient and stable outcomes? We study competition among stablecoins pegged to a …
Persistent link: https://www.econbiz.de/10014486593
This paper examines the question to what extent premia for macroeconomic risks inbanking are sufficient to avoid banking crises. We investigate a competitive bankingsystem embedded in an overlapping-generations model subject to repeatedmacroeconomic shocks. We show that even if banks fully...
Persistent link: https://www.econbiz.de/10009138468
We examine banking competition when deposit or loan contracts contingent on macroeconomic shocks become feasible. We …
Persistent link: https://www.econbiz.de/10011753157
We study the consequences and optimal design of bank deposit insurance in a general equilibrium model. The model involves two production sectors. One sector is financed by issuing bonds to risk-averse households. Firms in the other sector are monitored and financed by banks. Households fund...
Persistent link: https://www.econbiz.de/10011753322
We examine the validity of a macroeconomic version of the Modigliani–Miller theorem. By this, we mean that different capital structures can occur in equilibrium and that all of them are associated with the same allocation of commodities and the same welfare. We develop a general equilibrium...
Persistent link: https://www.econbiz.de/10011263586
We examine the validity of a macroeconomic version of the Modigliani-Miller theorem. For this purpose, we develop a general equilibrium model with two production sectors, risk-averse households and financial intermediation by banks. Banks are funded by deposits and (outside) equity and monitor...
Persistent link: https://www.econbiz.de/10011084423
but exacerbates the firm-level moral hazard due to the reduction of firm equity. Competition among banks tends to result …, competition policy and banking crises. …
Persistent link: https://www.econbiz.de/10010729790
macroeconomic shocks. We study banking competition and show that the private sector insures the banking system through such …
Persistent link: https://www.econbiz.de/10011936364