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Fixed-premium deposit insurance and international credit crunches

Spiegel, Mark M. - In: Economic Review (1996), pp. 3-15

This article introduces a monopolistically competitive model of foreign lending in which both explicit and implicit …

Persistent link: https://www.econbiz.de/10005490837

Fixed-premium deposit insurance and international credit crunches

Spiegel, Mark M. - Federal Reserve Bank of San Francisco - 1994

We introduce a monopolistically-competitive model of foreign lending in which both explicit and implicit fixed …

Persistent link: https://www.econbiz.de/10005078299

Institutional efficiency, monitoring costs, and the investment share of FDI

Aizenman, Joshua; Spiegel, Mark M. - Federal Reserve Bank of San Francisco - 2003

This paper models and tests the implications of institutional efficiency on the pattern of foreign direct investment … (FDI). We posit that domestic agents have a comparative advantage over foreign agents in overcoming some of the obstacles … domestic entrepreneurs than for foreign ones, but foreign producers enjoy a countervailing productivity advantage. Under these …

Persistent link: https://www.econbiz.de/10005401546

Institutional efficiency, monitoring costs, and the investment share of FDI

Aizenman, Joshua; Spiegel, Mark M. - Federal Reserve Bank of San Francisco - 2003

Persistent link: https://www.econbiz.de/10010702190

Offshore financial centers: parasites or symbionts?

Rose, Andrew K.; Spiegel, Mark M. - Federal Reserve Bank of San Francisco - 2005

This paper analyzes the causes and consequences of offshore financial centers (OFCs). Since OFCs are likely to be tax havens and money launderers, they encourage bad behavior in source countries. Nevertheless, OFCs may also have unintended positive consequences for their neighbors, since they...

Persistent link: https://www.econbiz.de/10005361482

Foreign bank lending and bond underwriting in Japan during the lost decade

Lopez, Jose A.; Spiegel, Mark M. - Federal Reserve Bank of San Francisco - 2006

We examine foreign intermediation activity in Japan during the so-called "lost decade" of the 1990s, contrasting the … behavior of lending by foreign commercial banks and underwriting activity by foreign investment banks over that period. Foreign … their domestic Japanese bank counterparts. During the 1990s, foreign bank lending in Japan fell, both in overall numbers and …

Persistent link: https://www.econbiz.de/10005361515

"Burden sharing" in sovereign debt reduction

Spiegel, Mark M. - Federal Reserve Bank of San Francisco - 1994

We examine a concerted debt reduction deal between a sovereign debtor, a private creditor, and an official creditor, who insures the deposits of the commercial bank. Our results show that a weakening of the financial position of the commercial bank reduces the contribution of the commercial bank...

Persistent link: https://www.econbiz.de/10005078254

Moral hazard under the Japanese "convoy" banking system

Spiegel, Mark M. - In: Economic Review (1999), pp. 3-13

This paper examines a banking regime similar to the "convoy" scheme which prevailed in Japan through most of the 1990s. Insolvent banks are merged with solvent banks rather than closed, with the acquiring banks required to accept negative value banks at zero value. I demonstrate that a convoy...

Persistent link: https://www.econbiz.de/10005352435

Central bank independence and inflation expectations: evidence from British index-linked gilts

Spiegel, Mark M. - In: Economic Review (1998), pp. 3-14

This paper conducts a case study of the impact of the May 6, 1997, announcement of enhanced independence of the Bank of England on estimates of expected future inflation and real interest rates. These are generated from observed yields on conventional and index-linked British gilts. For the...

Persistent link: https://www.econbiz.de/10005352453

Monetary and financial integration: evidence from Portuguese borrowing patterns

Spiegel, Mark M. - Federal Reserve Bank of San Francisco - 2004

This paper examines the impact of European Monetary Union (EMU) accession on bilateral Portuguese international borrowing patterns. Using a difference-in-differences methodology, I demonstrate that Portugal’s accession to the EMU was accompanied by a change in its borrowing pattern in favor of...

Persistent link: https://www.econbiz.de/10005721466