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Desenvolvimentos institucionais recentes no setor de telecomunicações no Brasil
de Sousa, Rodrigo Abdalla Filgueiras; de Souza, … - 2013
This article analyzed the evolution of the regulatory system in the telecommunications sector in Brazil, incorporating … developed by Levy and Spiller (1993, 1994, 1996), the paper examined both governance structure and incentive model of the … institutional context. From the evidences presented, it may be inferred that Brazil has a solid governance structure for the …
Persistent link: https://www.econbiz.de/10010330900
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Undersea cables and landing stations around Africa: Policy and regulatory issues
Sutherland, Ewan - 2014
The availability of undersea cables around Africa has been transformed by a recent surge of investment, ending the monopoly in West Africa and an absence in East Africa. Private investors alone and with governments have funded the laying of cables. Consequently, previous calls for regulated...
Persistent link: https://www.econbiz.de/10010397807
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An empirical study of the Mexican banking system's network and its implications for systemic risk
Martínez-Jaramillo, Serafín; Alexandrova-Kabadjova, … - 2012
With the purpose of measuring and monitoring systemic risk, some topological properties of the interbank exposures and the payments system networks are studied. We propose non-topological measures which are useful to describe the individual behavior of banks in both networks. The evolution of...
Persistent link: https://www.econbiz.de/10010322574
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The Mexican experience in how the settlement of large payments is performed in the presence of a high volume of small payments
Alexandrova-Kabadjova, Biliana; Solís-Robleda, Francisco - 2012
Payment systems play a key role in the financial infrastructure of all modern economies. Participants of payment systems need access to intraday liquidity to fulfill their payment obligations. They do that either using their own funds, which are costly, or recycling incoming payment. In order to...
Persistent link: https://www.econbiz.de/10010322611
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Managing intraday liquidity: The Mexican experience
Alexandrova-Kabadjova, Biliana; Sols-Robleda, Francisco - 2013
The present study calculates the proportional liquidity usage of the Mexican Real Time Settlement Payment System, SPEI, during a one month period. In particular, our interest is to get insights on how different is the liquidity level at the settlement in real time of low and large value payment...
Persistent link: https://www.econbiz.de/10010322624
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Game-theoretic foundations of monetary equilibrium
Camera, Gabriele; Gioffré, Alessandro - 2013
Monetary theorists have advanced an intriguing notion: we exchange money to make up for a lack of enforcement, when it is difficult to monitor and sanction opportunistic behaviors. We demonstrate that, in fact, monetary equilibrium cannot generally be sustained when monitoring and punishment...
Persistent link: https://www.econbiz.de/10010327830
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The microstructure of the euro money market
Hartmann, Philipp; Manna, Michele; Manzanares, Andrés - 2001
This paper provides the first empirical examination of the microstructure of the euro money market, using tick data from brokers located in 6 countries. Special emphasis is put on the institutional environment (monetary policy decisions and their implementation, payment systems and private...
Persistent link: https://www.econbiz.de/10011604126
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Efficient pricing of large value interbank payment systems
Holthausen, Cornelia; Rochet, Jean-Charles - 2002
This paper studies the efficient pricing of large-value payment systems in the presence of unobservable heterogeneity about banks' future payment volumes. It is shown that the optimal pricing scheme for a public monopoly system involves quantity discounts in the form of a decreasing marginal...
Persistent link: https://www.econbiz.de/10011604230
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Money and payments: a modern perspective
Holthausen, Cornelia; Monnet, Cyril - 2003
The role of money in society has been a controversial topic in economic theory over many years. Particular attention has been devoted to the analysis whether there should be competition in the supply of money, or whether this is best left to a governmental agency. This paper reviews the...
Persistent link: https://www.econbiz.de/10011604291
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Explaining cross-border large-value payment flows: evidence from TARGET and EURO 1 data
Rosati, Simonetta; Secola, Stefania - 2005
We analyse the distribution of the TARGET cross-border interbank payment flows, from both a cross-section and time series point of view, using average daily data for the period 1999-2002. We find out that first, “location matters”, in the sense that bilateral payment flows seem to reflect an...
Persistent link: https://www.econbiz.de/10011604489