When people share risk in financial markets, intermediaries provide costly enforcement for most trades and, hence, are … an integral part of financial marketsu0092 organization. We assess the degree of risk sharing that can be achieved … allow for optimal risk sharing as long as markets are complete, default is prevented in equilibrium and intermediaries …

international equity transactions that accentuate the role of international risk sharing as a factor for the macroeconomic response … shock affecting only one country. Efficient global risk-sharing imply that expected productivity gains in one country will … for the productivity gains can further increase the risk exposure of foreign shareholders. The model is calibrated to show …

Spanish borrowers does not seem to be at risk in the short term, in the medium and long run, any widening of the already …

This paper estimates the factors underlying the volatility of the euro overnight interest rate and its transmission …'s operational framework for monetary policy implementation. Strong persistence is detected in all log-volatility processes and and …. the second factor explains the transmission of volatility along the money market yield curve. We find evidence that most …

Among the harmful effects of inflation, the negative consequences of inflation volatility are of particular concern …. These include higher risk premia, hedging costs and unforeseen redistribution of wealth. This paper presents panel … inflation volatility. Major results are robust for unconditional and conditional inflation volatility, the latter derived from …