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We model the impact of bank mergers on loan competition, banks' reserve holdings and aggregate liquidity. Banks compete in a differentiated loan market, hold reserves against liquidity shocks, and refinance in the interbank market. A merger creates an internal money market that induces financial...
Persistent link: https://www.econbiz.de/10009635892
This paper addresses a very European issue, the consolidation of securities trading and settlement infrastructures. In a two-country model, we analyze welfare implications of different types of consolidation. We find that horizontal integration of settlement systems is better than vertical...
Persistent link: https://www.econbiz.de/10009639440
The long-run determinants of euro area FDI to the United States during the period 1980-2001 are explained by employing … found to influence euro area FDI to the United States. Moreover, the inclusion of the Tobin's Q enhances the traditional …), and the real exchange rate are statistically significant determinants of euro area FDI to the United States. …
Persistent link: https://www.econbiz.de/10009636552
Persistent link: https://www.econbiz.de/10009637795
Using a large international firm-level data set, we estimate separate effects of host and parent country taxation on the location decisions of multinational firms. Both types of taxation are estimated to have a negative impact on the location of new foreign subsidiaries. In fact, the impact of...
Persistent link: https://www.econbiz.de/10009639913
Persistent link: https://www.econbiz.de/10009639923
There is an ongoing debate in the literature about the quality content of Chinese exports and to what extent China imposes a threat to the market positions of advanced economies. While China’s export structure is very similar to that of the advanced world, its export unit values are well below...
Persistent link: https://www.econbiz.de/10009640686
Persistent link: https://www.econbiz.de/10010436125