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Indeterminacy of rational expectations equilibria in sequential financial markets
Donati, Paola - 2003
We provide a general characterization of the structure of rational expectations equilibria of any degree of revelation for pure exchange, sequential economies, with deffinitely many states of private information, an incomplete financial market and nominal assets. We estimate the dimension of the...
Persistent link: https://www.econbiz.de/10009635915
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Financial market integration and loan competition
Kaas, Leo - 2004
The paper analyzes how the removal of barriers to entry in banking affect loan competition, bank stability and economic welfare. We consider a model of spatial loan competition where a market that is served by less efficient banks is opened to entry by banks that are more efficient in screening...
Persistent link: https://www.econbiz.de/10009639463
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An empirical study of liquidity and information effects of order flow on exchange rate
Breedon, Francis; Vitale, Paolo - 2004
We propose a simple structural model of exchange rate determination which draws from the analytical framework recently proposed by Bacchetta and van Wincoop (2003) and allows us to disentangle the liquidity and information effects of order flow on exchange rates. We estimate this model employing...
Persistent link: https://www.econbiz.de/10009639485
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Optimal monetary policy with imperfect common knowledge
Adam, Klaus - 2003
We study optimal nominal demand policy in an economy with monopolistic competition and flexible prices when firms have imperfect common knowledge about the shocks hitting the economy. Parametrizing firms' information imperfections by a (Shannon) capacity parameter that constrains the amount of...
Persistent link: https://www.econbiz.de/10009639844
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the role of counterparty risk
Heider, Florian; Hoerova, Marie; Holthausen, Cornelia - 2009
We study the functioning and possible breakdown of the interbank market in the presence of counterparty risk. We allow … banks to have private information about the risk of their assets. We show how banks’ asset risk affects funding liquidity in …
Persistent link: https://www.econbiz.de/10009640453
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Deposit insurance, moral hazard and market monitoring
Gropp, Reint; Vesala, Jukka - 2004
The paper analyses the relationship between deposit insurance, debt-holder monitoring, and risk taking. In a stylised … debt holders. We further find that credible limits to the safety net reduce risk taking of smaller banks with low charter …
Persistent link: https://www.econbiz.de/10009636525
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Optimal dynamic risk sharing when enforcement is a decision variable
Koeppl, Thorsten V. - 2003
decision problem of using self-governance for risk sharing or governance through enforcement provided by these institutions … prevent first-best risk sharing, but never optimal to provide incentives exclusively via this technology. Commitment problems …
Persistent link: https://www.econbiz.de/10009635888
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Growth expectations, capital flows and international risk sharing
Castrén, Olli; Miller, Marcus; Stiegert, Roger - 2003
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 …
Persistent link: https://www.econbiz.de/10009635970
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Late lessons from early warnings
Gee, David (contributor); Guedes Vaz, Sofia (contributor);  … - Europäische Umweltagentur; European Environment Agency - 2002
This report is about gathering information on the hazards raised by human economic activities and its use in taking action to protect better the environment and the health of the species and ecosystems that are dependent on it. The study aims to contribute to better and more accessible...
Persistent link: https://www.econbiz.de/10009635974
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Späte Lehren aus frühen Warnungen
Gee, David (contributor); Guedes Vaz, Sofia (contributor);  … - Europäische Umweltagentur; European Environment Agency - 2002
This report is about gathering information on the hazards raised by human economic activities and its use in taking action to protect better the environment and the health of the species and ecosystems that are dependent on it. The study aims to contribute to better and more accessible...
Persistent link: https://www.econbiz.de/10009636105