The competition between a central securities depository (CSD) and a custodian bank is analysed in a Stackelberg model. The CSD sets its prices first, the custodian bank follows. There are many investor banks each of which has to decide whether to use the service of the CSD or of the custodian...

The paper presents an analysis of the trade-offs of participants of different type between payment delay and liquidity requirement on the basis of synthetically generated data. The generation of the synthetic transaction data set for a simple RTGS system is described and calibrated using real...

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...

Based upon a large fraction of the price records used for computing the French CPI, we document consumer price rigidity in France. We first provide a methodological discussion of issues involved in estimating average price duration with micro-data. The average duration of prices in the sectors...

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...

This paper aims at analysing the mortality patterns of hedge funds over the period January 1994 to May 2008. In particular, we investigate the extent to which a spillover of risk among hedge funds through redemptions and failures of other funds has affected the probability of fund failure. We...

In 2006, the Congress of Local and Regional Authorities of the Council of Europe, the city of Stuttgart and Eurofound formed the ‘European network of cities for local integration policies' (CLIP). This fourth and final module of the CLIP project looks at ethnic entrepreneurship. The general...

In 2006, the Congress of Local and Regional Authorities of the Council of Europe, the city of Stuttgart and Eurofound formed the ‘European network of cities for local integration policies' (CLIP). This fourth and final module of the CLIP project looks at ethnic entrepreneurship. The general...

In 2006, the Congress of Local and Regional Authorities of the Council of Europe, the city of Stuttgart and Eurofound formed the ‘European network of cities for local integration policies' (CLIP). This fourth and final module of the CLIP project looks at ethnic entrepreneurship. The general...

In 2006, the Congress of Local and Regional Authorities of the Council of Europe, the city of Stuttgart and Eurofound formed the ‘European network of cities for local integration policies' (CLIP). This fourth and final module of the CLIP project looks at ethnic entrepreneurship. The general...