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This paper tries to contribute to the discussion on the role of securities settlement infrastructures for financial integration in Europe. It presents a model that can explain a well-known stylized fact of securities settlement, the surprisingly high fees charged by central securities...
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We analyse sub-custodian chains using a unique data set from a survey. Our key question is whether there is any evidence for moral hazard in the delegation of asset safe-keeping to sub-custodians. Sub-custodian chains can be relatively long and frequently reach across several countries. The risk...
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bank. The results suggest that capital requirements may only be of second-order importance for banks? capital structures …
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assess the relative importance of cross-border bank spillovers as compared to domestic bank spillovers. The results suggest …
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