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Privacy or publicity : who drives the wheel?
Bannier, Christina E. - 2003
' unease when disseminating news to the markets and argues against the recent trend of demanding full transparency both for …
Persistent link: https://www.econbiz.de/10009764767
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Central Bank transparency and financial stability : measurement, determinants and effects
Horváth, Roman; Vasko, Dan - 2013
We develop a comprehensive index of the transparency of central banks regarding their policy framework to promote … financial stability for 110 countries from 2000 to 2011 and examine the determinants and effects of this transparency. We find … that the degree of transparency increased in the 2000s, though it still varied greatly across the countries in our study …
Persistent link: https://www.econbiz.de/10011374311
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Bubbles and incentives : a post-mortem of the Neuer Markt in Germany
Kalckreuth, Ulf von; Silbermann, Leonid - 2010
This paper aims to shed light on some of the major allocative consequences of financial market bubbles. In March 1997, the Neuer Markt in Germany opened. Six years later, in June 2003, it closed forever. In the interim period lay the spectacular rise and fall of the first and most important...
Persistent link: https://www.econbiz.de/10008653397
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A detrimental feedback loop : deleveraging and adverse selection
Bertsch, Christoph - 2013
Market distress can be the catalyst of a deleveraging wave, as in the 2007/08 financial crisis. This paper demonstrates how market distress and deleveraging can fuel each other in the presence of adverse selection problems in asset markets. At the core of the detrimental feedback loop is agents'...
Persistent link: https://www.econbiz.de/10010202960
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Macroprudential Frameworks : Communication
Patel, Nikhil - 2018
This note discusses key issues regarding communication of macroprudential frameworks and draws on a recent survey of emerging market economy central banks to highlight factors that are of particular relevance to emerging market economies.Full Publication: 'http://ssrn.com/abstract=3101163'...
Persistent link: https://www.econbiz.de/10012930217
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Larger Crises, Slower Recoveries : The Asymmetric Effects of Financial Frictions
Research Department, Federal Reserve Bank of Minneapolis - 2009
It is well known that movements in lending rates are asymmetric; they rise quickly and sharply, but fall slowly and gradually. Not known is the fact that the asymmetry is stronger the less developed a country's financial system is. This new fact is here documented and explained in a model with an...
Persistent link: https://www.econbiz.de/10013157630
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The Paradox of Financial Fire Sales : The Role of Arbitrage Capital in Determining Liquidity
Dow, James - 2017
How can fire sales for financial assets happen when the economy contains well capitalized, but non-specialist investors? Our explanation combines rational expectations equilibrium and "lemons" models. When specialist (informed) market participants are liquidity-constrained, prices become less...
Persistent link: https://www.econbiz.de/10012972034
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Bubbles and Incentives : A Post-Mortem of the Neuer Markt in Germany
von Kalckreuth, Ulf - 2016
This paper aims to shed light on some of the major allocative consequences of financial market bubbles. In March 1997, the Neuer Markt in Germany opened. Six years later, in June 2003, it closed forever. In the interim period lay the spectacular rise and fall of the first and most important...
Persistent link: https://www.econbiz.de/10012991085
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Information Disclosure and Financial Fragility
Huang, Xuesong - 2021
I study how banks and other financial intermediaries can use information disclosure to prevent self-fulfilling bank runs. I begin with a finite-agent version of Diamond and Dybvig (1983) with correlated liquidity shocks and sequential service. I allow the intermediary to inform each investor...
Persistent link: https://www.econbiz.de/10013219632
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The limits of Central Counterparty Clearing : collusive moral hazard and market liquidity
Koeppl, Thorsten V. - 2013
Can central counterparty (CCP) clearing control counterparty risk in the presence of risk taking that can aggravate such risk? When counterparty risk is not observable, I show that central clearing leads to higher collateral requirements for two different reasons. Without collusion about risk...
Persistent link: https://www.econbiz.de/10009778596