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In this paper, we propose a model of credit rating agencies using the global games framework to incorporate information and coordination problems. We introduce a refined utility function of a credit rating agency that, additional to reputation maximization, also embeds aspects of competition and...
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This paper examines the effect of imperfect labor market competition on the efficiency of compensation schemes in a setting with moral hazard and risk-averse agents, who have private information on their productivity. Two vertically differentiated firms compete for agents by offering contracts...
Persistent link: https://www.econbiz.de/10014162185
In the Mexican Peso crisis 1994/95, the lack of readily available information, particularly regarding monetary aggregates, has often been commented on. This paper analyzes empirically whether information disparity with respect to economic fundamentals contributed to the crisis. Using historical...
Persistent link: https://www.econbiz.de/10014075594
This paper reconsiders the principal's problem of determining the optimal combination of risk taking and information dissemination, when threatened with a coordinated speculative attack on the fixed exchange rate by traders, respectively a coordinated withdrawal of credits by a group of lenders....
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