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We test if unconventional monetary policy instruments influence the competitive conduct of banks. Between q2:2010 and q1:2012, the ECB absorbed e218 billion worth of government securities from five EMU countries under the Securities Markets Programme (SMP). Using detailed security holdings data...
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symmetric information (including no hidden actions), perfect competition does not obtain. When a private lender allows a …
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Lack of competition among the underwriters of municipal bonds increases the borrowing costs of local municipalities. I …
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We study the link between the choice of rule-based financing instruments and political competition using the municipal …
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symmetric information (including no hidden actions), perfect competition does not obtain. When a private lender allows a …
Persistent link: https://www.econbiz.de/10012470036
borrowing costs since the enactment of the laws. These effects are consistent with a deterioration in underwriter competition as …
Persistent link: https://www.econbiz.de/10014233251