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In this paper we propose definitions of funding liquidity and funding liquidity risk and present a simple, yet intuitive, measure of funding liquidity risk based on data from open market operations. Our empirical analysis uses a unique data set of 135 main refinancing operation auctions...
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This paper characterizes the optimal first-price auction (FPA) and second-price auction (SPA) for selling rights …
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study, regulation by competitiv e auction cannot replicate the second-best zero-profit result. For more complex networks … parameter range considered in the numerical simulation, entry by generalized auction performs better than entry by patronage … auction. …
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