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In case of multiple creditors a coordination problem can arise when the borrowingfirm runs into financial distress …. Even if the project's value at maturity is enoughto pay all creditors in full, some creditors may be tempted to foreclose … on theirloans. We develop a model of creditor coordination where a large creditor movesbefore a continuum of small …
Persistent link: https://www.econbiz.de/10003636427
creditors the option to delay their foreclosure decision rather than obliging them to simultaneous actions as suggested by … diminishes creditor coordination failure whenever the firm is expected to be in distress. -- global games ; creditor coordination …
Persistent link: https://www.econbiz.de/10003636509
Persistent link: https://www.econbiz.de/10011622268
Blockchain applications are increasingly experimenting with novel governance mechanisms that address issues that are important for their community: resistance to voter fraud in the form a Sybil attack; resistance to the formation of a plutocracy within the community; and, the ability to express...
Persistent link: https://www.econbiz.de/10014237282
We analyze fiscal rules within a Monetary Union in the presence of (i) asymmetric information on member states' potential output and (ii) bail-out among member states. The first-best deficit is contingent on the cycle, that is, on member states' output gap. In the presence of asymmetric...
Persistent link: https://www.econbiz.de/10011705510
We analyze fiscal rules within a Monetary Union in the presence of (i) asymmetric information about member states' potential output and, therefore, output gap and (ii) bail-out among member states. In our framework, bail-out lowers the scope for signalling (discrimination) by member states...
Persistent link: https://www.econbiz.de/10011714310
We study how monetary policy affects local market competition in a union of countries experiencing different economic conditions: the euro area. We find that when monetary conditions tighten (loosen), from the point of view of an individual economy, market concentration increases (declines)....
Persistent link: https://www.econbiz.de/10013552619
We analyze fiscal rules within a Monetary Union in the presence of (i) asymmetric information about member states' potential output and, therefore, output gap and (ii) bail-out among member states. In our framework, bail-out lowers the scope for signalling (discrimination) by member states...
Persistent link: https://www.econbiz.de/10013019233
We analyze fiscal rules within a Monetary Union in the presence of (i) asymmetric information on member states' potential output and (ii) bail-out among member states. The first-best deficit is contingent on the cycle, that is, on member states' output gap. In the presence of asymmetric...
Persistent link: https://www.econbiz.de/10012994210
creditors and that several interventions in sequence may be necessary to avert an impending crisis. Absent of the IMF …
Persistent link: https://www.econbiz.de/10003636488