An welchen Kriterien sollte sich die Entscheidung über die bestmögliche Aufgabenverteilung zwischen staatlichen Stellen und privaten Akteuren bezüglich Finanzierung, Erstellung und Betrieb öffentlicher Infrastruktureinrichtungen orientieren? Während die unmittelbare Erstellung der...

How should the different tasks in an infrastructure project be allocated to private and public agents, respectively? Traditionally, building the physical asset is assigned to private partners whereas financing and operation are carried out by the public sector. But even if building, operation,...

It is well recognised that the issue of the social rate of discount applies only to the gains from public investment that accrues to the public sector. When it comes to measurement, however, there is a problem: public investment in infrastructure and the like do not usually yield direct...

What impact does a finance education have on the social preferences and the resulting behaviors of individuals? Experiments of a free riding game are conducted where a wealth-creating investment decision is made. The contribution benefits the group, but the incentives are such that an...

This paper evaluates the impact of privatization on the development of capital markets in a two-country general equilibrium model. We draw particular attention to two divestment techniques, share issue privatizations (in developed market systems) and voucher privatizations (in transition...

We develop a model of the market for federal funds that explicitly accounts for its two distinctive features: banks have to search for a suitable counterparty, and once they have met, both parties negotiate the size of the loan and the repayment. The theory is used to answer a number of positive...

Using BoC-GEM-Fin, a large-scale DSGE model with real, nominal and financial frictions featuring a banking sector, we explore the macroeconomic implications of various types of countercyclical bank capital regulations. Results suggest that countercyclical capital requirements have a significant...

We present a dynamic over-the-counter model of the fed funds market, and use it to study the determination of the fed funds rate, the volume of loans traded, and the intraday evolution of the distribution of reserve balances across banks. We also investigate the implications of changes in the...