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Persistent link: https://www.econbiz.de/10010418012
What constitutes an international art center? To answer this question, I analyze the auction sales of fine art for 10 primary art markets; the results suggest four major findings: First, an expansion in the art market contributes to a more than proportional increase in art auction sales. Second,...
Persistent link: https://www.econbiz.de/10012857375
This paper contributes to the debate on the efficacy of IMF's catalytic finance in preventing financial crises. Extending Morris and Shin (2006), we consider that the IMF's intervention policy usually exerts a signaling effect on private creditors and that several interventions in sequence may...
Persistent link: https://www.econbiz.de/10003636488
Pro-cyclicality of collateral haircuts and margins has become a widely proclaimed behavior and is currently discussed … a trigger of liquidity spirals due to its tightening effect of collateral portfolio values in times of market distress … design for macroprudential haircut add-ons. Our results confirm that (1) bond collateral markets face irrational, i.e. bubble …
Persistent link: https://www.econbiz.de/10012945744
A securities lending transaction is collateralized with cash in the amount of securities' market value plus a margin or haircut. Haircuts necessarily depend on the securities and the security borrowers. This article extends a repo haircut model to securities lending that captures asset...
Persistent link: https://www.econbiz.de/10012824433
Procyclicality of collateral haircuts and margins has become a widely proclaimed behavior and is currently discussed … a trigger of liquidity spirals due to its tightening effect of collateral portfolio values in times of market distress … design for macroprudential haircut add-ons. Our results confirm that (1) bond collateral markets face irrational, i.e. bubble …
Persistent link: https://www.econbiz.de/10013248847
Persistent link: https://www.econbiz.de/10012172921
Persistent link: https://www.econbiz.de/10012617300
theory. Furthermore, our results are certainly amongst the first to provide econometric evidence on the pervasive influence …
Persistent link: https://www.econbiz.de/10012707973
Starting with the international debt crisis in the early 1980s the volume of international barter trade increased substantially. This paper examines how barter can help highly indebted countries to finance imports if they cannot use standard credit arrangements. We argue that payment in goods is...
Persistent link: https://www.econbiz.de/10014074094