This paper develops a micro-founded general equilibrium model of the financial system composed of ultimate borrowers, ultimate lenders and financial intermediaries. The model is used to investigate the impact of uncertainty about the likelihood of governmental bailouts on leverage, interest...

We reconsider the role of financial intermediaries in monetary economics, and explore the hypothesis that the financial intermediary sector is the engine that drives the financial cycle through fluctuations in the price of risk. In this framework, balance sheet quantities emerge as a key...

En este ensayo se presentan dos aspectos de Bogotá. Por un lado, la metrópoli que está creciendo y que reporta cifras positivas en la tendencia del periodo analizado, en referencia a indicadores como el de las necesidades básicas insatisfechas (NBI), el índice de desarrollo humano (IDH), y...

The purpose of this paper is to clarify the difference between the mainstream and Keynesian understandings of uncertainty which persists in spite of superficial similarities. It is argued that the difference stems from the mainstream habit of thinking in terms of a full-information benchmark,...

Despite of being affected by the economic crisis, the Netherlands managed to minimize its effects. This situation is highlighted in a comparison with Romania and the European Union, between the levels of the most important economic indicators. Moreover, when other countries registered negative...

The economic Triad is one of the most important players in the economic world. It is attracting the most of the FDI flows and it is the main investor of the world. The FDI flows between the members of the Triad, USA, Japan and EU, represents more than 400 billion dollars per year.

The economic relations between The Netherlands and USA represent an important pylon for the economic environment from both countries. USA is the main investor in the Netherlands because of it’ fiscal policies but the European country, despite of its small area, it is ranked in top 5 investors...

Despite of being affected by the economic crisis, the Netherlands managed to minimize its effects. This situation is highlighted in a comparison with Romania and the European Union, between the levels of the most important economic indicators. Moreover, when other countries registered negative...