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A dynamic analysis of bank bailouts and constructive ambiguity

Eijffinger, Sylvester C W; Nijskens, Rob - C.E.P.R. Discussion Papers - 2012

Bailout expectations have led banks to behave imprudently, holding too little capital and relying too much on short term funding to finance long term investments. This paper presents a model to rationalize a constructive ambiguity approach to liquidity assistance as a solution to forbearance....

Persistent link: https://www.econbiz.de/10011083609

Preventing Economists' Capture

Zingales, Luigi - C.E.P.R. Discussion Papers - 2014

reform of the publication process, to an enhanced data disclosure, from a stronger theoretical foundation to a mechanism of …

Persistent link: https://www.econbiz.de/10011083614

The Return of Financial Repression

Reinhart, Carmen M. - C.E.P.R. Discussion Papers - 2012

Periods of high indebtedness have historically been associated with a rising incidence of default or restructuring of public and private debts. Sometimes the debt restructuring is more subtle and takes the form of 'financial repression'. Consistent negative real interest rates are equivalent to...

Persistent link: https://www.econbiz.de/10011083679

Identifying Industry Margins with Unobserved Price Constraints: Structural Estimation on Pharmaceuticals

Dubois, Pierre; Lasio, Laura - C.E.P.R. Discussion Papers - 2014

chosen in some markets, for example due to regulation. We use our identification strategy to study the effects of regulatory …-ulcer drugs that allows us to explore the drivers of demand, to identify whether regulation in France truly affects margins and … increased over the 2004-2007 period because of new regulation of price setting that reduced branded drugs prices but increased …

Persistent link: https://www.econbiz.de/10011083879

How Do Regulators Influence Mortgage Risk? Evidence from an Emerging Market

Campbell, John Y; Ramadorai, Tarun; Ranish, Benjamin - C.E.P.R. Discussion Papers - 2012

To understand the effects of regulation on mortgage risk, it is instructive to track the history of regulatory changes …. However, in developed countries with fairly stable systems of financial regulation, it is difficult to track these effects. We …-changing regulation impacted mortgage lending and risk. We find evidence that regulation has important effects on mortgage rates and …

Persistent link: https://www.econbiz.de/10011083989

Globalization, Credence Goods and International Civil Society

Krautheim, Sebastian; Verdier, Thierry - C.E.P.R. Discussion Papers - 2012

regulation in South. …

Persistent link: https://www.econbiz.de/10011084080

Good Monitoring, Bad Monitoring

Grinstein, Yaniv; Rossi, Stefano - C.E.P.R. Discussion Papers - 2014

Are courts effective monitors of corporate decisions? In a controversial landmark case, the Delaware Supreme Court held directors personally liable for breaching their fiduciary duties, signaling a sharp increase in Delaware’s scrutiny over corporate decisions. In our event study, low-growth...

Persistent link: https://www.econbiz.de/10011084098