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Broner, Fernando A; Martin, Alberto; Ventura, Jaume - C.E.P.R. Discussion Papers - 2007

Conventional wisdom says that, in the absence of sufficient default penalties, sovereign risk constraints credit and lowers welfare. We show that this conventional wisdom rests on one implicit assumption: that assets cannot be retraded in secondary markets. Once this assumption is relaxed, there...

Persistent link: https://www.econbiz.de/10005136448

Sovereign risk and secondary markets

Broner, Fernando; Martin, Alberto; Ventura, Jaume - Department of Economics and Business, Universitat … - 2006

Conventional wisdom views the problem of sovereign risk as one of insufficient penalties. Foreign creditors can only be repaid if the government enforces foreign debts. And this will only happen if foreign creditors can effectively use the threat of imposing penalties to the country. Guided by...

Persistent link: https://www.econbiz.de/10005103308

Sovereign Risk and Secondary Markets

Broner, Fernando; Martin, Alberto; Ventura, Jaume - Society for Economic Dynamics - SED - 2006

The present paper shows that secondary markets can ameliorate, and sometimes fully solve, problems of sovereign risk in international financial markets. We study two environments. In the first one, private agents can in principle issue a complete set of state-contingent securities but...

Persistent link: https://www.econbiz.de/10005051208

Securitization

Pavel, Christine - In: Economic Perspectives (1986) Jul, pp. 16-31

Persistent link: https://www.econbiz.de/10005499083

Bank loan sales: a new look at the motivations for secondary market activity

Demsetz, Rebecca S. - Federal Reserve Bank of New York - 1999

sales allow banks to deviate from this pattern by transferring loans in part or in their entirety from their own books to …' motivations for selling and buying loans: (1) the comparative advantage hypothesis, that banks with a comparative advantage in … originating loans sell and those with a comparative advantage in funding loans buy, and (2) the diversification hypothesis, that …

Persistent link: https://www.econbiz.de/10005526269

Developments in the secondary mortgage market

Gordon H. Sellon, Jr.; VanNahmen, Deana - In: Financial Letters (1988) Apr

Persistent link: https://www.econbiz.de/10005545038

Sovereign Debt Markets in Turbulent Times: Creditor Discrimination and Crowding-Out

Broner, Fernando; Erce, Aitor; Martin, Alberto; … - International Monetary Fund (IMF) - 2013

In 2007, countries in the Euro periphery were enjoying stable growth, low deficits, and low spreads. Then the financial crisis erupted and pushed them into deep recessions, raising their deficits and debt levels. By 2010, they were facing severe debt problems. Spreads increased and,...

Persistent link: https://www.econbiz.de/10010790241

Sin Licenses Revisited

Haavio, Markus; Kotakorpi, Kaisa - Turun Kauppakorkeakoulu, Turun Yliopisto - 2012

We analyse attempts to implement personalised regulation in the form of sin licenses (O'Donoghue and Rabin 2003, 2005, 2007) to correct the distortion in the consumption of a harmful good when consumers suffer from varying degrees of self-control problems. We take into account the possibility...

Persistent link: https://www.econbiz.de/10010614985

Reference Prices and Bidder Heterogeneity in Secondary Market Online B2B Auctions

Elmaghraby, Wedad; Gopal, Anandasivam; Pilehvar, Ali - NET Institute - 2012

Online auction environments provide several sources of information that can be used by bidders to form their bids. One such information set that has been relatively understudied in the literature pertains to reference prices available to the bidder from other concurrent and comparable auctions....

Persistent link: https://www.econbiz.de/10010584158

How much competition is a secondary market?

Chen, Jiawei; Esteban, Susanna; Shum, Matthew - Instituto de Ciencias Sociales, Instituto Madrileño de … - 2010

Do active secondary markets aid or harm durable goods manufacturers? We build a dynamic equilibrium model of durable goods oligopoly, with consumers who incur lumpy costs when transacting in the secondary market, and calibrate it to U.S. automobile industry data. By varying transaction costs, we...

Persistent link: https://www.econbiz.de/10008622200