We investigate global factors associated with cross-border capital flows. We formulate a model of gross capital flows through the international banking system and derive a closed form solution that highlights the leverage cycle of global banks as being a prime determinant of the transmission of...

Commercial banks are subject to regulation that restricts their investments. When banks are concerned for their reputation, however, they could self-regulate and invest more efficiently. Hence, a shadow banking that arises to avoid regulation has the potential to improve welfare. Still,...

Does the mere presence of big banks affect macroeconomic outcomes? In this paper, we develop a theory of granularity (Gabaix, 2011) for the banking sector, introducing Bertrand competition and heterogeneous banks charging variable markups. Using this framework, we show conditions under which...

Le début du XXIeme a connu un essor remarquable des marchés financiers, de l’innovation et des processus de déréglementation. L’inflation faible, la liquidité abondante, la confiance dans les marchés efficaces et autorégulateurs ont conduit a une perception généralisée de risque...

XXI century come with new challenges for marketers faced with two major factors that modify and influence of marketing communications: fragmented market determine replacement outdated marketing techniques (target is a marketing oriented custom), and the evolution of technology that accelerates...

The literature that examines target prices issued by equity research analysts is vast, and the role of the analytical process and valuation model used to determine target prices has received growing attention by scholars. However, the specific evidence that indicates how professional analysts...

Italian and European banks are moving in the same direction towards the need to strengthen capital, to re-engineer networks as a consequence of a transactional activities’ reduction, to supply low-cost and simple services, to adapt to technological innovations. In particular, mobile banking...

Securitisation is growing at a moderate pace in France. With total outstanding securitised assets of EUR 215 billion at mid-2013, France ranks fifth in the euro area. The majority of securitised assets are loans to French residents. Securitisation has facilitated banks’ access to Eurosystem...

The paper analyses the financial market infrastructure consolidation and integration in the European Union in terms of impact on repurchase agreements, a key instrument of monetary policy, considering as case study Romanian Repo market.

TARGET2-Securities (T2S) and regulatory changes such as CSDR, MiFID II and EMIR in Europe have created an imminent need for market infrastructure organizations. T2S is expected to change the post-trade market structure in Europe through a series of services that will change the interaction...