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The invisible hand and the banking trade : seigniorage, risk-shifting, and more
Miller, Marcus; Zhang, Lei - In: Brussels economic review 56 (2013) 3/4, pp. 365-388
Persistent link: https://www.econbiz.de/10010400879
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The Invisible Hand and the Banking Trade: Seigniorage, Risk-shifting and More
Miller, Marcus; Zhang, lei - Department of Economics, University of Warwick - 2013
The classic Diamond-Dybvig model of banking assumes perfect competition and abstracts from issues of moral hazard,hardly appropriate when considering modern UK banking.We therefore modify the classic model to ncorporate franchise values due to market power; and risk-taking by banks with limited...
Persistent link: https://www.econbiz.de/10010862679
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THE INVISIBLE HAND AND THE BANKING TRADE: SEIGNIORAGE, RISK-SHIFTING, AND MORE
MILLER, MARCUS; ZHANG, LEI - In: Brussels Economic Review 56 (2013) 3-4, pp. 365-388
effectiveness of bank franchise value in checkingrisk-taking may be undermined by the prospect of bailouts; and how bail …
Persistent link: https://www.econbiz.de/10011015284
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When bigger isn’t better: Bail outs and bank behaviour
Li, Han Hao; Miller, Marcus; Zhang, Lei - C.E.P.R. Discussion Papers - 2011
The traditional theory of commercial banking explains maturity transformation and liquidity provision assuming no asymmetric information and no excess profits. It captures the possibility of bank runs and business cycle risk; but it ignores the moral hazard problems connected with risk-taking by...
Persistent link: https://www.econbiz.de/10009320408
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Government Finance in the Wake of Currency Crises
Burnside, Craig; Eichenbaum, Martin; Rebelo, Sérgio - C.E.P.R. Discussion Papers - 2003
This Paper addresses two questions: (i) how do governments actually pay for the fiscal costs associated with currency crises; and (ii) what are the implications of different financing methods for post-crisis rates of inflation and depreciation? We study these questions using a general...
Persistent link: https://www.econbiz.de/10005791917
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Government Finance in the Wake of Currency Crises
Burnside, Craig; Eichenbaum, Martin - Society for Economic Dynamics - SED - 2005
Persistent link: https://www.econbiz.de/10005090821
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Bank bailouts, bail-ins, or no regulatory intervention? : a dynamic model and empirical tests of optimal regulation and implications for future crises
Berger, Allen N.; Himmelberg, Charles P.; Roman, Raluca A. - In: Financial management : FM 51 (2022) 4, pp. 1031-1090
Persistent link: https://www.econbiz.de/10013468493
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Illiquidity and all its friends
Tirole, Jean - 2010
illiquidity and all its friends: market freezes, fire sales, contagion, and ultimately insolvencies and bailouts. It first … provision, monetary bailouts and recapitalizations, and analyses optimal combinations thereof; it stresses the need for macro …
Persistent link: https://www.econbiz.de/10010272481
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States, Banks and the Financing of the Economy: Monetary Policy and Regulatory Perspectives
Balling, Morten; Jackson, Patricia; Gnan, Ernest; … - 2013
the monetary policy and financial regulation and supervision perspectives. In the preceding SUERF Study (2013/2), the …
Persistent link: https://www.econbiz.de/10011689959
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Competition policy and sector-specific regulation in the financial sector
Hellwig, Martin - 2018
Reforms of financial regulation after the crisis of 2007-2009 raise the question of what is the relation between … financial regulators and competition authorities. Should competition authorities play a role in financial regulation? Should …-specific regulation involves authorities actually prescribing desired modes of behavior. The ongoing nature of relations makes regulators …
Persistent link: https://www.econbiz.de/10011879119