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Uncertainty in an Interconnected Financial System, Contagion, and Market Freezes
Li, Mei; Milne, Frank; Qui, Junfeng - 2013
This paper studies contagion and market freezes caused by uncertainty in financial network structures and provides … alleviate market freezes and contagion, such as information policy, bailout policy and the lender of last resort policy, are …
Persistent link: https://www.econbiz.de/10010368298
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Uncertainty in an Interconnected Financial System, Contagion
Li, Mei; Milne, Frank; Qiu, Junfeng - Department of Economics and Finance, College of … - 2013
This paper studies contagion and market freezes caused by uncertainty in financial network structures and provides … alleviate market freezes and contagion, such as information policy, bailout policy and the lender of last resort policy, are …
Persistent link: https://www.econbiz.de/10010721582
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Uncertainty in an interconnected financial system, contagion, and market freezes
Li, Mei; Milne, Frank; Qiu, Junfeng - In: Journal of money, credit and banking : JMCB 48 (2016) 6, pp. 1135-1168
Persistent link: https://www.econbiz.de/10011707919
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Central Bank Screening, Moral Hazard, and the Lender of Last Resort Policy
Li, Mei; Milne, Frank; Qiu, Junfen - 2013
This paper establishes a theoretical model to examine the LOLR policy when a central bank cannot distinguish between solvent and insolvent banks. We study two cases: a case where the central bank cannot screen insolvent banks and a case where the central bank can only imperfectly screen...
Persistent link: https://www.econbiz.de/10010368293
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Financial Crisis, Economic Recovery and Banking Development in Former Soviet Union Economies
Marin, Dalia; Huang, Haizhou; Xu, Chenggang - 2002
This paper provides a unified theory to explain the onset of the financial crisis in 1998 and the striking economic recovery in Russia and the former Soviet Union afterwards. Before the crisis, the banking sector in these economies was stuck in a development trap in which the banking sector is...
Persistent link: https://www.econbiz.de/10010427358
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The emergence and future of central counterparties
Koeppl, Thorsten V.; Monnet, Cyril - 2010
We explain why central counterparties (CCPs) emerged historically. With standardized contracts, it is optimal to insure counterparty risk by clearing those contracts through a CCP that uses novation and mutualization. As netting is not essential for these services, it does not explain why CCPs...
Persistent link: https://www.econbiz.de/10010290393
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The emergence and future of central counterparties
Koeppl, Thorsten V.; Monnet, Cyril - 2010
We explain why central counterparties (CCPs) emerged historically. With standardized contracts, it is optimal to insure counterparty risk by clearing those contracts through a CCP that uses novation and mutualization. As netting is not essential for these services, it does not explain why CCPs...
Persistent link: https://www.econbiz.de/10003996901
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Central bank screening, moral hazard, and the lender of last resort policy
Li, Mei; Milne, Frank; Qiu, Junfeng - 2013
This paper establishes a theoretical model to examine the LOLR policy when a central bank cannot distinguish between solvent and insolvent banks. We study two cases: a case where the central bank cannot screen insolvent banks and a case where the central bank can only imperfectly screen...
Persistent link: https://www.econbiz.de/10009790246
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Emergence and Future of Central Counterparties
Koeppl, Thorsten V. - 2010
The authors explain why central counterparties (CCPs) emerged historically. With standardized contracts, it is optimal to insure counterparty risk by clearing those contracts through a CCP that uses novation and mutualization. As netting is not essential for these services, it does not explain...
Persistent link: https://www.econbiz.de/10013137415
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Convertible Bond Arbitrage, Happy Meals, and Insider Trading
Li, Xiaoyang - 2013
Consistent with hedge funds trading on privileged information during the wall-crossing period, we document negative abnormal returns and abnormally high short selling in the trading days just prior to the private placements of U.S. convertible bonds, no pre-placement negative abnormal returns...
Persistent link: https://www.econbiz.de/10013082867