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Vanishing liquidity, market runs, and the welfare impact of TARP

Ewerhart, Christian - 2009

I model a financial market that dries out in the wake of premature liquidations. Two main results are obtained. First, liquidity may vanish even if small, riskneutral buyers could easily compensate the ongoing selling. Thus, more markets are vulnerable to quot;runsquot; than suggested by...

Persistent link: https://www.econbiz.de/10003966643

Delegated monitors, large and small : the development of Germany s banking system, 1800 - 1914

Guinnane, Timothy - 2001

supposed role in corporate governance and industrial finance.Many discussions distort the German banking system by over …-stressing oneof several types of banks, and ignore the competition and cooperationbetween the famous universal banks and other banking … groups. Tracing thehistorical development of the German banking system from the earlynineteenth century places the large …

Persistent link: https://www.econbiz.de/10011400344

The separation of information and lending and the rise of rating agencies in the United States

Flandreau, Marc; Mesevage, Gabriel Geisler - 2014

This paper provides a new interpretation of the early rise of rating agencies in the United States (initially known as Mercantile Agencies). We explain this American exceptionality through an inductive approach that revisits the conventional parallel with the UK. In contrast with earlier...

Persistent link: https://www.econbiz.de/10010360535

Repurchase agreements as an instrument of monetary policy at the time of the accord

Garbade, Kenneth D. - 2016

Following the Treasury-Federal Reserve Accord of March 3, 1951, the Federal Open Market Committee (FOMC) focused on free reserves - the difference between excess reserves (reserve deposits in excess of reserve requirements) and borrowed reserves - as the touchstone of U.S. monetary policy....

Persistent link: https://www.econbiz.de/10011496808

How and Why Economies Develop and Grow : Lessons from Preindustrial Europe and China

Kohn, Meir - 2010

Why are we rich and others poor? What is preventing the less-developed countries from catching up with the more developed? How did we become rich? Underlying these questions are more fundamental ones: What is the nature of economic progress? What are its causes? I seek the answers to these...

Persistent link: https://www.econbiz.de/10013135194

The Cost Model for Deriving Implied Volatility Surfaces

Eid, Gilbert - 2012

In this paper we present an innovative and straightforward model for constructing consistent and accurate implied volatility surfaces. The parameters of this model are directly linked to measurable and observable market risks

Persistent link: https://www.econbiz.de/10013116347

Corporate Governance in the 2007-2008 Financial Crisis : Evidence from Financial Institutions Worldwide

Erkens, David H. - 2012

This paper investigates the influence of corporate governance on financial firms' performance during the 2007-2008 financial crisis. Using a unique dataset of 296 financial firms from 30 countries that were at the center of the crisis, we find that firms with more independent boards and higher...

Persistent link: https://www.econbiz.de/10013117085

FATCA : The Global Financial System Must Now Implement a New U.S. Reporting and Withholding System For Foreign Account Tax Compliance, Which Will Create Significant New Exposures —...

Marsan, Dean - 2011

This article continues what has now become a comprehensive series examining the new U.S. reporting and withholding system for foreign account tax compliance. Part VI provides a new four-point analysis to determine if an FFI or USFI has a withholding tax liability for pass-through payments under...

Persistent link: https://www.econbiz.de/10013117953

Who Is Responsible for the Financial Crisis? Lessons from a Separation Thesis

Sun, William - 2011

This chapter argues that a separation thesis was explicitly or implicitly beneath the entire subprime mortgage lending and transaction processes, and largely responsible for the resulting crisis. As the global financial crisis started from the subprime mortgage crisis in the United States of...

Persistent link: https://www.econbiz.de/10013123479

Surveillance by International Institutions : Lessons from the Global Financial and Economic Crisis

Shigehara, Kumiharu - 2011

and were rarely followed up. Important issues, notably the weak capital base and lack of resilience of the banking systems …

Persistent link: https://www.econbiz.de/10013124113