This paper studies bidding behaviors in fixed-rate funds-supplying auctions using a simple game-theoretic model. While the existing literature argues that such auction schemes are vulnerable to the overbidding problem, the bid-to-cover ratio for the Bank of Japan's current fixed-rate operations...

Recent funding problems experienced by European sovereigns and the subsequent policy actions have renewed interest in emergent liquidity provision or the international Lender of Last Resort. This paper constructs an abstract model about emergent liquidity lending by using global game techniques....

"Non-regular employment," such as part-time, dispatched, and contracted workers in Japan, has expanded in recent years. This trend reflects a wider variety of lifestyles, the shift from fixed labor costs to variable labor costs by many firms, and deregulation. This augmentation of non-regular...

This paper examines sovereign credit default swaps (CDSs), which have attracted attention since the emergence of the fiscal deficit problem in Greece, with particular focus on the expansion of the sovereign CDS market, the relationship between CDS premiums and fiscal risk variables, and the...