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restore the efficiency of equilibria …
Persistent link: https://www.econbiz.de/10013116475
A model is presented of a uniform price auction where bidders compete in demand schedules; the model allows for common and private values in the absence of exogenous noise. It is shown how private information yields more market power than the levels seen with full information. Results obtained...
Persistent link: https://www.econbiz.de/10013316270
This paper studies banks' liquidity provision in the Lagos and Wright model of monetary exchanges. With aggregate … inflation on the equilibrium deposit and the bank's portfolio …
Persistent link: https://www.econbiz.de/10012930807
economies. Theories of optimal taxation conclude that these taxes are detrimental to production efficiency, when firms operate … production units. The present paper investigates the effects of taxation on production efficiency, accounting for the … effect of this "tax induced organizational change" on production efficiency ultimately depends on the characteristics of the …
Persistent link: https://www.econbiz.de/10012984733
This paper attempts to identify the effect of fiscal decentralization on public sector efficiency (PSE). We employ data …
Persistent link: https://www.econbiz.de/10012770638
The paper performs an efficiency analysis of the lower secondary school sector in Norway. The efficiency potential is … background) as outputs. The analysis of the determinants of efficiency indicates that a high level of municipal revenue, a high … efficiency. The negative effects of the share of socialists and party fragmentation seem to reflect both higher resource use and …
Persistent link: https://www.econbiz.de/10012783363
We study the efficiency of banking regulation under financial integration. Banks freely choose the jurisdiction where … to locate their activities and have private information about their efficiency level. Regulators non-cooperatively offer … regulators to discriminate between banks with different efficiency levels. This result is driven by the endogenous restriction …
Persistent link: https://www.econbiz.de/10012991941
Why do banks remain passive? In a model of bank-firm relationship we study the trade-off a bank faces when having … defaulting firms declared bankrupt. First, the bank receives a payoff if a firm is liquidated. Second, it provides information … about a firm's type to its competitors. Thereby, asymmetric information between banks is reduced and bank competition …
Persistent link: https://www.econbiz.de/10013316824
equilibria which can be ranked in terms of liquidity, volatility, and informational efficiency. We establish the limits of the …We consider a two-period market with persistent liquidity trading and risk averse privately informed investors who have … a one period horizon. With persistence, prices reflect average expectations about fundamentals and liquidity trading …
Persistent link: https://www.econbiz.de/10013316042
We show that the impact of government bailouts (liquidity injections) on a representative bank's risk taking depends on … decreases (increases) bank's risk taking. Second, the optimal liquidity policy itself depends on systematic risk. Third, the … relationship between bailouts and bank's risk taking is not monotonic. When systematic risk is low, the optimal liquidity policy is …
Persistent link: https://www.econbiz.de/10012922858