Similar Search Results

SEPA, efficiency, and payment card competition

Bolt, Wilko; Schmiedel, Heiko - 2009

This paper analyzes the welfare implications of creating a Single Euro Payments Area. We study the effects of increased network compatibility and payment scale economies on consumer and merchant card fees and its impact on card usage. In particular, we model competition among debit cards and...

Persistent link: https://www.econbiz.de/10009640438

Regulating two-sided markets

Carbó-Valverde, Santiago; Chakravorti, Sujit; … - 2009

We study the effect of government encouraged or mandated interchange fee ceilings on consumer and merchant adoption and usage of payment cards in an economy where card acceptance is far from complete. We believe that we are the first to use bank-level data to study the impact of interchange fee...

Persistent link: https://www.econbiz.de/10009640441

Volatility of interest rates in the euro area

Cassola, Nuno; Morana, Claudio - 2003

This paper estimates the factors underlying the volatility of the euro overnight interest rate and its transmission along the euro area money market yield curve. A new multivariate unobserved components model is proposed allowing for both long-memory and stationary cyclical dynamics. Using...

Persistent link: https://www.econbiz.de/10009635972

Option-implied asymmetries in bond market expectations around monetary policy actions of the ECB

Vähämaa, Sami - 2004

This paper uses data on German government bond futures options to examine the behaviour of market expectations around monetary policy actions of the European Central Bank (ECB). In particular, this paper focuses on the asymmetries in bond market expectations, as measured by the skewness of...

Persistent link: https://www.econbiz.de/10009636538

Risk sharing through financial markets with endogenous enforcement of trades

Köppl, Thorsten V. - 2004

enforcement we study a Lindahl-equilibrium where people invest in asset portfolios and simultaneously choose to relax their … allow for optimal risk sharing as long as markets are complete, default is prevented in equilibrium and intermediaries … provide costly enforcement competitively. In equilibrium, costly enforcement translates into both agent-specific borrowing …

Persistent link: https://www.econbiz.de/10009636542

Raising rival's costs in the securities settlement industry

Holthausen, Cornelia; Tapking, Jens - 2004

CSD as input, the CSD can raise its rival's costs. However, due to network externalities, the CSD's equilibrium market …

Persistent link: https://www.econbiz.de/10009639430

Euro area sovereign yield dynamics

Menkveld, Albert J.; Cheung, Yiu C.; Jong, Frank/de - 2004

We study sovereign yield dynamics and order flow in the largest euro-area treasury markets. We exploit unique transaction data to explain daily yield changes in the ten-year government bonds of Italy, France, Belgium, and Germany. We use a state space model to decompose these changes into (i) a...

Persistent link: https://www.econbiz.de/10009639439

A framework for collateral risk control determination

Cossin, Didier; Huang, Zhijiang; Auron-Nerin, Daniel; … - 2003

This paper derives a general framework for collateral risk control determination in repurchase transactions or repos. The objective is to treat consistently heterogeneous collateral so that the collateral taker has a similar risk exposure whatever the collateral pledged. The framework measures...

Persistent link: https://www.econbiz.de/10009639858

The 2008 Financial Crisis and Taxation Policy

Hemmelgarn, Thomas - 2010

Persistent link: https://www.econbiz.de/10009639922

Detecting and interpreting financial stress in the euro area

Blix Grimaldi, Marianna - 2010

There is a need to find better models and indicators for large disruptive events, not least in order to be more prepared and mitigate their effects. In this paper we take a step in this direction and discuss the performance of a financial stress indicator with a specific focus on the euro area....

Persistent link: https://www.econbiz.de/10009640326