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The Talmud Rule and the Securement of Agents' Awards

Moreno-Ternero, Juan D.; Villar, Antonio - 2005

This paper provides a characterization of the classical Talmud rule for bankruptcy problems by means of a new property, called securement, that imposes a lower bound on the awards that agents obtain. This property stipulates that no agent holding a feasible claim will get less than one nth of...

Persistent link: https://www.econbiz.de/10014066791

Liquidity Pools, Risk Sharing, and Financial Contagion

Saez, Lawrence; Shi, Xianwen - 2004

, we also provide a claim structure called liquidity pool that can both achieve risk sharing and prevent financial …

Persistent link: https://www.econbiz.de/10014073409

Mechanism Design and the Role of Enforcement in Freeman's Model of Payments

Mills, David - 2005

liquidity problems which give rise to a role for a central bank discount window. I ask whether this payment system is truly …

Persistent link: https://www.econbiz.de/10014074084

Wage Arrears Uncertainty and Precautionary Saving in Russia

Guariglia, Alessandra; Kim, Byung-Yeon - 2003

Wage arrears are widespread in Russia, and are one of the main causes of uncertainty in the labour market. In this paper, we use the Russian Longitudinal Monitoring Survey over the period 1994-98 to construct a new and improved measure of household income risk, based on the uncertainty due to...

Persistent link: https://www.econbiz.de/10014075143

Bankruptcy Risk and Productive Efficiency in Manufacturing Firms

Becchetti, Leonardo; Sierra Gonzalez, Jaime Humberto - 2003

after controlling for balance sheet liquidity and profitability variables usually considered in these estimates …

Persistent link: https://www.econbiz.de/10014076105

Effects of Global Liquidity and Commodity Market Shocks in a Commodity-Exporting Developing Economy

Doojav, Gan-Ochir; Luvsannyam, Davaajargal; … - 2022

This paper assesses the effects and transmission mechanisms of global liquidity and commodity market shocks in Mongolia … transmitting the shocks. Buoyant commodity demand and global liquidity shocks lead to a significant fall in the domestic lending … rate, while positive commodity supply and global liquidity shocks appreciate the real exchange rate …

Persistent link: https://www.econbiz.de/10014078004

Investment of financially distressed firms : the role of trade credit

Ferrando, Annalisa (contributor); Wolski, Marcin (contributor) - European Investment Bank - 2018

has an overall negative impact on capital formation due to liquidity effects, the effect is less pronounced for firms that …

Persistent link: https://www.econbiz.de/10015285163

Creditor protection, judicial enforcement and credit access : 1829 / July 2015

Maresch LL.M., Daniela (contributor); … - European Central Bank - 2015

We investigate the role of the judicial system on whether or not the firms obtain the credit they applied for, by looking at the strength of the creditor protection, the strength of property rights, the time for resolving a dispute, its costs and the number of procedures the plaintiff faces. We...

Persistent link: https://www.econbiz.de/10015298439

Rediscounting Under Aggregate Risk With Moral Hazard

Chapman, James; Martin, Antoine - 2007

In a 1999 paper, Freeman proposes a model in which discount window lending and open market operations have different outcomes - an important development because in most of the literature the results of these policy tools are indistinguishable. Freeman's conclusion that the central bank should...

Persistent link: https://www.econbiz.de/10014225041

Bank lines of credit as contingent liquidity : a study of covenant violations and their implications; N°1702, August 2014

Acharya, Viral V. (contributor); Almeida, Heitor (contributor) - European Central Bank - 2014

heart of a new bank liquidity channel. This channel complements the traditional bank lending channel, which focuses on small …

Persistent link: https://www.econbiz.de/10015301820