The development of a well adapted financial system was a main part of the successful Swedish economic modernization in the latter half of the nineteenth century. In this paper it is shown that this development followed the pattern of a financial revolution. Major institutional and organizational...

This paper proposes that the introduction of non-redundant assets can endogenously modify trader participation in financial markets, which can lead to a lower market premium and a higher interest rate. We demonstrate this mechanism in a tractable exchange economy with endogenous participation....

The U.S. mortgage market has experienced phenomenal change over the last 35 years. Most observers believe that the deregulation of the banking industry and financial markets generally has played an important part in this transformation. One issue that has received particular attention is the...

Nach der Erschütterung der Weltfinanzmärkte wird die Liberalisierung von Märkten auch grundsätzlich kritisiert. Sind die Fehlentwicklungen auf den Finanzmärkten der marktwirtschaftlichen Wirtschaftsordnung anzulasten? Wie stellt sich die aktuelle Finanzkrise in historischer Perspektive dar?

The Monterrey Consensus agreed at the UN summit on Financing for Development in 2002 promised a breakthrough in terms of donor generosity, aid effectiveness and new means of financing. However, the development orientation of world leaders proved to be short-lived. This is even though our...

[...]The overall conclusion drawn from the research presented isthat monetary policy appears to have less of an impact on realactivity than it once had—but the cause of that change remainsan open issue. The conference papers explored threehypotheses en route to that finding. First, the...

Banks and other lenders often transfer credit risk to liberate capital for further loan intermediation. This paper aims to explore the design, prevalence and effectiveness of credit risk transfer (CRT). The focus is on the costs and benefits for the efficiency and stability of the financial...