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Mark-to-Market Accounting and Liquidity Pricing
Allen, Franklin; Carletti, Elena - Center for Financial Studies - 2006
When liquidity plays an important role as in times of financial crisis, asset prices in some markets may reflect the amount of liquidity available in the market rather than the future earning power of the asset. Mark-to-market accounting is not a desirable way to assess the solvency of a...
Persistent link: https://www.econbiz.de/10005022412
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Pareto Improving Social Security Reform when Financial Markets are Incomplete!?
Krueger, Dirk; Kubler, Felix - Center for Financial Studies - 2005
This paper studies an overlapping generations model with stochastic production and incomplete markets to assess whether the introduction of an unfunded social security system leads to a Pareto improvement. When returns to capital and wages are imperfectly correlated a system that endows retired...
Persistent link: https://www.econbiz.de/10005176438
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Pareto improving social security reform when financial markets are incomplete!?
Krueger, Dirk; Kubler, Felix - Center for Financial Studies - 2005
This paper studies an overlapping generations model with stochastic production and incomplete markets to assess whether the introduction of an unfunded social security system leads to a Pareto improvement. When returns to capital and wages are imperfectly correlated a system that endows retired...
Persistent link: https://www.econbiz.de/10010958741
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Mark-to-market accounting and liquidity pricing
Allen, Franklin; Carletti, Elena - Center for Financial Studies - 2006
When liquidity plays an important role as in times of financial crisis, asset prices in some markets may reflect the amount of liquidity available in the market rather than the future earning power of the asset. Mark-to-market accounting is not a desirable way to assess the solvency of a...
Persistent link: https://www.econbiz.de/10010986447
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Credit securitization and credit derivatives: Financial instruments and the credit risk management of middle market commercial loan portfolios
Henke, Sabine; Burghof, Hans-Peter; Rudolph, Bernd - Center for Financial Studies - 1998
through diversification. In recent years, the development of markets for credit securitization and credit derivatives has … are quite severe. A potential successful application of credit securitization and credit derivatives for managing credit …
Persistent link: https://www.econbiz.de/10010958540
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The future of securitization
Franke, Günter; Krahnen, Jan Pieter - Center for Financial Studies - 2008
Securitization is a financial innovation that experiences a boom-bust cycle, as many other innovations before. This … paper analyzes possible reasons for the breakdown of primary and secondary securitization markets, and argues that …
Persistent link: https://www.econbiz.de/10010986376