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Indeterminacy of rational expectations equilibria in sequential financial markets
Donati, Paola - 2003
We provide a general characterization of the structure of rational expectations equilibria of any degree of revelation for pure exchange, sequential economies, with deffinitely many states of private information, an incomplete financial market and nominal assets. We estimate the dimension of the...
Persistent link: https://www.econbiz.de/10009635915
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Pricing payment cards
Bedre-Defolie, Özlem; Calvano, Emilio - 2009
once they are affiliated with a card network. We show that this asymmetry is sufficient to induce the card association to … qualitative results are robust to imperfect issuer competition, imperfect acquirer competition, and to other factors affecting …
Persistent link: https://www.econbiz.de/10009640439
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Cooperation in international banking supervision
Holthausen, Cornelia; Rønde, Thomas - 2004
This paper analyzes cooperation between sovereign national authorities in the supervision and regulation of a … multinational bank. We take a political economy approach to regulation and assume that supervisors maximize the welfare of their own … the countries are perfectly aligned, Þrst best closure regulation cannot be implemented; (2) the more aligned the …
Persistent link: https://www.econbiz.de/10009636539
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International equity flows and returns
Albuquerque, Rui; Bauer, Gregory H.; Schneider, Martin - 2004
This paper considers the role of foreign investors in developed-country equity markets. It presents a quantitative model of trading that is built around two new assumptions: (i) both the foreign and domestic investor populations contain investors of different sophistication, and (ii) investor...
Persistent link: https://www.econbiz.de/10009636533
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Company car taxation : subsidies, welfare and environment
Naess-Schmidt, Sigurd (contributor) - Copenhagen Economics Aps - 2010
Persistent link: https://www.econbiz.de/10009640491
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Institutions and service employment
Messina, Julián - 2004
We live in a service economy, but the extent of development of service employment differs across developed countries. This paper assesses the role of structural factors and institutions in explaining the common patterns and main differences in the recent expansion of service employment in OECD...
Persistent link: https://www.econbiz.de/10009636543
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Liquidity requirements and payment delays
Schulz, Christian - 2011
The paper presents an analysis of the trade-offs of participants of different type between payment delay and liquidity requirement on the basis of synthetically generated data. The generation of the synthetic transaction data set for a simple RTGS system is described and calibrated using real...
Persistent link: https://www.econbiz.de/10009640617
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Regulatory effects of the amendment to the HwO in 2004 in German craftsmanship
Rostam-Afschar, Davud
Persistent link: https://www.econbiz.de/10011444990
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Developing statistical indicators of the integration of the euro area banking system
Manna,Michele - 2004
This paper discusses a wide range of indicators of the degree of integration of the euro area banking system. It is concerned with volume data, a less developed field of research compared with studies on prices/rates. We first set out a methodological framework, a mixture of elementary and more...
Persistent link: https://www.econbiz.de/10009636523
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Stylised features of price setting behaviour in Portugal
Dias, Mónica; Dias, Daniel; Neves, Pedro D. - 2004
This paper identifies the empirical stylized features of price setting behaviour in Portugal using the micro-datasets underlying the consumer and the producer price indexes. The main conclusions are the following: 1 in every 4 prices change each month; there is a considerable degree of...
Persistent link: https://www.econbiz.de/10009636702