In this paper, the author considers sovereign debt in the form of one-period government bonds with default risk, which can be purchased by and traded among domestic and foreign investors. She shows that the "good equilibrium" is the only stable equilibrium under some quite general assumptions,...

We analyze securities trading by banks and the associated spillovers to the supply of credit.Empirical analysis has been elusive due to the lack of securities register for banks. We use a unique, proprietary dataset that has the investments of banks at the security level for 2005-2012 in...

Introduction: the ethnography of noise in electronic finance -- Noise in financial markets -- How does one become a trader? -- Taking on the market: competitions and spectacle in trading -- Rituals and illusions of the trading screen -- Talk in trading, talk for trading, talk of trading: group...