Results 1 to 10 of about 69 (69)
Financial Connections and Systemic Risk [PDF]
SSRN Electronic Journal, 2010 We develop a model where institutions form connections through swaps of projects in order to diversify their individual risk. These connections lead to two different network structures. In a clustered network groups of financial institutions hold identical portfolios and default together. In an unclustered network defaults are more dispersed. With long
Ana Babus +3 more
openaire +10 more sources
Review of Financial Studies, 1997 Abstract A primary function of the financial system is to facilitate the transfer of resources from savers (“surplus units”) to those who need funds (“deficit units”). In a well-designed financial system, resources are efficiently allocated. The question we address is, what is the configuration of such a financial system?
Boot, A.W.A., Thakor, A.V.
openaire +4 more sources
Network valuation in financial systems [PDF]
Mathematical Finance, 2016 AbstractWe introduce a general model for the balance‐sheet consistent valuation of interbank claims within an interconnected financial system. Our model represents an extension of clearing models of interdependent liabilities to account for the presence of uncertainty on banks' external assets.
Marco D'Errico +7 more
openaire +9 more sources
Financial systems in financial crisis — An analysis of banking systems in the EU [PDF]
Intereconomics, 2014 This Forum aims to systematically describe and analyse the evolution of national financial systems within the EU over the past three decades. It analyses the processes of financialisation that have dominated this period as well as the causes and consequences of the financial crisis from the perspectives of five individual member states — Germany ...
Detzer, Daniel +13 more
openaire +3 more sources
Britain’s Financial System [PDF]
New Economy, 2002 Two years have now elapsed since the tech-stock share bubble burst – most notably on the NASDAQ in New York, but engulfing other high-tech markets as well. In Britain, as in other countries, the overall stock market environment has been relatively bearish in the intervening period.
openaire +3 more sources
The Tax System and the Financial Crisis [PDF]
SSRN Electronic Journal, 2011 This paper investigates the effects of the tax system on the economic factors that triggered the financial crisis. We examine three cases in which the tax regime interacted with these factors, reinforcing them. First, we focus on the taxation of residential building: while the importance of capital gains taxes is disputed, the deductibility of mortgage
Vieri Ceriani +4 more
openaire +6 more sources
The Financial Systems of Germany [PDF]
Journal of the Royal Statistical Society, 1912 n ...
openaire +3 more sources
On the Stability of Different Financial Systems [PDF]
SSRN Electronic Journal, 2003 An economy in which deposit-taking banks of a Diamond/ Dybvig style and an asset market coexist is modelled. Firstly, within this framework we characterize distinct financial systems depending on the fraction of households with direct investment opportunities that are less efficient than those available to banks.
openaire +6 more sources
Risks in China’s Financial System [PDF]
Annual Review of Financial Economics, 2018 Motivated by growing concerns about the risks and instability of China's financial system, this article reviews several commonly perceived financial risks and discusses their roots in China's politico-economic institutions. We emphasize the need to evaluate these risks within China's unique economic and financial systems, in which the state and ...
Song, Zheng (Michael), Xiong, Wei
openaire +3 more sources
The International Monetary and Financial System [PDF]
Annual Review of Economics, 2019 International currencies fulfill different roles in the world economy, with important synergies across those roles. We explore the implications of currency hegemony for the external balance sheet of the United States, the process of international adjustment, and the predictability of the US dollar exchange rate.
Maxime Sauzet +6 more
openaire +3 more sources