Optimal Regulation of a Fully Insured Deposit Banking System
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Xavier Freixas; Emmanuelle Gabillon; Resumen : We analyze risk sensitive incentive compatible deposit insurance in the presence of private information when the market value of deposit insurance can be determined using Mer...
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Bank versus Venture Capital
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Masako Ueda; Resumen : Why do some start-up firms raise funds from banks and others from venture capitalists? To answer this question, I develop a model of start-up financing when intellectual property rights are not well...
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The Speed of the Financial Revolution: Evidence from Hoare's Bank
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Peter Tenim; Joachim Voth; Resumen : Finance is important for development, yet the onset of modern economic growth in Britain lagged the British financial revolution by over a century. We present evidence from a new West-...
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The Choice of the Form of Representation in Multinational Banking: Evidence from Spain
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Josep Garcia Blandón; Resumen : This paper investigates foreign direct investment in the banking sector. The attention has been addressed to test the importance of OLI advantages as the determinants of the bank's decision...
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Cross-Border Banking in Europe: An Empirical Investigation
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Josep García Blandón; Resumen : This paper investigates bilateral trade in banking services within the European Union. The attention has been addressed to two main issues. First, to test the bank's motivations for setting...
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The Timing of Foreign Direct Investment under Uncertainty: Evidence from the Spanish Banking Sector
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Josep Garcia Blandón; Resumen : This paper investigates the timing of foreign direct investment (FDI) in the banking sector. The importance of this issue would arise from the existence of differential benefits associated ...
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Credit Rationing and Crowding Out During the Industrial Revolution: Evidence from Hoare's Bank, 1702-1862
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Peter Tenim; Joachim Voth; Resumen : Crowding-out during the British Industrial Revolution has long been one of the leading explanations for slow growth during the Industrial Revolution, but little empirical evidence exis...
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La crisis financiera en Venezuela
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- Antecedentes. Circunstancias que envolvieron la crisis de 1994-1995. Objetivos Básicos De La Superintendencia -Reestructuración (1995). Las instituciones financieras están en el negocio de la selección y manejo de riesgos, debiendo el banquero asumir desde la intermediación de baja contingencia y ...
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Instituciones Financieras
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Superintendencia de bancos. Fondo de garantia de depósito y protección. Fondo monetario internacional. Banco mundial. Lectura adicional.~~A medida que el mundo fue evolucionando las personas han buscado la mejor manera de cuidar su dinero, de hacerlo producir, de tenerlo en un lugar seguro y donde p...
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Attribution and Reciprocity in a Simulated Labor Market: An Experimental Investigation
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Gary Charness; Resumen : While papers such as Akerlof and Yellen (1990) and Rabin (1993) argue that psychological considerations such as fairness and reciprocity are important in individual decision-making, there is littl...
Surviving in a Competitive Spatial Market: The Threshold Capture Model
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Daniel Serra; Charles Revelle; Ken Rosing; Resumen : Most facility location decision models ignore the fact that for a facility to survive it needs a minimum demand level to cover costs. In this paper we present a decisio...
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Effects of Employment Protection and Product Market Regulations on the Italian Labor Market
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Adriana Kugler; Giovanni Pica; Resumen : Labor market regulations have often being blamed for high and persistent unemployment in Europe, but evidence on their impact remains mixed. More recently, attention has turned to ...
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A Comparison of Stock Market Mechanisms
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Giovanni Cespa; Resumen : This paper studies the relationship between the amount of public information that stock market prices incorporate and the equilibrium behavior of market participants. The analysis is framed in a ...
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Flexible Multivariate GARCH Modeling with an Application to International Stock Markets
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Olivier Ledoit; Pedro Santa Clara; Michael Wolf; Resumen : The goal of this paper is to estimate time-varying covariance matrices. Since the covariance matrix of financial returns is known to change through time and is an...
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A Model of Market-Making
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Nicolaas J. Vriend; Resumen : The two essential features of a decentralized economy taken into account are, first, that individual agents need some information about other agents in order to meet potential trading partner...
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Judges' Cognition and Market Order
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Benito Arruñada; Veneta Andonova; Resumen : We argue that during the crystallization of common and civil law in the 19th century, the optimal degree of discretion in judicial rulemaking, albeit influenced by the comparati...
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Wage Inequality in a Frictional Labor Market
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Joel Shapiro; Resumen : Wage inequality in the United States has grown substantially in the past two decades. Standard supply-demand analysis in the empirics of inequality (e.g.Katz and Murphy (1992)) indicates that we ma...
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A Dilution Cost Approach to Financial Intermediation and Securities Markets
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Patrick Bolton; Xavier Freixas; Resumen : This paper proposes a model of financial markets and corporate finance, with asymmetric information and no taxes, where equity issues, Bank debt and Bond financing may all co-exis...
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Market Institutions and Judicial Rulemaking
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Benito Arruñada; Veneta Andonova; Resumen : Assuming that the degree of discretion granted to judges was the main distinguishing feature between common and civil law until the 19th century, we argue that constraining judi...
