The stock market is a powerful tool for controlling corporation’s behaviour. But what is best:
Stock market turnover and corporate governance
Alex Edmans, Vivian W Fang, Emanuel Zur, 16 February 2013
Basel liquidity rules and their impact on the interbank money market
Clemens Bonner, Sylvester Eijffinger, 13 October 2012
Before the financial crisis in 2008, asset markets were liquid and funding was easily available at low cost.
2nd MoFiR Workshop on Banking
7 - 8 March 2013, Ancona (Italy)
The aim of the 2nd MoFiR Workshop on Banking is to bring together scholars in banking and finance to discuss the causes, transmission mechanisms, and consequences of the crisis, focusing also on the policy implications for the current situation and the potential reforms.
The organizing committee invites the submission of full papers or extended abstracts on the following themes:
• Financial sector fragility, contagion, safety nets, and crises;
• The (dis-)advantages of cross-border banking;
• Liquidity management and provision by financial intermediaries;
• Banks’ organizational models, informational asymmetries and distance;
• Bank lending, entrepreneurial finance and firm growth;
• Experiments in banking.
- Andrea F. Presbitero
- Ancona (Italy)
- Open attendance
- Università Politecnica delle Marche and MoFiR
- More information:
Disclaimer: Vox is not responsible for the accuracy of this information.
Next-generation system-wide liquidity stress testing
Christian Schmieder, Heiko Hesse, Benjamin Neudorfer, Claus Puhr, Stefan W Schmitz, 1 February 2012
Bank liquidity was traditionally viewed as of equal importance to solvency. Liquidity risks are inherent in maturity transformation, ie the usual long-term maturity profile of banks’ assets and short-term maturities of liabilities. Banks have commonly relied on retail deposits, and, to some degree, on long-term wholesale funding as supposedly stable sources of funding.
Can shadow banking be addressed without the balance sheet of the sovereign?
Zoltan Pozsar, 16 November 2011
The shadow banking system – the name given to the financial infrastructure that exists outside the regulator’s remit – has been much in the news since the global financial crisis (see recent Vox contributions Acharya 2011 and Acharya et
Contingent liquidity: A proposal to reduce liquidity risk
Sergio Nicoletti-Altimari, Carmelo Salleo, 11 June 2010
The financial crisis that started in 2007 unveiled the fragility of the market for liquidity and how this was underestimated by market participants and regulators alike. Liquidity risk is particularly deceitful because it carries an externality with potentially large systemic implications.
Liquidity, default, and market regulation
Charles A.E. Goodhart, Dimitri Tsomocos, 12 November 2009
Liquidity and default have frequently been regarded as two separable concepts. Our view, instead, is that these two concepts are inherently intertwined; you cannot have one without the other. For example, if no one ever defaulted and was without any credit risk, then everyone’s IOU would be perfectly acceptable in payment.
Transmission of liquidity shocks: Evidence from the 2007 subprime crisis
Brenda González-Hermosillo, Heiko Hesse, Nathaniel Frank, 13 September 2008
The rapid transmission of the US subprime mortgage crisis to other financial markets in the US and abroad during the second half of 2007 raises some important questions:
Exploding commodity prices, lax monetary policy, and sovereign wealth funds
Guillermo Calvo, 20 June 2008
Oil, metals, and now food prices are heading to the sky with a virulence that is hard to rationalise on the basis of world output growth – not even on the basis of China’s and India’s fast growth, let alone the expected global slowdown.
The crisis, information, and the market
Xavier Vives, 13 May 2008
The current financial crisis, as other previous crises, raises concerns about the irrationality of traders and other decision makers. How can it be that a modern interbank market blocks in gridlock? Why do sound banks suffer for the sins that other banks have committed? What explains contagion from a risky to a supposedly safe market?
- Fiscal consolidation: At what speed?Blanchard, Leigh
- Public debt and economic growth, one more timePanizza, Presbitero
- Escaping liquidity traps: Lessons from the UK’s 1930s escapeCrafts
- The lessons of the North Atlantic crisis for economic theory and policyStiglitz
- Do entrepreneurs matter?Becker, Hvide
- A tale of two depressions: What do the new data tell us? February 2010 updateEichengreen, O’Rourke
- Educated in America: College graduates and high school dropoutsHeckman, LaFontaine
- Eurozone breakup would trigger the mother of all financial crisesEichengreen
- Debt, deleveraging, and the liquidity trap: A new modelKrugman
- Panic-driven austerity in the Eurozone and its implicationsDe Grauwe, Ji
Reichlin, Baldwin, 14 April 2013
CEPR Policy Research
- Political Credit Cycles: The Case of the Euro ZoneFernández-Villaverde, Garicano, Santos
- Winning by Losing: Incentive Incompatibility in Multiple QualifiersDagaev, Sonin
- Income and schoolingBrückner, Gradstein
- Monetary Policy and Rational Asset Price BubblesGalí
- Does Supporting Passenger Railways Reduce Road Traffic Externalities?Lalive, Luechinger, Schmutzler
- How the EZ crisis is permanently changing EU institutionsMicossi
- WTO 2.0: Global governance of supply-chain tradeBaldwin
- Is US economic growth over? Faltering innovation confronts the six headwindsGordon
- The economic crisis: How to stimulate economies without increasing public debtWood
- Austerity: Too Much of a Good Thing?Corsetti