Three Essays On Financial Markets And Banking
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Three Essays In Financial Markets And Banking
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Author : Xiangyi Xie Spencer
language : en
Publisher:
Release Date : 2016
Three Essays In Financial Markets And Banking written by Xiangyi Xie Spencer and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
Three Essays On Financial Markets And Banking
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Author : Christoph Bertsch
language : en
Publisher:
Release Date : 2013
Three Essays On Financial Markets And Banking written by Christoph Bertsch and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with Banks and banking categories.
This thesis comprises theoretical work on nancial markets and banking. The rst essay features a model of liquidity provision. I analyze how the severity of adverse selection problems in one market is a ected if alternative sources of nance, which are not subject to adverse selection problems, become more easily available. In particular, I nd that the adverse selection problem can be either mitigated or ampli ed, giving rise to new implications for equilibrium welfare, e ciency and policy. Furthermore, I examine how and under what conditions a central bank can address a market failure during a nancial crisis by using existing market institutions to re-allocate liquidity in the economy. The second essay develops a new contagion mechanism in coordination games. With our model we o er an explanation why a contagious spread of a crisis can occur even if agents learn that their country (or bank) is not exposed to crisis events elsewhere. What is more, we show that the likelihood of a spread of the crisis can be higher if agents learn that their country is not exposed to the crisis in the other country, than if agents stay uninformed about the actual exposure and believe that a cross-country exposure is possible. The third essay examines the e ect of state aid on the collective competitive behavior in a repeated-game setting. We consider an application to the banking sector and nd that a systematic bailout regime may increase the likelihood of (tacit) collusion in an industry characterized by idiosyncratic shocks. The reason being that state aid increases the expected pro ts from cooperation and simultaneously raises the probability that competitors will still be in business to carry out punishment against cheaters.
Three Essays On Financial Markets And Monetary Policy
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Author : Conglin Xu
language : en
Publisher:
Release Date : 2011
Three Essays On Financial Markets And Monetary Policy written by Conglin Xu and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.
Three Essays On The Economics Of Money Banking And Financial Markets
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Author : Lukas Altermatt
language : en
Publisher:
Release Date : 2019
Three Essays On The Economics Of Money Banking And Financial Markets written by Lukas Altermatt and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
Three Essays On Financial Market Innovation
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Author : Mondschean Thomas Herbert
language : en
Publisher:
Release Date : 1989
Three Essays On Financial Market Innovation written by Mondschean Thomas Herbert and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989 with categories.
Intervention Interest Rates And Charts
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Author : Mr.Mark P. Taylor
language : en
Publisher: International Monetary Fund
Release Date : 1991-11-01
Intervention Interest Rates And Charts written by Mr.Mark P. Taylor and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1991-11-01 with Business & Economics categories.
This paper contains essays on sterilized intervention, on covered interest rate parity, and on chartist analysis in financial markets. Each essay contains a definition, brief survey of the empirical evidence and overall assessment of each topic.
Three Essays On The Role Of Financial Markets And Pension Systems In Economic Growth
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Author : Jeannine N. Bailliu
language : en
Publisher:
Release Date : 1999
Three Essays On The Role Of Financial Markets And Pension Systems In Economic Growth written by Jeannine N. Bailliu and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Banks and banking categories.
Three Essays On Financial Markets And Monetary Policy
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Author : Abeba Siraj Mussa
language : en
Publisher:
Release Date : 2011
Three Essays On Financial Markets And Monetary Policy written by Abeba Siraj Mussa and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Economics categories.
The global financial crisis triggered by fallout form the sub-prime mortgage market in the U.S. has led economists to focus attention on the role of monetary policy in the crisis. The question of how monetary policy affects the financial sector is the key to the current debate over the role financial stability should play in the monetary policy decisions. As a contribution to this debate, my dissertation examines the link between monetary policy and three main financial sectors-the banking sector, the stock market, anf the housing market. The first essay examines whether the Federal Open Market Committee (FOMC) responded to changes in equity prices during the period 1966-2009. I distinguish the indirect response, where the FOMC reacts to equity prices only when equity prices affect its target variables, from the direct response, where the FOMC reacts to equity prices directly regardless of their effects on the target variables. In addition, the paper models the Federal Reserve's reaction function as state dependent, hypothesizing that the FOMC may respond to changes in asset prices asymmetrically during different states of the economy. The results show that the FOMC did respond directly to equity price changes when asset prices were falling. During non-bust periods, the FOMC did not respond directly to equity prices. It used information on equity prices to forecast target variables. The second essay investigates the effect of expansionary and contractionary monetary policy on the risk taking behavior of low-capital and high-capital banks. Using quarterly data on federally insured banks spanning the period from 1991 to 2010, the paper shows that expansionary policy caused high capital banks to take more risk. Capital constrained banks were not significantly affected by expansionary monetary policy. Contractionary monetary policy, however, is not effective in affecting the risk-taking behavior of both capital-constrained and unconstrained banks. The paper, therefore, confirms the hypothesis that expansionary policy is more effective in encouraging capital unconstrained banks to invest more in risky assets. The third essay examines the role of monetary policy on housing bubbles in the last three decades. A spatial dynamic model is used to explicity account for spatial cross-section dependence in the data. Using quarterly panel data on 48 contiguous U.S. states and the District of Columbia, the paper discovers that the housing bubbles across the U.S. are mainly driven by the local or state specific factors during the period 1976-2000. However, the prolonged low interest rate since the 2001 recession contributed to the run-up in house prices acrsss states.
Three Essays On International Banking
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Author : Rong Ma
language : en
Publisher:
Release Date : 2012
Three Essays On International Banking written by Rong Ma and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with Banks and banking categories.
Without question, global financial integration has accelerated in the last two decades. This acceleration is due, in part, to the opening of developing countries' financial markets to foreign banks, prompting many changes to financial systems in developing countries. This dissertation consists of three essays focusing on the impacts and the determinants of international banks' participation in the financial markets of developing countries. The first essay investigates whether banks with foreign owners are more willing to provide loans in the host country possibly contributing toward greater financial stability for that county. Specifically, I test whether foreign banks' lending behavior is different from domestic banks' behavior. Using a panel dataset with 1,643 commercial banks in 35 Asian and Latin American countries from 2000 to 2008, estimation reveals that foreign banks have not been more generous with respect to extending loans relative to domestic banks. Additionally, when grouping foreign banks by their geographic origins, a home region preference is found. International banks appear more likely to extend loans in markets located in their geographic region relative to markets in other areas of the globe. The second essay questions whether foreign ownership positively impacts bank performance. In addition I seek to understand which host characteristics affect bank performance. Bank-level data for 1600 commercial banks from 2000 through 2008 are used in estimation. Results suggest host countries' characteristics do affect the relative performance of foreign banks. While foreign ownership does not positively impact bank performance, foreign banks tend to outperform domestic banks in countries that are relatively closed and less competitive. Also, foreign banks do perform differently depending on their geographic origin. The third essay examines the impact of host characteristics and economic linkages on foreign bank entry into 30 Asian and Latin American countries. Of particular note is whether international migration from the bank host country to bank origin country influences foreign bank entry due to the networks it promotes. Using panel Tobit estimation, this study finds that international migration from developing to industrialized economies significantly promotes foreign bank presence in developing nations.
Three Essays On Microstructure And Institutional Investors Of Taiwan Financial Markets
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Author : Chi-hung Chang
language : en
Publisher:
Release Date : 2008
Three Essays On Microstructure And Institutional Investors Of Taiwan Financial Markets written by Chi-hung Chang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with categories.