adb working paper series on regional economic integration

Ngày tải lên: 22/03/2014, 20:20

... selection. Our paper differs both in its focus on financial innovations, and incorporation of fixed costs of creating contracts. The remainder of the paper is organized as follows. Section 1.1 ... Competition in Markets with Adverse Selection.” European Economic Review 31: 3 19–325. Hunt, Robert A. 2006. “The Development and Regulation of Consumer Credit Re- porting in America.” In The Economics ... information (Section 3.1). 4 Implications of Financial Innovations In this section, we analyze the model implications for three channels via which financial innovations could impact consumer credit:...

Ngày tải lên: 06/03/2014, 08:20

... experienced a decade of economic prosperity followed by more than a year of weak economic conditions. For the past few months we have seen clear indication that economic conditions are improving ... necessarily constitute a violation of the purdah guideline by FOMC members. There are a number of reasons why a 26 ECB Working Paper Series No 868 February 2008 McDonough, 19.05.99 One day after ... beyond what is sustainable." "In this environment, continuing to operate beyond potential carries increasing inflation risk, and risk that this long, benevolent period of U.S. economic...

Ngày tải lên: 06/03/2014, 09:22

... knowledge of the dynamic relationships between the situation of the …nancial sector, credit provision, real economic activity and in‡ation. 19 ECB Working Paper Series No 1150 January 2010 Table ... growth on loans growth ECB Working Paper Series No 1150 January 2010 27 Working PaPer SerieS no 1118 / november 2009 DiScretionary FiScal PolicieS over the cycle neW eviDence baSeD on the ... posi- tive money demand shock in any one of the euro area member states. If households 5 ECB Working Paper Series No 1150 January 2010 3 ECB Working Paper Series No 1150 January 2010 Abstract 4 Non-technical...

Ngày tải lên: 15/03/2014, 10:20

... electronically, in whole or in part, is permitted only with the explicit written authorisation of the ECB or the authors. Information on all of the papers published in the ECB Working Paper Series ... risk). We are thus confident that the regressions are not picking 41 ECB Working Paper Series No 1272 December 2010 Stein, J. C. (2002): “Information Production and Capital Allocation: Decentralized versus ... Prevention and Resolution, the European Finance Association Conference, the Reserve Bank of Chicago Conference on Bank Structure and Competition, the German Finance Association (best paper award) and...

Ngày tải lên: 15/03/2014, 10:20

... Standard deviation Returns Standard deviation non- parametric parametric non- parametric parametricnon- parametric parametric non- parametric parametricnon- parametric parametric non- parametric parametric Notes: ... contains information on 367 FSRs. The increasing tendency of 29 ECB Working Paper Series No 1332 April 2011 Figure 3: Predicted versus actual evolution of stock markets after communication ... returns on the day prior to the event, the second row on the 2 days prior to the event, and so on. Standard deviations are calculated for time windows exceeding 3 days. The non-event comparison...

Ngày tải lên: 15/03/2014, 10:20

Ngày tải lên: 22/03/2014, 21:20

Ngày tải lên: 29/03/2014, 13:20

... Europe OECD Non-Europe OECD Non-Europe Ex. US OECD Europe OECD Non-Europe OECD Non-Europe Ex. US 10 ECB Working Paper Series No. 441 February 2005 Figure 2: Unemployment and the NAIRU (cont.) Ireland 1979 ... Layard (1991) "Does Long-Term Unemployment Reduce a Person’s Chance of a Job? A Time Series Test," Economica, Vol. 58(229), pp. 93-106. 36 ECB Working Paper Series No. 441 February 2005 ... explanation to the results in Table 8a is that the estimation is only capturing the indirect impact of institutions on weights through their impact on long-term unemployment. That is, the institutions...

Ngày tải lên: 24/10/2012, 09:11

... their estimation results. They are available upon request 23 ECB Working Paper Series No. 432 January 2005 3 ECB Working Paper Series No. 432 January 2005 CONTENTS Abstract 4 Non-technical summary ... Return Response Accumulated response(low intensity) Accumulated response (High intensity) 44 ECB Working Paper Series No. 432 January 2005 of a one million 'buy' trade on the EuroMTS ... among market makers on the London Stock Exchange. They ¯nd an important role for inventory control as most of these trades are used to reverse positions. In addition, the mean reversion component...

Ngày tải lên: 16/02/2014, 02:20

... significant. 20 ECB Working Paper Series No. 398 October 2004 3 ECB Working Paper Series No. 398 October 2004 CONTENTS Abstract 4 Non-technical summary 5 1. Introduction and motivation 7 2. Strategic ... orientation. These findings fit well with the process of financial consolidation observed in recent years in the European Union. 26 ECB Working Paper Series No. 398 October 2004 35 ECB Working Paper ... evolution of post-acquisition practices in the U.S. banking industry, University of Pennsylvania, The Wharton School Working Paper Series 10. 30 ECB Working Paper Series No. 398 October 2004 ...

Ngày tải lên: 06/03/2014, 09:22

... satisfied. 13 ECB Working Paper Series No. 407 November 2004 5.1.1 Banking consolidation Banking consolidation can be understood in the model as a large bank buying one or more several small banks. The consequences ... action and information set. The Frankfurt or London policy contracts are indeed constrained optimal. T he intuition is that the bank can not compensate the credit officer in a stationary context ... proposition, consequently the same result arises in the constrained optimal contract. The following proposition formally summarizes the result: Proposition 2 (Constrained Optimal Contract) The solution...

Ngày tải lên: 06/03/2014, 09:22

... and Polonchek (1999) find regional “com peti- tive effects” in response to dividend reduction a n d regulatory action announcements. Non-monotonicity of contamination functions might also occur for ... emerged from consolidation. And the risk seems to pic k up aroun d 1997, similar to our bre ak points. Hence, banking con solidation ma y be one important explanation for a higher con tagion risk w ... the conditioning set on the righ t-h and side. For example, the conditioning b anks do not necessarily ha ve to be a subset of the bank set on the left-hand side. M oreover, the cond itioning...

Ngày tải lên: 06/03/2014, 09:22

... 34?>B8C>AB C> <>=8C>A 10=:4AB WORKING PAPER SERIES NO 845 / DECEMBER 2007 RUN-PRONE BANKING AND ASSET MARKETS by Marie Hoerova 35 ECB Working Paper Series No 845 December 2007 B>;4;H ... specialize into liquidity provision, which constitutes their comparative advantage. Also, banks economize on liquid asset holdings. 39 ECB Working Paper Series No 845 December 2007 825 “What ... 2007. 834 “International frictions and optimal monetary policy cooperation: analytical solutions” by M. Darracq Pariès, November 2007. 835 “US shocks and global exchange rate confi gurations” by M. Fratzscher,...

Ngày tải lên: 06/03/2014, 09:22

... communication matter: nonstationarity (whether of the economy or the policy rule), the learning that is a natural concomitant of such an environment, and either non-rational expectations or asymmetric ... Journal of Monetary Economics, 53(8): 1815- 55. Angeriz, Alvaro, and Philip Arestis. Forthcoming. “Assessing inflation targeting through intervention analysis.” Oxford Economic Papers. Archer, ... Disinflations.” NBER Working Paper 12982. 18 ECB Working Paper Series No 898 May 2008 3. Central bank communication in practice Many central banks with similar monetary policy objectives nonetheless...

Ngày tải lên: 15/03/2014, 10:20

... interaction with monetary policy is no longer 23 ECB Working Paper Series No 1075 July 2009 Kashyap A.K., Stein J. C. and Wilcox D.W. (1993), “Monetary Policy and Credit Conditions: Evidence ... Inference and its Applications, New York, John Wiley and Sons. Romer C.D. and Romer D.H. (1990), “New Evidence on the Monetary Transmission Mechanism”, Brooking Paper on Economic Activity, No. 1, ... H.S., (2001), “An Academic Response to Basel II”, Working Paper, FMG and ESRC, London. Danielsson, J., Shin H.S. and Zigrand J.P. (2004), “Impact of Risk Regulation on Price Dynamics”, Journal...

Ngày tải lên: 15/03/2014, 10:20

... correlations correspond to those typically found for non-financial firms. Table III (Correlations) 9 See also Table 1 in Lemmon et al. (2008) for similar information. 12 ECB Working Paper Series ... Demirguc-Kunt, E. Kane and L. 46 ECB Working Paper Series No 1096 Septembre 2009 Appendix II. Macroeconomic controls and U.S EU differences Macroeconomic effects may be more important for ... managers on firm policies, Quarterly Journal of Economics 118, 1169-1208. Blundell, R. and Bond, S. (1998) Initial conditions and moment restrictions in dynamic panel data models, Journal of Econometrics...

Ngày tải lên: 15/03/2014, 10:20

... real economic variables: GDP, investment, non-residential investment, residential investment and private consumption (not reported). 15 ECB Working Paper Series No 1160 February 2010 Working PaPer ... bond market (de Bondt, 2004), we use also as control variable the BBB non-financial corporate bond spread. One should keep in mind that this variable, in contrast to the BLS responses, is only ... and maturity. These non-price conditions and terms capture non-price loan supply-related factors. The use of this information distinguishes this paper from the papers mentioned earlier featuring...

Ngày tải lên: 15/03/2014, 10:20

Ngày tải lên: 15/03/2014, 10:20

Ngày tải lên: 15/03/2014, 10:20