Title:Financial Crisis Resolution
Author(s):SCHROTH, JosefDate:2012Type of Publication:Working PaperSeries/Report no.:EUI MWPAbstract:This paper studies a dynamic version of the Holmstrom-Tirole model of intermediated finance. I show that competitive equilibria are not constrained efficient when the economy experiences a financial crises. A pecuniary ...
Title:Financial Factors, Rare Disasters and Macroeconomic Fluctuations
Author(s):GRUSS, BertrandDate:2010Type of Publication:ThesisSeries/Report no.:EUI PhD thesesAbstract:This thesis attempts to shed light on the role of financial factors and vulnerabilities in shaping macroeconomic fluctuations. It contributes to the literature that integrates financial factors into the real business cycle ...
Title:The Financial Implications of a Banking Union
Author(s):ALLEN, Franklin; CARLETTI, Elena; GIMBER, AndrewDate:2012Type of Publication:Contribution to bookAbstract:With calls for a banking union to resolve the issue of banking interdependence within the Eurozone, this paper explores the reasons behind such a policy, how it should be implemented and the possible ramifications.
Title:Financial integration and financial development in transition economies: What happens during financial crises?
Author(s):BREZIGAR-MASTEN, Arjana; CORICELLI, Fabrizio; MASTEN, IgorDate:2009Type of Publication:Working PaperSeries/Report no.:EUI RSCASAbstract:This paper provides an empirical analysis of the role of financial development and financial
integration in the growth dynamics of transition countries. We focus on the role of financial
integration in determining the ...
Title:Financial intermediation, house prices, and the distributive effects of the U.S. great recession
Author(s):MENNO, Dominik; OLIVIERO, TommasoDate:2013Type of Publication:Working PaperSeries/Report no.:EUI ECOAbstract:This paper quantifies the effects of credit spread and income shocks on aggregate house prices and households’ welfare. We address this issue within a stochastic dynamic general equilibrium model with heterogeneous households ...
Title:Financial Intermediation, Markets, and Alternative Financial Sectors
Author(s):ALLEN, Franklin; CARLETTI, Elena; QIAN, Jun 'QJ'; VALENZUELA, PatricioDate:2012Type of Publication:Working PaperSeries/Report no.:EUI ECOAbstract:We provide a comprehensive review of firms’ financing channels (internal and external, domestic and international) around the globe, with the focus on alternative finance—financing from all the nonmarket, non-bank external ...
Title:Financial Literacy and Portfolio Diversification
Author(s):GUISO, Luigi; JAPPELLI, TullioDate:2008Type of Publication:Working PaperSeries/Report no.:EUI ECOAbstract:In this paper we focus on poor financial literacy as one potential factor explaining lack of portfolio diversification. We use the 2007 Unicredit Customers’ Survey, which has indicators of portfolio choice, financial ...
Title:Financial Markets as a Commitment Device for the Government
Author(s):SIMON, JennyDate:2012Type of Publication:Working PaperSeries/Report no.:EUI MWPAbstract:How does the presence of financial markets shape the government's ability to implement social redistribution? Individuals do not typically constrain consumption to equal their net-of-tax income every period. Instead, access ...
Title:Financial Private Regulation and Enforcement
Author(s):MILLER, GeoffreyDate:2011Type of Publication:Working PaperSeries/Report no.:EUI RSCASAbstract:This paper considers the topic of private regulation and enforcement for internationally active financial services firms. The paper documents the following types of regulation and enforcement that involve significant private ...