Title:Financial Connections and Systemic Risk
Author(s):ALLEN, Franklin; BABUS, Ana; CARLETTI, ElenaDate:2010Type of Publication:Working PaperSeries/Report no.:EUI ECOAbstract:We develop a model where institutions form connections through swaps of projects
in order to diversify their individual risk. These connections lead to two different network
structures. In a clustered network groups of ...
Title:Financial Connections and Systemic Risk
Author(s):ALLEN, Franklin; BABUS, Ana; CARLETTI, ElenaDate:2010Type of Publication:Working PaperSeries/Report no.:EUI ECOAbstract:An important source of systemic risk is overlapping portfolio exposures among financial institutions. We develop a model where institutions form connections through swaps of projects in order to diversify their individual ...
Title:Financial Constraints, Financial Shocks, and Business Cycle Accounting
Author(s):RIMARCHI, MassimilianoDate:2012Type of Publication:ThesisSeries/Report no.:EUI PhD thesesAbstract:This thesis features three closely related chapters investigating the role of the investment wedge in affecting macroeconomic fluctuations. The first chapter shows that the Business Cycle Accounting (BCA) methodology is ...
Title:Financial Crises and International Trade: The Long Way to Recovery
Author(s):BERMAN, NicolasDate:2009Type of Publication:Working PaperSeries/Report no.:EUI ECOAbstract:Standard theoretical models would predict that a currency depreciation generates an increase in net exports. However, recent emerging market crises, accompanied by sharp exchange rate devaluations, have often been followed ...
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 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 Reform in Socialist Economies
Author(s):KESSIDES, Christine; KING, Timothy; NUTI, Domenico Mario; SOKIL, CatherineDate:1989Type of Publication:Book