Browsing Department of Economics (ECO) by Author "CARLETTI, Elena"

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Browsing Department of Economics (ECO) by Author "CARLETTI, Elena"

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    Title: Deposits and bank capital structure  Author(s): ALLEN, Franklin; CARLETTI, Elena Date: 2013 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: In a model with bankruptcy costs and segmented deposit and equity markets, we endogenize the choice of bank and firm capital structure and the cost of equity and deposit finance. Despite risk neutrality, equity capital is ...
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    Title: Governance for the Eurozone. Integration or disintegration?  Author(s): ALLEN, Franklin; CARLETTI, Elena; SIMONELLI, Saverio Date: 2012 Type of Publication: Book
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    Title: Financial Intermediation, Markets, and Alternative Financial Sectors  Author(s): ALLEN, Franklin; CARLETTI, Elena; QIAN, Jun 'QJ'; VALENZUELA, Patricio Date: 2012 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: 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 ...
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    Title: Credit Market Competition and Liquidity Crises  Author(s): CARLETTI, Elena; LEONELLO, Agnese Date: 2012 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: We develop a two-period model where banks invest in reserves and loans, and are subject to aggregate liquidity shocks. When banks face a a shortage of liquidity, they can sell loans on the interbank market. Two types of ...
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    Title: The Economic Impact of Merger Control Legislation  Author(s): CARLETTI, Elena; HARTMANN, Philipp; ONGENA, Steven Date: 2012 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: We construct a unique dataset of legislative reforms in merger control legislation that occurred in nineteen industrial countries in the period 1987-2004, and investigate the economic impact of these changes on stock prices. ...
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    Title: The Financial Implications of a Banking Union  Author(s): ALLEN, Franklin; CARLETTI, Elena; GIMBER, Andrew Date: 2012 Type of Publication: Contribution to book Abstract: 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.
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    Title: Resolving the African Financial Development Gap: Cross-country comparisons and a within-country study of Kenya  Author(s): ALLEN, Franklin; CARLETTI, Elena; CULL, Robert; QIAN, Jun; SENBET, Lemma; VALENZUELA, Patricio Date: 2012 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: With extensive country- and firm-level data sets we first document that the financial sectors of most sub-Saharan African countries remain significantly underdeveloped by the standards of other developing countries. We ...
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    Title: Money, Financial Stability and Efficiency  Author(s): ALLEN, Franklin; CARLETTI, Elena; GALE, Douglas Date: 2012 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: Most analyses of banking crises assume that banks use real contracts. However, in practice contracts are nominal and this is what is assumed here. We consider a standard banking model with aggregate return risk, aggregate ...
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    Title: Money, Financial Stability and Efficiency  Author(s): ALLEN, Franklin; CARLETTI, Elena; GALE, Douglas Date: 2011-01-16 Type of Publication: Working Paper Series/Report no.: Wharton Financial Institutions Center Abstract: Most analyses of banking crises assume that banks use real contracts. However, in practice contracts are nominal and this is what is assumed here. We consider a standard banking model with aggregate return risk, aggregate ...
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    Title: What Should Central Banks do about Real Estate Prices?  Author(s): ALLEN, Franklin; CARLETTI, Elena Date: 2011-01-01 Type of Publication: Working Paper Series/Report no.: Wharton Financial Institutions Center Abstract: Many central banks use inflation targeting as the basis for their monetary policy. The underlying notion of this approach is that there are no long term benefits in terms of reduced unemployment from having inflation. ...
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    Title: Money, Financial Stability and Efficiency  Author(s): ALLEN, Franklin; CARLETTI, Elena; GALE, Douglas Date: 2011-01-01 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: Most analyses of banking crises assume that banks use real contracts. However, in practice contracts are nominal and this is what is assumed here. We consider a standard banking model with aggregate return risk, aggregate ...
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    Title: Life in the Eurozone With or Without Sovereign Default?  Author(s): ALLEN, Franklin; CARLETTI, Elena; CORSETTI, Giancarlo Date: 2011 Type of Publication: Book Abstract: The European University Institute and the Wharton Financial Institutions Center held a conference in Florence, Italy in April 2011 that brought together leading economists, lawyers, historians and policy makers to discuss ...
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    Title: Liquidity and Crises  Author(s): ALLEN, Franklin; CARLETTI, Elena; KRAHNEN, Jan Pieter; TYRELL, Marcel Date: 2011 Type of Publication: Book Abstract: Financial crises have been pervasive for many years. Their frequency in recent decades has been double that of the Bretton Woods Period (1945-1971) and the Gold Standard Era (1880-1993), comparable only to the period during ...
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    Title: Deposit Insurance and Risk Taking  Author(s): ALLEN, Franklin; CARLETTI, Elena; LEONELLO, Agnese Date: 2011 Type of Publication: Article Abstract: We review the theory of deposit insurance, highlighting the underlying assumptions that were not satisfied during the recent financial crisis and that may have led to serious policy mistakes. In theoretical models, deposit ...
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    Title: Cross-Border Banking in Europe: Implications for Financial Stability and Macroeconomic Policies  Author(s): ALLEN, Franklin; BECK, Thorsten; CARLETTI, Elena; LANE, Philip R.; SCHOENMAKER, Dirk; WAGNER, Wolf Date: 2011 Type of Publication: Book Abstract: Understanding the role of banks in cross-border finance has become an urgent priority. Cross-border banks have played a central role in the dynamics of the global crisis of 2007-2009. First, European banks had a surprisingly ...
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    Title: Asset Commonality, Debt Maturity and Systemic Risk  Author(s): ALLEN, Franklin; BABUS, Ana; CARLETTI, Elena Date: 2010-11-20 Type of Publication: Working Paper Series/Report no.: Wharton Financial Institutions Center Abstract: We develop a model where financial institutions swap projects in order to diversify their individual risk. This can lead to two dfferent asset structures. In a clustered structure groups of financial institutions hold ...
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    Title: The African Financial Development Gap  Author(s): ALLEN, Franklin; CARLETTI, Elena; CULL, Robert; QIAN, Jun 'QJ'; SENBET, Lemma Date: 2010-10-01 Type of Publication: Working Paper Series/Report no.: Wharton Financial Institutions Center Abstract: Economic growth in Africa has long been disappointing. We document that the financial sectors of most sub-Saharan African countries remain significantly underdeveloped by the standards of other developing countries. We ...
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    Title: Financial Connections and Systemic Risk  Author(s): ALLEN, Franklin; BABUS, Ana; CARLETTI, Elena Date: 2010 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: 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 ...
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    Title: Financial Connections and Systemic Risk  Author(s): ALLEN, Franklin; BABUS, Ana; CARLETTI, Elena Date: 2010 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: 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 ...
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    Title: The African Financial Development Gap  Author(s): ALLEN, Franklin; CARLETTI, Elena; CULL, Robert; QIAN, Jun 'QJ'; SENBET, Lemma Date: 2010 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: Economic growth in Africa has long been disappointing. We document that the financial sectors of most sub-Saharan African countries remain significantly underdeveloped by the standards of other developing countries. We ...