Author: Tamás László Bátyi
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Category :
Languages : en
Pages : 0
Book Description
Essays in Information Frictions and Financial Markets
Author: Tamás László Bátyi
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Category :
Languages : en
Pages : 0
Book Description
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Category :
Languages : en
Pages : 0
Book Description
Essays on Capital Markets with Information Frictions
Author: 孫軼博
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Category : Capital market
Languages : en
Pages : 0
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Category : Capital market
Languages : en
Pages : 0
Book Description
Essays on Information and Frictions in Financial Markets
Author: Yueyang Han
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Category :
Languages : en
Pages :
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Category :
Languages : en
Pages :
Book Description
Three Essays on Frictions in Financial Markets
Author: Yifei Wang
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Category :
Languages : en
Pages : 0
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Category :
Languages : en
Pages : 0
Book Description
Essays on Financial Markets with Frictions
Author: Mark Victor Loewenstein
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Category :
Languages : en
Pages : 152
Book Description
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ISBN:
Category :
Languages : en
Pages : 152
Book Description
Essays on Information Production and Information Use in Financial Markets
Author: Amit Solomon
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Category :
Languages : en
Pages : 240
Book Description
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ISBN:
Category :
Languages : en
Pages : 240
Book Description
Essays on Financial Frictions and Business Cycles
Author: Yankun Wang
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ISBN:
Category :
Languages : en
Pages : 79
Book Description
In this dissertation I explore the relationship between the frictions in a country's financial market and its business cycle movements. It is well known that the financial market is far from perfect, and shocks originating in such market could have sizable impact on the real economy. On the other hand, evolvement in the financial market could also be a reflection of the real economy. For example, economic downturn often leads to high borrowing cost for a country in the international financial market. The essays in this dissertation present an analysis of this two-way relationship, both qualitatively and quantitatively. The first essay studies the link between country credit spreads - defined as the difference between a home country's cost of borrowing from the international credit market and the world riskless interest rate - and the domestic business cycle fluctuations. By combining both empirical and theoretical analysis, this essay shows that deteriorating credit markets are both reflections of a declining economy and a major factor that depresses economic activity. This study uses a quarterly dataset over the period 1972Q1 to 2010Q1 for South Korea. The second essay probes the importance of financial shocks in creating business cycles in the United States. It starts from a theoretical dynamic stochastic generating equilibrium model, which identifies positive financial shocks as those that drag down the corporate net worth while raising domestic output. An empirical analysis later uses this property to identify financial shocks and study their importance in creating business cycle movement for the U.S. in the past fifty years. This property is in stark contrast to technological shocks, which raise both corporate net worth and total output.
Publisher:
ISBN:
Category :
Languages : en
Pages : 79
Book Description
In this dissertation I explore the relationship between the frictions in a country's financial market and its business cycle movements. It is well known that the financial market is far from perfect, and shocks originating in such market could have sizable impact on the real economy. On the other hand, evolvement in the financial market could also be a reflection of the real economy. For example, economic downturn often leads to high borrowing cost for a country in the international financial market. The essays in this dissertation present an analysis of this two-way relationship, both qualitatively and quantitatively. The first essay studies the link between country credit spreads - defined as the difference between a home country's cost of borrowing from the international credit market and the world riskless interest rate - and the domestic business cycle fluctuations. By combining both empirical and theoretical analysis, this essay shows that deteriorating credit markets are both reflections of a declining economy and a major factor that depresses economic activity. This study uses a quarterly dataset over the period 1972Q1 to 2010Q1 for South Korea. The second essay probes the importance of financial shocks in creating business cycles in the United States. It starts from a theoretical dynamic stochastic generating equilibrium model, which identifies positive financial shocks as those that drag down the corporate net worth while raising domestic output. An empirical analysis later uses this property to identify financial shocks and study their importance in creating business cycle movement for the U.S. in the past fifty years. This property is in stark contrast to technological shocks, which raise both corporate net worth and total output.
Essays on Financial Markets with Liquidity Frictions
Author: Martin Oehmke
Publisher:
ISBN: 9780549968290
Category :
Languages : en
Pages : 268
Book Description
The third chapter, joint work with Markus Brunnermeier, examines predatory short selling of equity in financial institutions. We show that when the stock of a leverage-constrained financial institution is shorted aggressively, this can trigger liquidations of long-term investments at fire-sale prices. Predatory short selling can emerge in equilibrium when a financial institution is (i) close to its leverage constraint (the vulnerability region) or (ii) violates its leverage constraint even in the absence of short selling (the constrained region). The model provides a potential justification for temporary restrictions on short selling for vulnerable institutions.
Publisher:
ISBN: 9780549968290
Category :
Languages : en
Pages : 268
Book Description
The third chapter, joint work with Markus Brunnermeier, examines predatory short selling of equity in financial institutions. We show that when the stock of a leverage-constrained financial institution is shorted aggressively, this can trigger liquidations of long-term investments at fire-sale prices. Predatory short selling can emerge in equilibrium when a financial institution is (i) close to its leverage constraint (the vulnerability region) or (ii) violates its leverage constraint even in the absence of short selling (the constrained region). The model provides a potential justification for temporary restrictions on short selling for vulnerable institutions.
Three Essays on the Consequences of Financial Market Frictions
Author: Andrada Bilan
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Category :
Languages : en
Pages :
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Category :
Languages : en
Pages :
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Essays on frictions in financial over-the-counter markets
Author: Shengxing Zhang
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Category :
Languages : en
Pages : 0
Book Description
Publisher:
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Category :
Languages : en
Pages : 0
Book Description