Insider Trading and the Cost of Capital in a Multi-Period Economy
In order to clarify the economic rationale for the argument that insider trading undermines the "confidence" in financial markets, this paper studies...
Institutional Separation between Supervisory and Monetary Agencies
The paper investigates whether monetary policy and banking supervision should be separated, or not. It starts with a historical evolution of the...
A Note on the Proposal for a Council Directive on Deposit Guarantee Schemes
Download not available
Financing and Development in Eastern Europe and the Former Soviet Union
Download not available
Banking and Industry in Japan
This paper contains a review the history of the Japanese economy since 1931.
A Theory of Debt Based on the Inalienability of Human Capital
Consider an entrepreneur who needs to raise funds from an investor, but cannot commit not to withdraw his human capital from the project. The...
Diffusion of Technical Change and the Identification of the Trend Component in Real GNP
The paper analyzes identification issues raised by general dynamic specifications of the trend, as opposed to the conventional random walk, in both...
The Relative Importance of Permanent and Transitory Components: Identification and some Theoretical Bounds
Much macroeconometric discussion has recently emphasized the economic significance of the size of the permanent component in GNP. Consequently, a...
Auction and Dealership Markets: What is the Difference?
In the 1980s, the practice of listing stocks in several exchanges has become more frequent, and as a result investors have gained access to...
Central Bank Forex Intervention Assessed in Continuous Time
This paper looks at some of the principal characteristics of foreign exchange intervention by central banks. The approach is novel in that virtually...
