[PDF] Top 20 Essays on Financial Intermediation

... A common feature of existing studies is that they rely on survey data to measure access, usage of financial services, and economic outcomes. However, surveys may not be representative and suffer from reporting ... See full document

... who examines the asset pricing implications of firms’ financial constraints. However, for the existing investment-based literature (e.g., Cochrane (1991, 1996), Gomes et al. (2006), among others), financial ... See full document

... which financial markets and institutions affect the real economy at the firm ...“Contemporaneous Financial Intermediation - How DLT Changes the Cross-Border Payment Landscape”) specifically deals ... See full document

... Therefore, more controls are applied to minimize the risk of incorrect inferences (i. e. type I error). Firstly, I control for firm-year fixed effects. The firm-year fixed effects will captures all possible firm ... See full document

... purchase financial claims on goods producing firms at home and ...and financial variables: First, balance sheet exposure to foreign assets enables a direct transmission of shocks across borders via the ... See full document

... The e¤ect is even more signi…cant than for the boom period, as if we compare counties in the top versus the bottom decile of presence of national banks in states with anti-predatory laws[r] ... See full document

... This strategy of a bank’s asset and liability reorganization to improve its profitability works well as long as the market condition for the inter-bank borrowing is favorable. In other words, if the transactions among ... See full document

... not take into consideration adverse selection or moral hazard. Since risk-shifting problems are perhaps the most important motivation for capital regulation, their settings do not provide implications for regulating the ... See full document

... optimal financial regulation, which contribute to studies on the expanded regulation on shadow ...fostering financial innovation and accumulating systemic risk and the optimal shadow bank regulation is ... See full document

... other financial institutions, but because many financial institutions have sold CDS protection on ...other financial institutions who were unaware of AIG’s ... See full document

... Some of the developments made in the circuit of capital model literature regarding the necessity of credit in the macro economy are also worth noting. With a different modeling approach, Kotz (1991) derives a stronger ... See full document

... the financial crisis, a supervisory exercise in the form of the one-off stress test, Supervisory Capital Assesment Program (SCAP), was implemented and bank-specific results disclosed in May ... See full document

... of financial institutions and the stability of the financial system and economy as a ...the financial system as a whole, particularly in times of systemic stress? We empirically address these policy ... See full document

... In these three chapters, I have explored various aspects of modern banking. Each issue addressed has relevance when considering what the next ten or so years hold for banks. The first chapter explores an area of key ... See full document

... Remember that constructive ambiguity was defined "with regard to how, when and whether" the banks are bailed out. The analysis in Chapters 2 and 3 shows that a crucial difference may appear between these cases ... See full document

... numerous financial resource, which unfortunately, the latter have invested less in lending and more in funding the needs of the state, through the purchase of stocks and ... See full document

... Графіки, зображені на рисунку 3 показують, що інтенсивність прямих іноземних інвестицій не пов'яза- на із динамікою торгів цінними паперами, що свідчить про низьку довіру інозем[r] ... See full document

... in financial markets and problems associated with large financial institutions in developed ...traditional financial system, and especially a large and efficient market with multiple types of ... See full document

... bank-oriented financial systems and that, in the process of development, a gradual evolution towards a more market- oriented system ...functioning financial markets can help explain the evolution towards a ... See full document

... Financial intermediation is costly; costs arise from asymmetric information between the lender and the borrower. If borrower’s choice of the project can only be known with a noise (by the lender) then it is ... See full document