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Fhfa's Initiative To Reduce The Enterprises' Dominant Position In The Housing Finance System By Raising Gradually Their Guarantee Fees, United States: Federal Housing Finance Agency (Fhfa): Office Of The Inspector General Jul 2013

Fhfa's Initiative To Reduce The Enterprises' Dominant Position In The Housing Finance System By Raising Gradually Their Guarantee Fees, United States: Federal Housing Finance Agency (Fhfa): Office Of The Inspector General

Documents

No abstract provided.


Collateral Eligibility Requirements: A Comparative Study Across Specific Frameworks, European Central Bank (Ecb) Jul 2013

Collateral Eligibility Requirements: A Comparative Study Across Specific Frameworks, European Central Bank (Ecb)

Documents

No abstract provided.


The Eurosystem Collateral Framework Throughout The Crisis, European Central Bank (Ecb) Jul 2013

The Eurosystem Collateral Framework Throughout The Crisis, European Central Bank (Ecb)

Documents

No abstract provided.


The Comptroller And Auditor General's Report To The House Of Commons, United Kingdom: National Audit Office: Comptroller And Auditor General Jul 2013

The Comptroller And Auditor General's Report To The House Of Commons, United Kingdom: National Audit Office: Comptroller And Auditor General

Documents

No abstract provided.


Largest 100 Banks In The World, Maria Tor, Saad Sarfraz Jul 2013

Largest 100 Banks In The World, Maria Tor, Saad Sarfraz

Documents

No abstract provided.


Commission Decision (Eu) 2015/1582 On The Measures Sa.30704 - 12/C (Ex Nn 53/10), Which Latvia Has Implemented For Latvian Mortgage And Land Bank Sa - 'Commercial Segment', European Union: European Commission Jul 2013

Commission Decision (Eu) 2015/1582 On The Measures Sa.30704 - 12/C (Ex Nn 53/10), Which Latvia Has Implemented For Latvian Mortgage And Land Bank Sa - 'Commercial Segment', European Union: European Commission

Documents

No abstract provided.


Transfer Of Bad Loans Delayed, Economist Intelligence Unit (Eiu) Jul 2013

Transfer Of Bad Loans Delayed, Economist Intelligence Unit (Eiu)

Documents

No abstract provided.


Update 1-Ceo Quits At Ailing Austrian Lender Hypo Alpe Adria, Reuters Staff Jul 2013

Update 1-Ceo Quits At Ailing Austrian Lender Hypo Alpe Adria, Reuters Staff

Documents

No abstract provided.


Sequential Information Disclosure In Auctions, Dirk Bergemann, Achim Wambach Jul 2013

Sequential Information Disclosure In Auctions, Dirk Bergemann, Achim Wambach

Cowles Foundation Discussion Papers

We propose a sequential auction mechanism for a single object in which the seller jointly determines the allocation and the disclosure policy. A sequential disclosure rule is shown to implement an ascending price auction in which each losing bidder learns his true valuation, but the winning bidder’s information is truncated from below. As the auction ends, the winning bidder only has limited information, namely that his valuation is sufficiently high to win the auction. The sequential mechanism implements the allocation of the handicap auction of Esö and Szentes [10] but strengthens the participation constraints of the bidders from interim to …


Competing For Consumer Inattention, Geoffroy De Clippel, Kfir Eliaz, Kareen Rozen Jul 2013

Competing For Consumer Inattention, Geoffroy De Clippel, Kfir Eliaz, Kareen Rozen

Cowles Foundation Discussion Papers

Consumers purchase multiple types of goods and services, but may be able to examine only a limited number of markets for the best price. We propose a simple model which captures these features, conveying some new insights. A firm’s price can deflect or draw attention to its market, and consequently, limited attention introduces a new dimension of competition across markets. We fully characterize the resulting equilibrium, and show that the presence of partially attentive consumers improves consumer welfare as a whole. When consumers are less attentive, they are more likely to miss the best offer in each market; but the …


Financial Innovation, Collateral And Investment, Ana Fostel, John Geanakoplos Jul 2013

Financial Innovation, Collateral And Investment, Ana Fostel, John Geanakoplos

Cowles Foundation Discussion Papers

We show that financial innovations that change the collateral capacity of assets in the economy can affect investment even in the absence of any shift in utilities, productivity, or asset payoffs. First we show that the ability to leverage an asset by selling non-contingent promises can generate over-investment compared to the Arrow-Debreu level. Second, we show that the introduction of naked CDS can generate under-investment with respect to the Arrow-Debreu level. Finally, we show that the introduction of naked CDS can robustly destroy competitive equilibrium.


Financial Innovation, Collateral And Investment, Ana Fostel, John Geanakoplos Jul 2013

Financial Innovation, Collateral And Investment, Ana Fostel, John Geanakoplos

Cowles Foundation Discussion Papers

Financial innovations that change how promises are collateralized can affect investment, even in the absence of any change in fundamentals. In C-models, the ability to leverage an asset always generates over-investment compared to Arrow Debreu. The introduction of CDS always leads to under-investment with respect to Arrow Debreu, and in some cases even robustly destroys competitive equilibrium. The need for collateral would seem to cause under-investment. Our analysis illustrates a countervailing force: goods that serve as collateral yield additional services and are therefore over-valued and over-produced. In models without cash flow problems there is never marginal under-investment on collateral.


Sequential Information Disclosure In Auctions, Dirk Bergemann, Achim Wambach Jul 2013

Sequential Information Disclosure In Auctions, Dirk Bergemann, Achim Wambach

Cowles Foundation Discussion Papers

We consider the design of an optimal auction in which the seller can determine the allocation and the disclosure rule of the mechanism. Thus, in contrast to the standard analysis of a optimal auctions, the seller can explicitly design the disclosure of the information received by each bidder as his private information. We show that the optimal disclosure rule is a sequential disclosure rule, implemented in an ascending price auction. In the optimal disclosure mechanism, each losing bidder learns his true valuation, but the winning bidder only learns that his valuation is sufficiently high to win the auction. We show …


Nonparametric Analysis Of Random Utility Models: Testing, Yuichi Kitamura, Jörg Stoye Jul 2013

Nonparametric Analysis Of Random Utility Models: Testing, Yuichi Kitamura, Jörg Stoye

Cowles Foundation Discussion Papers

This paper develops new tools for the analysis of Random Utility Models (RUM). The leading application is stochastic revealed preference theory, that is, the modeling of aggregate choice behavior in a population characterized by individual rationality and unobserved heterogeneity. We test the null hypothesis that a repeated cross-section of demand data was generated by such a population, without restricting unobserved heterogeneity in any form whatsoever. Equivalently, we empirically test McFadden and Richter’s (1991) Axiom of Revealed Stochastic Preference (ARSP, to be defined later), using only nonsatiation and the Strong Axiom of Revealed Preference (SARP) as restrictions on individual level behavior. …


France: Financial Sector Assessment Program—Technical Note On Crisis Management And Bank Resolution Framework, International Monetary Fund (Imf): Monetary And Capital Markets Department Jul 2013

France: Financial Sector Assessment Program—Technical Note On Crisis Management And Bank Resolution Framework, International Monetary Fund (Imf): Monetary And Capital Markets Department

Documents

No abstract provided.


People's Republic Of China 2013 Article Iv Consultation, International Monetary Fund (Imf) Jul 2013

People's Republic Of China 2013 Article Iv Consultation, International Monetary Fund (Imf)

Documents

No abstract provided.


Deposit Insurance In Singapore: Why Have It, Who Gets It, And How Does It Work?, Sandra Annette Booysen Jul 2013

Deposit Insurance In Singapore: Why Have It, Who Gets It, And How Does It Work?, Sandra Annette Booysen

Documents

No abstract provided.


Early Repayments Of Funds Raised Through Three-Year Longer-Term Refinancing Operations: Developments Since February 2013, European Central Bank (Ecb) Jul 2013

Early Repayments Of Funds Raised Through Three-Year Longer-Term Refinancing Operations: Developments Since February 2013, European Central Bank (Ecb)

Documents

No abstract provided.


Regulatory Consistency Assessment Programme (Rcap): Analysis Of Risk-Weighted Assets For Credit Risk In The Banking Book, Bank For International Settlements (Bis) Jul 2013

Regulatory Consistency Assessment Programme (Rcap): Analysis Of Risk-Weighted Assets For Credit Risk In The Banking Book, Bank For International Settlements (Bis)

Documents

Basel Committee on Banking Supervision


Communication From The Commission On The Application, From 1 August 2013, Of State Aid Rules To Support Measures In Favour Of Banks In The Context Of The Financial Crisis (Banking Communication), European Commission Jul 2013

Communication From The Commission On The Application, From 1 August 2013, Of State Aid Rules To Support Measures In Favour Of Banks In The Context Of The Financial Crisis (Banking Communication), European Commission

Documents

No abstract provided.


The Basic Features Of The Eea Agreement, European Free Trade Association (Efta) Jul 2013

The Basic Features Of The Eea Agreement, European Free Trade Association (Efta)

Documents

Ref. 1112099


The Chinese Financial System: An Introduction And Overview, Douglas J. Elliot, Kai Yan Jul 2013

The Chinese Financial System: An Introduction And Overview, Douglas J. Elliot, Kai Yan

Documents

No abstract provided.


The Federal Reserve And Financial Regulation: The First Hundred Years, Gary B. Gorton, Andrew Metrick Jul 2013

The Federal Reserve And Financial Regulation: The First Hundred Years, Gary B. Gorton, Andrew Metrick

Documents

No abstract provided.


Austria Needs To Dispose Of Nationalized Bank Assets - Imf, Nicole Lundeen Jul 2013

Austria Needs To Dispose Of Nationalized Bank Assets - Imf, Nicole Lundeen

Documents

No abstract provided.


Globally Systemically Important Banks: Updated Assessment Methodology And The Higher Loss Absorbency Requirement, Bank For International Settlements (Bis) Jul 2013

Globally Systemically Important Banks: Updated Assessment Methodology And The Higher Loss Absorbency Requirement, Bank For International Settlements (Bis)

Documents

Globally Systemically Important Banks: Updated Assessment Methodology and the Higher Loss Absorbency Requirement


Troubled Asset Relief Program (Tarp): Implementation And Status, Baird Webel Jun 2013

Troubled Asset Relief Program (Tarp): Implementation And Status, Baird Webel

Documents

No abstract provided.


Oecd Economic Surveys: Iceland 2013, Chapter 1: Promoting Effective Monetary Policy And Financial Stability, Organisation For Economic Co-Operation And Development (Oecd) Jun 2013

Oecd Economic Surveys: Iceland 2013, Chapter 1: Promoting Effective Monetary Policy And Financial Stability, Organisation For Economic Co-Operation And Development (Oecd)

Documents

No abstract provided.


Regulation (Eu) No 575/2013 Of The European Parliament And Of The Council Of 26 June 2013 On Prudential Requirements For Credit Institutions And Investment Firms And Amending Regulation (Eu) No 648/2012, European Union: Council Of The European Union Jun 2013

Regulation (Eu) No 575/2013 Of The European Parliament And Of The Council Of 26 June 2013 On Prudential Requirements For Credit Institutions And Investment Firms And Amending Regulation (Eu) No 648/2012, European Union: Council Of The European Union

Documents

No abstract provided.


Statement By The European Commission And The Imf On Cyprus, European Commission Jun 2013

Statement By The European Commission And The Imf On Cyprus, European Commission

Documents

No abstract provided.


Properly Adjust Liquidity And Maintain The Stability Of Money Market, People's Bank Of China Jun 2013

Properly Adjust Liquidity And Maintain The Stability Of Money Market, People's Bank Of China

Documents

No abstract provided.