◆ ARE ALL BANKING CRISES ALIKE? THE JAPANESE EXPERIENCE IN INTERNATIONAL COMPARISO

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Michael Hutchison Kathleen McDill This paper examines episodes of banking sector distress for a large sample of developed and developing countries, highlighting the experience of Japan. By a host...

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2004-07-16

◆ A THEORY OF BANK CAPITAL(Douglas W. Diamond&Raghuram G. Rajan)

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Douglas W. Diamond Raghuram G. Rajan Banks can create liquidity because their deposits are fragile and prone to runs. Increased uncertainty can make deposits excessively fragile in which case there...

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2004-07-16

◆ financial development,growth,and the distribution of income(Jeremy Greenwood)

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A paradigm is presented in which both the extent of financial intemediation and the rate of economic growth are endogenously determined.Financial intermediation promotes growth because it allows a hi...

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2004-07-13

◆ Increasing Returns and Economic Progress(Allyn Young)

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The words economic progress, taken by themselves, would suggest the pursuit of some philosophy of history, of some way of appraising the results of past and possible future changes in forms of economi...

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2004-07-11

◆ Money and Interest Rates(Paul Krugman)

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This study describes and reconciles two common, seemingly contradictory views about a key monetary policy relationship: that between money and interest rates. Data since 1960 for about 40 countries...

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2004-07-10

◆ Money and Interest Rates(Cyril Monnet&Warren E.Weber)

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This study describes and reconciles two common, seemingly contradictory views about a key monetary policy relationship：that between money and interest rates. Data since 1960 for about 40 countries s...

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2004-07-10

◆ 经济学和金融学的研究方法和研究前沿(龚六堂)

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经济学和金融学的研究方法和研究前沿 作者：龚六堂　来源：《经济研究》 ...

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2004-07-10

◆ research department federal reserve bank of San Fransisco

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This Economic Letter summarizes the papers presented at the conference "Nominal Rigidities" held in San Francisco on June 16 under the joint sponsorship of the Federal Reserve Bank of San Francisco, t...

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2004-07-09

◆ Daily Cross-Border Equity Flows: Pushed or Pulled(John M.Griffin&Federico Nardar

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Abstract In a model that is consistent with the existence of a home bias and with foreign investors that are less informed than domestic investors, we show that unexpectedly high worldwide returns le...

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2004-07-06

◆ Bidder Discounts and Target Premia in Takeovers(Boyan Jovanovic&Serguey Braguins

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Abstract When a takeover is announced, the sum of the stock-market values of the firms involved often falls, and the value of the acquirer almost always does. Does this mean that takeovers do not ra...

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2004-07-06

◆ Pricing Currency Risk: Facts and Puzzles from Currency Boards(Sergio L.Schmukler

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Abstract This paper investigates the patterns and determinants of the currency risk premium in two currency boards – Argentina and Hong Kong. Despite the presumed rigidity of currency boards, the c...

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2004-07-06

◆ Sharpening Sharpe Ratios(William etzmann&Jonathan Ingersoll)

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William etzmann Jonathan Ingersoll Matthew I. Spiegel Ivo Welch Abstract It is now well known that the Sharpe ratio and other related reward-to-risk measures may be manipulated with option-like...

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2004-07-06

◆ Credit Rationing in Markets with Imperfect Information(Joseph E.Stiglitz,Andrew

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Stigliz&Weiss：Credit Rationing...

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2004-07-05

◆ How Prevalent is Tax Arbitrage_Evidence from the Market for Municipal Bonds(Merl

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Merle Erickson Austan olsbee Edward Maydew ...

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2004-07-01

◆ Dynamic Asset Allocation With Event Risk(Jun Liu&Francis A. Longstaff)

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by Jun Liu Francis A. Longstaff Jun Pan （两个中国学者） ...

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2004-07-01