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Europe > Ireland

You are looking at 1 - 3 of 3 items for :

  • Type: Journal Issue x
  • Investment Banking; Venture Capital; Brokerage; Ratings and Ratings Agencies x
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Cover IMF Working Papers
Cross-Border Credit Intermediation and Domestic Liquidity Provision in a Small Open Economy
Mr. Thorvardur Tjoervi Olafsson
This paper develops a small open economy model where global and domestic liquidity is intermediated to the corporate sector through two financial processes. Investment banks intermediate cross-border credit through interlinked debt contracts to entrepreneurs and commercial banks intermediate domestic savings to liquidity constrained final good producers. Both processes are needed to facilitate development of key production inputs. The model captures procyclical investment bank leverage dynamics, global liquidity spillovers, domestic money market pressures, and macrofinancial linkages through which shocks propagate across the two processes, affecting spreads and balance sheets, as well as the real economy through investment and working capital channels.
Keywords:
WP; interest rate; money market; central bank; financial frictions; cross-border banking flows; macrofinancial linkages; financial intermediation; working capital; credit contracts; investment banking; credit market; liquidity shock; depreciation rate; funding rate reaction; capital producer; idiosyncratic productivity; cost of funds; commercial bank funding; monopolistic investment banks; Investment banking; Domestic credit; Credit; Commercial banks; Self-employment; Global; East Asia
Cover IMF Working Papers
Competition Policy for Modern Banks
Mr. Lev Ratnovski
Traditional bank competition policy seeks to balance efficiency with incentives to take risk. The main tools are rules guiding entry/exit and consolidation of banks. This paper seeks to refine this view in light of recent changes to financial services provision. Modern banking is largely market-based and contestable. Consequently, banks in advanced economies today have structurally low charter values and high incentives to take risk. In such an environment, traditional policies that seek to affect the degree of competition by focusing on market structure (i.e. concentration) may have limited effect. We argue that bank competition policy should be reoriented to deal with the too-big-to-fail (TBTF) problem. It should also focus on the permissible scope of activities rather than on market structure of banks. And following a crisis, competition policy should facilitate resolution by temporarily allowing higher concentration and government control of banks.
Keywords:
WP; bank; lending; value; bank competition policy; TBTF; Banks; Competition Policy; Macroprudential Policy; Systemic Risk; core bank activity; bank merger; market structure; TBTF bank; bank lending; Competition; Bank soundness; Crisis management; Commercial banks; Europe
Cover IMF Working Papers
The Microstructure of Government Securities Markets
Mr. Peter Dattels
This paper applies the “market microstructure” literature to the specific features of government securities markets and draws implications for the strategy to develop government securities markets. It argues for an active role of the authorities in fostering the development of efficient market structures.
Keywords:
WP; dealer market; central bank; debt management; government securities market; auction-agency market; order flow; price discovery; discount house; market participant; OTC dealer market; functioning dealer market; market development; equilibrium price; competing dealer market structure; dealer broker; Government securities; Brokers and dealers; Securities markets; Securities; Treasury bills and bonds