Alberto Martin,Sergio Mayordomo, Victoria Vanasco Nov 14,2023
Working Paper No.00108-01
Governments often support private credit through guarantee schemes, which compen-sate private lenders in the event of borrower default. A key... Read More
Alberto Martin,Alejandro Van der Gothe,Luc Laeven, Victoria Vanasco , Vladimir Asriyan Nov 15,2023
Working Paper No.00107-01
We show that in a canonical model with heterogeneous entrepreneurs, financial frictions, and an imperfectly elastic supply of capital, a... Read More
Giovanni Cespa, Xavier Vives Dec 04,2023
Working Paper No.00131-00
We show that, consistent with empirical evidence, access to order flow information allows traders to supply liquidity via contrarian marketable... Read More
James Dow , Jungsuk Han Francesco Sangiorgi Dec 15,2023
Working Paper No.00132-00
Does the stock market exert short-term pressure on listed firms, do they respond, and is this response value reducing? We... Read More
Published: Journal of Financial Economics, 2024, (), -Peter Hoffmann,Agnese Leonello,Davide Porcellacchia, Toni Ahnert Dec 20,2023
Working Paper No.00100-03
What is the effect of Central Bank Digital Currency (CBDC) on financial stability? We answer this question by studying a model... Read More
Zhiheng He,Ke Tang, Lin William Cong (叢林) Dec 30,2023
Working Paper No.00134-00
Blockchain-based platforms and decentralized finance prominently features ``staking'': Besides offering a convenience yield for transactions as digital media of exchange,... Read More
Ron Kaniel , Yizhou Xiao Lin William Cong (叢林) Dec 30,2023
Working Paper No.00136-00
A pandemic or nationalism can dial back global integration as much as advancements in IT and transportation spur it. We... Read More
Kose John,Thomas Rivera, Fahad Saleh May 24,2022
Working Paper No.00076-00
We study the equilibrium level of staking in a Proof-of-Stake blockchain when investors have different trading horizons. We find that,... Read More
Jian Li. , Zhiguo He Jun 03,2022
Working Paper No.00078-00
The modern financial system features complicated financial intermediation chains, with each layer performing a certain degree of credit/maturity transformation. We... Read More
Thierry Foucault,Stefano Lovo, Jean-Edouard Colliard Oct 27,2022
Working Paper No.00081-00
We let “Algorithmic Market-Makers” (AMMs), using Q-learning algorithms, choose prices for a risky asset when their clients are privately informed... Read More