The Collapse of Metallgesellschaft: Unhedgable Risks, Poor Hedging Strategy or Just Bad Luck?
Download not available
Credit Cycles
This paper is a theoretical study into how credit constraints interact with aggregate economic activity over the business cycle. We construct a model...
Credit Markets and Real Economic Activity: A Model of Financial Intermediation
This paper considers a model of financial intermediation based on the existence of a moral hazard problem in the choice of investment projects by a...
The Banking System, Financial Markets and Capital Structure: Some New Evidence from France
Download not available
Speculative Market Structure and the Collapse of an Exchange Rate Mechanism
A salient feature of recent currency speculations in the European Exchange Rate Mechanism is that the speculators can be big strategic players in the...
The Effects of Trade Transparency in the London Stock Exchange: A Summary
Download not available
Derivatives can be Hazardous to Your Health: The Case of Metallgesellschaft
Download not available
Liquidity Shortages and Inefficient Bank Lending
This paper develops a simple model of bank lending and liquidity shortages. Firms borrow from banks in the form of long term renegotiable deposit...
Implicit Contracts, Optimal Union Power and Takeovers
Facing a powerful union enables a firm to obtain more wage flexibility and increases the workers' investment. Hence, when the firm must invest, there...
European Monetary Union: A Progress Report
The 1994/95 Hilldale Lecture in Social Studies delivered at the University of Wisconsin in Madison, Wisconsin, November 10th, 1994.
Collusive Arrears in Transition Economies
In a transition economy with a rigid production structure and a core of unredeemable enterprises, a restrictive credit policy may result in a Laffer...
Determinants of Price Quote Revisions on the London Stock Exchange
This paper investigates the determinants of price quote revisions on the London Stock Exchange for a sample of highly liquid stocks over a two week...
