Discussion Papers

This paper examines a dynamic model of the business cycle in which delay plays a crucial role. Since the profitability of investment depends of the...

This paper tests portfolio efficiency in a multivariate context using Bayesian techniques and extends the Bayesian portfolio efficiency literature by...

In this paper we use Spanish data to test the restrictions that a dynamic APT-type asset pricing model imposes on the risk-return relationship. For...

Some Real Time Gross Settlement (RTGS) systems require the explicit provision of intra-day liquidity. This can be provided through either...

This paper presents a series of empirical tests of the traditional Consumption Based Capital Asset Pricing Model using data from the German, Japanese...

Liability exposure is now such a major concern for auditors that any discussion of equilibrium audit fee structures needs to take account of the expec...

The existence of multiple banking in the German "Hausbank" system is explained by a commitment problem on the side of the banks. Banks are faced with...

This paper is a theoretical study into how credit constraints interact with aggregate economic activity over the business cycle. We construct a model...

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...

A salient feature of recent currency speculations in the European Exchange Rate Mechanism is that the speculators can be big strategic players in the...

This paper develops a simple model of bank lending and liquidity shortages. Firms borrow from banks in the form of long term renegotiable deposit...

Facing a powerful union enables a firm to obtain more wage flexibility and increases the workers' investment. Hence, when the firm must invest, there...

In a transition economy with a rigid production structure and a core of unredeemable enterprises, a restrictive credit policy may result in a Laffer...

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...

The value of bank charters is an important component of bankruptcy costs to bankers and may constitute an incentive for banks to adopt prudent...