Zhiqiang Ye, Xavier Vives Nov 02,2023
Working Paper No.00129-00
We study how information technology (IT) affects lender competition, entrepreneurs’ investment, and welfare in a spatial model. The effects of... Read More
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
Orestis Vravosinos, Xavier Vives Dec 04,2023
Working Paper No.00130-01
We examine the effects of overlapping ownership among existing firms deciding whether to enter a product market. We show that... Read More
James Dow , Jungsuk Han Francesco Sangiorgi Dec 15,2023
Working Paper No.00132-00
The combination of stock-based CEO compensation and limited informed trading capital creates a ''race to the bottom among firms resulting... Read More
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
Douglas Xu, Shiyang Huang , Lin William Cong (叢林) Dec 30,2023
Working Paper No.00133-00
We model financial innovations such as Exchange-Traded Funds, smart beta products, and many index-based vehicles as composite securities (CSs) that... 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
Qing Chang,Longtian Zhang,Liyong Wang, Lin William Cong (叢林) Dec 30,2023
Working Paper No.00135-00
We build a tractable general equilibrium model to analyze the effects of cross-border data flows and pre-existing development gaps in... Read More