Essays on Capital Markets with Information Frictions
Author | : 孫軼博 |
Publisher | : |
Total Pages | : 0 |
Release | : 2023 |
Genre | : Capital market |
ISBN | : |
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Author | : 孫軼博 |
Publisher | : |
Total Pages | : 0 |
Release | : 2023 |
Genre | : Capital market |
ISBN | : |
Author | : Phillip Martin Johnson |
Publisher | : |
Total Pages | : 152 |
Release | : 1997 |
Genre | : Capital market |
ISBN | : |
Author | : Tamás László Bátyi |
Publisher | : |
Total Pages | : 0 |
Release | : 2019 |
Genre | : |
ISBN | : |
Author | : Mario Ronald Christian Bersem |
Publisher | : |
Total Pages | : 0 |
Release | : 2012 |
Genre | : |
ISBN | : 9789036103077 |
"This dissertation investigates capital market frictions across three themes. The first theme is sovereign debt. Recent experience in the EU shows that it can be complex to enforce the repayment promises of states. Furthermore, governments are better informed about their repayment capacity than creditors are. This dissertation argues that enforcement and information problems explain why states issue simple debt contracts that frequently lead to debt crises. Such contracts are optimal because they save on costly audits by creditors. The second theme concerns collective pension funds. It is often argued that pension funds can enhance the welfare of their participants. This dissertation highlights one rationale for pension funds based on credit constraints. Pension funds' actual ability to increase welfare may be limited due to an agency problem. The third theme concerns political intervention in capital markets. Financial liberalization and expanded access to capital are historically seen as signs of greater freedom. Yet many democratic states choose to restrain the resource allocation called for by free capital markets. This dissertation argues that democracies may choose to introduce restraints on free capital markets-thereby favouring income stability over economic growth-depending on demographical context, the distribution of wealth, and the rate of technological progress."--Achterplat.
Author | : Yueyang Han |
Publisher | : |
Total Pages | : |
Release | : 2019 |
Genre | : |
ISBN | : |
Author | : |
Publisher | : |
Total Pages | : 131 |
Release | : 2012 |
Genre | : |
ISBN | : 9789036103077 |
"This dissertation investigates capital market frictions across three themes. The first theme is sovereign debt. Recent experience in the EU shows that it can be complex to enforce the repayment promises of states. Furthermore, governments are better informed about their repayment capacity than creditors are. This dissertation argues that enforcement and information problems explain why states issue simple debt contracts that frequently lead to debt crises. Such contracts are optimal because they save on costly audits by creditors. The second theme concerns collective pension funds. It is often argued that pension funds can enhance the welfare of their participants. This dissertation highlights one rationale for pension funds based on credit constraints. Pension funds' actual ability to increase welfare may be limited due to an agency problem. The third theme concerns political intervention in capital markets. Financial liberalization and expanded access to capital are historically seen as signs of greater freedom. Yet many democratic states choose to restrain the resource allocation called for by free capital markets. This dissertation argues that democracies may choose to introduce restraints on free capital markets-thereby favouring income stability over economic growth-depending on demographical context, the distribution of wealth, and the rate of technological progress."--Achterplat.
Author | : Vasantharao Chigurupati |
Publisher | : |
Total Pages | : 0 |
Release | : 2012 |
Genre | : |
ISBN | : |
Author | : Yifei Wang |
Publisher | : |
Total Pages | : 0 |
Release | : 2019 |
Genre | : |
ISBN | : |
Author | : Mark Victor Loewenstein |
Publisher | : |
Total Pages | : 152 |
Release | : 1996 |
Genre | : |
ISBN | : |
Author | : Katherine A. Smith |
Publisher | : |
Total Pages | : 97 |
Release | : 2003 |
Genre | : Capital movements |
ISBN | : |