Browsing Recerca: working papers, informes, etc. by Author "Freixas, Xavier"

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Browsing Recerca: working papers, informes, etc. by Author "Freixas, Xavier"

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  • Bolton, Patrick; Freixas, Xavier (1997)
    This paper proposes a model of financial markets and corporate finance, with asymmetric information and no taxes, where equity issues, Bank debt and Bond financing may all co-exist in equilibrium. The paper emphasizes ...
  • Freixas, Xavier (2003)
    We survey the theory of banking regulation from the general perspective of regulatory theory. Starting by considering the different justifications of financial intermediation, we proceed to identify the market failures that ...
  • Freixas, Xavier; Martin, Antoine; Skeie, David (2010)
    A major lesson of the recent financial crisis is that the interbank lending market is crucial for banks facing large uncertainty regarding their liquidity needs. This paper studies the efficiency of the interbank lending ...
  • Freixas, Xavier; Tsomocos, Dimitrios P. (2004)
    The aim of this paper is to examine the pros and cons of book and fair value accounting from the perspective of the theory of banking. We consider the implications of the two accounting methods in an overlapping generations ...
  • Bolton, Patrick; Freixas, Xavier; Shapiro, Joel (2004)
    In some markets, such as the market for drugs or for financial services, sellers have better information than buyers regarding the matching between the buyer's needs and the good's actual characteristics. Depending on the ...
  • Freixas, Xavier; Parigi, Bruno (1996)
    The increased fragility of the banking industry has generated growing concern about the risks associated with the payment systems. Although in most industrial countries different interbank payment systems coexist, little ...
  • Bolton, Patrick; Freixas, Xavier (2000)
    This paper analyzes the transmission mechanisms of monetary policy in a general equilibrium model of securities markets and banking with asymmetric information. Banks' optimal asset/liability policy is such that in ...
  • Freixas, Xavier; Rochet, Jean Charles (1995)
    This note elaborates on a recent article by Chan, Greenbaum and Thakor (1992) who contend that fairly priced deposit insurance is incompatible with free competition in the banking sector, in the presence of adverse selection. We ...
  • Freixas, Xavier; Hurkens, Sjaak; Morrison, Alan D.; Vulkan, Nir (2004)
    We analyse credit market equilibrium when banks screen loan applicants. When banks have a convex cost function of screening, a pure strategy equilibrium exists where banks optimally set interest rates at the same level as ...
  • Freixas, Xavier; Holthausen, Cornelia (2001)
    We argue that the main barrier to an integrated international interbank market is the existence of asymmetric information between different countries, which may prevail in spite of monetary integration or successful currency ...
  • Freixas, Xavier (2009)
    This paper examines the monetary policy followed during the current financial crisis from the perspective of the theory of the lender of last resort. It is argued that standard monetary policy measures would have failed ...
  • Freixas, Xavier (1999)
    This paper addresses the issue of the optimal behaviour of the Lender of Last Resort (LOLR) in its microeconomic role regarding individual financial institutions in distress. It has been argued that the LOLR should not ...
  • Freixas, Xavier; Gabillon, Emmanuelle (1996)
    We analyze risk sensitive incentive compatible deposit insurance in the presence of private information when the market value of deposit insurance can be determined using Merton's (1997) formula. We show that, under the ...
  • Freixas, Xavier (2009)
    The current crisis has swept aside not only the whole of the US investment banking industry but also the consensual perception of banking risks, contagion and their implication for banking regulation. As everyone agrees ...
  • Freixas, Xavier; Lóránth, Gyöngyi; Morrison, Alan D. (2005)
    We investigate the optimal regulation of financial conglomerates which combine a bank and a non-bank financial institution. The conglomerate’s risk-taking incentives depend upon the level of market discipline it faces, ...
  • Bolton, Patrick; Freixas, Xavier; Gambacorta, Leonardo; Mistrulli, Paolo Emilio (2013)
    We study how relationship lending and transaction lending vary over the business cycle. We develop a model in which relationship banks gather information on their borrowers, which allows them to provide loans for profitable ...
  • Freixas, Xavier; Parigi, Bruno; Rochet, Jean Charles (1998)
    We model systemic risk in an interbank market. Banks face liquidity needs as consumers are uncertain about where they need to consume. Interbank credit lines allow to cope with these liquidity shocks while reducing the ...
  • Freixas, Xavier; Rochet, Jean-Charles (2012)
    We model a Systemically Important Financial Institution (SIFI) that is too big (or too interconnected) to fail. Without credible regulation and strong supervision, the shareholders of this institution might deliberately ...
  • Bolton, Patrick; Freixas, Xavier; Shapiro, Joel (2010)
    The collapse of so many AAA-rated structured finance products in 2007-2008 has brought renewed attention to the causes of ratings failures and the conflicts of interest in the Credit Ratings Industry. We provide a model ...

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