Browsing Departament d'Economia i Empresa by Author "Martin, Alberto"

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Browsing Departament d'Economia i Empresa by Author "Martin, Alberto"

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  • Martin, Alberto (2008)
    We analyze a standard environment of adverse selection in credit markets. In our environment, entrepreneurs who are privately informed about the quality of their projects need to borrow from banks. Conventional wisdom says ...
  • Martin, Alberto (2010)
    We analyze a standard environment of adverse selection in credit markets. In our environment, entrepreneurs who are privately informed about the quality of their projects need to borrow in order to invest. Conventional ...
  • Martin, Alberto (2009)
    This paper characterizes the relationship between entrepreneurial wealth and aggregate investment under adverse selection. Its main finding is that such a relationship need not be monotonic. In particular, three results ...
  • Gennaioli, Nicola; Martin, Alberto; Rossi, Stefano (2013)
    We analyze holdings of public bonds by over 20,000 banks in 191 countries, and the role of these bonds in 20 sovereign defaults over 1998-2012. Banks hold many public bonds (on average 9% of their assets), particularly in ...
  • Martin, Alberto; Ventura, Jaume (2003)
    We develop a stylized model of economic growth with bubbles. In this model, changes in investor sentiment lead to the appearance and collapse of macroeconomic bubbles or pyramid schemes. We show how these bubbles mitigate ...
  • Martin, Alberto (2004)
    I develop an overlapping-generations framework in which changes in lending standards generate endogenous cycles. In my economy, entrepreneurs who are privately informed about the quality of their projects need to borrow ...
  • Broner, Fernando; Martin, Alberto; Ventura, Jaume (2007)
    There is a large and growing literature that studies the effects of weak enforcement institutions on economic performance. This literature has focused almost exclusively on primary markets, in which assets are issued and ...
  • Martin, Alberto; Ventura, Jaume (2012)
    As a result of debt enforcement problems, many high-productivity firms in emerging economies are unable to pledge enough future profits to their creditors and this constrains the financing they can raise. Many have argued ...
  • Martin, Alberto; Taddei, Filippo (2010)
    The financial crisis of 2007-08 has underscored the importance of adverse selection in financial markets. This friction has been mostly neglected by macroeconomic models of financial imperfections, however, which have ...
  • Martin, Alberto; Ventura, Jaume (2012)
    We study a dynamic economy where credit is limited by insufficient collateral and, as a result, investment and output are too low. In this environment, changes in investor sentiment or market expectations can give rise to ...
  • Martin, Alberto (2003)
    Dubey and Geanakoplos [2002] have developed a theory of competitive pooling, which incorporates adverse selection and signaling into general equilibrium. By recasting the Rothschild-Stiglitz model of insurance in this ...
  • Martin, Alberto; Vergote, Wouter (2005)
    This paper analyzes the role of retaliation in trade agreements. It shows that, in the presence of private information, retaliation can always be used to increase the welfare derived from such agreements by the participating ...
  • Broner, Fernando; Erce, Aitor; Martin, Alberto; Ventura, Jaume (2013)
    In 2007, countries in the euro periphery were enjoying stable growth, low deficits, and low spreads. Then the financial crisis erupted and pushed them into deep recessions, raising their deficits and debt levels. By 2010, ...
  • Gennaioli, Nicola; Martin, Alberto; Rossi, Stefano (2009)
    We present a model of sovereign debt in which, contrary to conventional wisdom, government defaults are costly because they destroy the balance sheets of domestic banks. In our model, better financial institutions allow ...
  • Broner, Fernando; Martin, Alberto; Ventura, Jaume (2006)
    Conventional wisdom views the problem of sovereign risk as one of insufficient penalties. Foreign creditors can only be repaid if the government enforces foreign debts. And this will only happen if foreign creditors can ...
  • Martin, Alberto; Ventura, Jaume (2010)
    We explore a view of the crisis as a shock to investor sentiment that led to the collapse of a bubble or pyramid scheme in financial markets. We embed this view in a standard model of the financial accelerator and explore ...
  • Carvalho, Vasco; Martin, Alberto; Ventura, Jaume (2012)

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