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Working Paper
Emerging market liberalization and the impact on uncovered interest rate parity
Hunter, Delroy; Francis, Bill; Hasan, Iftekhar (2002)
In this paper we make use of the uncovered interest rate parity (UIRP) relationship to examine the extent that the liberalization of emerging financial markets has resulted in the integration of developing countries? currency markets into the international capital market. Previous tests of the impact of liberalization on the integration of emerging markets capital markets into world financial markets are confined to equity markets, ignoring currency markets that arguably are more important in determining the success of financial liberalization. We find that, in general, deviation from UIRP in ...
FRB Atlanta Working Paper , Paper 2002-16

Conference Paper
How do defaults affect lead arranger reputation and activity in the loan syndication market?
Nanda, Vikram; Yerramilli, Vijay; Gopalan, Radhakrishnan (2008)
Proceedings , Paper 1099

Working Paper
Market run-ups, market freezes, inventories, and leverage
Leitner, Yaron; Bond, Philip (2013)
This paper supersedes Working Paper No. 12-8.> We study trade between an informed seller and an uninformed buyer who have existing inventories of assets similar to those being traded. We show that these inventories may lead to prices that increase even absent changes in fundamentals (a .run-up.), but may also make trade impossible (a .freeze.) and hamper information dissemination. Competition may amplify the run-up by inducing buyers to enter loss-making trades at high prices to prevent a competitor from purchasing at a lower price and releasing bad news about inventory values. Inventories ...
Working Papers , Paper 13-14

Report
Systemic risk and the pursuit of efficiency
Athreya, Kartik B. (2009)
In this essay, senior economist Kartik Athreya identifies systemic risk with the presence of linkages between market participants, where problems for one directly create problems for others. He argues that such situations can arise from the use of contractual arrangements, especially debt that requires frequent refinancing and liquidation in the event of an inability to repay. The presence of spillover effects can, in turn, lead to outcomes in the wake of shocks that can be improved via policy intervention. Nonetheless, he cautions against taking this as a license to intervene after the fact, ...
Annual Report

Working Paper
Competing with asking prices
Lester, Benjamin; Visschers, Ludo; Wolthoff, Ronald (2013)
In many markets, sellers advertise their good with an asking price. This is a price at which the seller is willing to take his good off the market and trade immediately, though it is understood that a buyer can submit an offer below the asking price and that this offer may be accepted if the seller receives no better offers. Despite their prevalence in a variety of real world markets, asking prices have received little attention in the academic literature. We construct an environment with a few simple, realistic ingredients and demonstrate that using an asking price is optimal: it is the ...
Working Papers , Paper 13-07

Journal Article
The century of markets
Jordan, Jerry L. (2000-02)
We are in the midst of a great transition, from an age in which governments intervened in nearly every facet of economic affairs to one in which market forces not only make political borders transparent to commerce but also shape political policies. This Economic Commentary is adapted from the John Bonython Lecture given by Jerry L. Jordan, president and CEO of the Federal Reserve Bank of Cleveland, at the Centre for Independent Studies in Sydney, Australia, in November 1999.
Economic Commentary , Issue Feb

Journal Article
Industry players: emerging, long-standing sectors define a region
Steeves, Brye (2008-01)
TEN , Issue Win , Pages 16-23

Working Paper
Market run-ups, market freezes, and leverage
Leitner, Yaron; Bond, Philip (2010)
The authors study trade between a buyer and a seller when both may have existing inventories of assets similar to those being traded. They analyze how these inventories affect trade, information dissemination, and price formation. The authors show that when the buyer's and seller's initial leverage is moderate, inventories increase price and trade volume, but when leverage is high, trade may become impossible (a "market freeze"). Their analysis predicts a pattern of trade in which prices and trade volume first increase, and then markets break down. The authors use their model to discuss ...
Working Papers , Paper 10-36

Journal Article
Beyond the border: Latin American market reforms put to the test
Kiser, Sherry L.; Zarazaga, Carlos E. (2002-07)
Southwest Economy , Issue Jul , Pages 9 -10

Conference Paper
The financial crisis and credit markets
Greenspan, Alan (2010)
Proceedings , Paper 1135

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