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Journal Article
Microstructure theory and the foreign exchange market
Working Paper
Market structure and inefficiency in the foreign exchange market
This paper investigates the intradaily operational efficiency of the U. S. foreign exchange market by conducting computer simulation experiments with market structure (the numbers of market?makers, brokers and customers). The results indicate significant operational inefficiencies which can be explained by temporary inventory imbalances inherent in a decentralized market. The results also suggest that much of this inefficiency could be alleviated through a centralization of price information.
Journal Article
An introduction to complete markets
Journal Article
Two faces of financial innovation
Journal Article
On the use of option pricing models to analyze deposit insurance
Journal Article
The great deposit insurance debate
Working Paper
Cryptography and the economics of supervisory information: balancing transparency and confidentiality
We elucidate the tradeoffs between transparency and confidentiality in the context of financial regulation. The structure of information in financial contexts creates incentives with a pervasive effect on financial institutions and their relationships. This includes supervisory institutions, which must balance the opposing forces of confidentiality and transparency that arise from their examination and disclosure duties. Prudential supervision can expose confidential information to examiners who have a duty to protect it. Disclosure policies work to reduce information asymmetries, empowering ...