Payments systems are typically characterized by some degree of tiering, with upstream firms (clearing agents) providing settlement accounts to downstream institutions tha[...]

We investigate the effects of financial market consolidation on the allocation of risk capital in a financial institution and the implications for market liquidity in dea[...]

This paper investigates the effects of financial market consolidation on risk capital allocation in a financial institution and the implications for market liquidity in d[...]

The four essays published here provide a useful overview for anyone interested in understanding the issues and policy environment surrounding financial system stability. [...]

The magnitude and frequency of recent financial crises underscore the importance of understanding financial instability for the purpose of crisis prevention and crisis ma[...]

Payments systems play a fundamental role in an economy by providing the mechanisms through which payments arising from transactions can be settled. The existing literatur[...]

We examine the impact of multinational firms (MNEs) on exchange rate pass-through when an MNE engages in Cournot competition with domestic and foreign rivals. The MNE can[...]

The authors examine the impact of multinational enterprises (MNEs) on exchange rate pass-through in an environment where an MNE engages in Cournot (quantity) competition [...]

Many countries prohibit large shareholdings in their domestic banks. The authors examine whether such a restriction restrains competition in a duopolistic loan market. Bl[...]