Welcome to our book review site go-pdf.online!
You may have to Search all our reviewed books and magazines, click the sign up button below to create a free account.
Inelastic Demand Meets Optimal Supply of Risky Sovereign Bonds
We present evidence of inelastic demand for risky sovereign bonds and explore its implications for optimal government debt policies. Using monthly changes in the composition of a major international bond index, we identify flow shocks unrelated to fundamentals that shift the available bond supply. From these shocks, we estimate an inverse demand elasticity of -0.30 and show that it increases with countries’ default risk. We formulate a sovereign debt model with endogenous default and inelastic investors, calibrated to our empirical estimates. By penalizing additional borrowing, an inelastic demand acts as a disciplining device that reduces default risk and bond spreads.
Market Liquidity
"The process by which securities are traded is very different from the idealized picture of a frictionless and self-equilibrating market offered by the typical finance textbook. This book offers a more accurate and authoritative take on this process. The book starts from the assumption that not everyone is present at all times simultaneously on the market, and that participants have quite diverse information about the security's fundamentals. As a result, the order flow is a complex mix of information and noise, and a consensus price only emerges gradually over time as the trading process evolves and the participants interpret the actions of other traders. Thus, a security's actual transacti...
L'isola dei papaveri
Roma, 1939. Da un anno, le leggi razziali sono una realtà anche in Italia e Mussolini ha deciso di perseguitare gli omosessuali per "delitti contro la razza". Il giovane professore di Lettere, di origine siciliana, Michele Arrighi viene arrestato e mandato al confino sull'isola di San Domino (arcipelago delle Tremiti). All'arrivo, trova una colonia penale di soli uomini provenienti da tutta Italia. Gente di ogni ceto e classe sociale: professori, operai, contadini e impiegati. Nonostante il trauma e la violenza subita, Michele si rende conto però che in quel luogo le persone vivono la loro identità sessuale in modo più sereno. Così è spinto a mettersi in gioco fino in fondo: diventa lo...
Gazzetta di Firenze
None
