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This paper examines alternative ways to prevent losses from bank insolvencies. It is widely viewed that transparency in reporting bank balance sheets is a key element in reducing such losses. It is, however, unclear just how such transparency would be achieved. Current approaches to avoiding insolvencies generally involve international enforcement mechanisms. Among these are the sovereign debt restructuring mechanism (SDRM), and, more generally, an international bankruptcy court. We develop a model that compares two alternative institutions for bank auditing. Neither of these institutions would require as much enforcement capability as an international bankruptcy court, hence they would be e...
Includes papers and proceedings of the annual meeting of the American Economic Association. Covers all areas of economic research.
Here leading world economic experts examine topical issues of international finance such as globalization, multilateral financial institutions and capital flows to emerging economies. Ideal for students, businesspeople and policy makers.
Two-sided matching provides a model of search processes such as those between firms and workers in labor markets or between buyers and sellers in auctions. This book gives a comprehensive account of recent results concerning the game-theoretic analysis of two-sided matching. The focus of the book is on the stability of outcomes, on the incentives that different rules of organization give to agents, and on the constraints that these incentives impose on the ways such markets can be organized. The results for this wide range of related models and matching situations help clarify which conclusions depend on particular modeling assumptions and market conditions, and which are robust over a wide range of conditions. 'This book chronicles one of the outstanding success stories of the theory of games, a story in which the authors have played a major role: the theory and practice of matching markets ... The authors are to be warmly congratulated for this fine piece of work, which is quite unique in the game-theoretic literature.' From the Foreword by Robert Aumann
A Shared Turn : Opium and the Rise of Prohibition -- The Different Lives of Southeast Asia's Opium Monopolies -- "Morally Wrecked" in British Burma, 1870s-1890s -- Fiscal Dependency in British Malaya, 1890s-1920s -- Disastrous Abundance in French Indochina, 1920s-1940s -- Colonial Legacies.