Recently, the so-called “world of finance” has gained relevance in the business environment, where the financialization process takes place. Thus, the main research question addressed through case studies carried out in five companies in Brazil was “what are the impacts of financialization on firms...
Traditional banking is built on four pillars: SME lending, insured deposit taking, access to lender of last resort, and prudential supervision. This paper unveils the logic of the quadrilogy by showing that it emerges naturally as an equilibrium outcome in a game between banks and the government. A...
In Chapter 1, I study the effect of limited attention on resource allocation by venture capitalists. Using engagement in the IPO process as a measure of distraction, I document that investments made by distracted venture capitalists into new portfolio companies tend to underperform in terms of their...
Regulatory arbitrage – the formal compliance with rules while violating their very spirit – is a persistent practice in daily business and subject of perpetual efforts of regulatory institutions to address this issue. Focusing on both, the practice of regulatory arbitrage as well as attempt of regul...
This paper contributes to the debate on the adequate regulatory treatment of non-bank financial intermediation (NBFI). It proposes an avenue for regulators to keep regulatory arbitrage under control and preserve sufficient space for efficient financial innovation at the same time. We argue for a nor...
At the heart of the last financial crisis stood the shadow banking system, a mesh of financial activities and entities that grew outside of bank balance sheets but with the support of the banking sector. These activities were not regulated or supervised like banks, and they were characterized by hig...
This paper contributes to the debate on the adequate regulatory treatment of non-bank financial intermediation (NBFI). It proposes an avenue for regulators to keep regulatory arbitrage under control and preserve sufficient space for efficient financial innovation at the same time. We argue for a nor...
Post-crisis, macro-prudential ideas have challenged the epistemic authority of private risk management technologies, declaring them to be pro-cyclical contributors to systemic risk. This discursive challenge has been most critical of the shadow banking system, where private risk management instrumen...
La thèse étudie le fonctionnement de l’activité bancaire “originate-to-distribute”, associée au “système bancaire de l’ombre” et ses impacts sur les ménages. Nous utilisons un cadre d’analyse théorique post-keynésien et circuitiste, appliquant l’approche du crédit par la monnaie endogène. Dans l’obj...
Shadow banking refers to bank-like financial activities that do not fall under traditional regulations; they have been one of the root causes of the recent financial crisis. M. Thiemann identifies the structural causes for their rapid growth, and shows which institutional reforms could prevent the c...
Shadow banking refers to bank-like financial activities that do not fall under traditional regulations; they have been one of the root causes of the recent financial crisis. M. Thiemann identifies the structural causes for their rapid growth, and shows which institutional reforms could prevent the c...
Shadow banking refers to bank-like financial activities that do not fall under traditional regulations; they have been one of the root causes of the recent financial crisis. M. Thiemann identifies the structural causes for their rapid growth, and shows which institutional reforms could prevent the c...
We argue that shocks to traditional and shadow banks were important drivers of the U.S. economy during the Great Recession and the Slow Recovery. This result follows from a DSGE model featuring a heterogeneous banking sector estimated from macroeconomic and financial observables. Our model attribute...
Prof. Matthias Thiemann discusses post-financial-crisis regulations in Europe and the U.S. He will introduce the shadow banking industry, explain the danger of “regulatory competition,” and provide some clarity for the future of the European Union.Prof. Thiemann visited us at Princeton from Sciences...
Prof. Matthias Thiemann discusses post-financial-crisis regulations in Europe and the U.S. He will introduce the shadow banking industry, explain the danger of “regulatory competition,” and provide some clarity for the future of the European Union.Prof. Thiemann visited us at Princeton from Sciences...
This paper studies a model of the interest-rate channel of monetary policy in which a low policy rate lowers the cost of capital for firms thereby spurring investment, but also induces destabilizing “carry trades” against their assets. If the public sector does not have sufficient fiscal capacity to...
This paper studies a model of the interest-rate channel of monetary policy in which a low policy rate lowers the cost of capital for firms thereby spurring investment, but also induces destabilizing “carry trades” against their assets. If the public sector does not have sufficient fiscal capacity to...
What has changed since the 2007-2009 crisis to ensure that the financial system is sound at last? Is regulatory reform going in the right direction? Has it run its course? This report tackles three important areas of post-crisis regulatory reform: the Basel III agreement on capital, liquidity and le...
What has changed since the 2007-2009 crisis to ensure that the financial system is sound at last? Is regulatory reform going in the right direction? Has it run its course? This report tackles three important areas of post-crisis regulatory reform: the Basel III agreement on capital, liquidity and le...
This paper studies a model of the interest-rate channel of monetary policy in which a low policy rate lowers the cost of capital for firms thereby spurring investment, but also induces destabilizing “carry trades” against their assets. If the public sector does not have sufficient fiscal capacity to...
This paper studies a model of the interest-rate channel of monetary policy in which a low policy rate lowers the cost of capital for firms thereby spurring investment, but also induces destabilizing “carry trades” against their assets. If the public sector does not have sufficient fiscal capacity to...
The 'shadow banking system' refers to a system of credit-provision occurring outside of the official regulatory perimeter of commercial banks. Facilitated by securitization vehicles, mutual funds, hedge funds, investment banks and mortgage companies, the function and regulation of these shadow banki...
Financial intermediaries and markets can alleviate market frictions through producing information and risk sharing in different ways. In practice, the structure of financial systems can be bank-based or market-based, varying across countries. The influence of financial structure on economic growth i...
Cette thèse est composée de trois chapitres distincts. Dans le premier chapitre, coécrit avec Edouard Challe, nous analysons la détermination jointe de l'information incorporée dans les prix, et la composition du marché par type d’ordres sur un marché d'actifs avec information dispersée. La microstr...