1,721,163 research outputs found
The role of state aid control in improving bank resolution in Europe
Full text linkThe financial crisis exposed EuropeÂ?s inadequacy in developing an effective banking resolution framework that could bring together national authorities and set guidelines for their coordination. The European Commission, through its assessment of state aid cases, managed to avoid single market distortions and mitigate moral hazard. This Policy Contribution explains why in the long-term Europe needs a single resolution authority. The authors Bruegel Senior Research Fellow André Sapir, Mathias Dewatripont, ULB and CEPR; Gregory Nguyen, National Bank of Belgium, and Peter Praet, National Bank of Belgium, show how in the short-term, the European Commission, through its state aid control discipline, can set the foundation for a new crisis resolution architecture. It can act as a substitute to improve coordination among member states and complement a European resolution authority once it is set up.
Speculative Attacks with Multiple Sources of Public Information
Full text linkWe propose a speculative attack model in which agents receive multiple public signals. It is characterised by its focus on an informational structure which sets free from the strict separation between public information and private information. Diverse pieces of public information can be taken into account differently by players and are likely to lead to different appreciations ex post. This process defines players’ private value. The main result is to show that equilibrium uniqueness depends on two conditions: (i) signals are sufficiently dispersed (ii) private beliefs about the relative precision of these signals sufficiently differ. We derive economic policy implications of such a result
Speculative Attacks with Multiple Sources of Public Information
Full text linkWe propose a speculative attack model in which agents receive multiple public signals. It is characterised by its focus on an informational structure which sets free from the strict separation between public information and private information. Diverse pieces of public information can be taken into account differently by players and are likely to lead to different appreciations ex post. This process defines players’ private value. The main result is to show that equilibrium uniqueness depends on two conditions: (i) signals are sufficiently dispersed (ii) private beliefs about the relative precision of these signals sufficiently differ. We derive economic policy implications of such a result.Speculative attack; Private value game; Multiple equilibria; Public and private information
Book Review
No full textReview of: Contract Theory. By Patrick Bolton, Mathias Dewatripont. 2005. MIT Press: Cambridge and London
The Economic and Strategic Motives for Antidumping Filings
Full text linkThis paper takes a critical look at the trends in worldwide antidumping (AD) case filings during the last two decades. We examine the motives for AD filings by countries in an attempt to identify whether economic or strategic concerns are driving the recent upsurge in AD use. We begin by providing a comprehensive overview of the data on cases initiated in the 1980 to 1998 period. We then use non-parametric methods to identify national motivations for the use of antidumping. Results show considerable support for the importance of strategic concerns in driving AD case filings. This suggests that the rise in AD activity cannot be solely explained by an increase in unfair trading practices.
Le marché des emprunts d'Etat bat de nouveaux records à la hausse dans la zone euro, tous les pays quasiment décrochent par rapport à l'Allemagne.
No full textInterview de Mathias Dewatripont (BNB) et de Jean-François Husson sur l'évolution du spread avec l'Allemagne en matière de taux d'intérêt. Emission Eco-matin (radio) du 18/11/2011, suite au 19e Congrès des Economistes belges de Langue française
Wallonie et Bruxelles : défis et opportunités économiques. Recommandations formulées à l'occasion du 17e Congrès des Economistes Belges de Langue Française
Full text linkpeer reviewedA l'occasion du 17e Congrès des Economistes Belges de Langue Française (dont j'ai été l'organisateur), le Président du Congrès, Mathias Dewatripont, a suggéré que les "pilotes" du Congrès rédigent des conclusions et des recommandations politiques
The Costly Business of Trust
Full text linkThe paper provides a framework to analyses trust-based projects which can be used as a diagnostic tool to design more effective policy intervention, particularly addressing the problem of meeting users needs for which many microfinance scheme have come under criticism. the theory is developed on the basis of both secondary literature and direct empirical evidence from two micro-finance projects in Mexico. we illustrate how a system of trust is built, and derive general propositions regarding the specificity of trust, the role of trust brokers, and the policy of subsidising trust-building projects, that can be applied both to microfinance and other trust-based development projects. we aim, to provide a tool capable of identifying crucial actors in trust systems and the nature of the linkages between them, so that trust can be effectively operationalised and incorporated into policy design in order to improve projects' effectiveness and suitability to local conditions.
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The Empirical Implications of the Grossman-Hart Model: Comments on “Incomplete Contracts and the Internal Organization of Firms” by P. Aghion, N. Bloom and J. Van Reenen
Full text linkThis is a comment on “Incomplete Contracts and the Internal Organization of Firms” by P. Aghion, N. Bloom and J. Van Reenen, forthcoming in The Impact of Incomplete Contracts on Economics, edited by Philippe Aghion, Mathias Dewatripont, Patrick Legros, and Luigi Zingales, Oxford University Press, 2015
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