Raphael Solomon

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Staff Working Papers

Ownership Concentration and Competition in Banking Markets

Staff Working Paper 2006-7 Alexandra Lai, Raphael Solomon
Many countries prohibit large shareholdings in their domestic banks.The authors examine whether such a restriction restrains competition in a duopolistic loan market. Blockholders may influence managers' output decisions by choosing capital structure, as in Brander and Lewis (1986).

Are Currency Crises Low-State Equilibria? An Empirical, Three-Interest-Rate Model

Staff Working Paper 2006-5 Christopher Cornell, Raphael Solomon
Suppose that the dynamics of the macroeconomy were given by (partly) random fluctuations between two equilibria: "good" and "bad."
Content Type(s): Staff Research, Staff Working Papers Topic(s): Uncertainty and monetary policy JEL Code(s): C, C6, C62, E, E5, E59, F, F4, F41

Pocket Banks and Out-of-Pocket Losses: Links between Corruption and Contagion

Staff Working Paper 2005-23 Raphael Solomon
The author describes a model with a corrupt banking system, in which bankers knowingly lend at market interest rates to back projects riskier than the market rate indicates.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Financial Institutions, Financial stability JEL Code(s): D, D8, D82, G, G1, G19, G2, G21

Educational Spillovers: Does One Size Fit All?

Staff Working Paper 2005-10 Robert Baumann, Raphael Solomon
In a search model of production, where agents accumulate heterogeneous amounts of human capital, an individual worker's wage depends on average human capital in the searching population.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Labour markets JEL Code(s): I, I2, I29, J, J2, J24, J3, J31

When Bad Things Happen to Good Banks: Contagious Bank Runs and Currency Crises

Staff Working Paper 2004-18 Raphael Solomon
The author develops a twin crisis model featuring multiple banks.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Exchange rates, Financial Institutions JEL Code(s): E, E5, E58, F, F3, F30, G, G2, G21

Anatomy of a Twin Crisis

Staff Working Paper 2003-41 Raphael Solomon
The author presents a model of a twin crisis, in which foreign and domestic residents play a banking game. Both "honest" and run equilibria of the post-deposit subgame exist; some run equilibria lead to a currency crisis, as agents convert domestic currency to foreign currency.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Exchange rates, Financial Institutions JEL Code(s): E, E5, E58, F, F3, F30, G, G2, G21