Wir freuen uns, für Mittwoch, 21. Juni 2017, ein Brown Bag Seminar mit Julian Kolm (WU) ankündigen zu können.

Die Veranstaltung findet in D4.0.022, von 11:30 bis 12:30 statt.

Er wird sein Paper "Staggered Debt, Banks' Liquidity, and its Regulation" vorstellen.

Abstract: This paper explores the impact of staggered versus concentrated debt structures on banks' ability to survive unexpected cash flow shocks. I show that in order to survive negative cash flow shocks, banks with staggered debt need to store more cash than banks with concentrated debt. Liquidity requirements that resemble the Basel III Liquidity Coverage Ratio provide incentives for banks to stagger their debt, because this allows banks to reduce the amount of cash they need to hold. Liquidity requirements should account for banks' incentives to stagger their debt in order to ensure that banks can survive cash flow shocks. Such liquidity requirements reduce the market value of banks' assets and their ability to provide financial intermediation.