This article shows that the inability to use monetary policy for macroeconomic stabilization leaves a government more vulnerable to a rollover crisis. We study a sovereign default model with self-fulfilling rollover crises, foreign currency debt, and nomin ...
This thesis develops three models that study the motivation of various agents to take on debt,
and the impact that excessive financial leverage can have on social welfare.
In the chapter "Short-term Bank Leverage and the Value of Liquid Reserves", the ince ...
In modern supply chains, specialized companies called third party logistics providers1 (TPLs) realize a growing part of the logistics and supply chain functions. In parallel to this evolution, traditional manufacturers have raised their willingness and rea ...
We address the problem of online payments, where users can transfer funds among themselves. We introduce Astro, a system solving this problem efficiently in a decentralized, deterministic, and completely asynchronous manner. Astro builds on the insight tha ...
