Advanced Search
MyIDEAS: Login to save this article or follow this journal

Le second ordre de la politique économique

Contents:

Author Info

  • Pierre Villa
Registered author(s):

    Abstract

    The policy-mix is modelled using the contributions of modern finance: derivatives, securization, collateral. Debt and equities are European put and call of real assets, which price follows a non-logarithmic stochastic process. The decision of bankruptcy is the exercise of an option, which collateral is the exercise value. Optimal securisation of the public debt for financial intermediaries equalises the marginal costs of bankruptcy according to public debt and real assets. The profits of intermediaries increase the user ?s cost of capital. Monetary policy controls the cost of intermediation with the interest rate, the macroeconomic risk with an intermediate target as the securisation of public debt. Haircuts to refinancing are fixed by a public quotation agency. Coordinated policies are proposed for a monetary area. Haircuts allow to distinguishing between the interventions of the lender of last resort in normal and crisis times. JEL Classification codes: E12, E44, E58.

    Download Info

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
    File URL: http://www.cairn.info/load_pdf.php?ID_ARTICLE=REOF_116_0213
    Download Restriction: restricted

    File URL: http://www.cairn.info/revue-de-l-ofce-2011-1-page-213.htm
    Download Restriction: restricted

    As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.

    Bibliographic Info

    Article provided by Presses de Sciences-Po in its journal Revue de l'OFCE.

    Volume (Year): n° 116 (2011)
    Issue (Month): 1 ()
    Pages: 213-249

    as in new window
    Handle: RePEc:cai:reofsp:reof_116_0213

    Contact details of provider:
    Web page: http://www.cairn.info/revue-de-l-ofce.htm

    Related research

    Keywords: securization; collateral; policy-mix;

    Find related papers by JEL classification:

    References

    No references listed on IDEAS
    You can help add them by filling out this form.

    Citations

    Lists

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    Statistics

    Access and download statistics

    Corrections

    When requesting a correction, please mention this item's handle: RePEc:cai:reofsp:reof_116_0213. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Jean-Baptiste de Vathaire).

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.