Three Important Themes: Taxation of Capital Income, Behavioral Economics in Equilibrium Analyses, and Systemic Risk

The article surveys the main lines of research conducted by Oliver Williamson and Elinor Ostrom - 2009 Nobel Prize winners in economics. Williamsons and Ostroms contribution to understanding the nature of institutions and choice over institutional options are discussed. The role their work played in evolution of modern institutional economic theory is analyzed in detail, as well as interconnections between Williamsons and Ostroms ideas and the most recent research developments in organization theory, behavioral economics and development studies.

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Macroprudential Policy Instruments of Central Banks

Voprosy Ekonomiki ◽

10.32609/0042-8736-2012-8-32-47 ◽

2012 ◽

pp. 32-47

Author(s):

S. Andryushin ◽

V. Kuznetsova

Keyword(s):

Systemic Risk ◽

Financial Stability ◽

Financial System ◽

Policy Instruments ◽

Central Banks ◽

Macroprudential Policy ◽

Policy Studies ◽

The Future ◽

Financial Cycles

The paper analyzes central banks macroprudencial policy and its instruments. The issues of their classification, option, design and adjustment are connected with financial stability of overall financial system and its specific institutions. The macroprudencial instruments effectiveness is evaluated from the two points: how they mitigate temporal and intersectoral systemic risk development (market, credit, and operational). The future macroprudentional policy studies directions are noted to identify the instruments, which can be used to limit the financial systemdevelopment procyclicality, mitigate the credit and financial cycles volatility.

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The making of behavioral economics: A subjective view (On the book by R. Thaler “Misbehaving. The making of behavioral economics”)

Voprosy Ekonomiki ◽

10.32609/0042-8736-2019-8-145-160 ◽

2019 ◽

pp. 145-160

Author(s):

Yu. V. Avtonomov

Keyword(s):

Behavioral Economics ◽

Subjective View

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A New Model of Man in Economics

Voprosy Ekonomiki ◽

10.32609/0042-8736-2011-4-78-98 ◽

2011 ◽

pp. 78-98

Author(s):

M. Storchevoy

Keyword(s):

Behavioral Economics ◽

Human Behavior ◽

Social Factors ◽

Rational Behavior ◽

New Model ◽

Common Framework

The paper draws on the most recent research in the field of behavioral economics, neuroscience, and other disciplines and shows how biological and social factors interact and co-determine real human behavior. The author considers in detail various affects and forms of non-rational behavior. He proposes a common framework for such analysis, where each of those forms of behavior becomes the result of conscious or evolutionary-driven choice.

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Risk Factors of Collateralized Loan Obligations and Corporate Bonds

Zeitschrift für Bankrecht und Bankwirtschaft ◽

10.15375/zbb-2020-0604 ◽

2020 ◽

Vol 32 (6) ◽

pp. 347-355

Author(s):

Mark Wahrenburg ◽

Andreas Barth ◽

Mohammad Izadi ◽

Anas Rahhal

Keyword(s):

Risk Factors ◽

Risk Factor ◽

Asset Pricing ◽

Systemic Risk ◽

Corporate Bonds ◽

Risk Exposure ◽

Expected Returns ◽

Yield Spreads ◽

Pricing Factors ◽

Return Difference

AbstractStructured products like collateralized loan obligations (CLOs) tend to offer significantly higher yield spreads than corporate bonds (CBs) with the same rating. At the same time, empirical evidence does not indicate that this higher yield is reduced by higher default losses of CLOs. The evidence thus suggests that CLOs offer higher expected returns compared to CB with similar credit risk. This study aims to analyze whether this return difference is captured by asset pricing factors. We show that market risk is the predominant risk factor for both CBs and CLOs. CLO investors, however, additionally demand a premium for their risk exposure towards systemic risk. This premium is inversely related to the rating class of the CLO.

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