Essays in financial econòmics

Abstract

This thesis consists of three chapters contributing to the broad field of financial economics. In the first chapter, I develop a theoretical model of bank bail-ins in order to analyze the effects of the implementation of such resolution mechanism on banks' behavior and on their financing capacity. The results from the model show that introducing bail-ins may have undesirable consequences in terms of social welfare when financial markets are characterized by moral hazard. Chapter 2 is devoted to an empirical investigation of the effects of informationless capital flows - coming from monthly rebalancings in the largest local-currency governmentdebt index for emerging countries - on the price and liquidity of sovereign bonds. I find capital flows to increase the returns on government bonds as well as their liquidity. Also, they spill over to the exchange rate market, with larger inflows prompting larger currency appreciations. Finally, the third and last chapter of this work contains an essay on financial literacy and asset evaluation. By designing and running a laboratory experiment, I find that increasing financial literacy - even with a short training - can substantially increase the value agents assign to a risky financial asset. This evidence is consistent with the results from a simple model of asset evaluation in presence of ambiguity averse agents. ; Esta tesis consiste de tres capítulos que pertenecen al campo de la economía financiera. En el primer capítulo, desarrollo un modelo teórico de bail-in bancario para analizar los efectos de la implementación de este nuevo mecanismo de resolución sobre el comportamiento de los bancos y sus capacidad de obtener fondos. Los resultados del modelo demuestran que la introducción de bail-ins puede repercutir negativamente sobre el bienestar social cuando los mercados financieros están caracterizados por un problema de moral hazard. El segundo capítulo es destinado a un estudio empírico de los efectos de los flujos internacionales de capitales - que resultan del ...