Brian Okelly - Academia.edu (original) (raw)

Uploads

Papers by Brian Okelly

Research paper thumbnail of Restructuring and Recovery of the Irish Financial Sector: An Economic Case History

Research paper thumbnail of The U.S. and Irish credit crises: Their distinctive differences and common features

Journal of International Money and Finance, 2012

Research paper thumbnail of The valuation of collateralised debt obligations: multi-period modelling in a risk-neutral framework

O Kelly Brian Gerard the Valuation of Collateralised Debt Obligations Multi Period Modelling in a Risk Neutral Framework Phd Thesis Dublin City University, 2005

Research paper thumbnail of A Coasean Approach to Bank Resolution Policy in the Eurozone

SSRN Electronic Journal, 2000

Research paper thumbnail of A Coasean Approach to Bank Resolution Policy in the Eurozone

SSRN Electronic Journal

The Eurozone needs a bank resolution regime that can work across seventeen independent nations of... more The Eurozone needs a bank resolution regime that can work across seventeen independent nations of diverse sizes with varying levels of financial development, limited fiscal co-responsibility, and with systemic instability induced by quick and low-cost deposit transfers across borders. We advocate a Coasean approach to bank resolution policy in the Eurozone, which emphasises clear and consistent contracts and makes explicit the public ownership of the externality costs of bank distress. A variety of resolution mechanisms are compared including bank debt holder bail-in, prompt corrective action, and contingent convertible bonds. We argue that the “dilute-in” of bank debt holders via contingent convertibility provides a clearer and simpler Coasean bargain for the Eurozone than the more conventional alternatives of debt holder bail-in or prompt corrective action.

Research paper thumbnail of Sliding Doors Cost Measurement.A Restrictive Approach to Analyzing the Net Economic Cost of Policy Decisions and an Application to Irish Financial Regulation

This paper develops a restrictive procedure for evaluating economic policy decisions, by comparin... more This paper develops a restrictive procedure for evaluating economic policy decisions, by comparing actual economic history to a simulated history where a specific policy decision is replaced with a counterfactual, but credible, alternative. Our procedure is theoretically straightforward, but empirically problematic since it requires the identification of a feasible policy alternative and a model linking a specific policy choice to

Research paper thumbnail of The U.S. and Irish credit crises: Their distinctive differences and common features

Journal of International Money and Finance, 2012

Research paper thumbnail of Restructuring and Recovery of the Irish Financial Sector: An Economic Case History

Research paper thumbnail of The U.S. and Irish credit crises: Their distinctive differences and common features

Journal of International Money and Finance, 2012

Research paper thumbnail of The valuation of collateralised debt obligations: multi-period modelling in a risk-neutral framework

O Kelly Brian Gerard the Valuation of Collateralised Debt Obligations Multi Period Modelling in a Risk Neutral Framework Phd Thesis Dublin City University, 2005

Research paper thumbnail of A Coasean Approach to Bank Resolution Policy in the Eurozone

SSRN Electronic Journal, 2000

Research paper thumbnail of A Coasean Approach to Bank Resolution Policy in the Eurozone

SSRN Electronic Journal

The Eurozone needs a bank resolution regime that can work across seventeen independent nations of... more The Eurozone needs a bank resolution regime that can work across seventeen independent nations of diverse sizes with varying levels of financial development, limited fiscal co-responsibility, and with systemic instability induced by quick and low-cost deposit transfers across borders. We advocate a Coasean approach to bank resolution policy in the Eurozone, which emphasises clear and consistent contracts and makes explicit the public ownership of the externality costs of bank distress. A variety of resolution mechanisms are compared including bank debt holder bail-in, prompt corrective action, and contingent convertible bonds. We argue that the “dilute-in” of bank debt holders via contingent convertibility provides a clearer and simpler Coasean bargain for the Eurozone than the more conventional alternatives of debt holder bail-in or prompt corrective action.

Research paper thumbnail of Sliding Doors Cost Measurement.A Restrictive Approach to Analyzing the Net Economic Cost of Policy Decisions and an Application to Irish Financial Regulation

This paper develops a restrictive procedure for evaluating economic policy decisions, by comparin... more This paper develops a restrictive procedure for evaluating economic policy decisions, by comparing actual economic history to a simulated history where a specific policy decision is replaced with a counterfactual, but credible, alternative. Our procedure is theoretically straightforward, but empirically problematic since it requires the identification of a feasible policy alternative and a model linking a specific policy choice to

Research paper thumbnail of The U.S. and Irish credit crises: Their distinctive differences and common features

Journal of International Money and Finance, 2012

Log In