We use unique individual bank-to-bank repo transaction data to empirically assess the efficiency of the existing Swiss financial market infrastructure (FMI) for executing delivery versus payment transactions. This approach enables us to identify its current benefits and drawbacks and discuss how these could be addressed and to what extent distributed ledger technology (DLT) could provide a remedy. We find that the fastest settlement time for repo transactions is 12 seconds, but that settlements are often delayed by more than 10 minutes due to the lack of collateral availability. We conclude that the cross-border availability of securities needs to be addressed by either improving interoperability of existing infrastructures or using new technologies.
Li, Hao; Li, Jinlin; Dietl, Helmut (2020). A novel decision making approach for benchmarking the service quality of smart community health centers. IEEE Access, 8:209904-209914.
Liu, Hui; Yang, Naiding; Yang, Zhao; Zhang, Yanlu; Li, Ruimeng (2020). Using combined network-based approaches to analyze risk interactions in R&D alliance. Journal of the Operational Research Society:Epub ahead of print.
Mittelbach-Hörmanseder, Stéphanie; Hummel, Katrin; Rammerstorfer, Margarethe (2020). The information content of corporate social responsibility disclosure in Europe: an institutional perspective. European Accounting Review:Epub ahead of print.
This paper empirically assesses the link between demographics, pension systems, and current account (CA) balances using the IMF External Balance Assessment (EBA) model. We propose two refinements to the EBA model. We first refine the existing demographic variables to better account for the entire population age structure of countries. Compared to the EBA specification, we find a more robust, smoother, and economically intuitive effect of demographics on CA balances across countries. We then introduce new indicators to account for pension systems. We find a positive and statistically significant relationship between the generosity and coverage of fully funded pension systems and CA balances. Our refinements broadly improve the EBA model fit, especially for advanced economies with a fully funded pension system.
