Sehr geehrte Damen und Herren! Anbei übermitteln wir Ihnen die Einladung zu einem VOSTA-Freitagsseminar von Martine Quinzii, University of California Davis und Michael Magill, University of Southern California mit dem Titel "Equilibria and Optimality of a Flexible 100% Reserve System " Termin Freitag, 17. Juli 2015, 11.00 Uhr Ort Geldzentrum der OeNB (OeNB II) Garnisongasse 15, 1090 Wien Veranstaltungssaal, 3. Stock Abstract This paper studies an institutional framework, more flexible than the 100 % Reserve System, which permits the banking sector to induce an efficient allocation of investment. The key constraint faced by the banking system is that a significant proportion of its sources of funds are required to generate a safe return, even though the banks' investments are unavoidably risky. All the deposits received by the banks are transferred to the Central Bank which guarantees a safe rate of return, and lends back all or part of the funds to the banks at a different rate of interest. We analyze the equilibria of the resulting system and show that, by an appropriate choice of the interest rate on deposits and capital requirements for banks, a Pareto optimal (or when there are costs of bankruptcy a second best optimal) allocation of investment can be obtained. Um Ihre Rückmeldung ersuchen wir bis Mittwoch, 15. Juli 2015. Wir freuen uns auf Ihre Teilnahme und stehen für Fragen gerne zur Verfügung. Mit freundlichen Grüßen Event-Management --------------------------- Oesterreichische Nationalbank Abteilung für Öffentlichkeitsarbeit und Finanzbildung Communications and Financial Literacy Division Phone: +43-1-404 20-6620 Fax: +43-1-404 20-04 6697 E-mail: Event-Management@oenb.at<mailto:Event-Management@oenb.at>