Professoren
Prof. Dr. h.c. mult., Ph.D. Martin Hellwig

Prof. Dr. h.c. mult., Ph.D. Martin Hellwig

Direktor des Max-Planck-Instituts zur Erforschung von Gemeinschaftsgütern1975

"Asset Management with Trading Uncertainty" (with Duncan Foley), Review of Economic Studies 42 (1975), 327 - 346.

"A Note on the Budget Constraint in a Model of Borrowing" (with Duncan Foley), Journal of Economic Theory 11 (1975), 305 - 314.

"The Demand for Money and Bonds in Continuous-Time Models", Journal of Economic Theory 11 (1975), 462 - 464.


1977

"A Model of Borrowing and Lending with Bankruptcy", Econometrica 45 (1977), 1879 - 1906.


1980

"The Aggregation of Information in Competitive Markets", Journal of Economic Theory 22 (1980), 477 - 498.

"Stochastic Processes of Temporary Equilibria: A Note", Journal of Mathematical Economics 7 (1980), 287 - 299.


1981

"Bankruptcy, Limited Liability, and the Modigliani-Miller Theorem", American Economic Review 71 (1981), 155 - 170.


1982

"Rational Expectations and the Markov Property of Temporary Equilibrium Processes", Journal of Mathematical Economics 9 (1982), 135 - 144.

"Zur Informationseffizienz des Kapitalmarktes", Zeitschrift für Wirtschafts- und Sozialwissenschaften 102 (1982), 1 - 27.

"Rational Expectations Equilibrium with Conditioning on Past Prices: A Mean-Variance Example", Journal of Economic Theory 26 (1982), 279 - 312.


1983

"A Note on the Implementation of Rational Expectations Equilibria",Economics Letters 11 (1983), 1 - 8.

"Moral Hazard and Monopolistically Competitive Insurance Markets", Geneva Papers on Risk and Insurance 8 (1983), 44 - 71.


1985

"Geldwert und Geldneutralität: Indirekter Tausch und Geld in der temporären Gleichgewichtstheorie", Das Wirtschaftsstudium 14 (1985), 503 - 508.

"Incentive-Compatible Debt Contracts: The One-Period Problem" (with Douglas Gale), Review of Economic Studies 52 (1985), 647 - 663.

"What do we know about Currency Competition?", Zeitschrift für Wirtschafts- und Sozialwissenschaften 105 (1985), 565 - 588.


1986

"Bertrand-Edgeworth Oligopoly in Large Markets" (with Beth Allen). Review of Economic Studies 53 (1986), 175 - 204.

"Comment on ‘The Pure Theory of Country Risk’ by Jonathan Eaton, Mark Gersovitz, and Joseph E. Stiglitz", European Economic Review 30 (1986), 521 - 527.

"Price-Setting Firms and the Oligopolistic Foundations of Perfect Competition" (with Beth Allen), American Economic Review, Papers and Proceedings 76 (1986), 387 - 392.

"Risikoallokation in einem Marktsystem", Schweizerische Zeitschrift für Volkswirtschaft und Statistik 122 (1986), 231 - 251.

"Comment on ‘Unemployment Flows in Britain: Facts, Theory and Policy’ by C. Pissarides", Economic Policy 1 (1986), 543 - 548.

"The Private Supply of a Public Good" (with Werner Güth), Zeitschrift für Nationalökonomie, Suppl. 5 (1986), 121 - 159.

"The Optimal Linear Income Tax Revisited", Journal of Public Economics 31 (1986), 163 - 179.


1987

"Some Recent Developments in the Theory of Competition in Markets with Adverse Selec- tion", European Economic Review 31 (1987), 319 - 325.

"On the Existence of Subgame-Perfect Equilibrium in Infinite-Action Games of Perfect Information" (with Wolfgang Leininger), Journal of Economic Theory 43 (1987), 55 - 75.

"Competition versus Monopoly in the Supply of Public Goods" (with Werner Güth), in:
Pethig, R. und U. Schlieper (eds.), Efficiency, Institutions and Economic Policy, Springer, Heidelberg 1987, 183 - 217.

"Moral Hazard and Equilibrium Credit Rationing: An Overview of the Issues" (with Helmut Bester), in: Bamberg, G. and K. Spremann (eds.), Agency Theory, Information and Incen-
tives, Springer, Heidelberg 1987.

"Economic Policy in Germany: Was There a Turnaround?" (with Manfred J.M. Neumann), Economic Policy 5 (1987), 105 - 140.


1988

"Comment on ‘Equity, Opportunism and the Design of Contractual Relations’ by S. Masten", Zeitschrift für die gesamte Staatswissenschaft 144 (1988), 200 - 207.

"Versicherungsmarkt: Theorie. A: Versicherungsmärkte bei vollständiger Information (with Wolfgang Eichhorn). B: Versicherungsmärkte bei unvollständiger Information", in: D. Farny, E. Helten, P. Koch, R. Schmidt (eds.), Handwörterbuch der Versicherung, Verlag Versicherungswirtschaft 1988, 1055 - 1064 and 1065 - 1076.

Japanese Translation published by The Research Institute of Life Insurance Welfare, Tokio 1993.

"Comment on ‘Time Consistency and Trigger Mechanisms in Open-Economy Monetary Policy Games’ by M. Canzoneri and D. Henderson", in: S. Borner (ed.), International Finance and Trade in a Polycentric World, MacMillan 1988, 360 - 368.

"A Note on the Specification of Inter-Firm Communication in Insurance Markets with Adverse Selection", Journal of Economic Theory 46 (1988), 154 - 163.

"Kreditrationierung und Kreditsicherheiten bei asymmetrischer Information: Der Fall des Monopolmarktes", in: B. Rudolph and J. Wilhelm (eds.), Bankpolitik, finanzielle Unternehmensführung und die Theorie der Finanzmärkte, Duncker und Humblot, Berlin 1988, 135 - 162.


1989

"Repudiation and Renegotiation: The Case of Sovereign Debt" (with Douglas Gale), International Economic Review 30 (1989), 3 - 31.

"Asymmetric Information, Financial Markets, and Financial Institutions: Where are We Currently Going?", European Economic Review 33 (1989), 277 - 285.

"The Approximation of Competitive by Bertrand-Edgeworth Equilibria in Large Markets" (with Beth Allen), Journal of Mathematical Economics 18 (1989), 103 - 126.

"Keine Alternative zum Schuldenerlass? Korreferat zum Referat Nunnenkamp", in: G. Bombach, B. Gahlen und A.E. Ott, Die nationale und internationale Schuldenproblematik, Schriftenreihe des wirtschaftswissenschaftlichen Seminars Ottobeuren Bd. 18, Mohr-Siebeck, Tübingen 1989, 193 - 202.


1990

"Subgame Perfect Equilibrium in Continuous Games of Perfect Information: An Elementary Approach to Existence and Approximation by Discrete Games" (with Wolfgang Leininger, Philip Reny and Arthur Robson), Journal of Economic Theory 52 (1990), 406 - 422.


1991

"Banking, Financial Intermediation, and Corporate Finance", in: A. Giovannini and C. Mayer (eds.), European Financial Integration, Cambridge U.P. 1991, 35 - 63.

Italian Translation published in G. Coppola and D. Corsini (eds.). Teoria dell’ Intermediazione Credizia, Studi e Informazioni, Quaderni 41, Banca Toscana, Firenze 1993, 287 - 311.

"Die Kommunikationsfunktion der Finanzmärkte", Schweizerische Zeitschrift für Volkswirtschaft und Statistik 127 (1991), 351 - 364.


1992

"Competitiveness in Banking: A Note on the Semantics of ‘Competitiveness’", in: N. Blattner, H. Genberg and A. Swoboda (eds.), Competitiveness in Banking, Physica-Verlag, Würzburg 1992, 41 - 50.

"Comment on ‘The Marshall Plan: Economic Effects and Implications for Eastern Europe and the Soviet Union’ by B. Eichengreen and M. Uzan", Economic Policy 14 (1992), 55 - 58.

"Fully Revealing Outcomes in Signalling Models: An Example of Nonexistence when the Type Space is Unbounded", Journal of Economic Theory 58 (1992), 93 - 104.


1993

"Bertrand-Edgeworth Duopoly with Proportional Residual Demand" (with Beth Allen), International Economic Review 34 (1993), 39 - 60.

"The Challenge of Monetary Theory", European Economic Review 37 (1993), 215 - 242.

"Comment on ‘Bank Loan Maturity and Priority when Borrowers Can Refinance’ by
D. Diamond", in: C. Mayer and X. Vives (eds.), Capital Markets and Financial Intermediation, Cambridge University Press 1993, 70 - 80.

Spanish Translation published in C. Mayer y X. Vives (Edit.), La Intermediacion en la Construccion de Europa, Edita: Fundacion BBV, Bilbao 1994, 83 - 93.


1994

"Grundprobleme der Börsengesetzgebung aus ökonomischer Sicht", in: Ein schweizerisches Börsengesetz im europäischen Kontext, Europainstitut Basel, 1994, 35 - 50.

"Liquidity Provision, Banking, and the Allocation of Interest Rate Risk", European Economic Review 38 (1994), 1363 - 1389.


1995

"The Macoeconomic Implications of Capital Adequacy Requirements for Banks" (with Jürg Blum), European Economic Review 39 (1995), 739 - 749.

"Comment on ‘Ownership and Control’ by J. Franks and C. Mayer", in: H. Siebert (ed.), Trends in Business Organization: Do Participation and Cooperation Increase Competitiveness?, J.C.B. Mohr (Paul Siebeck), Tübingen 1995, 196 - 200.

"The Assessment of Large Compounds of Independent Gambles", Journal of Economic Theory 67 (1995), 299 - 326.

"Systemic Aspects of Risk Management in Banking and Finance", Schweizerische Zeitschrift für Volkswirtschaft und Statistik 131 (1995), 723 - 737.


1996

"Financial Innovations and the Incidence of Risks in the Financial System", in: F. Bruni, D. Fair, and R. O’Brien (eds.), Risk Management in Volatile Financial Markets, Proceedings of the 1995 Colloquium of the Société Universitaire Européenne en Recherches Financières, Kluwer, Dordrecht et al., 1996, 25 - 39.

"Die makroökonomischen Wirkungen von Eigenkapitalanforderungen für Banken" (with Jürg Blum), in: D. Duwendag (ed.), Finanzmärkte, Finanzinnovationen und Geldpolitik, Schriften des Vereins für Socialpolitik, NF 242, Duncker und Humblot, Berlin 1996, 41 - 71.

"Sequential Decisions Under Uncertainty and the Maximum Theorem", Journal of Mathematical Economics 25 (1996), 443 - 464.

"Rational Expectations Equilibria in Sequence Economies with Symmetric Information: The Two Period Case", Journal of Mathematical Economics 26 (1996), 9 - 49.

"Capital Requirements for Market Risks Based on Inhouse Models - Aspects of Quality Assessment" - Contribution to Panel Discussion, Special Volume on "Capital Adequacy Regulation as Instruments for the Regulation of Banks: Further Results", Schweizerische Zeitschrift für Volkswirtschaft und Statistik 132 (1996), 755 - 759.


1997

"Unternehmensfinanzierung, Unternehmenskontrolle und Ressourcenallokation: Was leistet das Finanzsystem?", in: B. Gahlen, H. Hesse, H.J. Ramser (eds.), Finanzmärkte, J.C.B. Mohr (Paul Siebeck), Tübingen 1997, 211 - 243.

"Kritik an der Kritik der Publikumsaktiengesellschaft. Korreferat zum Referat Günter Franke", in: B. Gahlen, H. Hesse, H.J. Ramser (eds.), Finanzmärkte, J.C.B. Mohr (Paul Siebeck), Tübingen 1997, 83 - 88.


1998

"Banks, Markets, and the Allocation of Risks", Journal of Institutional and Theoretical Economics (JITE) 154 (1998), 328-351.

"Systemische Risiken im Finanzsektor", Zeitschrift für Wirtschafts- und Sozialwissenschaf-ten, NF, 261 (1998), Beiheft 7, 123-151.

"International Contagion - the Result of Information or of Rhetoric? Contribution to Panel on International Contagion", Schweizerische Zeitschrift für Volkswirtschaft und Statistik, 134 (1998), 715-721.


1999

"Zur "Volkswirtschaftlichen Verantwortung" der Banken", in: F. Jaeger and W. Stier (eds.), Die volkswirtschaftliche Verantwortung der Banken, Verlag Rüegger, Chur, Zürich 1999, 9 -57.


2000

"Die volkswirtschaftliche Bedeutung des Finanzsystems", in: J. v. Hagen and J.H. v. Stein (eds.), Obst/Hintner, Geld-, Bank- und Börsenwesen - Handbuch des Finanzsystems, 40th edition, Schäffer-Poeschel-Verlag, Stuttgart 2000, 1 - 35.

"Banken zwischen Politik und Markt: Worin besteht die volkswirtschaftliche Verantwortung der Banken?", Perspektiven der Wirtschaftspolitik 1 (2000), 337-356.

"On the Economics and Politics of Corporate Finance and Corporate Control", in: X. Vives (ed.), Corporate Governance, Cambridge University Press, Cambridge 2000, 95 - 134.

"Risk Aversion and Incentive Compatibility with Ex Post Information Asymmetry", Discussion Paper No. 98-38, Sonderforschungsbereich 504, University of Mannheim, to appear in: Economic Theory.

"Financial Intermediation with Risk Aversion", Review of Economic Studies 67 (2000), 719 - 742.


2001

"Corporate Governance and the Financing of Investment for Structural Change", Discussion Paper No. 00-32, Sonderforschungsbereich 504, University of Mannheim, 2000, to appear in: Deutsche Bundesbank (ed.), Investing Today for the World of Tomorrow · Studies on the Investment Process in Europe, Springer Verlag, Berlin, Heidelberg, New York 2001, 203-223.

"Endogenous Technical Change in a Competitive Economy" (with Andreas Irmen), Discussion Paper No. 99-53, Sonderforschungsbereich 504, University of Mannheim, 1999, to appear in: Journal of Economic Theory.

"Banking and Finance at the End of the Twentieth Century", WWZ-Discussion Paper No. 9426, University of Basel, to appear in: Scandinavian Journal of Economics.



Unpublished Manuscripts

"Monopolistic Discrimination over Time", Econometric Research Program, Research Memorandum No. 174, Princeton, N.J., March 1975.

"A Model of Monetary Exchange", Econometric Research Program, Research Memorandum No. 202, Princeton, N.J., December 1976.

"On the Validity of the Intertemporal Capital Asset Pricing Model", CORE Discussion Paper No. 7744, Louvain-la-Neuve, December 1977.

"Precautionary Money Holding and the Payment of Interest on Money", CORE Discussion Paper No. 8236, Louvain-la-Neuve, September 1982.

"On Moral Hazard and Non-Price Equilibria in Competitive Insurance Markets", Discussion Paper No. 109, Sonderforschungsbereich 21, Bonn, May 1983.

"A General Equilibrium Model of the Transactions Demand for Money" (with Douglas Gale), ICERD Discussion Paper No. 84/100 (London School of Economics), May 1984.

"The Optimal Debt Contract: A Comparative Static Analysis" (with Douglas Gale), CARESS Working Paper No. 86-06, University of Pennsylvania, March 1986.

"Informed Speculation in Large Markets" (with Douglas Gale), Discussion Paper No. 880, WWZ, Basel, June 1988.

"Markov-Perfect Equilibria in Infinite-Action Games of Perfect Information" (with Wolfgang Leininger), Discussion Paper No. A-185, Sonderforschungsbereich 303, Bonn, September 1988.

"The Conceptual Structure of Macroeconomic Models: I. The Income Equation", Discussion Paper 9308, Basel, July 1993.

"A Reconsideration of the Jensen-Meckling Model of Outside Finance", Discussion Paper No. 9422, WWZ, Basel, November 1994.

"Allowing for Risk Choices in Diamond’s ‘Financial Intermediation as Delegated Monitoring’", Discussion Paper No. 98-04, Sonderforschungsbereich 504, University of Mannheim, 1998.

"Discrete-Time Approximations of the Holmström-Milgrom Brownian-Motion Model of Intertemporal Incentive Provision" (with Klaus Schmidt). Discussion Paper No. 98-06, Sonderforschungsbereich 504, University of Mannheim, 1998.

"Wage Growth, Productivity Growth, and the Evolution of Employment" (with Andreas Irmen), Discussion Paper No. 99-86, Sonderforschungsbereich 504, University of Mannheim, 1999.

"Costly State Verification: The Choice Between Ex Ante and Ex post Verification Mechanisms", Discussion Paper No. 00-06, Sonderforschungsbereich 504, University of Mannheim, 2000.

"Nonlinear Incentive Contracting in Walrasian Markets: A Cournot Approach", Discussion Paper No. 00-42, Sonderforschungsbereich 504 University of Mannheim, 2000.

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