Credit Intermediation And The Macroeconomy

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Credit, Intermediation, and the Macroeconomy

Author : Sudipto Bhattacharya
Publisher :
ISBN 13 : 9780199243068
Total Pages : 934 pages
Book Rating : 4.2/5 (43 download)

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Book Synopsis Credit, Intermediation, and the Macroeconomy by : Sudipto Bhattacharya

Download or read book Credit, Intermediation, and the Macroeconomy written by Sudipto Bhattacharya and published by . This book was released on 2004 with total page 934 pages. Available in PDF, EPUB and Kindle. Book excerpt: Developments in theories of financial markets and institutions, using the tools of the economics of uncertainty and of contracts, as well as results in game theory, have, over the last two decades, constituted an exciting and burgeoning field of research. This collection of readings drawstogether highlights of the 'second generation' literature in this area, emphasizing the theoretical, institutional, and policy-oriented regulatory implications of some of the key modelling techniques in the field.The collection divides into seven sections covering the monitoring role of banks and other intermediaries; liquidity demand and the role of banks and the government; bank runs and financial crises; bank regulation; inter-bank competition and bank--firm relationships; comparative financial systems;and imperfect credit markets and the macroeconomy. Each section comprises four articles previously published in top-ranking economics and finance journals, plus a discussion by a prominent scholar, who provides a synthesis and critique of the literature, and suggests promising directions for futureresearch and application of results.

Cross-Border Credit Intermediation and Domestic Liquidity Provision in a Small Open Economy

Author : Thorvardur T. Olafsson
Publisher : International Monetary Fund
ISBN 13 : 1484376625
Total Pages : 50 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Cross-Border Credit Intermediation and Domestic Liquidity Provision in a Small Open Economy by : Thorvardur T. Olafsson

Download or read book Cross-Border Credit Intermediation and Domestic Liquidity Provision in a Small Open Economy written by Thorvardur T. Olafsson and published by International Monetary Fund. This book was released on 2018-09-11 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops a small open economy model where global and domestic liquidity is intermediated to the corporate sector through two financial processes. Investment banks intermediate cross-border credit through interlinked debt contracts to entrepreneurs and commercial banks intermediate domestic savings to liquidity constrained final good producers. Both processes are needed to facilitate development of key production inputs. The model captures procyclical investment bank leverage dynamics, global liquidity spillovers, domestic money market pressures, and macrofinancial linkages through which shocks propagate across the two processes, affecting spreads and balance sheets, as well as the real economy through investment and working capital channels.

Finance and Financial Intermediation

Author : Harold L. Cole
Publisher : Oxford University Press
ISBN 13 : 0190941723
Total Pages : 304 pages
Book Rating : 4.1/5 (99 download)

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Book Synopsis Finance and Financial Intermediation by : Harold L. Cole

Download or read book Finance and Financial Intermediation written by Harold L. Cole and published by Oxford University Press. This book was released on 2019-03-29 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: The financial system is a densely interconnected network of financial intermediaries, facilitators, and markets that serves three major purposes: allocating capital, sharing risks, and facilitating intertemporal trade. Asset prices are an important mechanism in each of these phenomena. Capital allocation, whether through loans or other forms of investment, can vary both across sectors-at the broadest, manufactures, agriculture, and services-and within sectors, for example different firms. The risk that various investors are willing to take reflects their financial position and alternative opportunities. Risk and asset allocation are also influenced by whether money, and especially its expenditure, is more important now or in the future. These decisions are all influenced by governmental policies. When there are mismatches, the results include financial meltdowns, fiscal deficits, sovereign debt, default and debt crises. Harold L. Cole provides a broad overview of the financial system and assets pricing, covering history, institutional detail, and theory. The book begins with an overview of financial markets and their operation and then covers asset pricing for standard assets and derivatives, and analyzes what modern finance says about firm behavior and capital structure. It then examines theories of money, exchange rates, electronic payments methods, and cryptocurrencies. After exploring banks and other forms of financial intermediation, the book examines the role they played in the Great Recession. Having provided an overview of the provate sector, Cole switches to public finance and government borrowing as well as the incentives to monetize the public debt and its consequences. The book closes with an examination of sovereign debt crises and an analysis of their various forms. Finance and financial intermediation are central to modern economies. This book covers all of the material a sophisticated economist needs to know about this area.

Credit Intermediation and the Transmission of Macrofinancial Uncertainty

Author : Martin Gächter
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (116 download)

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Book Synopsis Credit Intermediation and the Transmission of Macrofinancial Uncertainty by : Martin Gächter

Download or read book Credit Intermediation and the Transmission of Macrofinancial Uncertainty written by Martin Gächter and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the transmission of global macro-financial uncertainty to economic activity depending on the current state of the banking sector. Previous literature suggests that credit supply and uncertainty shocks are important drivers of economic activity, but the distinction between the two is empirically challenging. In this paper, we introduce a new, but surprisingly simple measure of macro-financial uncertainty at the global level while the state of credit intermediation is being captured on the country level. Macro-financial uncertainty generally exerts adverse effects on economic growth in a sample of advanced economies. We find, however, that a shock to uncertainty is strongly reinforced when credit intermediation is distressed. In addition, we show that both macroeconomic and financial market uncertainty are associated with lower economic activity, although the latter exerts stronger effects. State-dependency of the effects is prevalent in both cases. Our findings have important policy implications, highlighting both the state of the banking sector as well as the origin of uncertainty as crucial factors in the transmission of uncertainty.

Explaining the Behavior of Financial Intermediation

Author : Mr.Philipp C. Rother
Publisher : International Monetary Fund
ISBN 13 : 145184543X
Total Pages : 33 pages
Book Rating : 4.4/5 (518 download)

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Book Synopsis Explaining the Behavior of Financial Intermediation by : Mr.Philipp C. Rother

Download or read book Explaining the Behavior of Financial Intermediation written by Mr.Philipp C. Rother and published by International Monetary Fund. This book was released on 1999-03-01 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the effects of macroeconomic and structural variables on financial intermediation. To this end, it presents a theoretical foundation for two new measures of intermediation, the money multiplier and the ratio of private sector credit to monetary base. Results from panel estimations covering 19 transition economies indicate that policy makers need to address in particular the problems of bad loans on bank balance sheets and high market concentration while maintaining a stable macroeconomic environment. Further variables, such as minimum reserve requirements and the capital adequacy ratio, are found to possess less explanatory power.

Money, Financial Intermediation and Governance

Author : Dino Falaschetti
Publisher : Edward Elgar Publishing
ISBN 13 : 1848441347
Total Pages : 199 pages
Book Rating : 4.8/5 (484 download)

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Book Synopsis Money, Financial Intermediation and Governance by : Dino Falaschetti

Download or read book Money, Financial Intermediation and Governance written by Dino Falaschetti and published by Edward Elgar Publishing. This book was released on 2008-01-01 with total page 199 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dino Falaschetti and Michael Orlando unify the treatment of the many deeply related topics in money and banking in this wide-ranging book. By continually building on the assumption that economic actors are maximizers, they explain how monetary and financial services, as well as related governance mechanisms, influence economic performance. In this manner, Money, Financial Intermediation and Governance not only lets readers make sense of today s monetary authorities and financial markets, it lets them see through superficial complexities to the fundamental influences that will shape those organizations for years to come. Mastering this analytical process is important for scholars and professionals, as well as individuals who are interested in their own financial security. Successful readers will enjoy an enduring ability to productively anticipate, respond to, and even shape macroeconomic and related political developments. This book s greatest contribution may thus be to help readers enjoy the lasting advantages of becoming careful thinkers. This book is an ideal text for undergraduate, graduate and MBA students in courses on banking and financial markets as well as in macroeconomics. It is also a useful resource for researchers and professionals in the financial, legal and policy sectors.

Financial Crisis and Credit Crunch as a Result of Inefficient Financial Intermediation—with Reference to the Asian Financial Crisis

Download Financial Crisis and Credit Crunch as a Result of Inefficient Financial Intermediation—with Reference to the Asian Financial Crisis PDF Online Free

Author : Zhaohui Chen
Publisher : International Monetary Fund
ISBN 13 : 1451935994
Total Pages : 25 pages
Book Rating : 4.4/5 (519 download)

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Book Synopsis Financial Crisis and Credit Crunch as a Result of Inefficient Financial Intermediation—with Reference to the Asian Financial Crisis by : Zhaohui Chen

Download or read book Financial Crisis and Credit Crunch as a Result of Inefficient Financial Intermediation—with Reference to the Asian Financial Crisis written by Zhaohui Chen and published by International Monetary Fund. This book was released on 1998-09-01 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops a model of private debt financing under inefficient financial intermediation. It suggests a mechanism that can generate the following sequence of events observed in the recent Asian crisis: A period of relatively low capital flow despite a steady improvement in economic fundamentals (capital inflow inertia), followed by a fast buildup of capital inflow, and ended with a large capital outflow and domestic credit crunch. Unlike other models requiring large movements in fundamentals or asset prices to explain a financial crisis, this model can exhibit large credit/capital flow swings with moderate changes in the economic and market environment.

Financial Intermediation Costs in Low-Income Countries

Author : Mr.Tigran Poghosyan
Publisher : International Monetary Fund
ISBN 13 : 1475564139
Total Pages : 54 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis Financial Intermediation Costs in Low-Income Countries by : Mr.Tigran Poghosyan

Download or read book Financial Intermediation Costs in Low-Income Countries written by Mr.Tigran Poghosyan and published by International Monetary Fund. This book was released on 2012-05-01 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyze factors driving persistently higher financial intermediation costs in low-income countries (LICs) relative to emerging market (EMs) country comparators. Using the net interest margin as a proxy for financial intermediation costs at the bank level, we find that within LICs a substantial part of the variation in interest margins can be explained by bank-specific factors: margins tend to increase with higher riskiness of credit portfolio, lower bank capitalization, and smaller bank size. Overall, we find that concentrated market structures and lack of competition in LICs banking systems and institutional weaknesses constitute the key impediments preventing financial intermediation costs from declining. Our results provide strong evidence that policies aimed at fostering banking competition and strengthening institutional frameworks can reduce intermediation costs in LICs.

Modeling with Macro-Financial Linkages

Author : Ms.Inci Ötker
Publisher : International Monetary Fund
ISBN 13 : 1451872704
Total Pages : 36 pages
Book Rating : 4.4/5 (518 download)

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Book Synopsis Modeling with Macro-Financial Linkages by : Ms.Inci Ötker

Download or read book Modeling with Macro-Financial Linkages written by Ms.Inci Ötker and published by International Monetary Fund. This book was released on 2009-06-01 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops a stylized, small, open economy macro model that incorporates an explicit and non-trivial role for financial intermediation. It illustrates how such a model could be used for policy analysis in an emerging market economy where policymakers are concerned about risks associated with rapid credit growth, financial dollarization, and foreign borrowing, while lacking traditional tools to effect monetary policy transmission, and hence could resort to more direct instruments, such as foreign exchange market intervention and regulatory and administrative measures. Calibrating the model to a stylized emerging European economy, the paper simulates real and financial sector implications of various external and policy-related shocks that could be used as input for monetary policy making.

Modern Financial Macroeconomics

Author : Todd A. Knoop
Publisher : Wiley-Blackwell
ISBN 13 :
Total Pages : 296 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Modern Financial Macroeconomics by : Todd A. Knoop

Download or read book Modern Financial Macroeconomics written by Todd A. Knoop and published by Wiley-Blackwell. This book was released on 2008-04-07 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt: Modern Financial Macroeconomics takes a non-technical approach in examining the role that financial markets and institutions play in shaping outcomes in the modern macro economy. Reviews historical and contemporary macroeconomic theory Examines governmental influence on moderating (or exacerbating) economic fluctuations Discusses both empirical and theoretical links between financial systems and economic performance, as well as case studies detailing the role of finance in specific business cycle episodes

Measuring Wealth and Financial Intermediation and Their Links to the Real Economy

Author : Charles R. Hulten
Publisher : University of Chicago Press
ISBN 13 : 022620443X
Total Pages : 398 pages
Book Rating : 4.2/5 (262 download)

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Book Synopsis Measuring Wealth and Financial Intermediation and Their Links to the Real Economy by : Charles R. Hulten

Download or read book Measuring Wealth and Financial Intermediation and Their Links to the Real Economy written by Charles R. Hulten and published by University of Chicago Press. This book was released on 2015-02-04 with total page 398 pages. Available in PDF, EPUB and Kindle. Book excerpt: More than half a decade has passed since the bursting of the housing bubble and the collapse of Lehman Brothers. In retrospect, what is surprising is that these events and their consequences came as such a surprise. What was it that prevented most of the world from recognizing the impending crisis and, looking ahead, what needs to be done to prevent something similar? Measuring Wealth and Financial Intermediation and Their Links to the Real Economy identifies measurement problems associated with the financial crisis and improvements in measurement that may prevent future crises, taking account of the dynamism of the financial marketplace in which measures that once worked well become misleading. In addition to advances in measuring financial activity, the contributors also investigate the effects of the crisis on households and nonfinancial businesses. They show that households’ experiences varied greatly and some even experienced gains in wealth, while nonfinancial businesses’ lack of access to credit in the recession may have been a more important factor than the effects of policies stimulating demand.

Consumer Credit in Europe

Author : Daniela Vandone
Publisher : Springer Science & Business Media
ISBN 13 : 3790821012
Total Pages : 142 pages
Book Rating : 4.7/5 (98 download)

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Book Synopsis Consumer Credit in Europe by : Daniela Vandone

Download or read book Consumer Credit in Europe written by Daniela Vandone and published by Springer Science & Business Media. This book was released on 2009-07-21 with total page 142 pages. Available in PDF, EPUB and Kindle. Book excerpt: Consumer credit has become a topical issue for researchers, regulators and the banking industry in Europe as a result of increasing market integration, regulatory changes and a growing tendency of households to use debt to finance consumption. This study uses a cross-country approach to look at a broad range of issues related to consumer credit in Europe. Focusing on both the supply and demand sides, it takes into account the structure and performance of financial intermediaries, the socio-demographic and economic profile of households and their risk of over-indebtedness, as well as the regulatory framework, such as the new Consumer Credit Directive. In the light of this analysis, measures for the prevention and management of over-indebtedness are presented. This book is essential for postgraduate students and specialists in financial institutions, for regulators and policy-makers who are in charge of efficiency and stability of financial systems.

Capital Flows, Financial Intermediation and Macroprudential Policies

Author : Matteo Ghilardi
Publisher : International Monetary Fund
ISBN 13 : 1498365655
Total Pages : 31 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis Capital Flows, Financial Intermediation and Macroprudential Policies by : Matteo Ghilardi

Download or read book Capital Flows, Financial Intermediation and Macroprudential Policies written by Matteo Ghilardi and published by International Monetary Fund. This book was released on 2014-08-21 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops an open-economy DSGE model with an optimizing banking sector to assess the role of capital flows, macro-financial linkages, and macroprudential policies in emerging Asia. The key result is that macro-prudential measures can usefully complement monetary policy. Countercyclical macroprudential polices can help reduce macroeconomic volatility and enhance welfare. The results also demonstrate the importance of capital flows and financial stability for business cycle fluctuations as well as the role of supply side financial accelerator effects in the amplification and propagation of shocks.

Changing Nature of Financial Intermediation and the Financial Crisis of 2007-09

Author : Tobias Adrian
Publisher : DIANE Publishing
ISBN 13 : 1437930905
Total Pages : 35 pages
Book Rating : 4.4/5 (379 download)

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Book Synopsis Changing Nature of Financial Intermediation and the Financial Crisis of 2007-09 by : Tobias Adrian

Download or read book Changing Nature of Financial Intermediation and the Financial Crisis of 2007-09 written by Tobias Adrian and published by DIANE Publishing. This book was released on 2011 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a print on demand edition of a hard to find publication. The financial crisis of 2007-09 highlighted the changing role of financial institutions and the growing importance of the ¿shadow banking system,¿ which grew out of the securitization of assets and the integration of banking with capital market developments. In a market-based financial system, banking and capital market developments are inseparable, and funding conditions are tied closely to fluctuations in the leverage of market-based financial intermediaries. This report describes the changing nature of financial intermediation in the market-based financial system, charts the course of the recent financial crisis, and outlines the policy responses that have been implemented by the Fed. Reserve and other central banks. Charts and tables.

Trade credit, financial intermediary development, and industry growth

Author : Raymond Fisman
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 34 pages
Book Rating : 4./5 ( download)

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Book Synopsis Trade credit, financial intermediary development, and industry growth by : Raymond Fisman

Download or read book Trade credit, financial intermediary development, and industry growth written by Raymond Fisman and published by World Bank Publications. This book was released on 2001 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: Where do firms turn for financing in countries with poorly developed financial markets? One source is trade credit. And where formal financial intermediaries are deficient, industries that rely more on this source of financing grow faster.

Credit, Securitization and Monetary Policy

Author : Mr.Andrea Pescatori
Publisher : International Monetary Fund
ISBN 13 : 147552272X
Total Pages : 21 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis Credit, Securitization and Monetary Policy by : Mr.Andrea Pescatori

Download or read book Credit, Securitization and Monetary Policy written by Mr.Andrea Pescatori and published by International Monetary Fund. This book was released on 2016-03-23 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: We show evidence that interest rate hikes slowdown loan growth but lead intermediation to migrate from banks’ balance sheets to non-banks via increased securitization activity. As such, higher interest rates have the potential for unintended consequences; raising systemic risk rather than lowering it by pushing more intermediation activity to more weakly regulated sectors. In the past, this increased securitization activity was driven primarily byb private-label securitization. On the other hand, the government sponsored entities like Freddie Mac and Fannie Mae appear to react to higher policy rates by cutting back on their securitization activity but expanding loans to the Federal Home Loan Bank system.

Finance, Financial Sector Policies, and Long-run Growth

Author : Asli Demirguc-Kunt
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 82 pages
Book Rating : 4./5 ( download)

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Book Synopsis Finance, Financial Sector Policies, and Long-run Growth by : Asli Demirguc-Kunt

Download or read book Finance, Financial Sector Policies, and Long-run Growth written by Asli Demirguc-Kunt and published by World Bank Publications. This book was released on 2008 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: The first part of this paper reviews the literature on the relation between finance and growth. The second part of the paper reviews the literature on the historical and policy determinants of financial development. Governments play a central role in shaping the operation of financial systems and the degree to which large segments of the financial system have access to financial services. The paper discusses the relationship between financial sector policies and economic development.