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Debt And Incomplete Financial Markets
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Book Synopsis Debt and Incomplete Financial Markets by : Kevin D. Sheedy
Download or read book Debt and Incomplete Financial Markets written by Kevin D. Sheedy and published by . This book was released on 2014 with total page 69 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial markets are incomplete, thus for many households borrowing is possible only by accepting a financial contract that specifies a fixed repayment. However, the future income that will repay this debt is uncertain, so risk can be inefficiently distributed. This paper argues that a monetary policy of nominal GDP targeting can improve the functioning of incomplete financial markets when incomplete contracts are written in terms of money. By insulating households' nominal incomes from aggregate real shocks, this policy effectively completes financial markets by stabilizing the ratio of debt to income. The paper argues the objective of replicating complete financial markets should receive substantial weight even in an environment with other frictions that have been used to justify a policy of strict inflation targeting.
Book Synopsis The Role of Government Debt in a World of Incomplete Financial Markets by : Canada. Department of Finance. Economic and Fiscal Policy Branch
Download or read book The Role of Government Debt in a World of Incomplete Financial Markets written by Canada. Department of Finance. Economic and Fiscal Policy Branch and published by . This book was released on 2001 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Aiyagari and McGrattan (1998) developed a model in which optimal net government debt in the steady state is positive. This result arises from a particular form of financial market incompleteness: that households cannot buy insurance against prolonged spells of low income. In this paper we extend the Aiyagari-McGrattan model in ways that preserve incomplete financial markets but overturn the result that optimal net government debt is positive. In particular, we show that Aiyagari and McGrattan implicitly assume that government debt crowds out government waste, which provides an additional channel for net debt to provide social benefits. We show that when this channel is blocked, positive net debt is no longer optimal. We also relax the assumption that the economy is closed and show that in an open economy the "insurance" benefit provided by net government debt is diluted by the fact that foreigners will hold some of the debt. In our open economy case positive net debt is again no longer optimal.
Book Synopsis The Role of Government Debt in a World of Incomplete Financial Markets by : Canada. Department of Finance. Economic and Fiscal Policy Br
Download or read book The Role of Government Debt in a World of Incomplete Financial Markets written by Canada. Department of Finance. Economic and Fiscal Policy Br and published by . This book was released on 2001 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Role of Government Debt in a World of Incomplete Financial Markets by : Canada. Department of Finance. Economic and Fiscal Policy Branch
Download or read book The Role of Government Debt in a World of Incomplete Financial Markets written by Canada. Department of Finance. Economic and Fiscal Policy Branch and published by . This book was released on 2001 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: Aiyagari and McGrattan (1998) developed a model in which optimal net government debt in the steady state is positive. This result arises from a particular form of financial market incompleteness: that households cannot buy insurance against prolonged spells of low income. In this paper we extend the Aiyagari-McGrattan model in ways that preserve incomplete financial markets but overturn the result that optimal net government debt is positive. In particular, we show that Aiyagari and McGrattan implicitly assume that government debt crowds out government waste, which provides an additional channel for net debt to provide social benefits. We show that when this channel is blocked, positive net debt is no longer optimal. We also relax the assumption that the economy is closed and show that in an open economy the "insurance" benefit provided by net government debt is diluted by the fact that foreigners will hold some of the debt. In our open economy case positive net debt is again no longer optimal.
Book Synopsis Incomplete Markets, Transitory Shocks, and Welfare by : Felix Kubler
Download or read book Incomplete Markets, Transitory Shocks, and Welfare written by Felix Kubler and published by . This book was released on 2000 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Financial Markets and Incomplete Information by : Sudipto Bhattacharya
Download or read book Financial Markets and Incomplete Information written by Sudipto Bhattacharya and published by Rowman & Littlefield Publishers. This book was released on 1989 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: Major themes in theoretical financial economics since 1973 are presented through reprinted articles, each followed by a substantial essay by a leading scholar in the field. These original papers were written expressly for these volumes and provide a critical discussion and overview of the topic. The books thus present a broad spectrum of viewpoints with an emphasis on the work on valuation, economics of uncertainty, and taxation which pertains to the problems of financial markets and corporations.
Book Synopsis Financial Instability and the International Debt Problem by : George McKenzie
Download or read book Financial Instability and the International Debt Problem written by George McKenzie and published by Springer. This book was released on 1991-11-25 with total page 211 pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors argue clearly and convincingly in this book that the debt crisis which has plagued the world economy for the past ten years is due to the inherent fragility of financial markets. Governments, financial institutions and borrowers, including developing countries, have simply expected too much from these markets. In a world of volatile interest rates, exchange rates and uncertain government policy, it is virtually impossible for financial institutions to effectively distinguish fundamental shifts in economic activity from random shocks.
Book Synopsis Global Waves of Debt by : M. Ayhan Kose
Download or read book Global Waves of Debt written by M. Ayhan Kose and published by World Bank Publications. This book was released on 2021-03-03 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.
Download or read book All Fall Down written by Jane D’Arista and published by Edward Elgar Publishing. This book was released on 2018-08-31 with total page 219 pages. Available in PDF, EPUB and Kindle. Book excerpt: All Fall Down traces the ways in which changes in financial structure and regulation eroded monetary control and led to historically high levels of debt relative to GDP in both developed and emerging economies. Rising stocks of debt drove the global financial system into crisis in 2008 when households, businesses, financial institutions and the public sector in some countries strained to generate sufficient income for debt service. The stagnation and fall in asset prices that followed began the process of unwinding that led to a run on the financial sector by the financial sector.
Book Synopsis The Role of Credit Markets in a Transition Economy with Incomplete Public Information by : Kenneth Kletzer
Download or read book The Role of Credit Markets in a Transition Economy with Incomplete Public Information written by Kenneth Kletzer and published by International Monetary Fund. This book was released on 1996-02 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we explore some of the informational problems that constrain the development of credit markets in transition economies. We characterize investment patterns under uncertainty and high costs of entry, when agents learn about the ultimate value of enterprises through production in a Bayesian way. Inefficiencies due to the lack of public information reduce the average return to capital. Under asymmetric information, credit would go to activities that can provide enough co-finance. Credit markets may fail to develop for a while if there is not enough individual wealth to complement credit. Once they operate, credit markets may magnify distortions in equity markets, such as those due to spontaneous privatization. An argument for the sequencing of capital market liberalization is provided.
Download or read book All Fall Down written by Jane D'Arista and published by . This book was released on 2019-08-30 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: All Fall Down traces the ways in which changes in financial structure and regulation eroded monetary control and led to historically high levels of debt relative to GDP in both developed and emerging economies. Rising stocks of debt drove the global financial system into crisis in 2008 when households, businesses, financial institutions and the public sector in some countries strained to generate sufficient income for debt service. The stagnation and fall in asset prices that followed began the process of unwinding that led to a run on the financial sector by the financial sector. This engaging examination describes critical developments that changed the structure of US financial markets as well as developments and innovations in US credit markets that created the context for crisis. It discusses the advent of dollar hegemony, the critical role of international reserves in generating credit, the emergence of the debt bubble in the 1980s and the mounting risks of debt in the new millennium. The author also proposes a systemic approach to monetary control, offering two new reform proposals. The analysis concludes that reforms are needed in order to support sustainable economic activity in the US and global economies. This volume will appeal to students and scholars of economics interested in international finance and banking, financial regulation and monetary policy implementation. It will also be of interest to business economists, lawyers, policymakers and journalists concerned with the effects of financial instability and involved in ongoing debates on financial and monetary reform.
Book Synopsis The Economic Efficiency of Financial Markets by : Jan Mossin
Download or read book The Economic Efficiency of Financial Markets written by Jan Mossin and published by . This book was released on 1977 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis New Research in Financial Markets by : Bruno Biais
Download or read book New Research in Financial Markets written by Bruno Biais and published by Oxford University Press, USA. This book was released on 2001 with total page 388 pages. Available in PDF, EPUB and Kindle. Book excerpt: This text reflects research by European scholars into financial economics. Topics include asset pricing in perfect markets, take-over bids, and the interplay between banks and financial markets.
Book Synopsis Optimal Fiscal Policy with Incomplete Markets by : Yongseok Shin
Download or read book Optimal Fiscal Policy with Incomplete Markets written by Yongseok Shin and published by . This book was released on 2004 with total page 98 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Debt Constraints and Equilibrium in Infinite Horizon Economies with Incomplete Markets by : David K. Levine
Download or read book Debt Constraints and Equilibrium in Infinite Horizon Economies with Incomplete Markets written by David K. Levine and published by . This book was released on 1993 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Debt, Financial Markets, and Monetary Policy by : Economic Policy Conference
Download or read book Debt, Financial Markets, and Monetary Policy written by Economic Policy Conference and published by . This book was released on 2010 with total page 114 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Debt, Financial Fragility, and Systemic Risk by : E. P. Davis
Download or read book Debt, Financial Fragility, and Systemic Risk written by E. P. Davis and published by Oxford University Press. This book was released on 1992-12-10 with total page 314 pages. Available in PDF, EPUB and Kindle. Book excerpt: A remarkable feature of the period since 1970 has been the rapid and turbulent change in financing behaviour and financial structure in many advanced countries. Patterns of change have, in turn, often been marked by rising indebtedness, default on loans, and periods of financial instability, whether in the non-financial sectors, the financial sector or both. This book explores, both in theoretical and empirical terms, the nature of the relationships between the underlying phenomena: namely levels and changes in borrowing (debt), vulnerability to default in the corporate and household sectors (financial fragility), and widespread disorder in the financial sector (systemic risk). The book focuses on the wider generality of the phenomena at issue, whereby similar patterns are observable in several countries, but not in others, as well as in the international capital markets themselves. Particular attention is paid to the importance of the nature and evolution of financial structure to the genesis of instability, as well as macroeconomic consequences of fragility and the appropriate policy response. -
