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Essays On Bubbles In Markets With Frictions
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Book Synopsis Essays on Bubbles in Markets with Frictions by : Kohei Iwasaki
Download or read book Essays on Bubbles in Markets with Frictions written by Kohei Iwasaki and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Chapter 1 develops a model of a cryptocurrency by incorporating mining competition into a standard search-theoretic model of fiat money. In my model, multiple equilibria exist due to self-fulfilling expectations on the values of the cryptocurrency. To obtain a sharp prediction on whether cryptocurrency bubbles will last for the future, I propose a notion of equilibrium refinement based on the feature of cryptocurrency systems that mining is resource-intensive. It turns out that this refinement eliminates all equilibria whose values of the cryptocurrency are zero at some point in time or converge to zero as time passes. This result suggests that agents can collectively sustain cryptocurrency bubbles using costly mining as a coordinating device. Chapter 2 develops a model of rational bubbles where trade of an asset takes place through a chain of middlemen. We show that there exists a unique and robust equilibrium, and a bubble can occur due to information frictions in bilateral and decentralized markets. Under reasonable assumptions, the equilibrium price is increasing and accelerating during bubbles although the fundamental value is constant over time. Bubbles may be detrimental to the economy, but any announcement from the central bank has no effect on welfare with risk neutral agents. Middlemen are the source of financial fragility. Chapter 3 reviews and extends recent research on liquidity and asset pricing. We start by asking how can intrinsically-worthless fiat money be valued in equilibrium? The literature on which we build formalizes how money is valued for its liquidity when exchange is hindered by various frictions. Once one sees how money can be priced above its fundamental value, it is clear that many other assets can be, too, if they also convey liquidity. We study under which conditions money can be valued if assets have fundamental value, how the liquidity values of money and assets interact, and how they are affected by changes in parameters such as acceptability, pledgeability, or the type of the asset.
Book Synopsis Essays on Financial Markets with Frictions by : Mark Victor Loewenstein
Download or read book Essays on Financial Markets with Frictions written by Mark Victor Loewenstein and published by . This book was released on 1996 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on Bubbles in Financial Markets by : Congmin Peng
Download or read book Essays on Bubbles in Financial Markets written by Congmin Peng and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on Frictions in Financial Markets by : Yifei Wang
Download or read book Three Essays on Frictions in Financial Markets written by Yifei Wang and published by . This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on the Consequences of Financial Market Frictions by : Andrada Bilan
Download or read book Three Essays on the Consequences of Financial Market Frictions written by Andrada Bilan and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on Financial Markets with Liquidity Frictions by : Martin Oehmke
Download or read book Essays on Financial Markets with Liquidity Frictions written by Martin Oehmke and published by . This book was released on 2009 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt: The third chapter, joint work with Markus Brunnermeier, examines predatory short selling of equity in financial institutions. We show that when the stock of a leverage-constrained financial institution is shorted aggressively, this can trigger liquidations of long-term investments at fire-sale prices. Predatory short selling can emerge in equilibrium when a financial institution is (i) close to its leverage constraint (the vulnerability region) or (ii) violates its leverage constraint even in the absence of short selling (the constrained region). The model provides a potential justification for temporary restrictions on short selling for vulnerable institutions.
Book Synopsis Essays on frictions in financial over-the-counter markets by : Shengxing Zhang
Download or read book Essays on frictions in financial over-the-counter markets written by Shengxing Zhang and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on Market Frictions and Money by : Jae Eun Song
Download or read book Essays on Market Frictions and Money written by Jae Eun Song and published by . This book was released on 2006 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three essays on market frictions and money. In Chapter 1, we analyze the effect of money growth on long-run capital accumulation and production in case that there exist trading frictions in the capital market. We model liquidity demand for money that includes both speculative and precautionary purposes. The main result is that the relationship between money growth and capital accumulation can be either positive or negative depending on the degree of the frictions. If no friction exists in the capital market, inflation raised by an increase in money growth always has a negative real balance effect on capital accumulation. However, together with the capital market frictions, inflation may induce portfolio substitution out of money into capital, and this effect can be greater than the negative one. In Chapter 2, we present a price-posting monetary search model for studying endogenous trading frequency as well as prices. Here we show sellers' price setting results in higher prices but more trades compared with the benchmark case in which buyers set prices and extract all trading surplus. This is because sellers under the price-posting mechanism internalizes a part of trading frequency of the economy while buyers in the benchmark case do not. It is also shown that technology progress under this pricing mechanism can lower down prices and facilitate trading at the same time while the trading frequency remains unchanged in the benchmark case. In the matter of the effects of monetary policy on this economy, we find an increase in money supply raise prices, but it also facilitates trading unless there are too many buyers. In Chapter 3, we present a fixed price search-theoretic model of monetary exchange to study endogenous specialization. Here we show under what conditions technology progress can explain historical deepening of specialization to some extent. In comparison between barter and monetary equilibrium, we find agents become more specialized by the use of money as in existing studies. We also find individual specialization decision does not depend on others' level of specialization in the former while it does in the latter.
Book Synopsis Essays on Speculative Bubbles in Financial Markets by : Oswald Mungule
Download or read book Essays on Speculative Bubbles in Financial Markets written by Oswald Mungule and published by LAP Lambert Academic Publishing. This book was released on 2012-08 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial markets have been experiencing episodes of financial crises since the great depression of 1929. The busting of speculative bubbles is one of the causes of most financial crises. Financial crises cause welfare loses. Therefore, Mungule and Malikane's Essays on Speculative Bubbles in Financial Markets presents a thoroughly up-to-date and pedagogically rich advanced knowledge that fits perfectly into the newest segments of both financial and monetary economics course areas. Beginning with Chapter 1 on formation of speculative bubbles, central banks are encouraged to understand speculative bubbles dynamics, measurement issues and the implications of either responding or no response to the bubbles on macroeconomic variables. This edition provides international application of speculative bubbles, helping make issues of monetary policy implications of responding to asset price bubbles easy for policy makers and postgraduate students to understand.
Book Synopsis Three Essays on Market Frictions by :
Download or read book Three Essays on Market Frictions written by and published by . This book was released on 2015 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on Market Frictions and Investor Behavior by : Cecil Xi Wang
Download or read book Essays on Market Frictions and Investor Behavior written by Cecil Xi Wang and published by . This book was released on 2014 with total page 314 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on Financial Frictions by : Jiaqian Chen
Download or read book Essays on Financial Frictions written by Jiaqian Chen and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis studies the role of financial frictions in shaping the consumption and investment behavior in China and its implications on rest of the world. The first chapter uses a panel of Chinese individual level data to show that the inability to borrow against future labour income forces a significant portion of individuals to deviate from a smooth consumption path over the life cycle, which they would otherwise follow. Financial frictions also affect the Chinese corporate sector. The second chapter relates China's current account surplus, as well as productivity differential between state-owned (SOEs) and privately-owned enterprises (POEs), to differences in access to finance. I consider an open- economy DSGE model of the Chinese economy with two productive sectors. I model SOEs and POEs as start-ups which need to borrow in order to begin production. Following a policy-induced asymmetric shock to the borrowing constraints, SOEs are on average less productive than POEs. Because of the lower hurdle rate for investment they face, SOEs end up creating more investable assets than POEs, while, due to more constrained credit availability, POEs save more and invest less than SOEs. In aggregate, this simple mechanism implies investment (driven by less productive SOEs) does not keep up with savings (driven by more productive POEs), resulting in a current ac- count surplus. Furthermore, the savings of Chinese POEs owners in search of investable foreign assets put downward pressure on the world long run real interest rate. In the third chapter, I move from China to an international perspective. This chapter constructed a measure of financial frictions for 41 emerging economies (EMs) between 1995 and 2008 in order to shed light on common factors across countries. Finally, Chapter four shows econometrically that financial frictions pose a serious danger to EMs, by reducing long run economic growth, raising the probability of a crisis, and leading to asset bubbles. Consistent with Chapter 2, I confirm that financial fractions can also help explain the current account position of EMs.
Book Synopsis Three Essays on Bubbles in Agricultural Futures Markets by :
Download or read book Three Essays on Bubbles in Agricultural Futures Markets written by and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Wir Unterzeichnete vereinigen uns, gemeinschaftlich dafür zu wirken, daß die bei der ersten Lesung angenommenen Grundlagen und Consequenzen des deutschen Bundesstaates ... by :
Download or read book Wir Unterzeichnete vereinigen uns, gemeinschaftlich dafür zu wirken, daß die bei der ersten Lesung angenommenen Grundlagen und Consequenzen des deutschen Bundesstaates ... written by and published by . This book was released on 1848 with total page 2 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Empirical Essays on Stock Market Bubbles by : Ge Yu
Download or read book Empirical Essays on Stock Market Bubbles written by Ge Yu and published by . This book was released on 2020 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on Experimental Bubble Markets by : Owen Raymond Powell
Download or read book Essays on Experimental Bubble Markets written by Owen Raymond Powell and published by . This book was released on 2010 with total page 131 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on Bubbles and Crashes in Experimental Asset Markets by : Kun Zhang (Ph.D.)
Download or read book Essays on Bubbles and Crashes in Experimental Asset Markets written by Kun Zhang (Ph.D.) and published by . This book was released on 2015 with total page 432 pages. Available in PDF, EPUB and Kindle. Book excerpt: The main result is that team decision-making does not result in smaller price bubbles. However team decision-making result in less variance among markets (sessions). Further more, my experimental design allows us to record the chat dialogues, which enable us to have insight into team decision-making. The content of the messages allows us explore the reasons behind traders' asks and bids.
