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Author : Joachim G. Kiefer
Publisher :
ISBN 13 :
Total Pages : 160 pages
Book Rating : 4.:/5 (628 download)
Download or read book Financial Market Imperfections and Macroeconomic Fluctuations written by Joachim G. Kiefer and published by . This book was released on 2005 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Emilio Colombo
Publisher : Physica
ISBN 13 : 9783790822168
Total Pages : 174 pages
Book Rating : 4.8/5 (221 download)
Download or read book Financial Market Imperfections and Corporate Decisions written by Emilio Colombo and published by Physica. This book was released on 2009-09-03 with total page 174 pages. Available in PDF, EPUB and Kindle. Book excerpt: We would like to thank Akos Valentinyi and Mark Schaffer for their advice on various stages of this research project. We also would like to thank our col leagues at the Department of Economics of the University of Milan - Bicocca for their advice and support. This book is the result of a long term project financed by various research grants: in particular the Phare-Ace programme (Project P-96-6151-R) and a research grant from the Italian Ministry of Education under the young researchers scheme. Milan, March 2005 Emilio Colombo Luca Stanca Contents Introduction 1 Financial market imperfections and corporate decisions: theory and evidence 7 2. 1 Introduction 7 2. 2 Financial market imperfections, investment and cycles 9 2. 2. 1 The Stiglitz view 9 2. 2. 2 Agency costs and macroeconomic fluctuations 15 2. 2. 3 Assessing the differences 18 2. 2. 4 Further developments 20 2. 2. 5 Empirical evidence 22 2. 3 Financial market imperfections and corporate capital structure 24 2. 3. 1 Asymmetric information and capital structure choice . . 25 2. 3. 2 Agency costs and capital structure choice 30 2. 3. 3 Empirical evidence 32 The transformation of the Hungarian financial system 35 3. 1 Introduction 35 3. 2 Macroeconomic background 36 3. 3 Liberalisation, privatisation and financial development 44 3. 3. 1 Banking and credit 45 3. 3. 2 Equity market 48 3. 3. 3 Foreign direct investment 49 3. 4 Financial sector reform 50 3. 4.
Author : Caterina Mendicino
Publisher :
ISBN 13 : 9789172587052
Total Pages : 174 pages
Book Rating : 4.5/5 (87 download)
Download or read book Financial Market Imperfections, Business Cycle Fluctuations and Economic Growth: uppsatser written by Caterina Mendicino and published by . This book was released on 2006 with total page 174 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Fabrizio Mattesini
Publisher : Dartmouth Publishing Company
ISBN 13 :
Total Pages : 208 pages
Book Rating : 4.3/5 (91 download)
Download or read book Financial Markets, Asymmetric Information, and Macroeconomic Equilibrium written by Fabrizio Mattesini and published by Dartmouth Publishing Company. This book was released on 1993 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt: The study of the interaction between the financial sector and the sector of the economy is one of the most recent advances in macroeconomic theory. While mainstream economics assigns a passive role to the financial sector there is a growing body of literature which emphasizes the importance of financial intermediaries in explaining fluctuations and the determination of the process through which monetary policy impulses are transmitted to the rest of the economy. This literature has its origin in the models that rely on asymmetric information to explain imperfections in financial markts and in empirical evidence collected through various econometric techniques and through historical studies. This book surveys the relevant work ion the subject, evaluates the empirical evidence and the explanatory power of the theories proposed and furnishes new and empirical results.
Author : Bruce Greenwald
Publisher :
ISBN 13 :
Total Pages : 199 pages
Book Rating : 4.:/5 (129 download)
Download or read book Informational imperfections in the capital market an macroeconomic fluctuations written by Bruce Greenwald and published by . This book was released on 1984 with total page 199 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Weird Ties? written by and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies how the interplay between technological shocks and financial variables shapes the properties of macroeconomic dynamics. Most of the existing literature has based the analysis of aggregate macroeconomic regularities on the representative agent hypothesis (RAH). However, recent empirical research on longitudinal micro data sets has revealed a picture of business cycles and growth dynamics that is very far from the homogeneous one postulated in models based on the RAH. In this work, we make a preliminary step in bridging this empirical evidence with theoretical explanations. We propose an agent-based model with heterogeneous firms, which interact in an economy characterized by financial-market imperfections and costly adoption of new technologies. Monte-Carlo simulations show that the model is able jointly to replicate a wide range of stylised facts characterizing both macroeconomic time-series (e.g. output and investment) and firms' microeconomic dynamics (e.g. size, growth, and productivity). -- Financial Market Imperfections ; Business Fluctuations ; Economic Growth ; Firm Size ; Firm Growth ; Productivity Growth ; Agent-Based Models
Author : Mark Gertler
Publisher :
ISBN 13 :
Total Pages : 80 pages
Book Rating : 4.3/5 ( download)
Download or read book Financial Factors in Business Fluctuations written by Mark Gertler and published by . This book was released on 1988 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent research in macroeconomics -- both theoretical and empirical -- has resurrected the idea that capital market imperfections may be significant factors in business volatility by making new progress in characterizing the mechanisms. This paper outlines a case for a financial aspect to business fluctuations, in light of the contributions of this new literature. We present a theoretical model that explicitly motivates how financial factors may affect investment. We then report some existing tests of the model's basic predictions4 and also present two new sets of results. The first demonstrates that the inverse relation between sales variability and size documented in many studies may be due to financial rather than technological factors, in contrast to the conventional view. The second lends support to a theoretical prediction of the model. that the effects of capital market frictions on investment should be asymmetric -- having more impact in recessions than booms. The final section presents conclusions, and addresses some policy questions.
Author : Dilip K. Ghosh
Publisher : Springer
ISBN 13 : 1349231614
Total Pages : 352 pages
Book Rating : 4.3/5 (492 download)
Download or read book The Changing Environment of International Financial Markets written by Dilip K. Ghosh and published by Springer. This book was released on 2016-01-01 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: This edited collection examines the emerging issues arising from increasingly globalized financial markets. Topics covered include: the exchange of rate market, equilibrium and efficiency, inflation and interest rates, capital movements, the balance of payments and international reserves, foreign debt, country risk analysis, currency market arbitrage and speculative designs under market imperfection, international tax issues and trade liberalization and offshore banking.
Author : Jess Benhabib
Publisher :
ISBN 13 :
Total Pages : 50 pages
Book Rating : 4.:/5 (911 download)
Download or read book Sentiments, Financial Markets, and Macroeconomic Fluctuations written by Jess Benhabib and published by . This book was released on 2015 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies how financial information frictions can generate sentiment-driven fluctuations in asset prices and self-fulfilling business cycles. In our model economy, exuberant financial market sentiments of high output and high demand for capital increase the price of capital, which signals strong fundamentals of the economy to the real side and consequently leads to an actual boom in real output and employment. The model further derives implications for asymmetric non-linear asset prices and for economic contagion and co-movement across countries. In the extension to the dynamic OLG setting, our model demonstrates that sentiment shocks can generate persistent output, employment and business cycle fluctuations, and offers some new implications for asset prices over business cycles.
Author : Bruce C. Greenwald
Publisher :
ISBN 13 :
Total Pages : 26 pages
Book Rating : 4.3/5 ( download)
Download or read book Informational Imperfections on the Capital Market and Macro-economic Fluctuations written by Bruce C. Greenwald and published by . This book was released on 1984 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: The model also derives an expression for the cost of equity capital in the presence of adverse selection and provides informational explanations for several widely observed macro-economic phenomena.
Author : Alexander Wulff
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (115 download)
Download or read book Essays in Macroeconomics and Financial Market Imperfections written by Alexander Wulff and published by . This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of four self-contained papers that deal with the implications of financial market imperfections and heterogeneity. The analysis mainly relates to the class of incomplete-markets models but covers different research topics. The first paper deals with the distributional effects of financial integration for developing countries. Based on a simple heterogeneous-agent approach, it is shown that capital owners experience large welfare losses while only workers moderately gain due to higher wages. The large welfare losses for capital owners contrast with the small average welfare gains from representative-agent economies and indicate that a strong opposition against capital market opening has to be expected. The second paper considers the puzzling observation of capital flows from poor to rich countries and the accompanying changes in domestic economic development. Motivated by the mixed results from the literature, we employ an incomplete-markets model with different types of idiosyncratic risk and borrowing...
Author : Meir G. Kohn
Publisher : Oxford [Oxfordshire] : Clarendon Press ; New York : Oxford University Press
ISBN 13 :
Total Pages : 288 pages
Book Rating : 4.F/5 ( download)
Download or read book Finance Constraints, Expectations, and Macroeconomics written by Meir G. Kohn and published by Oxford [Oxfordshire] : Clarendon Press ; New York : Oxford University Press. This book was released on 1988 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: The incompleteness of financial markets and the existence of finance constraints provide an explanation for the sort of coordination problem that afflicts real-world economies, but is absent from simplistic New Classical models. Providing an understanding of monetary and macroeconomic issues in terms of "imperfections," leading economic theorists--including Hicks, Greenwald, Stiglitz, and Aoki--here examine an important new area of macroeconomic theory--the implications of the finance-constraint approach to monetary theory.
Author : Joseph E. Stiglitz
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (874 download)
Download or read book Financial Market Imperfections and Business Cycles written by Joseph E. Stiglitz and published by . This book was released on 1993 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops a simple model of macroeconomic behavior which incorporates the impact of financial market "imperfections, " such as those generated by asymmetric information in financial markets. These information asymmetries may lead to breakdowns in markets, like that for equity, in which risks arm shared. In particular, we analyze firm behavior in the presence of equity rationing and imperfect futures markets, in which there are lags in production. Aft a consequence, firms act in a risk-averse manner. We trace out the macroeconomic consequences, and show that they are able to account for many of the widely observed aspects of actual business cycles
Author : Eric T. Swanson
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (91 download)
Download or read book Financial Market Imperfections and Macroeconomics written by Eric T. Swanson and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Domenico Gatti
Publisher : Springer Science & Business Media
ISBN 13 : 8847007259
Total Pages : 120 pages
Book Rating : 4.8/5 (47 download)
Download or read book Emergent Macroeconomics written by Domenico Gatti and published by Springer Science & Business Media. This book was released on 2008-12-05 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt: This valuable book contributes substantively to the current state-of-the-art of macroeconomics. It provides a method for building models in which business cycles and economic growth emerge from the interactions of a large number of heterogeneous agents. Drawing from recent advances in agent-based computational modeling, the authors show how insights from dispersed fields can be fruitfully combined to improve our understanding of macroeconomic dynamics.
Author : Eric Hansen
Publisher :
ISBN 13 :
Total Pages : 34 pages
Book Rating : 4.3/5 ( download)
Download or read book Imperfect Capital Markets and Economic Fluctuations written by Eric Hansen and published by . This book was released on 1992 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Huntley Schaller
Publisher :
ISBN 13 :
Total Pages : 45 pages
Book Rating : 4.:/5 (129 download)
Download or read book The Credit Channel in a Small, Open Economy written by Huntley Schaller and published by . This book was released on 2007 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial market imperfections - particularly finance constraints - play an important role in modern corporate finance, but relatively little work has been done on the interaction between corporate finance and the broad operation of financial markets. In particular, relatively little has been done on the interaction between corporate finance and monetary policy. In an influential paper, Chevalier and Scharfstein (1996) argue that financial market imperfections can lead to a link between markups and business-cycle fluctuations. The key idea is that financial market imperfections imply that the markup will be more countercyclical. Under imperfect competition, firms face a tradeoff between increasing market share (by keeping prices low today) and earning monopoly profits in the future - or charging higher prices today to boost current profits. Market share is a form of investment, so the optimal tradeoff depends on the discount rate. Finance constrained firms will face a higher shadow discount rate and will therefore reduce investment in market share. A negative shock, such as monetary policy tightening, implies that finance constraints bind more tightly. This implies that constrained firms will charge higher prices (for given marginal cost). In other words, markups will rise for these firms. If the Chevalier-Scharfstein model is correct, contractionary monetary policy should have different implications for the price paths of firms, depending on the extent to which they are affected by financial market imperfections. A contractionary monetary policy shock will cause the balance sheets of financially dependent firms to deteriorate and will cause the supply curves for various types of credit to shift to the left, increasing the shadow discount rate and inducing these firms to increase their markups, implying that their prices will be higher than they would be in the absence of financial market imperfections. This is a potential explanation for macroeconomic price stickiness that is different in character from the standard explanations, such as menu costs or sticky information. We find evidence consistent with the Chevalier-Scharfstein model. In addition, we use the Rajan-Zingales measure of financial dependence to examine other aspects of the response of financially dependent firms to monetary policy.
