Monetary Policy and Corporate Liquid Asset Demand

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Author :
Publisher : INTERNATIONAL MONETARY FUND
ISBN 13 : 9781451858877
Total Pages : 0 pages
Book Rating : 4.8/5 (588 download)

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Book Synopsis Monetary Policy and Corporate Liquid Asset Demand by : Mr.Yungsan Kim

Download or read book Monetary Policy and Corporate Liquid Asset Demand written by Mr.Yungsan Kim and published by INTERNATIONAL MONETARY FUND. This book was released on 2001-11-01 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In contrast to conventional money demand literature, this paper proposes that monetary policy affects corporate liquidity demand directly through a separate channel-what we call "the loan commitment channel." Upon persistent monetary policy shocks, firms make substitutions between sources of funds for intertemporal liquidity management, taking advantage of loan commitments and sluggish movements in loan rates. To test this proposition, we estimate corporate liquidity demand, controlling for firm characteristics, using U.S. quarterly panel data. The results indicate that when monetary policy is tightened, S&P 500 firms initially increase their liquid assets before reducing them, whereas non-S&P firms reduce them more quickly.

Current Issues in Economics and Finance

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Author :
Publisher : Springer
ISBN 13 : 9811058105
Total Pages : 227 pages
Book Rating : 4.8/5 (11 download)

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Book Synopsis Current Issues in Economics and Finance by : Bandi Kamaiah

Download or read book Current Issues in Economics and Finance written by Bandi Kamaiah and published by Springer. This book was released on 2018-01-12 with total page 227 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book discusses wide topics related to current issues in economic growth and development, international trade, macroeconomic and financial stability, inflation, monetary policy, banking, productivity, agriculture and food security. It is a collection of seventeen research papers selected based on their quality in terms of contemporary topic, newness in the methodology, and themes. All selected papers have followed an empirical approach to address research issues, and are segregated in five parts. Part one covers papers related to fiscal and price stability, monetary policy and economic growth. The second part contains works related to financial integration, capital market volatility and macroeconomic stability. Third part deals with issues related to international trade and economic growth. Part four covers topics related to productivity and firm performance. The final part discusses issues related to agriculture and food security. The book would be of interest to researchers, academicians as a ready reference on current issues in economics and finance.

Liquidity Ratios as Monetary Policy Tools: Some Historical Lessons for Macroprudential Policy

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Author :
Publisher : International Monetary Fund
ISBN 13 : 1498320473
Total Pages : 48 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis Liquidity Ratios as Monetary Policy Tools: Some Historical Lessons for Macroprudential Policy by : Eric Monnet

Download or read book Liquidity Ratios as Monetary Policy Tools: Some Historical Lessons for Macroprudential Policy written by Eric Monnet and published by International Monetary Fund. This book was released on 2019-08-16 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explores what history can tell us about the interactions between macroprudential and monetary policy. Based on numerous historical documents, we show that liquidity ratios similar to the Liquidity Coverage Ratio (LCR) were commonly used as monetary policy tools by central banks between the 1930s and 1980s. We build a model that rationalizes the mechanisms described by contemporary central bankers, in which an increase in the liquidity ratio has contractionary effects, because it reduces the quantity of assets banks can pledge as collateral. This effect, akin to quantity rationing, is more pronounced when excess reserves are scarce.

Money and Collateral

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Publisher : International Monetary Fund
ISBN 13 : 1475502850
Total Pages : 21 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis Money and Collateral by : Mr.Manmohan Singh

Download or read book Money and Collateral written by Mr.Manmohan Singh and published by International Monetary Fund. This book was released on 2012-04-01 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: Between 1980 and before the recent crisis, the ratio of financial market debt to liquid assets rose exponentially in the U.S. (and in other financial markets), reflecting in part the greater use of securitized assets to collateralize borrowing. The subsequent crisis has reduced the pool of assets considered acceptable as collateral, resulting in a liquidity shortage. When trying to address this, policy makers will need to consider concepts of liquidity besides the traditional metric of excess bank reserves and do more than merely substitute central bank money for collateral that currently remains highly liquid.

Liquidity Preference and Monetary Economies

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Author :
Publisher : Routledge
ISBN 13 : 1317560817
Total Pages : 169 pages
Book Rating : 4.3/5 (175 download)

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Book Synopsis Liquidity Preference and Monetary Economies by : Fernando J. Cardim de Carvalho

Download or read book Liquidity Preference and Monetary Economies written by Fernando J. Cardim de Carvalho and published by Routledge. This book was released on 2015-05-22 with total page 169 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 2008 international crisis has revived the interest in Keynes’s theories and, in particular, on Minsky’s models of financial fragility. The core proposition of these theories is that money plays an essential role in modern economies, which is usually neglected in other approaches. This is Keynes’s liquidity preference theory, which is also the foundation for Minsky’s model, a theory that has been largely forgotten in recent years. This book looks at liquidity preference theory and its most important problems, showing how one should understand the role of money in modern monetary economies. It develops Keynes’s and Minsky’s financial view of money, relating it to the process of capital accumulation, the determination of effective demand and the theory of output, and employment as a whole. Building on the author’s significant body of work in the field, this book delves into a broad range of topics allowing the general reader to understand propositions that have been mistreated in the literature including Keynes and the concept of monetary production economy; uncertainty, expectations and money; short and long period; liquidity preference theory as a theory of asset pricing under uncertainty; asset prices and capital accumulation; Keynes’s version of the principle of effective demand; and the role of macroeconomic policy. It will be essential reading for all students and scholars of Post-Keynesian economics.

Money, Payments, and Liquidity, second edition

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Publisher : MIT Press
ISBN 13 : 0262338483
Total Pages : 501 pages
Book Rating : 4.2/5 (623 download)

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Book Synopsis Money, Payments, and Liquidity, second edition by : Guillaume Rocheteau

Download or read book Money, Payments, and Liquidity, second edition written by Guillaume Rocheteau and published by MIT Press. This book was released on 2017-05-12 with total page 501 pages. Available in PDF, EPUB and Kindle. Book excerpt: A new edition of a book presenting a unified framework for studying the role of money and liquid assets in the economy, revised and updated. In Money, Payments, and Liquidity, Guillaume Rocheteau and Ed Nosal provide a comprehensive investigation into the economics of money, liquidity, and payments by explicitly modeling the mechanics of trade and its various frictions (including search, private information, and limited commitment). Adopting the last generation of the New Monetarist framework developed by Ricardo Lagos and Randall Wright, among others, Nosal and Rocheteau provide a dynamic general equilibrium framework to examine the frictions in the economy that make money and liquid assets play a useful role in trade. They discuss such topics as cashless economies; the properties of an asset that make it suitable to be used as a medium of exchange; the optimal monetary policy and the cost of inflation; the coexistence of money and credit; and the relationships among liquidity, asset prices, monetary policy; and the different measures of liquidity in over-the-counter markets. The second edition has been revised to reflect recent progress in the New Monetarist approach to payments and liquidity. Rocheteau and Nosal have added three new chapters: on unemployment and payments, on asset price dynamics and bubbles, and on crashes and recoveries in over-the-counter markets. The chapter on the role of money has been entirely rewritten, adopting a mechanism design approach. Other chapters have been revised and updated, with new material on credit economies under limited commitment, open-market operations and liquidity traps, and the limited pledgeability of assets under informational frictions.

The Liquidity Structure of Firms and Monetary Economics

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Author :
Publisher :
ISBN 13 :
Total Pages : 108 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis The Liquidity Structure of Firms and Monetary Economics by : William Johnson Frazer

Download or read book The Liquidity Structure of Firms and Monetary Economics written by William Johnson Frazer and published by . This book was released on 1965 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Money and Credit

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Author :
Publisher : Englewood Cliffs : Prentice-Hall
ISBN 13 :
Total Pages : 168 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Money and Credit by : James Stemble Duesenberry

Download or read book Money and Credit written by James Stemble Duesenberry and published by Englewood Cliffs : Prentice-Hall. This book was released on 1967 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Selected readings": pages 113-114.

Money, Banking and Monetary Policy

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Author :
Publisher : Lulu.com
ISBN 13 : 1105502627
Total Pages : 304 pages
Book Rating : 4.1/5 (55 download)

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Book Synopsis Money, Banking and Monetary Policy by : Thomas Bishop

Download or read book Money, Banking and Monetary Policy written by Thomas Bishop and published by Lulu.com. This book was released on 2012-06-01 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: This textbook was written for undergraduate university students and discusses the traditional and evolving roles of money, non-monetary assets, banks and central banks in the financial system.

The Demand for Cash and Liquid Assets by Manufacturing Corporations: Estimates and Implications

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Publisher :
ISBN 13 :
Total Pages : 380 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis The Demand for Cash and Liquid Assets by Manufacturing Corporations: Estimates and Implications by : Robert C. Vogel

Download or read book The Demand for Cash and Liquid Assets by Manufacturing Corporations: Estimates and Implications written by Robert C. Vogel and published by . This book was released on 1967 with total page 380 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The General Theory of Employment, Interest, and Money

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Author :
Publisher : Springer
ISBN 13 : 3319703447
Total Pages : 430 pages
Book Rating : 4.3/5 (197 download)

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Book Synopsis The General Theory of Employment, Interest, and Money by : John Maynard Keynes

Download or read book The General Theory of Employment, Interest, and Money written by John Maynard Keynes and published by Springer. This book was released on 2018-07-20 with total page 430 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book was originally published by Macmillan in 1936. It was voted the top Academic Book that Shaped Modern Britain by Academic Book Week (UK) in 2017, and in 2011 was placed on Time Magazine's top 100 non-fiction books written in English since 1923. Reissued with a fresh Introduction by the Nobel-prize winner Paul Krugman and a new Afterword by Keynes’ biographer Robert Skidelsky, this important work is made available to a new generation. The General Theory of Employment, Interest and Money transformed economics and changed the face of modern macroeconomics. Keynes’ argument is based on the idea that the level of employment is not determined by the price of labour, but by the spending of money. It gave way to an entirely new approach where employment, inflation and the market economy are concerned. Highly provocative at its time of publication, this book and Keynes’ theories continue to remain the subject of much support and praise, criticism and debate. Economists at any stage in their career will enjoy revisiting this treatise and observing the relevance of Keynes’ work in today’s contemporary climate.

Money, Payments, and Liquidity

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Author :
Publisher : MIT Press
ISBN 13 : 0262016281
Total Pages : 383 pages
Book Rating : 4.2/5 (62 download)

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Book Synopsis Money, Payments, and Liquidity by : Ed Nosal

Download or read book Money, Payments, and Liquidity written by Ed Nosal and published by MIT Press. This book was released on 2011-10-28 with total page 383 pages. Available in PDF, EPUB and Kindle. Book excerpt: Two experts in monetary policy offer a unified framework for studying the role of money and liquid assets in the economy. In Money, Payments, and Liquidity, Ed Nosal and Guillaume Rocheteau provide a comprehensive investigation into the economics of money and payments by explicitly modeling trading frictions between agents. Adopting the search-theoretic approach pioneered by Nobuhiro Kiyotaki and Randall Wright, Nosal and Rocheteau provide a logically coherent dynamic framework to examine the frictions in the economy that make money and liquid assets play a useful role in trade. They discuss the implications of such frictions for the suitable properties of a medium of exchange, monetary policy, the cost of inflation, the inflation-output trade-off, the coexistence of money, credit, and higher return assets, settlement, and liquidity. After presenting the basic environment used throughout the book, Nosal and Rocheteau examine pure credit and pure monetary economies, and discuss the role of money, different pricing mechanisms, and the properties of money. In subsequent chapters they study monetary policy, the Friedman rule in particular, and the relationship between inflation and output under different information structures; economies where monetary exchange coexists with credit transactions; the coexistence of money and other assets such as another currency, capital, and bonds; and a continuous-time version of the model that describes over-the-counter markets and different dimensions of liquidity (bid-ask spreads, trade volume, trading delays).

Bank Liquidity Creation and Financial Crises

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Publisher : Academic Press
ISBN 13 : 0128005319
Total Pages : 296 pages
Book Rating : 4.1/5 (28 download)

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Book Synopsis Bank Liquidity Creation and Financial Crises by : Allen N. Berger

Download or read book Bank Liquidity Creation and Financial Crises written by Allen N. Berger and published by Academic Press. This book was released on 2015-11-24 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bank Liquidity Creation and Financial Crises delivers a consistent, logical presentation of bank liquidity creation and addresses questions of research and policy interest that can be easily understood by readers with no advanced or specialized industry knowledge. Authors Allen Berger and Christa Bouwman examine ways to measure bank liquidity creation, how much liquidity banks create in different countries, the effects of monetary policy (including interest rate policy, lender of last resort, and quantitative easing), the effects of capital, the effects of regulatory interventions, the effects of bailouts, and much more. They also analyze bank liquidity creation in the US over the past three decades during both normal times and financial crises. Narrowing the gap between the "academic world" (focused on theories) and the "practitioner world" (dedicated to solving real-world problems), this book is a helpful new tool for evaluating a bank’s performance over time and comparing it to its peer group. Explains that bank liquidity creation is a more comprehensive measure of a bank’s output than traditional measures and can also be used to measure bank liquidity Describes how high levels of bank liquidity creation may cause or predict future financial crises Addresses questions of research and policy interest related to bank liquidity creation around the world and provides links to websites with data and other materials to address these questions Includes such hot-button topics as the effects of monetary policy (including interest rate policy, lender of last resort, and quantitative easing), the effects of capital, the effects of regulatory interventions, and the effects of bailouts

Monetary Theory and Policy

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Author :
Publisher : New York : Random House
ISBN 13 :
Total Pages : 742 pages
Book Rating : 4.3/5 (91 download)

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Book Synopsis Monetary Theory and Policy by : Richard S. Thorn

Download or read book Monetary Theory and Policy written by Richard S. Thorn and published by New York : Random House. This book was released on 1966 with total page 742 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The State of Monetary Economics

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Author :
Publisher :
ISBN 13 :
Total Pages : 176 pages
Book Rating : 4.X/5 ( download)

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Book Synopsis The State of Monetary Economics by :

Download or read book The State of Monetary Economics written by and published by . This book was released on 1975 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Demand for Money

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Author :
Publisher :
ISBN 13 :
Total Pages : 392 pages
Book Rating : 4.3/5 (91 download)

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Book Synopsis The Demand for Money by : William Johnson Frazer

Download or read book The Demand for Money written by William Johnson Frazer and published by . This book was released on 1967 with total page 392 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Money, Banking, and the Economy

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Author :
Publisher :
ISBN 13 :
Total Pages : 634 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Money, Banking, and the Economy by : John A. Cochran

Download or read book Money, Banking, and the Economy written by John A. Cochran and published by . This book was released on 1967 with total page 634 pages. Available in PDF, EPUB and Kindle. Book excerpt: