Pricing Policies of Financial Intermediaries

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Publisher : Springer Science & Business Media
ISBN 13 : 3642694977
Total Pages : 184 pages
Book Rating : 4.6/5 (426 download)

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Book Synopsis Pricing Policies of Financial Intermediaries by : J. Dermine

Download or read book Pricing Policies of Financial Intermediaries written by J. Dermine and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt: The primary purpose of this study is to develop a framework that will explain the behavior of financial intermediaries and, more precisely, their pricing policies. As financial intermediation is the business of financial assets and liabilities, use is made of concepts and models developed tradition ally in Finance and Economics to end up with recommendations not only for optimal choices of interest rates but also for proper regulation and more sensible accounting methods. Also, the econometric implications of deposit rates stickiness are examined and empirically tested on Belgian data. My debt to many people has been growing during these years and it is a great pleasure to print a text and have the opportunity to thank those who have been so helpful. First of all, let me thank Professor Jacques Dreze, my thesis director. I am grateful to Jacques for encouragments, guidance and so many stimulating discussions. I also thank the members of the Jury, Professors A. Jacquemin, A. Kervyn de Lettenhove, A. Lamfalussy, P. Reding and A. Siaens for comments on earlier drafts of the manuscript. Discussions with Professor P. Howitt while he was visiting the Center for Operations Research and Econometrics (C.O.R.E., Universite Catholique de Louvain) in 1979 have greatly contributed to my under standing of the economics of risk sharing between lenders and borrowers. Philippe Gille has been extremely helpful in carrying out the joint econometric estimation in Chapter Five and in suggesting a fine way to present the results.

Pricing Policies of Financial Intermediaries

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Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (883 download)

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Book Synopsis Pricing Policies of Financial Intermediaries by : Jean Dermine

Download or read book Pricing Policies of Financial Intermediaries written by Jean Dermine and published by . This book was released on 1984 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Handbook of Financial Intermediation and Banking

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Publisher : Elsevier
ISBN 13 : 0080559921
Total Pages : 605 pages
Book Rating : 4.0/5 (85 download)

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Book Synopsis Handbook of Financial Intermediation and Banking by : Anjan V. Thakor

Download or read book Handbook of Financial Intermediation and Banking written by Anjan V. Thakor and published by Elsevier. This book was released on 2008-07-07 with total page 605 pages. Available in PDF, EPUB and Kindle. Book excerpt: The growth of financial intermediation research has yielded a host of questions that have pushed "design" issues to the fore even as the boundary between financial intermediation and corporate finance has blurred. This volume presents review articles on six major topics that are connected by information-theoretic tools and characterized by valuable perspectives and important questions for future research. Touching upon a wide range of issues pertaining to the designs of securities, institutions, trading mechanisms and markets, industry structure, and regulation, this volume will encourage bold new efforts to shape financial intermediaries in the future. Original review articles offer valuable perspectives on research issues appearing in top journals Twenty articles are grouped by six major topics, together defining the leading research edge of financial intermediation Corporate finance researchers will find affinities in the tools, methods, and conclusions featured in these articles

Financial Intermediaries and Emissions Trading

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Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (819 download)

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Book Synopsis Financial Intermediaries and Emissions Trading by : Peter Heindl

Download or read book Financial Intermediaries and Emissions Trading written by Peter Heindl and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Finance and Financial Intermediation

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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.

Financial Intermediation in Europe

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Publisher : American Mathematical Soc.
ISBN 13 : 9781402070099
Total Pages : 250 pages
Book Rating : 4.0/5 (7 download)

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Book Synopsis Financial Intermediation in Europe by : Luke Drago Spajic

Download or read book Financial Intermediation in Europe written by Luke Drago Spajic and published by American Mathematical Soc.. This book was released on 2002-10-31 with total page 250 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book explores competition among banks and other financial intermediaries, with specific implications for the asset allocation process and pricing policies in banking. It aims to provide the foundations for an additional perspective on optimal currency area theory (OCA).

Hedging Strategies of Financial Intermediaries

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Publisher :
ISBN 13 :
Total Pages : 14 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Hedging Strategies of Financial Intermediaries by : Shmuel Hauser

Download or read book Hedging Strategies of Financial Intermediaries written by Shmuel Hauser and published by . This book was released on 2013 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper uses a model similar to the Boyle-Vorst and Ritchken-Kuo arbitrage-free models for the valuation of options with transaction costs to determine the maximum price to be charged by the financial intermediary writing an option in a non-auction market. Earlier models are extended by recognizing that, in the presence of transaction costs, the price-taking intermediary constructing a hedging portfolio faces a tradeoff: to choose a short trading interval with small hedging errors and high transaction costs, or a long trading interval with large hedging errors and low transaction costs. The model presented recognizes that when transaction costs induce less frequent portfolio adjustments, investors are faced with a multinomial distribution of asset returns rather than a binomial one. The price upper bound is determined by selecting the trading frequency that will equalize the marginal benefit from decreasing hedging errors and the marginal cost of transactions.

Swing Pricing and Fragility in Open-end Mutual Funds

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Publisher : International Monetary Fund
ISBN 13 : 1513519492
Total Pages : 46 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis Swing Pricing and Fragility in Open-end Mutual Funds by : Dunhong Jin

Download or read book Swing Pricing and Fragility in Open-end Mutual Funds written by Dunhong Jin and published by International Monetary Fund. This book was released on 2019-11-01 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: How to prevent runs on open-end mutual funds? In recent years, markets have observed an innovation that changed the way open-end funds are priced. Alternative pricing rules (known as swing pricing) adjust funds’ net asset values to pass on funds’ trading costs to transacting shareholders. Using unique data on investor transactions in U.K. corporate bond funds, we show that swing pricing eliminates the first-mover advantage arising from the traditional pricing rule and significantly reduces redemptions during stress periods. The positive impact of alternative pricing rules on fund flows reverses in calm periods when costs associated with higher tracking error dominate the pricing effect.

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

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Author :
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.

Handbook of Monetary Economics 3A

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Publisher : Elsevier
ISBN 13 : 0080932703
Total Pages : 754 pages
Book Rating : 4.0/5 (89 download)

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Book Synopsis Handbook of Monetary Economics 3A by :

Download or read book Handbook of Monetary Economics 3A written by and published by Elsevier. This book was released on 2010-12-08 with total page 754 pages. Available in PDF, EPUB and Kindle. Book excerpt: What tools are available for setting and analyzing monetary policy? World-renowned contributors examine recent evidence on subjects as varied as price-setting, inflation persistence, the private sector's formation of inflation expectations, and the monetary policy transmission mechanism. Stopping short of advocating conclusions about the ideal conduct of policy, the authors focus instead on analytical methods and the changing interactions among the ingredients and properties that inform monetary models. The influences between economic performance and monetary policy regimes can be both grand and muted, and this volume clarifies the present state of this continually evolving relationship. Explores the models and practices used in formulating and transmitting monetary policies Raises new questions about the volume, price, and availability of credit in the 2007-2010 downturn Questions fiscal-monetary connnections and encourages new thinking about the business cycle itself Observes changes in the formulation of monetary policies over the last 25 years

Performance of Financial Institutions

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Publisher : Cambridge University Press
ISBN 13 : 9780521777674
Total Pages : 516 pages
Book Rating : 4.7/5 (776 download)

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Book Synopsis Performance of Financial Institutions by : Patrick T. Harker

Download or read book Performance of Financial Institutions written by Patrick T. Harker and published by Cambridge University Press. This book was released on 2000-05-18 with total page 516 pages. Available in PDF, EPUB and Kindle. Book excerpt: The efficient operation of financial intermediaries--banks, insurance and pension fund firms, government agencies and so on--is instrumental for the efficient functioning of the financial system and the fueling of the economies of the twenty-first century. But what drives the performance of these institutions in today's global environment? In this volume, world-renowned scholars bring their expertise to bear on the issues. Primary among them are the definition and measurement of efficiency of a financial institution, benchmarks of efficiency, identification of the drivers of performance and measurement of their effects on efficiency, the impact of financial innovation and information technologies on performance, the effects of process design, human resource management policies, as well as others.

Financial Policies in Emerging Markets

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Publisher : MIT Press
ISBN 13 : 9780262025256
Total Pages : 282 pages
Book Rating : 4.0/5 (252 download)

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Book Synopsis Financial Policies in Emerging Markets by : Mario I. Bléjer

Download or read book Financial Policies in Emerging Markets written by Mario I. Bléjer and published by MIT Press. This book was released on 2002 with total page 282 pages. Available in PDF, EPUB and Kindle. Book excerpt: An overview of the financial vulnerability of emerging market economies and how the impact of exchange rate regimes affects this vulnerability.

Capital Markets and Financial Intermediation

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Publisher : Cambridge University Press
ISBN 13 : 9780521558532
Total Pages : 384 pages
Book Rating : 4.5/5 (585 download)

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Book Synopsis Capital Markets and Financial Intermediation by : Colin Mayer

Download or read book Capital Markets and Financial Intermediation written by Colin Mayer and published by Cambridge University Press. This book was released on 1995-09-29 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial intermediation is currently a subject of active research on both sides of the Atlantic. The integration of European financial markets, in particular, highlights several important issues. In this volume, derived from a joint CEPR conference with the Fundacion Banco Bilbao Vizcaya (BBV), leading academics from Europe and North America review 'state-of-the-art' theories of banking and financial intermediation and discuss their policy implications. The principal focus is on the risks of increased competition, the appropriate regulation of banks, and the differences between Anglo-American and Continental European forms of financial markets. Relationship banking, stock markets and banks, banking and corporate control, financial intermediation in Eastern Europe, monetary policy and the banking system, and financial intermediation and growth are also discussed.

Market Microstructure

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Publisher : Cambridge University Press
ISBN 13 : 9780521659789
Total Pages : 412 pages
Book Rating : 4.6/5 (597 download)

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Book Synopsis Market Microstructure by : Daniel F. Spulber

Download or read book Market Microstructure written by Daniel F. Spulber and published by Cambridge University Press. This book was released on 1999-04-13 with total page 412 pages. Available in PDF, EPUB and Kindle. Book excerpt: Professor Spulber demonstrates how the intermediation theory of the firm explains firm formation by showing why firms arise in a market equilibrium with costly transactions. In addition, the theory helps explain how markets work by.

Monetary Policy Under Financial Turbulence

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Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (731 download)

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Book Synopsis Monetary Policy Under Financial Turbulence by :

Download or read book Monetary Policy Under Financial Turbulence written by and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Inside and Outside Liquidity

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Publisher : MIT Press
ISBN 13 : 0262518538
Total Pages : 263 pages
Book Rating : 4.2/5 (625 download)

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Book Synopsis Inside and Outside Liquidity by : Bengt Holmstrom

Download or read book Inside and Outside Liquidity written by Bengt Holmstrom and published by MIT Press. This book was released on 2013-01-11 with total page 263 pages. Available in PDF, EPUB and Kindle. Book excerpt: Two leading economists develop a theory explaining the demand for and supply of liquid assets. Why do financial institutions, industrial companies, and households hold low-yielding money balances, Treasury bills, and other liquid assets? When and to what extent can the state and international financial markets make up for a shortage of liquid assets, allowing agents to save and share risk more effectively? These questions are at the center of all financial crises, including the current global one. In Inside and Outside Liquidity, leading economists Bengt Holmström and Jean Tirole offer an original, unified perspective on these questions. In a slight, but important, departure from the standard theory of finance, they show how imperfect pledgeability of corporate income leads to a demand for as well as a shortage of liquidity with interesting implications for the pricing of assets, investment decisions, and liquidity management. The government has an active role to play in improving risk-sharing between consumers with limited commitment power and firms dealing with the high costs of potential liquidity shortages. In this perspective, private risk-sharing is always imperfect and may lead to financial crises that can be alleviated through government interventions.

Employment, Growth, and Price Levels

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Publisher :
ISBN 13 :
Total Pages : 1070 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Employment, Growth, and Price Levels by : United States. Congress. Joint Economic Committee

Download or read book Employment, Growth, and Price Levels written by United States. Congress. Joint Economic Committee and published by . This book was released on 1959 with total page 1070 pages. Available in PDF, EPUB and Kindle. Book excerpt: