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Author : Shaker Sarsour
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (955 download)
Download or read book Three Essays on Monetary Policy and Banking System written by Shaker Sarsour and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Xiaodai Xin
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (591 download)
Download or read book Three Essays on Monetary Policy and Financial Development written by Xiaodai Xin and published by . This book was released on 2004 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: Both economic growth and stabilization require a well-functioning financial system, which includes the central bank and private financial institutions. This dissertation is comprised of three essays on monetary policy and financial development which are related to the roles of the central bank and private financial institutions. To better stabilize the economy, a central bank needs to formulate an optimal strategy for monetary policy and pursues an appropriate objective (targeting regime). In a forward-looking New Keynesian model with persistent output and inflation, the first essay (chapter 2) evaluates a broad hybrid targeting regime when the central bank operates under discretionary monetary policy. By employing the numerical analysis and comparing the performance of different targeting regimes, I find that the hybrid targeting regime yields a social loss closest to that under the optimal committed policy, generating a better outcome than other policy regimes. The second essay (chapter 3) provides new micro-level evidence for the positive relationship between financial development and economic growth based on a large sample of cross-country firm-level data. By examining an important micro channel through which financial development reduces the costs of external finance to firms, I find that firms that are more externally dependent grow faster in countries with more developed financial systems. The third essay (chapter 4) investigates the impact of external debt on long-term investment and its interaction with domestic financial intermediation in emerging markets. Extending the Ramsey-Cass-Koopmans model to a small open economy with the role of financial intermediation, I find that the overall effect of a high level of external debt on investment depends heavily on the degree of domestic financial intermediation. Using a large sample of panel data on 76 developing countries over the last three decades, the empirical results indicate that when a country's domestic banking sector develops to a certain degree, the high level of external debt facilitates investment.
Author : Ludwig Van den Hauwe
Publisher : BoD – Books on Demand
ISBN 13 : 2810602212
Total Pages : 188 pages
Book Rating : 4.8/5 (16 download)
Download or read book Three Essays in Monetary Theory written by Ludwig Van den Hauwe and published by BoD – Books on Demand. This book was released on 2009 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent events in international financial markets have revived the scientific interest in conceivable institutional alternatives to prevailing monetary arrangements. In the essays reprinted in this book, the author critically examines some of the more influential arguments which have been made in favour of decentralization in banking.
Author : Karl David Boulware
Publisher :
ISBN 13 :
Total Pages : 177 pages
Book Rating : 4.:/5 (94 download)
Download or read book Three Essays on the Transmission of Monetary Policy to Non-bank Credit Activity written by Karl David Boulware and published by . This book was released on 2014 with total page 177 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation is composed of three essays that measure the impact of monetary policy on non-bank credit activity by issuer, composition, and duration. The first essay measures the dynamic impact of monetary policy on gross repurchase agreement activity of primary government dealers of the Federal Reserve System. The second essay measures the dynamic impact of monetary policy on commercial paper activity. The third essay measures the impact of monetary policy on issuers of asset-backed securities. In the first essay, we find a positive shock to the federal funds rate significantly affects the level of credit activity. In particular, repo arrangements longer than a day display persistent declines. By comparison, overnight financing increases after a delay. This implies that contractionary monetary policy shocks lead to maturity substitution in the repo market. Our findings show that credit activity in the repo market is more sensitive to monetary policy than previously reported in the literature. In the second essay, our measure of contractionary monetary policy shocks corresponds to a sharp decline in money market mutual fund assets. Though there is an increase in aggregate commercial paper volumes, the impact of monetary policy is stronger for issuers with less liquid balance sheets. Specifically, issuers of asset-backed paper and issuers with second tier credit ratings. Furthermore, there is evidence of a broad substitution towards shorter maturities, in particular for asset backed and nonfinancial paper. In the final essay, we find that an anticipated increase in the target for the federal funds rate impacts the behavior of ABS issuers. In particular, we find commercial paper issuance rises while bond issuance falls. Consequently, our results support the existence of a liquidity risk channel for monetary policy operating through the total supply of non-bank credit activity. In this manner, our findings indicate the monetary transmission mechanism contributes to systemic risk in the shadow banking system through rollover risk. As a result, non-bank credit activity is an important component of the relationship between monetary policy and financial stability.
Author : Juan Yang
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (14 download)
Download or read book Three essays on monetary policy, the financial market, and economic growth in the U.S. and China written by Juan Yang and published by . This book was released on 2006 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Guilherme Batistella Martins
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (867 download)
Download or read book Three Essays on the Credit Dimension of Monetary Policy written by Guilherme Batistella Martins and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The model is general and appropriate to address several questions. We illustrate that by showing that it can replicate standard business cycle properties and to discuss conventional monetary policy in the context sudden stops, when the domestic banking system is often at the epicenter of the crisis. In Chapter 3, we first note that a number of recent theoretical papers show that margins can affect asset prices. Such results are important, for example, to understand the unconventional polices implemented by the Fed during the great recession of 2007-2010. However, empirical evidence is still scarce. We contribute to fill this gap. We show that an aggregate margin-related factor is able to predict future excess returns of the SP 500 and that stocks with high exposures to the cost of buying on margin pay on average higher returns.
Author : Martin Shubik
Publisher : MIT Press
ISBN 13 : 9780262693110
Total Pages : 472 pages
Book Rating : 4.6/5 (931 download)
Download or read book The Theory of Money and Financial Institutions written by Martin Shubik and published by MIT Press. This book was released on 1999 with total page 472 pages. Available in PDF, EPUB and Kindle. Book excerpt: This first volume in a three-volume exposition of Shubik's vision of "mathematical institutional economics" explores a one-period approach to economic exchange with money, debt, and bankruptcy. This is the first volume in a three-volume exposition of Martin Shubik's vision of "mathematical institutional economics"--a term he coined in 1959 to describe the theoretical underpinnings needed for the construction of an economic dynamics. The goal is to develop a process-oriented theory of money and financial institutions that reconciles micro- and macroeconomics, using as a prime tool the theory of games in strategic and extensive form. The approach involves a search for minimal financial institutions that appear as a logical, technological, and institutional necessity, as part of the "rules of the game." Money and financial institutions are assumed to be the basic elements of the network that transmits the sociopolitical imperatives to the economy. Volume 1 deals with a one-period approach to economic exchange with money, debt, and bankruptcy. Volume 2 explores the new economic features that arise when we consider multi-period finite and infinite horizon economies. Volume 3 will consider the specific role of financial institutions and government, and formulate the economic financial control problem linking micro- and macroeconomics.
Author : Matthew Schaffer
Publisher :
ISBN 13 : 9780438170032
Total Pages : 135 pages
Book Rating : 4.1/5 (7 download)
Download or read book Three Essays on Monetary Policy written by Matthew Schaffer and published by . This book was released on 2018 with total page 135 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : David B. Gordon
Publisher :
ISBN 13 :
Total Pages : 182 pages
Book Rating : 4.:/5 (328 download)
Download or read book Three Essays on Monetary Policy written by David B. Gordon and published by . This book was released on 1994 with total page 182 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Sarbari Banerjee-Rothe
Publisher :
ISBN 13 :
Total Pages : 268 pages
Book Rating : 4.:/5 (587 download)
Download or read book Three Essays on Monetary Policy in a Small Open Economy written by Sarbari Banerjee-Rothe and published by . This book was released on 2001 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Jiri Woschitz
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (17 download)
Download or read book Three Essays on Monetary Policy and Financial Markets written by Jiri Woschitz and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Kyuil Chung
Publisher :
ISBN 13 :
Total Pages : 228 pages
Book Rating : 4.:/5 (7 download)
Download or read book Three Essays on Monetary Policy written by Kyuil Chung and published by . This book was released on 2005 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Armando Perez-Gea
Publisher :
ISBN 13 :
Total Pages : 194 pages
Book Rating : 4.:/5 (318 download)
Download or read book Three Essays on Central Banking and Credit Policy in Mexico written by Armando Perez-Gea and published by . This book was released on 1993 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Thomas Lauback
Publisher :
ISBN 13 :
Total Pages : 186 pages
Book Rating : 4.:/5 (376 download)
Download or read book Three Essays on Monetary Policy written by Thomas Lauback and published by . This book was released on 1997 with total page 186 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Andrea Tambalotti
Publisher :
ISBN 13 :
Total Pages : 227 pages
Book Rating : 4.:/5 (255 download)
Download or read book Three Essays on Monetary Policy written by Andrea Tambalotti and published by . This book was released on 2004 with total page 227 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Francesco Furlanetto
Publisher :
ISBN 13 :
Total Pages : 94 pages
Book Rating : 4.:/5 (428 download)
Download or read book Three Essays on Monetary and Fiscal Policy written by Francesco Furlanetto and published by . This book was released on 2006 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Lea Steininger
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (142 download)
Download or read book Three Essays on Monetary Policy written by Lea Steininger and published by . This book was released on 2023* with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Englische Version: This thesis includes three chapters that inform the debate about central bank policies, especially with respect to trans-national dimensions. Thereby, the project aims at complementing the existing literature by fostering a better understanding of international monetary policy under the use of micro-economic data. The first chapter investigates how monetary policy conducted by the European Central Bank (ECB) affects the labor share at the firm-level, and suggests that the effectiveness of monetary policy may depend on the labor intensity of production. The results inform the policy debate on transmission and redistribution effects of monetary policy. The second chapter provides empirical evidence that euro-area wide monetary policy affects industrial competition in local markets. The findings suggest that tightening the policy stance is associated with a decline in competition (and vice versa), and this effect is sizeable and significant. This chapter highlights that low interest rates may support market competition and anti-monopolistic tendencies in an environment of bank-based lending. The third chapter sheds light on central bank cooperation in the shape of swap lines opened between the six major centrals banks (These are: The US Federal Reserve, ECB, Bank of England, Swiss National Bank, Bank of Canada, and the Bank of Japan.) during the Global Financial Crisis 2007/08. This facility ultimately developed into a permanent international lender of last resort facility, and acts a public liquidity backstop to Eurodollar markets. Building an interpretative framework of political economic analysis, we contrast rationalist approaches by showing that central bankers eventually institutionalize their crisis inventions. We answer the question of how the public backstop for the largest financial market - the eurodollar market - emerged in 2013.[...].
