Read Books Online and Download eBooks, EPub, PDF, Mobi, Kindle, Text Full Free.
Download Three Essays On Money And Banking full books in PDF, epub, and Kindle. Read online Three Essays On Money And Banking ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!
Author : Birgit Schmitz
Publisher :
ISBN 13 :
Total Pages : 92 pages
Book Rating : 4.:/5 (181 download)
Download or read book Three Essays on Money and Banking in Europe written by Birgit Schmitz and published by . This book was released on 2005 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Ruben Lamdany
Publisher :
ISBN 13 :
Total Pages : 131 pages
Book Rating : 4.:/5 (797 download)
Download or read book Three Essays on Money and Banking in Small Open Economies written by Ruben Lamdany and published by . This book was released on 1987 with total page 131 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Davide Porcellacchia
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (18 download)
Download or read book Three Essays on Money and Banking written by Davide Porcellacchia and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 : Wilfredo Santiago Valiente
Publisher :
ISBN 13 :
Total Pages : 562 pages
Book Rating : 4.:/5 (51 download)
Download or read book Three Essays in the Early 20th Century American Theory of Money, Capital and Banking written by Wilfredo Santiago Valiente and published by . This book was released on 1984 with total page 562 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Lukas Altermatt
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (19 download)
Download or read book Three Essays on the Economics of Money, Banking, and Financial Markets written by Lukas Altermatt and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Hua Jiang
Publisher :
ISBN 13 :
Total Pages : 180 pages
Book Rating : 4.:/5 (112 download)
Download or read book Three Essays on Money and Banking written by Hua Jiang and published by . This book was released on 2008 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: The dissertation consists of three studies on money and banking in the presence of uncertainty. In the first paper, agents face uncertain future liquidity needs and the bank is formed to provide liquidity insurance to depositors. The bank holds cash reserves to meet depositors' liquidity needs and as an insurance against uncertain return on the bank's assets. The paper analyzes the effect of inflation on banking crises. The main result is that when the bank has access to a stable foreign currency, inflation has a threshold effect on the incidence of banking crises: higher inflation reduces the likelihood of crises when inflation is below the threshold; the reverse occurs when inflation exceeds the threshold. This result appears to be broadly consistent with available evidence. The second paper is an experimental study about depositors' behavior under a demand deposit contract when they face uncertainty over other depositors' actions; and investigates whether bank runs can occur as the result of pure coordination failures. It is found that bank runs can occur as a result of pure coordination failures, but only when coordination is difficult. I compare the experimental results and the simulation results from a learning algorithm modified from Temzelides (1997), and find that learning offers a good approximation to observed lab behavior. In the third paper, agents face uncertainty over future preferences. The paper takes the mechanism design approach and studies the essentiality of multiple currencies - which act as substitute for the missing record-keeping technology - in the presence of limited commitment and private information about the realization of preferences. When money balances are concealable, a single money is sufficient to solve the problem of limited commitment, and can deal with the private information problem if agents are patient enough; in which case, money balances serve as a preference signalling device. When agents are sufficiently impatient, a second money is essential and allows agents to signal their preferences by holding different monetary portfolios all giving rise to the same total money balances.
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 : C.J.M Kool
Publisher : Springer Science & Business Media
ISBN 13 : 1461312639
Total Pages : 252 pages
Book Rating : 4.4/5 (613 download)
Download or read book Essays on Money, Banking, and Regulation written by C.J.M Kool and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essays on Money, Banking and Regulation honors the interests and achievements of the Dutch economist Conrad Oort. The book is divided into four parts. Part 1 - Fiscal and monetary policy - reviews a variety of topics ranging from the measurement of money to the control and management of government expenditures. Part 2 - International institutions and international economic policy - looks at the international dimension of monetary and fiscal policy, with extensive discussion of the International Monetary Fund and the European Monetary Union. Part 3 - The future of international banking and the financial sector in the Netherlands - is an insider's view of the strategic choices facing financial institutions in the near future. Finally, Part 4 - Taxation and reforms in the Dutch tax system - is closest to Oort's research and practice since he has become known as an architect of the 1990 Dutch tax reform; this part is dedicated in particular to the tax reforms suggested by Oort.
Author : Stephen M. Andoseh
Publisher :
ISBN 13 :
Total Pages : 246 pages
Book Rating : 4.:/5 (441 download)
Download or read book Three Essays on Money and Finance written by Stephen M. Andoseh and published by . This book was released on 2000 with total page 246 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Kemal Burak Bekircan
Publisher :
ISBN 13 :
Total Pages : 238 pages
Book Rating : 4.:/5 (126 download)
Download or read book Three Essays on International Financial and Monetary Interactions written by Kemal Burak Bekircan and published by . This book was released on 2020 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation develops three essays on safe haven currency behavior and international monetary interactions. Essay one notes the dramatic appreciation of the U.S. dollar vis-à-vis all world currencies, along with its reversal after a year on the account of the Great Recession. This paper investigates bilateral U.S. dollar exchange rate movements during and in the aftermath of the Great Recession. I find that increasing global market uncertainty has a significant and consistent effect in strengthening of the U.S. dollar. This striking finding suggests flight-to-safety phenomenon of foreign investors, and repatriation of capital flows to the United States by the U.S. investors during and after the last financial crisis. This essay also demonstrates that global investors consider the 3-month and 1-year T-bill, the 5-year T-note, and the 20-year T-bond as the strongest safe haven instruments that can be bought and sold in U.S. dollars. In essay two, it is noted that existing literature assumes that the euro is a safe haven currency but there is no evidence whether it actually behaves as a safe haven. This essay studies the validity of the safe haven hypothesis for the euro. A safe haven currency works as a hedge in the face of extreme market uncertainty. The results of this research imply that the euro is a safe haven currency if the market uncertainty originates in the U.S. market. I show that there is no significant evidence to suggest that the euro serves as a safe haven currency if the uncertainty originates in the Euro-area. From the standpoint of world investors, however, this paper does not find any Euro-area safe haven asset (other than cash) using the EURO STOXX 50 Index as a measure of uncertainty. Essay three studies whether the European Central Bank or the Federal Reserve have an influence on monetary policy implementations of each other and other major industrialized countries since the advent of the euro. I find that the Federal Reserve causes an endogenous monetary policy response in the Euro-area, and in other non-US G7 countries, with the exception of Japan, during the conventional monetary policy period of the post-euro era. I also show that exogenous Euro-area conventional monetary policy innovations cause foreign monetary policy endogeneity in Canada and the UK, but do not cause similar endogeneity in the US and Japan. I define foreign monetary policy endogeneity as the reaction of G7 monetary authorities (that persists for at least two time periods) following a monetary policy innovation of the other. The results of this chapter further reveal that, with respect to the G7 economies, U.S. unconventional monetary policy shocks induce endogenous policy reactions only in Japan during the Great Recession and its aftermath. Unconventional monetary policy innovations by the European Central Bank, instead, lead to a response by the monetary authorities of Japan, the UK, and the US.
Author : Hongfei Sun
Publisher :
ISBN 13 : 9780494579312
Total Pages : 248 pages
Book Rating : 4.5/5 (793 download)
Download or read book Essays on Money, Banking and Payments written by Hongfei Sun and published by . This book was released on 2008 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: The history of money has always been intertwined with the history of banking. Nevertheless, very few papers have studied banking in a rigorous monetary environment. This thesis demonstrates that it is crucial to integrate these two literatures. I present three theories of money and banking, each generating results that are drastically different from those of the traditional banking models without microfoundations for money.Chapter 1 addresses the problem of monitoring the monitor in a model with private information and aggregate uncertainty. There is no need to monitor a bank if it requires loans to be repaid partly with money. A market arises at the repayment stage and generates information-revealing prices that perfectly discipline the bank. The mechanism also applies when multiple banks exist. With multiple banks, a prohibition on private money issuing not only eliminates welfare-improving money competition but also triggers free-rider problems among banks.Chapter 3 studies bank runs in a model with coexistence of fiat money and private money. When fiat money is the only medium of exchange, a bank run equilibrium coexists with an equilibrium that achieves optimal risk sharing. In contrast, when private money is also a medium of exchange, there exists a unique equilibrium where no one demands early withdrawals of fiat money and agents in need of liquidity only use private money to finance consumption. This unique equilibrium achieves the first-best outcome and eliminates bank runs without having to resort to any government intervention.In Chapter 2, I develop a dynamic model to address the following question: when both individuals and banks have private information, what is the optimal way to settle debts? I establish two main results: first, markets can improve upon the optimal dynamic contract in the presence of private information. Prices fully reveal the aggregate states and help solve the incentive problem of the bank. Secondly, it is optimal for the bank to require loans to be settled with short-term inside money, i.e., bank money that expires immediately after debt settlement. Short-term inside money makes it less costly to induce truthful revelation and achieves more efficient risk sharing.
Author : Haitao Xiang
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (112 download)
Download or read book Three Essays on Monetary Economics written by Haitao Xiang and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The thesis consists of three studies on money, banking and monetary policy with modern monetary economic theory based on explicit micro-foundations. As an introduction to the approach adopted by micro-founded monetary theory, the introductory chapter demonstrates the roles of money and capital in a quasi-linear environment with explicit informational frictions. When capital serves as the only record-keeping device, there could be two possible stationary equilibria: one is first-best and the other is not. In a suboptimal equilibrium, consumers are constrained by their capital rental income. Introducing fiat money, a better record-keeping technology with higher rate of return, can improve welfare by relaxing the liquidity constraint. Chapter 2 studies the role of banking in financing investment. It is revealed that banking can mitigate underinvestment, raise capital-labour ratio, and improve welfare; and this effect is greatest under moderate inflation. In Chapter 3, I introduce a record-keeping cost related to bank borrowing, and study the effects of such a banking cost on economic allocations and welfare, as well as its monetary policy implications. Main findings are: Costly banking emerges endogenously only with relatively high inflation and/or relatively low banking cost; the existence of costly banking may improve or reduce welfare relative to the case without banking; with higher inflation rate or banking cost, more people would choose not to deal with banks, which means larger welfare loss; inflation is less harmful with banking than without banking. In Chapter 4, I investigate the trade-off between distribution effect and production effect of monetary policy with presence of idiosyncratic liquidity shocks. When liquidity shocks are observable, a type-contingent money transfer policy can desirably redistribute purchasing power among consumers. When the shocks are unobservable, an illiquid bond policy restores credit transactions on money through bond-money exchanges. Both policies have positive distribution effect, but the resulting inflation hampers production efficiency. I derive a sufficient condition under which the overall welfare can be improved by an inflationary monetary policy: if consumers are relative-risk-averse enough, the trade-off between distribution efficiency gain and production efficiency loss would result in net welfare enhancement.
Author : Kari Puumanen
Publisher :
ISBN 13 : 9789516861190
Total Pages : 143 pages
Book Rating : 4.8/5 (611 download)
Download or read book Three Essays on Money, Wealth, and the Exchange Rate written by Kari Puumanen and published by . This book was released on 1986 with total page 143 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Conglin Xu
Publisher :
ISBN 13 :
Total Pages : 258 pages
Book Rating : 4.:/5 (26 download)
Download or read book Three Essays on Financial Markets and Monetary Policy written by Conglin Xu and published by . This book was released on 2011 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Henry C. Carey
Publisher :
ISBN 13 :
Total Pages : 59 pages
Book Rating : 4.:/5 (124 download)
Download or read book Three Essays on Money written by Henry C. Carey and published by . This book was released on 1855 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Hongkil Kim
Publisher :
ISBN 13 :
Total Pages : 98 pages
Book Rating : 4.:/5 (112 download)
Download or read book Three Essays on Public Money Creation, Endogenous Bank Credit Creation, and Remaining Empirical Issues written by Hongkil Kim and published by . This book was released on 2018 with total page 98 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation examines the interconnectedness between money/credit creation and its empirical relevance to macroeconomic variables. It takes the position that the amount of money/credit created for GDP-related transactions inevitably influences the business cycle and inflation while the money/credit extension for non-GDP based transactions (mainly for purchasing financial assets) helps explain movements of interest rates, exchange rates, and an asset bubble/crash. With this approach, the main objectives of this dissertation is to demonstrate that 1) excess bank credit creation/depletion for households' spending is crucial in explaining US inflation, 2) the European Central Bank could successfully contain pressures in struggling sovereign bond markets, relying on its unique power to create its currency (the Euro) and 3) interest rate exogeneity is, if not theoretically impossible, difficult to attain due to market psychology and endogenous credit creation. Having recognized effects of money/credit creation on a macroeconomic environment, the dissertation naturally proceeds to suggest policy proposals that guide credit creation and allocation of credit for productive purposes and assign a proper role for public money creation to counter ebb and flow of private credit creation.
