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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 : 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 : 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 : Charles H. Feinstein
Publisher : Clarendon Press
ISBN 13 : 9780191521669
Total Pages : 554 pages
Book Rating : 4.5/5 (216 download)
Download or read book Banking, Currency, and Finance in Europe Between the Wars written by Charles H. Feinstein and published by Clarendon Press. This book was released on 1995-09-28 with total page 554 pages. Available in PDF, EPUB and Kindle. Book excerpt: The financial history of interwar Europe was dominated by catastrophic episodes of hyper-inflation, dramatic exchange rate crises, massive and destabilizing movements of gold and capital, and extensive banking failures. In their attempt to restore and sustain the gold standard as the basis of the international monetary system, many countries were compelled to resort to deflationary fiscal and monetary policies of exceptional severity. The policies thus adopted in the 1920s were a major cause of the Great Depression of 1929-33; and this in turn exerted a powerful influence on the subsequent political and economic history of the 1930s. This collection of essays is the work of an international network of economic historians from Europe and the United States convened by the European Science Foundation. It brings together, in an accessible style, current knowledge and understanding of the nature and effects of these developments in banking, currency, and finance in the interwar period. The topics are examined at three levels. In Part I a substantial introductory survey of the central issues over the entire period is followed by special studies of the banking crises, the global capital flows, and the interrelationship of economic and political policies, with each of these themes considered in an international perspective. Part II is devoted to illuminating comparative analyses of the financial and exchange policies of pairs of countries; France and Italy, Britain and Germany, Sweden and Finland, and Belgium and France. In Part III the essays move to the level of individual countries and each contributor explores topics such as the form and efficacy of official banking and monetary policies, the role of the central bank, movements in the money supply and prices, the relationship between the banks and the industrial sector, changes in exchange rates and foreign capital investment. The volume covers all the major countries, and also makes available the results of recent research on banking and finance in smaller countries, such as Spain, Austria, Norway, Poland, Portugal, Bulgaria, and Ireland. The questions addressed by this book, and the temes and patterns it reveals, are relevant both to economic and political historians of the years between the two world wars, and to those interested in contemporary banking and financial problems.
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 : 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.
Author : Byong-Ju Lee
Publisher : Stanford University
ISBN 13 :
Total Pages : 132 pages
Book Rating : 4.F/5 ( download)
Download or read book Three Essays in International Finance written by Byong-Ju Lee and published by Stanford University. This book was released on 2011 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis consists of three essays on international finance. The first essay is "Exchange rates and Fundamentals". A new open interest rate parity condition that takes account of economic fundamentals is developed from stochastic discount factors (SDFs) of two countries. Through this parity condition, business cycles or fundamentals are linked to exchange rates. Key empirical findings from this parity condition are as follows. First, this model beats the random walk hypothesis: economic fundamentals explain exchange rate movements for high interest rate currencies. Exchange rates of low interest rate currencies act like a random walk because they are less correlated with fundamentals owing to their low risk. For example, U.S. business cycles explain the direction of changes in exchange rates against the dollar. The same thing is true for Japan. Second, this model resolves the forward premium puzzle: the forward premium puzzle is not a general characteristic as regarded in previous studies. It happens when the risk awareness of investors is low, during economic expansions and for low risk currencies. The second essay is "Carry Trade and Global Financial Instability". Carry trade, an opportunistic investment strategy that takes advantage of interest rate differential across countries, is identified the cause of the large-scale depreciations of peripheral currencies in the later half of 2008. A simultaneous equations model, which is derived from a conceptual partial equilibrium model for a local foreign exchange market, is estimated from a cross-sectional sample. The results suggest that the larger appreciation of the yen than the dollar was brought about by a lack of the local supply of the yen rather than a more severe crunch of yen credits. The third essay is "The Economic Origin of Letters of Credit". This essay discusses the economic origin of letters of credit, an instrument widely used in international trade. A game theoretical analysis shows that letters of credit improve efficiency in trade settlements, increasing returns in trade. A few notable facts on letters of credit are discussed. First, the new institution is adopted by merchant banks to maximize their profits and in the process, an improvement in efficiency of international transactions is obtained. Second, the organization established by the legacy institution, bills of exchange, played a critical role in adopting the new institution. Third, the legal enforcement is not essential in this economic institution. Finally, two drivers are identified that improve efficiency of transactions: concentration and projection.
Author : David Lindequist
Publisher :
ISBN 13 :
Total Pages : 131 pages
Book Rating : 4.:/5 (118 download)
Download or read book Essays on Money and Banking, Macroeconomics, and Political Economy written by David Lindequist and published by . This book was released on 2020 with total page 131 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis consists of three self-contained articles. In the first article "The Common Currency Channel of Risk Sharing", I propose a new channel of international risk sharing: the common currency channel. I show theoretically that the central bank of a currency union can use the common currency to insure member countries against consumption risk from idiosyncratic productivity shocks. A trade-off between risk-sharing and moral hazard emerges: a central bank which enables risk sharing induces countries to free ride on each other's production efforts. I study this trade-off and derive rules for a central bank striking the optimal balance between insurance and incentives. Monetary policy determines current account imbalances that are financed through the central bank. Optimal policy is contingent on the realization of aggregate production. The central bank should lower its policy rate in response to a decrease in aggregate production to provide insurance through the common currency. Revisiting European Central Bank policies during the Eurocrisis between 2008 and 2014, I interpret the buildup of TARGET2 balances as risk sharing through the common currency. I find that this channel accounts for up to 60% of risk sharing among Eurozone countries in the early stages of the Eurocrisis. I conclude that the common currency can be a substitute for risk sharing through fiscal integration. The second article "Riding the Cycle" (joint work with Christoph Wolf) studies the interplay between the business cycle and financial contracting. If the success probability of an investment project is increasing in both the business cycle state and the borrower's effort, then the borrower can free-ride on the cycle. In a model of financial contracting with moral hazard, we show that this free-riding generates procyclical agency costs. The overall effect of business cycle conditions on credit availability depends on how changes in agency costs compare to cycle-induced changes in the net present value of investment projects. In a dynamic extension, we endogenize the business cycle as a function of the output realized through past credit contracts. The dynamic economy has a unique stable steady state. If agency frictions in the economy are sufficiently strong, a small shock to the business cycle can cause the economy to fluctuate between business cycle ups and downs. The cycles are induced by the interplay of the negative agency cost effects and the positive output effects of the business cycle. Our theory sheds new light upon the observed patterns of secured and unsecured credit in U. S. data from 1981 to 2012. The third article "Diversity Taxes" (joint work with Saumya Deojain) studies how social conflict generated through cultural diversity affects public policy. In our model, social conflict arises when diverse groups impose negative consumption externalities on each other. These externalities can be mitigated by a government which transforms cultural consumption into public good consumption. We show that in such a framework, 'diversity taxes' arise as a policy tool to regulate the externalities from the cultural consumption of diverse groups. We link the size of such taxes to characteristics of the underlying distribution of cultural groups as well as to the type of government (majority and minority). In contrast to much of the literature, our analysis predicts that more diverse communities have a bigger government size as measured by local taxes per capita. Using U. S. city and county data from 1990, we are able to verify this prediction. We find strong evidence for the existence of sizeable 'diversity taxes' in U. S. localities after controlling for a variety of socioeconomic and demographic indicators. We further document statistically significant relationships between characteristics of the group size distribution and local taxes per capita which are in line with our hypothesized link between cultural diversity, negative externalities, and taxation.
Author : Paul Mercier
Publisher : OUP Oxford
ISBN 13 : 0191043605
Total Pages : 416 pages
Book Rating : 4.1/5 (91 download)
Download or read book The Concrete Euro written by Paul Mercier and published by OUP Oxford. This book was released on 2014-10-02 with total page 416 pages. Available in PDF, EPUB and Kindle. Book excerpt: The euro area's framework for monetary policy implementation was introduced in 1999. Eleven years on, this volume examines the theoretical and historical underpinnings of the framework, how it has fared in practice, and what challenges it is likely to face in the future. The technology serving the implementation of monetary policy has historically been the exclusive preserve of a narrow group of specialists but the recent global financial crisis brought the issue into the public eye, as the supply of base money exploded while inflation risked turning into deflation. This book addresses all the aspects of monetary policy implementation, with particular emphasis on the European Central Bank and the euro, allowing a more informed assessment of a neglected, but important, aspect of economic life, and a better understanding of the exceptional developments brought about by the financial crisis. Written by the leading money market operators at the European Central Bank who were involved in creating and implementing the framework, and who are still managing monetary policy implementation at the Bank today, this book provides a rare insider account of how the framework has evolved, how it works in practice, and the challenges of monetary policy implementation going forward.
Author : Sherman Lewis
Publisher : Hayward Area Planning Association
ISBN 13 :
Total Pages : 191 pages
Book Rating : 4./5 ( download)
Download or read book Three Essays in Search of a Conversation written by Sherman Lewis and published by Hayward Area Planning Association. This book was released on 2022-08-27 with total page 191 pages. Available in PDF, EPUB and Kindle. Book excerpt: These essays are for Americans concerned about the future of our country and for policy wonks. By and large, the political process is controlled by those who take an intertest in politics, large in number but small as a percent of population. Are you a member of the political class? Membership is voluntary. Our first 800 years of thinking: science culture and empathy from the Enlightenment ~1600 to ~ 2400 The Crisis of the Anthropocene: The most comprehensive description of all issues of the crisis in less than 100 pages. For the purpose of going through your mind to influence your brain. Musings on our Present Discontent: America, not advanced, not a democracy. Right to life for baby; right to choose for mom. Taxation. The security of a free state. Issues not discussed. The threat from within, Trumpism. The threat from without: Putinism. How to participate. Renewal.
Author : R. Matousek
Publisher : Springer
ISBN 13 : 0230302211
Total Pages : 299 pages
Book Rating : 4.2/5 (33 download)
Download or read book Money, Banking and Financial Markets in Central and Eastern Europe written by R. Matousek and published by Springer. This book was released on 2015-12-04 with total page 299 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a deep insight into the market changes and policy challenges that transition economies have undergone in the last twenty years. It not only comments on and evaluates the development of financial markets in transition economies, but also highlights the key obstacles to full integration of financial markets into the EU market.
Author : Tuomas Välimäki
Publisher :
ISBN 13 :
Total Pages : 240 pages
Book Rating : 4.0/5 ( download)
Download or read book Central Bank Tenders written by Tuomas Välimäki and published by . This book was released on 2003 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: Tiivistelmä.
Author : Edward Owen Giblin Shann
Publisher :
ISBN 13 :
Total Pages : 120 pages
Book Rating : 4.R/5 ( download)
Download or read book Quotas Or Stable Money? written by Edward Owen Giblin Shann and published by . This book was released on 1933 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Frederic Chapin Lane
Publisher : JHU Press
ISBN 13 : 1421436094
Total Pages : 500 pages
Book Rating : 4.4/5 (214 download)
Download or read book Money and Banking in Medieval and Renaissance Venice written by Frederic Chapin Lane and published by JHU Press. This book was released on 2020-03-24 with total page 500 pages. Available in PDF, EPUB and Kindle. Book excerpt: Originally published in 1985. Frederic C. Lane and Reinhold C. Mueller, in the first volume of Money and Banking in Medieval and Renaissance Venice, discuss Venice's economic achievement in terms of the complex system the city's inhabitants developed to manage moneys of account and coins. Money merchants of Venice developed a system whereby a premium attached to moneys of account acted as a stabilizing force and allowed merchants to engage in long-term trade. This system, according to the authors, helped establish Venice as a dominant city-state in international trade and exchange. This book outlines the development and success of this system through 1508. At the time it was first published, this book made a significant contribution to the history of money and economics by underscoring the large role that Venice played in the economic history of the West and the ascendance of capitalism as a structuring force of society.
Author : Francisco Gómez Camacho
Publisher : Ediciones Universidad de Salamanca
ISBN 13 : 8490129002
Total Pages : 76 pages
Book Rating : 4.4/5 (91 download)
Download or read book Three Essays on the Times and Work of Tomás de Mercado written by Francisco Gómez Camacho and published by Ediciones Universidad de Salamanca. This book was released on 2017-11-01 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this edition is to provide an English translation of three essays about Tomás de Mercado’s book, Deals and Contracts of Merchants and Traders. This translation has been made from the 1569 edition of the book published in Salamanca. The book was later the object of new editions and it was expanded by two more chapters, with an Italian translation appearing in 1571. However, an English edition had never been made before. The 1569 edition is composed of four Books: the first dedicated to merchants and their contracts, the second to currency and loans, the third to usury and the fourth to the question of the obligation of restitution when a reprehensible action is committed.
Author : Jyrki Johannes Lessig
Publisher :
ISBN 13 :
Total Pages : 199 pages
Book Rating : 4.:/5 (851 download)
Download or read book Essays on Stability of the Classical Gold Standard written by Jyrki Johannes Lessig and published by . This book was released on 2012 with total page 199 pages. Available in PDF, EPUB and Kindle. Book excerpt: The three essays of the thesis have the common topic of monetary integration and financial instability in Europe during the period of precious metal standard in the second half of the 19th century. The first essay discusses mainly European business cycles and their inter-country symmetry from 1865 to 1913. An indicator is developed to measure the symmetry in a way which depicts temporal changes in the development. The main result of the study is that symmetry of European business cycles increased considerably from the late 1870s, and was strongest in the heyday of the Classical Gold Standard, in the 1880s and 1890s. Nevertheless, there was a clear decrease in symmetry of business cycles in half of the country-pairs of the sample during the last decades before the First World War. The second essay studies the impact of international capital transfers on inter-country symmetry of business cycles in the second half of the 19th century. Money stocks in financially advanced European countries were found to be connected with both domestic investments and capital exports in those countries which could export capital. New money tended to be directed to foreign investments rather than domestic ones. As investments had a crucial impact on economic growth, international differences in growth of money supply, and differences in growth rates of investments and net capital exports determined international differences in cyclical growth rates. The third essay studies the possibility that money supply was determined endogenously in the advanced European economies in the late 19th century; the evolution of banking as a cause of that endogeneity, and the consequences of this development on capital flows between countries participating in the pre-First World War gold standard. It is found that money was supplied by the private banking sector independently of the gold stocks and independently of central banks' monetary policy, rendering the financial system potentially unstable. It is also found that money supply in financially advanced countries was connected with indebtedness of peripheral countries.
Author : George Soros
Publisher : Public Affairs
ISBN 13 : 1610391527
Total Pages : 211 pages
Book Rating : 4.6/5 (13 download)
Download or read book Financial Turmoil in Europe and the United States written by George Soros and published by Public Affairs. This book was released on 2012-01-01 with total page 211 pages. Available in PDF, EPUB and Kindle. Book excerpt: Addresses the need for the United States to restructure the banking and financial system, anticipates the globalization of the crisis, and calls for international action.
