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Macro Economic Equilibrium And Credit Rationing
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Book Synopsis Asymmetric Information, Corporate Finance, and Investment by : R. Glenn Hubbard
Download or read book Asymmetric Information, Corporate Finance, and Investment written by R. Glenn Hubbard and published by University of Chicago Press. This book was released on 2009-05-15 with total page 354 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this volume, specialists from traditionally separate areas in economics and finance investigate issues at the conjunction of their fields. They argue that financial decisions of the firm can affect real economic activity—and this is true for enough firms and consumers to have significant aggregate economic effects. They demonstrate that important differences—asymmetries—in access to information between "borrowers" and "lenders" ("insiders" and "outsiders") in financial transactions affect investment decisions of firms and the organization of financial markets. The original research emphasizes the role of information problems in explaining empirically important links between internal finance and investment, as well as their role in accounting for observed variations in mechanisms for corporate control.
Book Synopsis Lectures on Macroeconomics by : Olivier Blanchard
Download or read book Lectures on Macroeconomics written by Olivier Blanchard and published by MIT Press. This book was released on 1989-03-21 with total page 674 pages. Available in PDF, EPUB and Kindle. Book excerpt: The main purpose of Lectures on Macroeconomics is to characterize and explain fluctuations in output, unemployment and movement in prices. Lectures on Macroeconomics provides the first comprehensive description and evaluation of macroeconomic theory in many years. While the authors' perspective is broad, they clearly state their assessment of what is important and what is not as they present the essence of macroeconomic theory today.The main purpose of Lectures on Macroeconomics is to characterize and explain fluctuations in output, unemployment and movement in prices. The most important fact of modern economic history is persistent long term growth, but as the book makes clear, this growth is far from steady. The authors analyze and explore these fluctuations. Topics include consumption and investment; the Overlapping Generations Model; money; multiple equilibria, bubbles, and stability; the role of nominal rigidities; competitive equilibrium business cycles, nominal rigidities and economic fluctuations, goods, labor and credit markets; and monetary and fiscal policy issues. Each of chapters 2 through 9 discusses models appropriate to the topic. Chapter 10 then draws on the previous chapters, asks which models are the workhorses of macroeconomics, and sets the models out in convenient form. A concluding chapter analyzes the goals of economic policy, monetary policy, fiscal policy, and dynamic inconsistency. Written as a text for graduate students with some background in macroeconomics, statistics, and econometrics, Lectures on Macroeconomics also presents topics in a self contained way that makes it a suitable reference for professional economists.
Book Synopsis Capital and Credit by : Michio Morishima
Download or read book Capital and Credit written by Michio Morishima and published by Cambridge University Press. This book was released on 1994-03-25 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: Contemporary general equilibrium theory is characteristically short-run, separated from monetary aspects of the economy, and as such does not deal with long-run problems such as capital accumulation, innovation, and the historical movement of the economy. These phenomena are discussed by growth theory, which assumes a given or shifting production function, and in turn cannot therefore deal with the fundamental problem of growth, namely how the production function is derived. Thus traditional theories have a common weakness in that they divorce real economic growth from the activities of the financial sector. This book provides a much-needed synthesis of growth theory and monetary theory. Professor Morishima draws on the work of Schumpeter, Keynes and the pre-war neoclassical economists to formulate a capital-theoretic general equilibrium theory.
Book Synopsis Fiscal Adjustment in EU Countries by : Mr.Kenji Moriyama
Download or read book Fiscal Adjustment in EU Countries written by Mr.Kenji Moriyama and published by International Monetary Fund. This book was released on 2004-08-01 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: Several European Union countries have recently implemented or are envisaging fiscal that operations improve budgetary figures but have no structural impact on government finances. This paper evaluates some of these measures using a balance sheet approach. In particular, it examines the degree to which reductions in government debt in EU countries has been accompanied by a decumulation of government assets. In the run-up to Maastricht (1997) it finds a strong correlation between changes in government liabilities and government assets, and larger declines in government assets in countries starting from higher public debt levels.
Book Synopsis Policies for Macrofinancial Stability by : Mr.Bas B. Bakker
Download or read book Policies for Macrofinancial Stability written by Mr.Bas B. Bakker and published by International Monetary Fund. This book was released on 2012-06-07 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This note explores the costs and benefits of different policy options to reduce the risks associated with credit booms, drawing upon several country experiences and the findings from econometric analysis.
Book Synopsis Microeconomics of Banking by : Xavier Freixas
Download or read book Microeconomics of Banking written by Xavier Freixas and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The third edition of an essential text on the microeconomic foundations of banking that surveys the latest research in banking theory, with new material that covers recent developments in the field"--
Book Synopsis Equilibrium Credit Rationing by : William R. Keeton
Download or read book Equilibrium Credit Rationing written by William R. Keeton and published by Routledge. This book was released on 2017-04-28 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study, first published in 1979, examines and contrasts two concepts of credit rationing. The first concept takes the relevant price of credit to be the explicit interest rate on the loan and defines the demand for credit as the amount an individual borrower would like to receive at that rate. Under the alternative definition, the price of credit consists of the complete set of loan terms confronting a class of borrowers with given characteristics, while the demand for credit equals the total number of loan which members of the class would like to receive at those terms. This title will be of interest to students of monetary economics.
Book Synopsis Macroeconomics and the Financial System by : N. Gregory Mankiw
Download or read book Macroeconomics and the Financial System written by N. Gregory Mankiw and published by Macmillan. This book was released on 2011 with total page 642 pages. Available in PDF, EPUB and Kindle. Book excerpt: Watch this video interview with Greg Mankiw and Larry Ball discussing the future of the intermediate macroeconomics course and their new text. Check out preview content for Macroeconomics and the Financial System here. The financial crisis and subsequent economic downturn of 2008 and 2009 was a dramatic reminder of what economists have long understood: developments in the overall economy and developments in the financial system are inextricably intertwined. Derived and updated from two widely acclaimed textbooks (Greg Mankiw’s Macroeconomics, Seventh Edition and Larry Ball’s Money, Banking, and the Financial System), this groundbreaking text is the first and only intermediate macroeconomics text that provides substantial coverage of the financial system.
Book Synopsis Economic Stabilization in Developing Countries by : William R. Cline
Download or read book Economic Stabilization in Developing Countries written by William R. Cline and published by Washington, D.C. : Brookings Institutions. This book was released on 1981 with total page 552 pages. Available in PDF, EPUB and Kindle. Book excerpt: Conference report on economic policies and stabilization problems in developing countries - examines the impact of global and domestic economic conditions, interactions between inflation, trade policy, employment, income distribution, balance of payments, public finance, etc., the role of developed countries, of private sector banks and of international borrowing, and includes case studies of stabilization programmes in Mexico, Peru, Tanzania and Pakistan. Graphs and references. Conference held in Washington 1979 Oct 25 and 26.
Book Synopsis Financial Crises in DSGE Models by : Mr.Jaromir Benes
Download or read book Financial Crises in DSGE Models written by Mr.Jaromir Benes and published by International Monetary Fund. This book was released on 2014-04-04 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents the theoretical structure of MAPMOD, a new IMF model designed to study vulnerabilities associated with excessive credit expansions, and to support macroprudential policy analysis. In MAPMOD, bank loans create purchasing power that facilitates adjustments in the real economy. But excessively large and risky loans can impair balance sheets and sow the seeds of a financial crisis. Banks respond to losses through higher spreads and rapid credit cutbacks, with adverse effects for the real economy. These features allow the model to capture the basic facts of financial cycles. A companion paper studies the simulation properties of MAPMOD.
Book Synopsis Macroeconomic Policies for Stable Growth by : Delano Villanueva
Download or read book Macroeconomic Policies for Stable Growth written by Delano Villanueva and published by World Scientific. This book was released on 2008 with total page 271 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This volume is a collection of published and unpublished papers that the author has written over the last two decades during part of his tenure at the International Monetary Fund, the South East Asian Central Banks Research and Training Center, and Singapore Management University. The policy-oriented book examines the links between macroeconomic policies and noninflationary, full-employment levels and growth rates of aggregate gross domestic product, with particular focus on the application in emerging markets of the tools of growth theory. Theoretically sound and grounded in practical wisdom, this book is an essential reading for economic, financial and developmental policymakers, professional economists, and undergraduate/graduate students in economics and social sciences."--BOOK JACKET.
Book Synopsis Development Macroeconomics by : Pierre-Richard Agénor
Download or read book Development Macroeconomics written by Pierre-Richard Agénor and published by Princeton University Press. This book was released on 2015-06-23 with total page 792 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global financial crisis triggered severe shocks for developing countries, whose embrace of greater commercial and financial openness has increased their exposure to external shocks, both real and financial. This new edition of Development Macroeconomics has been fully revised to address the more open and less stable environment in which developing countries operate today. Describing the latest advances in this rapidly changing field, the book features expanded coverage of public debt and the management of capital inflows as well as new material on fiscal discipline, monetary policy regimes, currency, banking and sovereign debt crises, currency unions, and the choice of an exchange-rate regime. A new chapter on dynamic stochastic general equilibrium (DSGE) models with financial frictions has been added to reflect how the financial crisis has reshaped our thinking on the role of such frictions in generating and propagating real and financial shocks. The book also discusses the role of macroprudential regulation, both independently and through its interactions with monetary policy, in preserving financial and macroeconomic stability. Now in its fourth edition, Development Macroeconomics remains the definitive textbook on the macroeconomics of developing countries. The most authoritative book on the subject—now fully revised and expanded Features new material on fiscal discipline, monetary policy regimes, currency, banking and sovereign debt crises, and much more Comes with online supplements on informal financial markets, stabilization programs, the solution of DSGE models with financial frictions, and exchange rate crises
Book Synopsis Financial Crises Explanations, Types, and Implications by : Mr.Stijn Claessens
Download or read book Financial Crises Explanations, Types, and Implications written by Mr.Stijn Claessens and published by International Monetary Fund. This book was released on 2013-01-30 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp fluctuations in asset and credit markets, the paper briefly reviews theoretical and empirical studies on developments in these markets around financial crises. Second, what are the major types of financial crises? The paper focuses on the main theoretical and empirical explanations of four types of financial crises—currency crises, sudden stops, debt crises, and banking crises—and presents a survey of the literature that attempts to identify these episodes. Third, what are the real and financial sector implications of crises? The paper briefly reviews the short- and medium-run implications of crises for the real economy and financial sector. It concludes with a summary of the main lessons from the literature and future research directions.
Book Synopsis Selected Works of Joseph E. Stiglitz by : Joseph E. Stiglitz
Download or read book Selected Works of Joseph E. Stiglitz written by Joseph E. Stiglitz and published by Oxford University Press. This book was released on 2009 with total page 904 pages. Available in PDF, EPUB and Kindle. Book excerpt: The second in a series of six volumes containing a selection of Joseph Stiglitz's most important and widely cited work. Volume I set out the basic concepts underlying the economics of information. Volume II extends these concepts and applies them to a number of different settings in labour, capital, and product markets
Book Synopsis Financial Repression is Knocking at the Door, Again by : Mr.Etibar Jafarov
Download or read book Financial Repression is Knocking at the Door, Again written by Mr.Etibar Jafarov and published by International Monetary Fund. This book was released on 2019-09-30 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial repression (legal restrictions on interest rates, credit allocation, capital movements, and other financial operations) was widely used in the past but was largely abandoned in the liberalization wave of the 1990s, as widespread support for interventionist policies gave way to a renewed conception of government as an impartial referee. Financial repression has come back on the agenda with the surge in public debt in the wake of the Global Financial Crisis, and some countries have reintroduced administrative ceilings on interest rates. By distorting market incentives and signals, financial repression induces losses from inefficiency and rent-seeking that are not easily quantified. This study attempts to assess some of these losses by estimating the impact of financial repression on growth using an updated index of interest rate controls covering 90 countries over 45 years. The results suggest that financial repression poses a significant drag on growth, which could amount to 0.4-0.7 percentage points.
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
Book Synopsis The Macroeconomics of Populism in Latin America by : Rudiger Dornbusch
Download or read book The Macroeconomics of Populism in Latin America written by Rudiger Dornbusch and published by University of Chicago Press. This book was released on 2007-12-01 with total page 416 pages. Available in PDF, EPUB and Kindle. Book excerpt: Again and again, Latin America has seen the populist scenario played to an unfortunate end. Upon gaining power, populist governments attempt to revive the economy through massive spending. After an initial recovery, inflation reemerges and the government responds with wage an price controls. Shortages, overvaluation, burgeoning deficits, and capital flight soon precipitate economic crisis, with a subsequent collapse of the populist regime. The lessons of this experience are especially valuable for countries in Eastern Europe, as they face major political and economic decisions. Economists and political scientists from the United States and Latin America detail in this volume how and why such programs go wrong and what leads policymakers to repeatedly adopt these policies despite a history of failure. Authors examine this pattern in Argentina, Brazil, Chile, Mexico, Nicaragua, and Peru—and show how Colombia managed to avoid it. Despite differences in how each country implemented its policies, the macroeconomic consequences were remarkably similar. Scholars of Latin America will find this work a valuable resource, offering a distinctive macroeconomic perspective on the continuing controversy over the dynamics of populism.
