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Credit Intermediation And The Macroeconomy

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Credit Intermediation And The Macroeconomy

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Author : Sudipto Bhattacharya
language : en
Publisher:
Release Date : 2004

Credit Intermediation And The Macroeconomy written by Sudipto Bhattacharya and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Credit categories.

Developments in theories of financial markets and institutions, using the tools of the economics of uncertainty and of contracts, as well as results in game theory, have, over the last two decades, constituted an exciting and burgeoning field of research. This collection of readings drawstogether highlights of the 'second generation' literature in this area, emphasizing the theoretical, institutional, and policy-oriented regulatory implications of some of the key modelling techniques in the field.The collection divides into seven sections covering the monitoring role of banks and other intermediaries; liquidity demand and the role of banks and the government; bank runs and financial crises; bank regulation; inter-bank competition and bank--firm relationships; comparative financial systems;and imperfect credit markets and the macroeconomy. Each section comprises four articles previously published in top-ranking economics and finance journals, plus a discussion by a prominent scholar, who provides a synthesis and critique of the literature, and suggests promising directions for futureresearch and application of results.

Cross Border Credit Intermediation And Domestic Liquidity Provision In A Small Open Economy

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Author : Thorvardur T. Olafsson
language : en
Publisher: International Monetary Fund
Release Date : 2018-09-11

Cross Border Credit Intermediation And Domestic Liquidity Provision In A Small Open Economy written by Thorvardur T. Olafsson and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-09-11 with Business & Economics categories.

This paper develops a small open economy model where global and domestic liquidity is intermediated to the corporate sector through two financial processes. Investment banks intermediate cross-border credit through interlinked debt contracts to entrepreneurs and commercial banks intermediate domestic savings to liquidity constrained final good producers. Both processes are needed to facilitate development of key production inputs. The model captures procyclical investment bank leverage dynamics, global liquidity spillovers, domestic money market pressures, and macrofinancial linkages through which shocks propagate across the two processes, affecting spreads and balance sheets, as well as the real economy through investment and working capital channels.

Finance And Financial Intermediation

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Author : Harold L. Cole
language : en
Publisher: Oxford University Press
Release Date : 2019-03-29

Finance And Financial Intermediation written by Harold L. Cole and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-03-29 with Business & Economics categories.

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.

Explaining The Behavior Of Financial Intermediation

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Author : Mr.Philipp C. Rother
language : en
Publisher: International Monetary Fund
Release Date : 1999-03-01

Explaining The Behavior Of Financial Intermediation written by Mr.Philipp C. Rother and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-03-01 with Business & Economics categories.

This paper investigates the effects of macroeconomic and structural variables on financial intermediation. To this end, it presents a theoretical foundation for two new measures of intermediation, the money multiplier and the ratio of private sector credit to monetary base. Results from panel estimations covering 19 transition economies indicate that policy makers need to address in particular the problems of bad loans on bank balance sheets and high market concentration while maintaining a stable macroeconomic environment. Further variables, such as minimum reserve requirements and the capital adequacy ratio, are found to possess less explanatory power.

Credit Investments And The Macroeconomy

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Author : Marco Mazzoli
language : en
Publisher: Cambridge University Press
Release Date : 1998-01-22

Credit Investments And The Macroeconomy written by Marco Mazzoli and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998-01-22 with Business & Economics categories.

This book relates the literatures of finance, industrial economics and investment to the theoretical framework of the 'credit view'. Firstly it is assumed that banks' decisions concerning their assets are seen as at least as relevant as their decisions concerning their liabilities. Secondly, securities and bank credit are considered to be highly imperfect substitutes. In this regard it is important to investigate the way industrial and financial sectors interact. In particular, how is the macroeconomy affected by the phenomenon of 'securitization' and by exogenous changes in the industrial structure of the credit market. The interactions between real and financial sectors are also analysed from the point of view of the industrial firm, in a model where the investment and financial decisions of the firm are taken simultaneously.

Financial Crisis And Credit Crunch As A Result Of Inefficient Financial Intermediation With Reference To The Asian Financial Crisis

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Author : Zhaohui Chen
language : en
Publisher: International Monetary Fund
Release Date : 1998-09-01

Financial Crisis And Credit Crunch As A Result Of Inefficient Financial Intermediation With Reference To The Asian Financial Crisis written by Zhaohui Chen and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998-09-01 with Business & Economics categories.

This paper develops a model of private debt financing under inefficient financial intermediation. It suggests a mechanism that can generate the following sequence of events observed in the recent Asian crisis: A period of relatively low capital flow despite a steady improvement in economic fundamentals (capital inflow inertia), followed by a fast buildup of capital inflow, and ended with a large capital outflow and domestic credit crunch. Unlike other models requiring large movements in fundamentals or asset prices to explain a financial crisis, this model can exhibit large credit/capital flow swings with moderate changes in the economic and market environment.

Measuring Wealth And Financial Intermediation And Their Links To The Real Economy

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Author : Charles R. Hulten
language : en
Publisher: University of Chicago Press
Release Date : 2015-02-05

Measuring Wealth And Financial Intermediation And Their Links To The Real Economy written by Charles R. Hulten and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-02-05 with Business & Economics categories.

More than half a decade has passed since the bursting of the housing bubble and the collapse of Lehman Brothers. In retrospect, what is surprising is that these events and their consequences came as such a surprise. What was it that prevented most of the world from recognizing the impending crisis and, looking ahead, what needs to be done to prevent something similar? Measuring Wealth and Financial Intermediation and Their Links to the Real Economy identifies measurement problems associated with the financial crisis and improvements in measurement that may prevent future crises, taking account of the dynamism of the financial marketplace in which measures that once worked well become misleading. In addition to advances in measuring financial activity, the contributors also investigate the effects of the crisis on households and nonfinancial businesses. They show that households’ experiences varied greatly and some even experienced gains in wealth, while nonfinancial businesses’ lack of access to credit in the recession may have been a more important factor than the effects of policies stimulating demand.

Modern Financial Macroeconomics

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Author : Todd A. Knoop
language : en
Publisher: Wiley-Blackwell
Release Date : 2008-04-07

Modern Financial Macroeconomics written by Todd A. Knoop and has been published by Wiley-Blackwell this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-04-07 with Business & Economics categories.

Modern Financial Macroeconomics takes a non-technical approach in examining the role that financial markets and institutions play in shaping outcomes in the modern macro economy. Reviews historical and contemporary macroeconomic theory Examines governmental influence on moderating (or exacerbating) economic fluctuations Discusses both empirical and theoretical links between financial systems and economic performance, as well as case studies detailing the role of finance in specific business cycle episodes

Explaining The Behavior Of Financial Intermediation

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Author : Philipp Rother
language : en
Publisher:
Release Date : 2006

Explaining The Behavior Of Financial Intermediation written by Philipp Rother and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.

Financial Intermediation Costs In Low Income Countries

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Author : Mr.Tigran Poghosyan
language : en
Publisher: International Monetary Fund
Release Date : 2012-05-01

Financial Intermediation Costs In Low Income Countries written by Mr.Tigran Poghosyan and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-05-01 with Business & Economics categories.

We analyze factors driving persistently higher financial intermediation costs in low-income countries (LICs) relative to emerging market (EMs) country comparators. Using the net interest margin as a proxy for financial intermediation costs at the bank level, we find that within LICs a substantial part of the variation in interest margins can be explained by bank-specific factors: margins tend to increase with higher riskiness of credit portfolio, lower bank capitalization, and smaller bank size. Overall, we find that concentrated market structures and lack of competition in LICs banking systems and institutional weaknesses constitute the key impediments preventing financial intermediation costs from declining. Our results provide strong evidence that policies aimed at fostering banking competition and strengthening institutional frameworks can reduce intermediation costs in LICs.

Credit Intermediation And The Macroeconomy

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