Essays In Finance And Macroeconomics
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Essays In Finance And Macroeconomics
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Author : Alok Khare
language : en
Publisher: ProQuest
Release Date : 2007
Essays In Finance And Macroeconomics written by Alok Khare and has been published by ProQuest this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with categories.
This dissertation is a collection of essays relating to asset pricing. The first two essays study the effect of home mortgages on asset prices. The first essay is motivated by Equity Premium Puzzle of Mehra and Prescott. It studies a life cycle economy with home mortgages in it. They key finding is that model is able to generate equity premium consistent with US data for reasonable parameterizations and the equity premium goes up as the agents leverage more to buy the houses.
Essays In International Finance And Macroeconomics
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Author : Galip K. Ozhan
language : en
Publisher:
Release Date : 2016
Essays In International Finance And Macroeconomics written by Galip K. Ozhan and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with Banks and banking categories.
This dissertation consists of essays in the intersection of international finance, macroeconomics, and monetary economics. The first essay studies the role of the financial sector in affecting domestic resource allocation and cross-border capital flows. I develop a quantitative, two-country, macroeconomic model in which banks face endogenous and occasionally binding leverage constraints. Banks lend funds to be invested in tradable or non-tradable sector capital and there is international financial integration in the market for bank liabilities. I focus on news about economic fundamentals as the key source of fluctuations. Specifically, in the case of positive news on the valuation of non-traded sector capital that turn out to be incorrect at a later date, the model generates an asymmetric, belief-driven boom-bust cycle that reproduces key features of the recent Eurozone crisis. Bank balance sheets amplify and propagate fluctuations through three channels when leverage constraints bind: First, amplified wealth effects induce jumps in import-demand (demand channel). Second, changes in the value of non-tradable sector assets alter bank lending to tradable sector firms (intra-national spillover channel). Third, domestic and foreign households re-adjust their savings in domestic banks, and capital flows further amplify fluctuations (international spillover channel). A common central bank’s unconventional policies of private asset purchases and liquidity facilities in response to unfulfilled expectations are successful at ameliorating the economic downturn. In the second essay, co-authored with Professor Ghironi, we study the implications of using the volatility of domestic interest rate as a policy instrument in a small open economy. We develop an international macroeconomic model of the interaction between an emerging market economy (EME) and global investors. EME central banker uses time-varying domestic interest rate volatility as a policy tool, and global investors have the opportunity to sell productive capital to the EME producers (FDI), in addition to having the opportunity to invest in one-period international and EME securities. We assess the effectiveness of using domestic interest rate volatility as a policy tool in distinguishing short-term security flows from long-term FDI flows, and identify the trade-offs that are faced in navigating financial strength and price stability. We find that an increase in interest rate volatility can attract FDI inflows while discouraging short-term security inflows, if the economy is subject to low- degree of pricing frictions. However, if prices are highly sticky, there is a co-movement of long-run FDI and short-run security outflows. Moreover, an increase in policy uncertainty induces higher price volatility.
Managing Global Money
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Author : Graham Bird
language : en
Publisher: Springer
Release Date : 1988-05-24
Managing Global Money written by Graham Bird and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988-05-24 with Business & Economics categories.
This collection of articles and papers has been organised under a limited number of specific themes in international financial economics, including balance of payment theory and policy, the activities of the IMF, Special Drawing Rights, the role of the private financial markets, and the international economic order. A unifying theme running through all the essays is that some degree of management of international financial affairs is desirable. The book has a strong policy orientation and should be of interest to students and practitioners of international financial economics alike.
Essays In International Finance And Macroeconomics
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Author : Eiji Fujii
language : en
Publisher:
Release Date : 1999
Essays In International Finance And Macroeconomics written by Eiji Fujii and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with International finance categories.
Each of the three essays composing this dissertation investigates important economic and econometric issues in international finance and macroeconomics. The first essay, “Market Structure and the Persistence of Sectoral Deviations from Purchasing Power Parity,” examines the relationship between market structure and the persistence of the dollar-based sectoral real exchange rates for fourteen OECD countries. The empirical results based on disaggregated data suggest that differences in market structure significantly determine the rates at which deviations from sectoral purchasing power parity decay. Based on the findings, I argue that an imperfectly competitive market structure is an important source of the well-documented persistence in real exchange rates.
Essays On Finance And Macroeconomics
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Author : Marc Yves Nosbusch
language : en
Publisher:
Release Date : 2006
Essays On Finance And Macroeconomics written by Marc Yves Nosbusch and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Finance categories.
Financial Conditions And Macroeconomic Performance
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Author : Steven M. Fazzari
language : en
Publisher: Routledge
Release Date : 2015-06-05
Financial Conditions And Macroeconomic Performance written by Steven M. Fazzari and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-06-05 with Business & Economics categories.
This collection of papers on financial instability and its impact on macroeconomic performance honours Hyman P. Minsky and his lifelong work. It is based on a conference at Washington University, St. Louis, in 1990 and includes among the authors Benjamin M. Friedman, Charles P. Kindleberger, Jan Kregel and Steven Fazzari. These papers consider Minsky's definitive analysis that yields such a clear and disturbing sequence of financial events: booms, government intervention to prevent debt contraction and new booms that cause a progressive buildup of new debt, eventually leaving the economy much more fragile financially.
Macroeconomics Finance And Money
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Author : Giuseppe Fontana
language : en
Publisher: Springer
Release Date : 2010-03-11
Macroeconomics Finance And Money written by Giuseppe Fontana and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-03-11 with Business & Economics categories.
This volume focuses on current issues of debate in the area of modern macroeconomics and money, written from (a broadly interpreted) post Keynesian perspective. The papers connect with Philip Arestis' contributions to macroeconomics and money, and pay tribute to his distinguished career.
Essays On Finance And Macroeconomics
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Author : Cynthia Mei Balloch
language : en
Publisher:
Release Date : 2018
Essays On Finance And Macroeconomics written by Cynthia Mei Balloch and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
My dissertation studies the impact of banks on macroeconomic outcomes. Chapter 1 explores the effects of bond market growth on the financing decisions of firms, the lending behavior of banks, and the resulting equilibrium allocation of credit and capital. This chapter makes three contributions to understand the impact of bond market liberalization. First, using evidence from reforms in Japan that gave borrowers selective access to bond markets during the 1980s, it shows that firms that obtained access to the bond market used bond issuance to pay back bank debt. More importantly, this large, positive funding shock led banks to increase lending to small and medium enterprises and real estate firms. Second, it proposes a model of financial frictions that is consistent with the empirical findings, and uses the model to derive general conditions under which bond liberalization has this effect on banks. The model predicts that bond liberalization can significantly worsen the quality of the pool of bank borrowers, and so lower bank profitability.
Studies In International Economics And Finance
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Author : Naoyuki Yoshino
language : en
Publisher: Springer Nature
Release Date : 2022-03-30
Studies In International Economics And Finance written by Naoyuki Yoshino and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-03-30 with Business & Economics categories.
This festschrift volume presents discussions on contemporary issues in international economics and finance. It is aimed to serve as a reference material for researchers. There are two broad sections of the book -- International Macroeconomics and International Finance. The chapters in the International Macroeconomics section discuss critical topics like aggregate level macro model for India with a new Keynesian perspective, balance of payments, service sector exports, foreign exchange constraints for import demands, foreign direct investment and knowledge spill over, the relationship between forex rate fluctuation and investment, Institutional quality-trade openness-economic growth nexus, currency crises and debt-deficit relationship in the BRICS countries in the backdrop of COVID-19. Apart from these, various analytical issues related to macroeconomic policies are also covered in this section. The topics discussed includes the nature of forex market interventions, the issue of disinvestment and privatization, changing nature of fiscal policy, the inflation-growth nexus, macroeconomic simulation modelling, measuring core inflation, central bank credibility, monetary policy, inflation targeting, Infrastructure, trade, unemployment and inequality nexus. In the International Finance section, topics such as COVID-19 induced financial crisis, commodity futures volatility, stock market connectivity, volatility persistence, determinants of sovereign bond yields, FII and stock market volatility, cryptocurrency price formation, financialization of Indian commodity market, and a Keynesian view of the financial crisis are discussed. Overall, thirty two chapters in the volume discuss cutting edge research in the areas of the two sections. A tour de force... a lucid guide to some of the diverse and complex issues in International Macroeconomics and Finance. This collection of scholarly works is a fitting tribute to respected Prof. Bandi Kamaiah and his enviable academic contributions. - Prof. Y V Reddy, Former Governor, Reserve Bank of India This volume comprising thoughtful essays by our leading scholars on some of important policy issues that India is facing is indeed a rich tribute to Professor Bandi Kamaiah . This book will greatly benefit the academic community as well as our policy makers. - Prof. Vijay Kelkar, Chairman, 13th Finance Commission of India; Chairman, India Development Foundation, Mumbai, India Noted economists from India and abroad gather to apply the rigorous searchlight that Professor Bandi Kamaiah used so effectively in his career. Major current topics in macroeconomics and international finance are effectively explored in the volume. - Prof. Ashima Goyal, Emeritus Professor, Indira Gandhi Institute of Development Research, Mumbai, India; and Member, Monetary Policy Committee of Reserve Bank of India This volume of 32 papers in macroeconomics, international economics, and international finance is intended as a tribute to the eminent econometrician , Prof B Kamaiah. Post-graduate students and researchers will find much valuable literature in the volume, which is a fitting tribute to Prof Kamaiah. The editors and authors deserve rich compliments. - Prof. K L Krishna, Former Director, Delhi School of Economics, New Delhi, India I am so happy to hear that Dr. Kamaiah's colleagues and ex-students are bringing out a special volume of articles in his honor. Nothing can be more appropriate. Dr. Kamaiah, being a man of tremendous publications, deserves this tribute. I wish all the luck and success to the new book. - Prof. Kishore Kulkarni, Distinguished Professor of Economics, Metropolitan State University of Denver, USA
Three Essays In Finance And Macroeconomics
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Author : Tong Zhang
language : en
Publisher:
Release Date : 2019
Three Essays In Finance And Macroeconomics written by Tong Zhang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.