Finance And Financial Intermediation
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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.
Handbook Of Financial Intermediation And Banking
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Author : Anjan V. Thakor
language : en
Publisher: Elsevier
Release Date : 2008-07-07
Handbook Of Financial Intermediation And Banking written by Anjan V. Thakor and has been published by Elsevier this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-07-07 with Business & Economics categories.
The growth of financial intermediation research has yielded a host of questions that have pushed "design" issues to the fore even as the boundary between financial intermediation and corporate finance has blurred. This volume presents review articles on six major topics that are connected by information-theoretic tools and characterized by valuable perspectives and important questions for future research. Touching upon a wide range of issues pertaining to the designs of securities, institutions, trading mechanisms and markets, industry structure, and regulation, this volume will encourage bold new efforts to shape financial intermediaries in the future. Original review articles offer valuable perspectives on research issues appearing in top journals Twenty articles are grouped by six major topics, together defining the leading research edge of financial intermediation Corporate finance researchers will find affinities in the tools, methods, and conclusions featured in these articles
Contemporary Financial Intermediation
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Author : Stuart I. Greenbaum
language : en
Publisher: Academic Press
Release Date : 2019-05-14
Contemporary Financial Intermediation written by Stuart I. Greenbaum and has been published by Academic Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-05-14 with Business & Economics categories.
Contemporary Financial Intermediation, 4th Edition by Greenbaum, Thakor, and Boot continues to offer a distinctive approach to the study of financial markets and institutions by presenting an integrated portrait that puts information and economic reasoning at the core. Instead of primarily naming and describing markets, regulations, and institutions as is common, Contemporary Financial Intermediation explores the subtlety, plasticity and fragility of financial institutions and credit markets. In this new edition every chapter has been updated and pedagogical supplements have been enhanced. For the financial sector, the best preprofessional training explains the reasons why markets, institutions, and regulators evolve they do, why we suffer recurring financial crises occur and how we typically react to them. Our textbook demands more in terms of quantitative skills and analysis, but its ability to teach about the forces shaping the financial world is unmatched. Updates and expands a legacy title in a valuable field Holds a prominent position in a growing portfolio of finance textbooks Teaches tactics on how to recognize and forecast fluctuations in financial markets
Money Banking And Financial Intermediation
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Author : Gary Smith
language : en
Publisher:
Release Date : 1991
Money Banking And Financial Intermediation written by Gary Smith and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1991 with Business & Economics categories.
Financial Intermediation And Growth
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Author : Ross Levine
language : en
Publisher: World Bank Publications
Release Date : 1999
Financial Intermediation And Growth written by Ross Levine and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Accounting categories.
This paper evaluates (1) whether the exogenous component of financial intermediary development influences economic growth and (2) whether cross-country differences in legal and accounting systems (e.g., creditor rights, contract enforcement, and accounting standards) explain differences in the level of financial development. Using both traditional cross-section, instrumental variable procedures and recent dynamic panel techniques, we find that the exogenous component of financial intermediary development is positively associated with economic growth. Also, the data show that cross-country differences in legal and accounting systems help account for differences in financial development. Together, these findings suggest that legal and accounting reforms that strengthen creditor rights, contract enforcement, and accounting practices can boost development and accelerate economic growth.
A Game Theory Analysis Of Options
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Author : Alexandre C. Ziegler
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-11-02
A Game Theory Analysis Of Options written by Alexandre C. Ziegler and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-11-02 with Business & Economics categories.
Modern option pricing theory was developed in the late sixties and early seventies by F. Black, R. e. Merton and M. Scholes as an analytical tool for pricing and hedging option contracts and over-the-counter warrants. How ever, already in the seminal paper by Black and Scholes, the applicability of the model was regarded as much broader. In the second part of their paper, the authors demonstrated that a levered firm's equity can be regarded as an option on the value of the firm, and thus can be priced by option valuation techniques. A year later, Merton showed how the default risk structure of cor porate bonds can be determined by option pricing techniques. Option pricing models are now used to price virtually the full range of financial instruments and financial guarantees such as deposit insurance and collateral, and to quantify the associated risks. Over the years, option pricing has evolved from a set of specific models to a general analytical framework for analyzing the production process of financial contracts and their function in the financial intermediation process in a continuous time framework. However, very few attempts have been made in the literature to integrate game theory aspects, i. e. strategic financial decisions of the agents, into the continuous time framework. This is the unique contribution of the thesis of Dr. Alexandre Ziegler. Benefiting from the analytical tractability of contin uous time models and the closed form valuation models for derivatives, Dr.
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.
The Theory Of Financial Intermediation
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Author : Bert Scholtens
language : en
Publisher:
Release Date : 2003
The Theory Of Financial Intermediation written by Bert Scholtens and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Finance categories.
Money Financial Intermediation And Governance
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Author : Dino Falaschetti
language : en
Publisher: Edward Elgar Publishing
Release Date : 2008-01-01
Money Financial Intermediation And Governance written by Dino Falaschetti and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-01-01 with Business & Economics categories.
Dino Falaschetti and Michael Orlando unify the treatment of the many deeply related topics in money and banking in this wide-ranging book. By continually building on the assumption that economic actors are maximizers, they explain how monetary and financial services, as well as related governance mechanisms, influence economic performance. In this manner, Money, Financial Intermediation and Governance not only lets readers make sense of today s monetary authorities and financial markets, it lets them see through superficial complexities to the fundamental influences that will shape those organizations for years to come. Mastering this analytical process is important for scholars and professionals, as well as individuals who are interested in their own financial security. Successful readers will enjoy an enduring ability to productively anticipate, respond to, and even shape macroeconomic and related political developments. This book s greatest contribution may thus be to help readers enjoy the lasting advantages of becoming careful thinkers. This book is an ideal text for undergraduate, graduate and MBA students in courses on banking and financial markets as well as in macroeconomics. It is also a useful resource for researchers and professionals in the financial, legal and policy sectors.
British Non Bank Financial Intermediaries
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Author : David J. Goacher
language : en
Publisher: Routledge
Release Date : 2017-11-30
British Non Bank Financial Intermediaries written by David J. Goacher and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-11-30 with Business & Economics categories.
Originally published in 1987, British Non-Bank Financial Intermediaries the book is the diversification of and overlaps in the operations of UK financial intermediaries forms. The book provides a coherent analysis of the broader implications of ongoing developments in the financial services sector and an insight into the ‘back-room activities of the non-bank institutions. The book also focuses on institutions offering some form of financial markets, within which many of the financial intermediaries operate. In doing this, the book outlines a theoretical framework of financial intermediation and provides an overview of the broader evolution of the UK financial system. This volume will be of use to students and practitioners studying in the financial services sector.