Finance Constraints Expectations And Macroeconomics
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Finance Constraints Expectations And Macroeconomics
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Author : Meir G. Kohn
language : en
Publisher: Oxford [Oxfordshire] : Clarendon Press ; New York : Oxford University Press
Release Date : 1988
Finance Constraints Expectations And Macroeconomics written by Meir G. Kohn and has been published by Oxford [Oxfordshire] : Clarendon Press ; New York : Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988 with Business & Economics categories.
The incompleteness of financial markets and the existence of finance constraints provide an explanation for the sort of coordination problem that afflicts real-world economies, but is absent from simplistic New Classical models. Providing an understanding of monetary and macroeconomic issues in terms of "imperfections," leading economic theorists--including Hicks, Greenwald, Stiglitz, and Aoki--here examine an important new area of macroeconomic theory--the implications of the finance-constraint approach to monetary theory.
Financial Constraints And Market Failures
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Author : Marcello Messori
language : en
Publisher: Edward Elgar Publishing
Release Date : 1999-01-01
Financial Constraints And Market Failures written by Marcello Messori 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 1999-01-01 with Business & Economics categories.
An Italian study group made up of seven economists report their findings on how the new Keynesian economics has reacted to challenges from new classical economics by strengthening the analytical power of its models. First they discuss the theoretical unde
The Missing Link Between Financial Constraints And Productivity
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Author : Marialuz Moreno Badia
language : en
Publisher: International Monetary Fund
Release Date : 2009-04-01
The Missing Link Between Financial Constraints And Productivity written by Marialuz Moreno Badia 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 2009-04-01 with Business & Economics categories.
The global financial crisis has reopened the debate on the potential spillover effects from the financial sector to the real economy. This paper adds to that debate by providing new evidence on the link between finance and firm-level productivity, focusing on the case of Estonia. We contribute to the literature in two important respects: (i) we look explicitly at the role of financial constraints; and (ii) we develop a methodology that corrects for the misspecification problems of previous studies. Our results indicate that young and highly indebted firms tend to be more financially constrained. Overall, a large number of firms shows some degree of financial constraints, with firms in the primary sector being the most constrained. More importantly, we find that financial constraints do not lower productivity for most sectors.
Financial Market Constraints And Private Investment In A Developing Country
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Author : Mr.Omotunde E. G. Johnson
language : en
Publisher: International Monetary Fund
Release Date : 1990-12-01
Financial Market Constraints And Private Investment In A Developing Country written by Mr.Omotunde E. G. Johnson 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 1990-12-01 with Business & Economics categories.
Firms in developing countries that seek outside financing for investment must often choose their debt-equity combinations in the face of financial market constraints on debt service, on outside equity financing, and on internal finance (endowments). Inefficiencies in the allocation of available finance and in the equity-debt choices that can ensue can be prevented by appropriate policy measures to improve information on profitable investment opportunities and about firms; to directly strengthen financial intermediation; and to support appropriate credit guarantee schemes.
Understanding Macroeconomic Theory
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Author : Bradley T. Ewing
language : en
Publisher: Routledge
Release Date : 2006-09-27
Understanding Macroeconomic Theory written by Bradley T. Ewing and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-09-27 with Business & Economics categories.
This book fills the gap between intermediate and advanced graduate level books Contains more pedagogy than is customary for an advanced undergraduate text Explores contemporary theory in macroeconomics including new and endogenous growth theory, real business cycles, New Classical and New Keynesian Macroeconomics as well as the role of exchange rates
A Study In Monetary Macroeconomics
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Author : Stefan Homburg
language : en
Publisher: Oxford University Press
Release Date : 2017-07-04
A Study In Monetary Macroeconomics written by Stefan Homburg 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 2017-07-04 with Business & Economics categories.
The financial crisis of 2007 and the following recession present a major challenge to macroeconomic theory. The same holds true for exceptionally low interest rates during the recent years and for the puzzle that super-expansive monetary policies failed to produce high inflation. Approaches that focus on steady states, rational expectations, and individuals planning over infinite horizons, are not suitable for analysing such abnormal situations. A Study in Monetary Macroeconomics refines and improves mainstream approaches to resolve these puzzles and to contribute to a better understanding of monetary and fiscal policies. Using a rich institutional structure that includes features such as credit money, external finance, borrowing constraints, net worth, real estate and commercial banks, this timely study reduces rationality requirements to cope with its complex setting. It starts with a simple baseline model, deriving results from mathematical reasoning and simulations whilst adhering to the method of dynamic general equilibrium (DGE) with optimizing agents and fully specified models. Highly topical, A Study in Monetary Macroeconomics uses a unified theoretical framework to demonstrate that a DGE approach makes it possible to develop clean models that work outside steady states and are appropriate for answering macroeconomic questions of actual interest.
Financial Constraints Productivity And Investment Evidence From Lithuania
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Author : Karim Foda
language : en
Publisher: International Monetary Fund
Release Date : 2022-12-09
Financial Constraints Productivity And Investment Evidence From Lithuania written by Karim Foda 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 2022-12-09 with Business & Economics categories.
This paper studies the relation between firms' access to finance, labor productivity and investment using Lithuanian firm-level data from 2000–2018. To do so, we construct a measure of financial constraints. We estimate that, given firm characteristics, removing these constraints can improve average productivity and investment of firms in Lithuania by 0.51 percent and 7.2 percent, respectively. Our results further suggest that policies targeting firm age and size together will be more effective in mitigating the impact of financial constraints as the relationship between firm age and size with financial constraints exhibits non-linearities.
Identifying Constraints To Financial Inclusion And Their Impact On Gdp And Inequality
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Author : Ms.Era Dabla-Norris
language : en
Publisher: International Monetary Fund
Release Date : 2015-01-27
Identifying Constraints To Financial Inclusion And Their Impact On Gdp And Inequality written by Ms.Era Dabla-Norris 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 2015-01-27 with Business & Economics categories.
We develop a micro-founded general equilibrium model with heterogeneous agents to identify pertinent constraints to financial inclusion. We evaluate quantitatively the policy impacts of relaxing each of these constraints separately, and in combination, on GDP and inequality. We focus on three dimensions of financial inclusion: access (determined by the size of participation costs), depth (determined by the size of collateral constraints resulting from limited commitment), and intermediation efficiency (determined by the size of interest rate spreads and default possibilities due to costly monitoring). We take the model to a firm-level data from the World Bank Enterprise Survey for six countries at varying degrees of economic development—three low-income countries (Uganda, Kenya, Mozambique), and three emerging market countries (Malaysia, the Philippines, and Egypt). The results suggest that alleviating different financial frictions have a differential impact across countries, with country-specific characteristics playing a central role in determining the linkages and tradeoffs between inclusion, GDP, inequality, and the distribution of gains and losses.
Macroeconomic Management When Policy Space Is Constrained
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Author : Vitor Gaspar
language : en
Publisher: International Monetary Fund
Release Date : 2016-09-28
Macroeconomic Management When Policy Space Is Constrained written by Vitor Gaspar 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 2016-09-28 with Business & Economics categories.
The recovery in GDP growth since the global financial crisis has been halting and weak. Concern is widespread that countercyclical policies have run out of space or lack the power to raise growth or deal with the next negative shock. This note argues that room exists for effective policies and that it should be used if appropriate. The most promising route involves a comprehensive, consistent, and coordinated approach to policy making. Comprehensive policy actions within a country exploit synergies, making the whole greater than the sum of parts. Consistent policy frameworks anchor long-term expectations while allowing decisive short- to medium-term accommodation whenever necessary. Coordinated policies across major economies amplify the helpful effects of individual policy actions through positive cross-border spillovers. The findings of this paper indicate that policy coordination adds particular value if the current approach falls short of reviving growth, or in the event of a further downward shock.
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.