Financial Intermediation And The Real Business Cycle
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Financial Intermediation Business Failures And Real Business Cycles
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Author : University of Western Ontario. Department of Economics
language : en
Publisher: London : Department of Economics, University of Western Ontario
Release Date : 1985
Financial Intermediation Business Failures And Real Business Cycles written by University of Western Ontario. Department of Economics and has been published by London : Department of Economics, University of Western Ontario this book supported file pdf, txt, epub, kindle and other format this book has been release on 1985 with Business cycles categories.
Financial Intermediation And The Real Business Cycle
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Author : Brian Flynn
language : en
Publisher:
Release Date : 2018
Financial Intermediation And The Real Business Cycle written by Brian Flynn 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.
Firm Size Financial Intermediation And Business Cycle
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Author : Rajeev Dhawan
language : en
Publisher:
Release Date : 1996
Firm Size Financial Intermediation And Business Cycle written by Rajeev Dhawan and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with Business cycles categories.
Financial Intermediary Development And Growth Volatility
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Author : Thorsten Beck
language : en
Publisher: World Bank Publications
Release Date : 2001
Financial Intermediary Development And Growth Volatility written by Thorsten Beck 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 2001 with Banks and banking categories.
Panel data for 63 countries in 1960-97 reveal no robust relationship between the development of financial intermediaries and the volatility of growth.
Financial Intermediation And Aggregate Fluctuations
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Author : Russell W. Cooper
language : en
Publisher:
Release Date : 1994
Financial Intermediation And Aggregate Fluctuations written by Russell W. Cooper and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Business cycles categories.
This paper investigates the quantitative implications of two business cycle models in which aggregate fluctuations arise in response to variations in the process of financial intermediation. In the first, fundamental shocks in the capital accumulation process lead to fluctuations in the real returns from intermediated investment. For this economy, we find that the correlations produced are not consistent with observations of the U.S. economy. In particular, consumption is not smoother than output, investment is negatively correlated with output, variations in the capital stock are quite large and interest rates are procyclical. In an economy with both intermediation and total factor productivity shocks, the correlations we produce are closer to those observed in the U.S. economy only when the intermediation shock is relatively unimportant. In the second economy, variations in the returns to intermediation are part of a sunspot equilibrium. Fluctuations here are driven by self-fulfilling beliefs by private agents regarding the returns to intermediation as in an economy beset by banking crises. For this non-linear economy, we find that the correlations are closer to those observed but the variability of capital relative to output is still too large.
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.
International Business Cycle And Financial Intermediation
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Author : Tamás Csabafi
language : en
Publisher:
Release Date : 2018
International Business Cycle And Financial Intermediation written by Tamás Csabafi 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.
The paper extends a standard two-country international real business cycle model to include financial intermediation by banks of loans and government bonds. Taking in household deposits from home and abroad, the loans are produced by the bank in a Cobb-Douglas production approach such that a bank productivity shock can explain financial data moments. The paper contributes an explanation, for both the US relative to the Euro-area, and the US relative to China, of cross-country correlations of loan rates, deposit rates, and the loan premia. It provides a sense in which financial retrenchment resulted in the US following the 2008 bank crisis, and how the Euro-area and China reacted. The paper contributes evidence of how the Euro-area has been more financially integrated with the US, and China less financially integrated, with the Euro-area becoming more financially integrated after the 2008 crisis, and China becoming less so integrated.
Financial Intermediation And The Great Depression
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Author : Russell W. Cooper
language : en
Publisher:
Release Date : 1995
Financial Intermediation And The Great Depression written by Russell W. Cooper and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with Business cycles categories.
This paper explores the behavior of the U.S. economy during the interwar period from the perspective of a model in which the existence of non-convexities in the intermediation process gives rise to a multiplicity of equilibria. The resulting indeterminancy is resolved through a sunspot process which leads to endogenous fluctuations in aggregate economic activity. From this perspective, the Depression period is represented as a regime shift associated with a financial crisis. Our model economy has properties which are broadly consistent with observations over the interwar period. Contrary to observation, the model predicts a negative correlation of consumption and investment as well as a highly volatile capital stock. Our model of financial crisis reproduces many aspects of the Great Depression though the model predicts a much sharper fall in investment than is observed in the data. Modifications to our model (adding durable goods and a capacity utilization choice) do not overcome these deficiencies.
Essays On The Theory Of Financial Intermediation
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Author : Michel de Lange
language : en
Publisher:
Release Date : 1992
Essays On The Theory Of Financial Intermediation written by Michel de Lange and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992 with Credit categories.
Financial Intermediary Development And Growth Volatility
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Author : Thorsten Beck
language : en
Publisher:
Release Date : 2016
Financial Intermediary Development And Growth Volatility written by Thorsten Beck and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
Panel data for 63 countries in 1960-97 reveal no robust relationship between the development of financial intermediaries and the volatility of growth. Beck, Lundberg, and Majnoni extend the recent literature on the link between financial development and economic volatility by focusing on the channels through which the development of financial intermediaries affects economic volatility. Their theoretical model predicts that well-developed financial intermediaries dampen the effect of real sector shocks on the volatility of growth while magnifying the effect of monetary shocks - suggesting that, overall, financial intermediaries have no unambiguous effect on growth volatility.The authors test these predictions in a panel data set covering 63 countries over the period 1960-97, using the volatility of terms of trade to proxy for real volatility, and the volatility of inflation to proxy for monetary volatility. They find no robust relationship between the development of financial intermediaries and growth volatility, weak evidence that financial intermediaries dampen the effect of terms of trade volatility, and evidence that financial intermediaries magnify the impact of inflation volatility in low- and middle-income countries.This paper - a product of Finance, Development Research Group - is part of a larger effort in the group to understand the links between the financial system and economic growth.