Financial Intermediation Capital Spillovers And Business Fluctuation

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Financial Intermediation Capital Spillovers And Business Fluctuations

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Author : Hans Gersbach
language : en
Publisher:
Release Date : 1998

Financial Intermediation Capital Spillovers And Business Fluctuations written by Hans Gersbach and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with categories.

Financial Intermediation Capital Spillovers And Business Fluctuation

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Author : Hans Gersbach
language : en
Publisher:
Release Date : 1998

Financial Intermediation Capital Spillovers And Business Fluctuation written by Hans Gersbach and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with categories.

We study how the financial intermediation sector interacts with the real sector over the business cycle. We examine an overlapping generations model in which financial intermediaries can alleviate agency problems of entrepreneurs. We identify the conditions under which deteriorating balance sheets of firms affect the future lending of intermediaries and induce a lending channel effect. We show that such negative capital spillovers are less likely the greater are the agency problems that are not eliminated by financial intermediaries. We obtain a negative relationship between the extent of capital market frictions and the size and persistence of output fluctuations. Finally, our model generates a set of theoretical predictions about the behaviour of macroeconomic variables such as monitoring intensity, deposit and lending rates and interest rate spreads over the business cycle.

Handbook Of Macroeconomics

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Author : John B. Taylor
language : en
Publisher: North Holland
Release Date : 1999-12-13

Handbook Of Macroeconomics written by John B. Taylor and has been published by North Holland this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-12-13 with Business & Economics categories.

This text aims to provide a survey of the state of knowledge in the broad area that includes the theories and facts of economic growth and economic fluctuations, as well as the consequences of monetary and fiscal policies for general economic conditions.

Contemporary Issues In Macroeconomics

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Author : Joseph E. Stiglitz
language : en
Publisher: Springer
Release Date : 2016-04-29

Contemporary Issues In Macroeconomics written by Joseph E. Stiglitz and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-04-29 with Business & Economics categories.

In this edited collection, Joseph Stiglitz and Martin Guzman present a series of studies on contemporary macroeconomic issues. The book discusses a set of key lessons for macroeconomic theory following the recent global financial crisis and explores unconventional monetary policy in a post-crisis world. This volume is divided into five parts. The introduction includes keynote speeches by the Governors of the Bank of Japan and Central Bank of Jordan. Part one focuses on macroeconomic theory for understanding macroeconomic fluctuations and crises. Part two addresses the issue of the measurement of wealth. Part three discusses macroeconomic policies in times of crises. Finally, part four focuses on central banking and monetary policy.

Hysteresis And Business Cycles

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Author : Ms.Valerie Cerra
language : en
Publisher: International Monetary Fund
Release Date : 2020-05-29

Hysteresis And Business Cycles written by Ms.Valerie Cerra 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 2020-05-29 with Business & Economics categories.

Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economists refer to as “hysteresis,” argues for unifying the analysis of growth and cycles. In this paper, we review the recent empirical and theoretical literature that motivate this paradigm shift. The renewed interest in hysteresis has been sparked by the persistence of the Global Financial Crisis and fears of a slow recovery from the Covid-19 crisis. The findings of the recent literature have far-reaching conceptual and policy implications. In recessions, monetary and fiscal policies need to be more active to avoid the permanent scars of a downturn. And in good times, running a high-pressure economy could have permanent positive effects.

Financial Crises Explanations Types And Implications

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Author : Mr.Stijn Claessens
language : en
Publisher: International Monetary Fund
Release Date : 2013-01-30

Financial Crises Explanations Types And Implications written by Mr.Stijn Claessens 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 2013-01-30 with Business & Economics categories.

This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp fluctuations in asset and credit markets, the paper briefly reviews theoretical and empirical studies on developments in these markets around financial crises. Second, what are the major types of financial crises? The paper focuses on the main theoretical and empirical explanations of four types of financial crises—currency crises, sudden stops, debt crises, and banking crises—and presents a survey of the literature that attempts to identify these episodes. Third, what are the real and financial sector implications of crises? The paper briefly reviews the short- and medium-run implications of crises for the real economy and financial sector. It concludes with a summary of the main lessons from the literature and future research directions.

Handbook Of Macroeconomics

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Author : John B. Taylor
language : en
Publisher: Elsevier
Release Date : 1999-12-13

Handbook Of Macroeconomics written by John B. Taylor and has been published by Elsevier this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-12-13 with Business & Economics categories.

Part 6: Financial Markets and the Macroeconomy. 19. Asset prices, consumption, and the business cycle (J.Y. Campbell). 20. Human behavior and the efficiency of the financial system (R.J. Shiller). 21. The financial accelerator in a quantitative business cycle framework (B. Bernanke, M. Gertler and S. Gilchrist). Part 7: Monetary and Fiscal Policy. 22. Political economics and macroeconomic policy (T. Persson, G. Tabellini). 23. Issues in the design of monetary policy rules (B.T. McCallum). 24. Inflation stabilization and BOP crises in developing countries (G.A. Calvo, C.A. Vegh). 25. Government debt (D.W. Elmendorf, N.G. Mankiw). 26. Optimal fiscal and monetary policy (V.V. Chari, P.J. Kehoe).

International Capital Flows

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Author : Martin Feldstein
language : en
Publisher: University of Chicago Press
Release Date : 2007-12-01

International Capital Flows written by Martin Feldstein 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 2007-12-01 with Business & Economics categories.

Recent changes in technology, along with the opening up of many regions previously closed to investment, have led to explosive growth in the international movement of capital. Flows from foreign direct investment and debt and equity financing can bring countries substantial gains by augmenting local savings and by improving technology and incentives. Investing companies acquire market access, lower cost inputs, and opportunities for profitable introductions of production methods in the countries where they invest. But, as was underscored recently by the economic and financial crises in several Asian countries, capital flows can also bring risks. Although there is no simple explanation of the currency crisis in Asia, it is clear that fixed exchange rates and chronic deficits increased the likelihood of a breakdown. Similarly, during the 1970s, the United States and other industrial countries loaned OPEC surpluses to borrowers in Latin America. But when the U.S. Federal Reserve raised interest rates to control soaring inflation, the result was a widespread debt moratorium in Latin America as many countries throughout the region struggled to pay the high interest on their foreign loans. International Capital Flows contains recent work by eminent scholars and practitioners on the experience of capital flows to Latin America, Asia, and eastern Europe. These papers discuss the role of banks, equity markets, and foreign direct investment in international capital flows, and the risks that investors and others face with these transactions. By focusing on capital flows' productivity and determinants, and the policy issues they raise, this collection is a valuable resource for economists, policymakers, and financial market participants.

Managing Elevated Risk

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Author : Iwan J. Azis
language : en
Publisher: Springer
Release Date : 2014-12-11

Managing Elevated Risk written by Iwan J. Azis and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-12-11 with Business & Economics categories.

This book discusses the risks and opportunities that arise in Emerging Asia given the context of a new environment in global liquidity and capital flows. It elaborates on the need to ensure financial and overall economic stability in the region through improved financial regulation and other policy measures to minimize the emergent risks. "Managing Elevated Risk: Global Liquidity, Capital Flows, and Macroprudential Policy—An Asian Perspective" also explores the range of policy options that may be deployed to address the impact of global liquidity on domestic financial and socio-economic conditions including income inequality. The book is primarily aimed at policy makers, financial market regulators and supervisory agencies to help them improve national regulatory systems and to promote harmonization of national regulations and practices in line with global standards. Scholars and researchers will also gain important information and knowledge about the overall impacts of changing global liquidity from the book.

International Financial Intermediation

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Author : Edmar Lisboa Bacha
language : en
Publisher:
Release Date : 1982

International Financial Intermediation written by Edmar Lisboa Bacha and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1982 with Business & Economics categories.