Financial Markets And The Macroeconomy
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Financial Markets And The Macroeconomy
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Author : Carl Chiarella
language : en
Publisher: Routledge
Release Date : 2009-06-02
Financial Markets And The Macroeconomy written by Carl Chiarella and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-06-02 with Business & Economics categories.
The financial instability and its spillover to the real sector have become a great challenge to macro-economic theory. The book takes a Keynesian theoretical perspective, representing an attempt to revive what Keynes stressed in his General Theory, namely the role of the financial market in macroeconomic outcomes. Although this book is inspired and motivated by the Asian currency and financial crises in the years 1997-8 and the experiences of the currently evolving U.S. financial disruptions, it also focuses on reviving a modeling tradition that provides a theoretical framework that throws light on recent financial market episodes and disturbances and their macroeconomic effects. It brings to the forefront, as Keynes has suggested, the role of financial market stability for growth and macroeconomics. It criticizes theories that see economic disruptions and shocks rooted solely in the real side of the economy. It stresses the financial real interaction as the major source for macroeconomic instability and disruptions. This important new book from a group of Keynesian, but nonetheless technically oriented economists would be of most interest to specialists and graduate students in macroeconomics and financial economics, especially those with an interest in US and European financial markets, emerging market analysis, and dynamic economic modeling.
Macroeconomics Financial Markets And The International Sector
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Author : Martin Neil Baily
language : en
Publisher: Irwin Professional Publishing
Release Date : 1995
Macroeconomics Financial Markets And The International Sector written by Martin Neil Baily and has been published by Irwin Professional Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with Business & Economics categories.
Financial Markets Asymmetric Information And Macroeconomic Equilibrium
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Author : Fabrizio Mattesini
language : en
Publisher: Dartmouth Publishing Company
Release Date : 1993
Financial Markets Asymmetric Information And Macroeconomic Equilibrium written by Fabrizio Mattesini and has been published by Dartmouth Publishing Company this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with Business & Economics categories.
The study of the interaction between the financial sector and the sector of the economy is one of the most recent advances in macroeconomic theory. While mainstream economics assigns a passive role to the financial sector there is a growing body of literature which emphasizes the importance of financial intermediaries in explaining fluctuations and the determination of the process through which monetary policy impulses are transmitted to the rest of the economy. This literature has its origin in the models that rely on asymmetric information to explain imperfections in financial markts and in empirical evidence collected through various econometric techniques and through historical studies. This book surveys the relevant work ion the subject, evaluates the empirical evidence and the explanatory power of the theories proposed and furnishes new and empirical results.
Money Banking And Financial Markets
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Author : Dale K. Cline
language : en
Publisher: Routledge
Release Date : 2022-03-23
Money Banking And Financial Markets written by Dale K. Cline and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-03-23 with Business & Economics categories.
This innovative text offers an introduction to money, banking, and financial markets, with a special emphasis on the importance of confidence and trust in the macroeconomic system. It also presents the theory of endogenous money creation, in contrast to the standard money multiplier and fractional reserve explanation found in other textbooks. The U.S. economy and financial institutions are used to explain the theoretical and practical framework, with international examples weaved in throughout the text. It covers key topics including monetary policy, fiscal policy, accounting principles, credit creation, central banks, and government treasuries. Additionally, the book considers the international economy, including exchange rates, the Eurozone, Chinese monetary policy, and reserve currencies. Taking a broad look at the financial system, it also looks at banking regulation, cryptocurrencies, real estate, and the oil and gold commodity markets. Students are supported with chapter objectives, key terms, and problems. A test bank is available for instructors. This is an accessible introductory textbook for courses on money and banking, macroeconomics, monetary policy, and financial markets.
Financial Markets And Economic Performance
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Author : John E. Silvia
language : en
Publisher: Springer Nature
Release Date : 2021-07-31
Financial Markets And Economic Performance written by John E. Silvia and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-07-31 with Business & Economics categories.
Effective decision making requires understanding of the underlying principles of financial markets and economics. Intellectually, economics and financial markets are genetically intertwined although when it comes to popular commentary they are treated separately. In fact, academic economic thinking appears separate from financial market equity strategy in most financial market commentary. Historically, macroeconomics tended to assume away financial frictions and financial intermediation whereas financial economists did not necessarily consider the negative macroeconomic spill overs from financial market outcomes. In more recent years, the economic discipline has gone through a serious self-reflection after the global crisis. This book explores the interplay between financial markets and macroeconomic outcomes with a conceptual framework that combines the actions of investors and individuals. Of interest to graduate students and those professionals working in the financial markets, it provides insight into why market prices move and credit markets interact and what factors participants and policy makers can monitor to anticipate market change and future price paths.
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.
Financial Markets Theory
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Author : Emilio Barucci
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Financial Markets Theory written by Emilio Barucci 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 2012-12-06 with Business & Economics categories.
A presentation of classical asset pricing theory, this textbook is the only one to address the economic foundations of financial markets theory from a mathematically rigorous standpoint and to offer a self-contained critical discussion based on empirical results. Tools for understanding the economic analysis are provided, and mathematical models are presented in discrete time/finite state space for simplicity. Examples and exercises included.
Financial And Macroeconomic Connectedness
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Author : Francis X. Diebold
language : en
Publisher: Oxford University Press
Release Date : 2015-02-03
Financial And Macroeconomic Connectedness written by Francis X. Diebold 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 2015-02-03 with Business & Economics categories.
Connections among different assets, asset classes, portfolios, and the stocks of individual institutions are critical in examining financial markets. Interest in financial markets implies interest in underlying macroeconomic fundamentals. In Financial and Macroeconomic Connectedness, Frank Diebold and Kamil Yilmaz propose a simple framework for defining, measuring, and monitoring connectedness, which is central to finance and macroeconomics. These measures of connectedness are theoretically rigorous yet empirically relevant. The approach to connectedness proposed by the authors is intimately related to the familiar econometric notion of variance decomposition. The full set of variance decompositions from vector auto-regressions produces the core of the 'connectedness table.' The connectedness table makes clear how one can begin with the most disaggregated pair-wise directional connectedness measures and aggregate them in various ways to obtain total connectedness measures. The authors also show that variance decompositions define weighted, directed networks, so that these proposed connectedness measures are intimately related to key measures of connectedness used in the network literature. After describing their methods in the first part of the book, the authors proceed to characterize daily return and volatility connectedness across major asset (stock, bond, foreign exchange and commodity) markets as well as the financial institutions within the U.S. and across countries since late 1990s. These specific measures of volatility connectedness show that stock markets played a critical role in spreading the volatility shocks from the U.S. to other countries. Furthermore, while the return connectedness across stock markets increased gradually over time the volatility connectedness measures were subject to significant jumps during major crisis events. This book examines not only financial connectedness, but also real fundamental connectedness. In particular, the authors show that global business cycle connectedness is economically significant and time-varying, that the U.S. has disproportionately high connectedness to others, and that pairwise country connectedness is inversely related to bilateral trade surpluses.
Macroeconomic Volatility Institutions And Financial Architectures
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Author : J. Fanelli
language : en
Publisher: Springer
Release Date : 2008-01-17
Macroeconomic Volatility Institutions And Financial Architectures written by J. Fanelli and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-01-17 with Business & Economics categories.
The deregulation of domestic financial markets and the capital account in developing countries has frequently been associated with financial turmoil and macro volatility. The book analyzes the experiences of several countries, drawing implications for building development-friendly domestic and international financial architectures.
Evolutionary Financial Macroeconomics
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Author : Giorgos Argitis
language : en
Publisher: Routledge
Release Date : 2019-09-09
Evolutionary Financial Macroeconomics written by Giorgos Argitis and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-09-09 with Business & Economics categories.
Thorstein Veblen and Hyman Minsky are seminal thinkers who place great importance on the interaction between processes that link finance and financial markets with economic and social evolution. This book makes a contribution to the recontextualisation of the habitual, non-evolutionary and laissez-faire macroeconomic theory and policy, thus exposing the relevant contribution of the macro-theories of Veblen and Minsky. The book starts with an elucidation of Veblen’s cultural theory of insufficient private demand, waste and financial fragility and instability. It shows how speculative and parasitic leverage engenders solvency illusions and risk, pecuniary efficiency, low quality liability structures and socially destructive boom-bust cycles. Minsky’s creative destruction liquidity processes and coordination failures of cash flow escalate the aforementioned path-dependent developments and explosive dynamics of capitalist economies. The main themes of the book are the cultural, evolutionary and holistic vision of macroeconomics, the evolving habits of mind, routines and financial institutions, the speculative, manipulated and unstable financial markets, as well as the financial macroeconomic destabilizing effects of pecuniary and parasitic consumption and investment. This book will be of great interest to researchers, intellectuals and students pursuing economics and finance.