Pricing Policies Of Financial Intermediaries
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Pricing Policies Of Financial Intermediaries
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Author : J. Dermine
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Pricing Policies Of Financial Intermediaries written by J. Dermine 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.
The primary purpose of this study is to develop a framework that will explain the behavior of financial intermediaries and, more precisely, their pricing policies. As financial intermediation is the business of financial assets and liabilities, use is made of concepts and models developed tradition ally in Finance and Economics to end up with recommendations not only for optimal choices of interest rates but also for proper regulation and more sensible accounting methods. Also, the econometric implications of deposit rates stickiness are examined and empirically tested on Belgian data. My debt to many people has been growing during these years and it is a great pleasure to print a text and have the opportunity to thank those who have been so helpful. First of all, let me thank Professor Jacques Dreze, my thesis director. I am grateful to Jacques for encouragments, guidance and so many stimulating discussions. I also thank the members of the Jury, Professors A. Jacquemin, A. Kervyn de Lettenhove, A. Lamfalussy, P. Reding and A. Siaens for comments on earlier drafts of the manuscript. Discussions with Professor P. Howitt while he was visiting the Center for Operations Research and Econometrics (C.O.R.E., Universite Catholique de Louvain) in 1979 have greatly contributed to my under standing of the economics of risk sharing between lenders and borrowers. Philippe Gille has been extremely helpful in carrying out the joint econometric estimation in Chapter Five and in suggesting a fine way to present the results.
Pricing Policies Of Financial Intermediaries
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Author : Jean Dermine
language : en
Publisher: Springer
Release Date : 2012-01-24
Pricing Policies Of Financial Intermediaries written by Jean Dermine and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-01-24 with Business & Economics categories.
The primary purpose of this study is to develop a framework that will explain the behavior of financial intermediaries and, more precisely, their pricing policies. As financial intermediation is the business of financial assets and liabilities, use is made of concepts and models developed tradition ally in Finance and Economics to end up with recommendations not only for optimal choices of interest rates but also for proper regulation and more sensible accounting methods. Also, the econometric implications of deposit rates stickiness are examined and empirically tested on Belgian data. My debt to many people has been growing during these years and it is a great pleasure to print a text and have the opportunity to thank those who have been so helpful. First of all, let me thank Professor Jacques Dreze, my thesis director. I am grateful to Jacques for encouragments, guidance and so many stimulating discussions. I also thank the members of the Jury, Professors A. Jacquemin, A. Kervyn de Lettenhove, A. Lamfalussy, P. Reding and A. Siaens for comments on earlier drafts of the manuscript. Discussions with Professor P. Howitt while he was visiting the Center for Operations Research and Econometrics (C.O.R.E., Universite Catholique de Louvain) in 1979 have greatly contributed to my under standing of the economics of risk sharing between lenders and borrowers. Philippe Gille has been extremely helpful in carrying out the joint econometric estimation in Chapter Five and in suggesting a fine way to present the results.
Financial Intermediation In Europe
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Author : Luke Drago Spajic
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Financial Intermediation In Europe written by Luke Drago Spajic 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.
Two items were firmly on the European economic agenda in the 1990s: financial market integration and the creation of a common or single currency. The former was supposed to have been achieved in 1992 (via the Single Market Act, with some derogations), and the latter came into being on January 1, 1999. This study is concerned with a particular connection between the two themes, namely the process of financial intermediation and especially the role of banking. 1.1 Financial & Monetary Integration in Europe Up until the mid-1980s, European financial intermediation was, as else where 'on shore' in the post-war period, broadly characterised by a relatively high degree of diverse regulatory control and with cross-border restrictions (e.g., in the form of exchange controls). This resulted in the administration of interest rates and pegging of prime market yields, as well as restrictions on intermediary specialisation. Hence, it was easy to understand why price c ,etition was hardly ever seen. Within this kind of environment, banks and other financial intermediaries (OFIs) competed mainly on non-price terms - for example, through the expansion of branch networks. The Single Market Programme (SMP),l launched in 1986, was in a com plex way intended to level out and open up the domestic markets of the European Union (EU) to competition from entities in other Member States.
Financial Intermediaries And Emissions Trading
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Author : Peter Heindl
language : en
Publisher:
Release Date : 2012
Financial Intermediaries And Emissions Trading written by Peter Heindl and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.
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.
Hedging Strategies Of Financial Intermediaries
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Author : Shmuel Hauser
language : en
Publisher:
Release Date : 2013
Hedging Strategies Of Financial Intermediaries written by Shmuel Hauser and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
This paper uses a model similar to the Boyle-Vorst and Ritchken-Kuo arbitrage-free models for the valuation of options with transaction costs to determine the maximum price to be charged by the financial intermediary writing an option in a non-auction market. Earlier models are extended by recognizing that, in the presence of transaction costs, the price-taking intermediary constructing a hedging portfolio faces a tradeoff: to choose a short trading interval with small hedging errors and high transaction costs, or a long trading interval with large hedging errors and low transaction costs. The model presented recognizes that when transaction costs induce less frequent portfolio adjustments, investors are faced with a multinomial distribution of asset returns rather than a binomial one. The price upper bound is determined by selecting the trading frequency that will equalize the marginal benefit from decreasing hedging errors and the marginal cost of transactions.
Stock Market Development And Financial Intermediaries
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Author : Asl? Demirgüç-Kunt
language : en
Publisher: World Bank Publications
Release Date : 1995
Stock Market Development And Financial Intermediaries written by Asl? Demirgüç-Kunt 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 1995 with Financial institutions categories.
Stock Market Development And Financial Intermediary Growth
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Author : Aslı Demirgüç-Kunt
language : en
Publisher: World Bank Publications
Release Date : 1993
Stock Market Development And Financial Intermediary Growth written by Aslı Demirgüç-Kunt 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 1993 with Capital market categories.
The relationship between the development of stock markets and the functioning of financial intermediaries may be complementary.
Changing Nature Of Financial Intermediation And The Financial Crisis Of 2007 09
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Author : Tobias Adrian
language : en
Publisher: DIANE Publishing
Release Date : 2011
Changing Nature Of Financial Intermediation And The Financial Crisis Of 2007 09 written by Tobias Adrian and has been published by DIANE Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Business & Economics categories.
This is a print on demand edition of a hard to find publication. The financial crisis of 2007-09 highlighted the changing role of financial institutions and the growing importance of the ¿shadow banking system,¿ which grew out of the securitization of assets and the integration of banking with capital market developments. In a market-based financial system, banking and capital market developments are inseparable, and funding conditions are tied closely to fluctuations in the leverage of market-based financial intermediaries. This report describes the changing nature of financial intermediation in the market-based financial system, charts the course of the recent financial crisis, and outlines the policy responses that have been implemented by the Fed. Reserve and other central banks. Charts and tables.
The Role Of Financial Intermediaries In Monetary Policy Transmission
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Author : Andrea Colciago
language : en
Publisher:
Release Date : 2014
The Role Of Financial Intermediaries In Monetary Policy Transmission written by Andrea Colciago and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.