The Stock Market Monetary Policy And Economic Development
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The Stock Market Monetary Policy And Economic Development
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Author :
language : en
Publisher:
Release Date : 2009
The Stock Market Monetary Policy And Economic Development written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Economic development categories.
In this paper, we examine the impact of financial market development on capital accumulation and inflation. In particular, we explore this issue in a setting in which banks provide risk pooling services. Furthermore, money overcomes incomplete information to facilitate transactions between individuals. In contrast to previous work, we incorporate a market for equity by allowing individuals to trade capital across generations. Interestingly, we find that the quantitative impact of the stock market may be indeterminate -- the economy may respond with significant gains in capital accumulation or relatively little. Consequently, it is not clear how much financial development will drive down inflation in the long-run. In the case of unique steady-states, expansionary monetary policy causes long-run capital accumulation to fall. However, the response is much stronger in the presence of a stock market. Furthermore, the market for capital may lead to a different qualitative response to monetary policy. That is, financial development may lead to a Tobin effect from inflation. Finally, by studying dynamics, we demonstrate that financial markets and monetary policy can have a significant impact on volatility in the economy. In this manner, there is additional scope for monetary policy to stabilize the economy at higher levels of financial development.
Impact Of The Stock Market Drop And Related Economic Developments On Interest Rates Banking Monetary Policy And Economic Stability
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Author : United States. Congress. House. Committee on Banking, Finance, and Urban Affairs
language : en
Publisher:
Release Date : 1988
Impact Of The Stock Market Drop And Related Economic Developments On Interest Rates Banking Monetary Policy And Economic Stability written by United States. Congress. House. Committee on Banking, Finance, and Urban Affairs and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988 with Banks and banking categories.
Money And Capital In Economic Development
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Author : Ronald I. McKinnon
language : en
Publisher: Brookings Institution Press
Release Date : 2010-12-01
Money And Capital In Economic Development written by Ronald I. McKinnon and has been published by Brookings Institution Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-12-01 with Business & Economics categories.
This books presents a theory of economic development very different from the "stages of growth" hypothesis or strategies emphasizing foreign aid, trade, or regional association. Leaving these aside, the author breaks new ground by focusing on the use of domestic capital markets to stimulate economic performance. He suggests a "bootstrap" approach in which successful development would depend largely on policy choices made by national authorities in the developing countries themselves. Central to his theory is the freeing of domestic financial markets to allow interest rates to reflect the true scarcity of capital in a developing economy. His analysis leads to a critique of prevailing monetary theory and to a new view of the relation between money and physical capital—a view with policy implications for governments striving to overcome the vicious circle of inflation and stagnation. Examining the performance of South Korea, Taiwan, Brazil, and other countries, the author suggests that their success or failure has depended primarily on steps taken in the monetary sector. He concludes that monetary reform should take precedence over other development measures, such as tariff and tax reform or the encouragement of foreign capital investment. In addition to challenging much of the conventional wisdom of development, the author's revision of accepted monetary theory may be relevant for mature economies that face monetary problems.
Finance Financial Sector Policies And Long Run Growth
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Author : Asli Demirguc-Kunt
language : en
Publisher: World Bank Publications
Release Date : 2008
Finance Financial Sector Policies And Long Run Growth written by Asli Demirguc-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 2008 with Access to Finance categories.
Abstract: The first part of this paper reviews the literature on the relation between finance and growth. The second part of the paper reviews the literature on the historical and policy determinants of financial development. Governments play a central role in shaping the operation of financial systems and the degree to which large segments of the financial system have access to financial services. The paper discusses the relationship between financial sector policies and economic development.
Financial Reform And Economic Development In China
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Author : James Laurenceson
language : en
Publisher: Edward Elgar Publishing
Release Date : 2003-01-01
Financial Reform And Economic Development In China written by James Laurenceson 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 2003-01-01 with Business & Economics categories.
China's prospects of successfully completing the transition to a market economy and becoming the world's largest economy during the 21st Century depend on the future sustainability of high rates of economic growth. This book is a comprehensive, balanced and realistic assessment of China's financial reform program and future direction. Covering not only the banking sector but also non-bank financial institutions, stock market development and external financial liberalization, the authors examine the impact of financial reform on economic development in China during the reform period. This volume will facilitate a more accurate assessment of the Chinese approach to financial reform, and will therefore allow more informed future policy choices for both China and other developing and transitional countries.
From Main Street To Wall Street
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Author : Jesper Rangvid
language : en
Publisher: Oxford University Press
Release Date : 2021-01-21
From Main Street To Wall Street written by Jesper Rangvid 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 2021-01-21 with Business & Economics categories.
In the long run, economies grow. Over the shorter-term business cycle, economic activity contracts and expands. From Main Street to Wall Street examines both the long-run relation between economic growth and stock returns and the shorter-term business-cycle relation. It examines the complex relationship between the economy and the stock market, and guides readers through the fascinating interaction between economic activity and financial markets. From Main Street to Wall Street draws heavily on data, supporting academic theories with empirical facts, and backing up arguments in intuitive ways. It discusses how investors can use knowledge of economic activity and financial markets to formulate expectations to future stock returns, and helps scholars and practitioners navigate financial markets by understanding the economy.
Global Stock Market Development
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Author : Marcin Kalinowski
language : en
Publisher: Routledge
Release Date : 2021-09-27
Global Stock Market Development written by Marcin Kalinowski and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-09-27 with Business & Economics categories.
In the current era of globalised financial markets, the stock market cannot be assessed solely by comparing quantitative features such as the number of listed companies or capitalisation on the stock exchange. This is of secondary importance from an investor's point of view. What is important, however, is how a given stock market behaves towards the environment – whether it is ‘hyperactive’ or ‘excessively lethargic’ in response to information. This book provides an innovative tool for assessing global stock markets. It describes the complex concept of ‘stock market development’ in light of classical and behavioural finance theories and considers both quantitative (the number of listed companies, turnover, etc.) and behavioural aspects (price volatility, the behaviour of fundamental indicators of listed companies). Based on an innovative method for assessing development, the author analyses 130 stock markets, indicating those that are more developed in terms of quantity and behaviour. Ultimately, this enables the assessment of which markets are more or less developed and why. This knowledge, used properly, offers an advantage over other financial market participants, and allows for the comprehensive assessment of individual stock markets, which can support the process of making good investment decisions. The book is an invaluable resource for research fellows and students in economics, particularly the field of finance. It is also addressed to business and stock market practitioners, such as financial market analysts, brokers and investment advisers.
Three Essays On Monetary Policy The Financial Market And Economic Growth In The U S And China
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Author : Juan Yang
language : en
Publisher:
Release Date : 2010
Three Essays On Monetary Policy The Financial Market And Economic Growth In The U S And China written by Juan Yang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.
Does monetary policy affect the real economy? If so, what is the transmission mechanism or channel through which these effects occur? These two questions are among the most important and controversial in macroeconomics. This dissertation presents some new empirical evidence that addresses each question for the U.S. and Chinese economies. Literature on monetary transmission suggests that the monetary policy can take effect on the real economy through several ways. The most noteworthy one is credit channels, including the bank lending channel and the interest channel. First, I use a new method to test for structural breaks in the U.S. monetary policy history and present some new empirical evidence to support an operative bank lending channel in the transmission mechanism of monetary policy. Results show that an operative bank lending channel existed in 1955 to 1968, and its impact on the economy has become much smaller since 1981, but it still has a significant buffering effect on output by attenuating the effect of the interest channel. Second, I adopt the recently developed time series technique to explore the puzzling negative correlation between output and stock returns in China currently, and posit that it is due to a negative link between monetary policy and stock returns when monetary policy increases output. The monetary policy has not been transmitted well in the public sector which is the principal part of Chinese stock market, and increased investment capital from monetary expansion goes to real estate sector instead of the stock market. Last, I demonstrate how monetary policy has been transmitted into the public and private sectors of China through the credit channel. The fundamental identification problem inherent in using aggregated data that leads to failure in isolating demand shock from supply shock is explicitly solved by introducing control factors. I find that the monetary policy has great impact on private sector rather than public sector through credit channel in China. These findings have important practical implications for U.S. and China's economic development by improving the efficiency of the monetary policy because a comprehensive understanding of monetary transmission will lead to better policy design.
Stock Markets Speculative Bubbles And Economic Growth
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Author : Mathias Binswanger
language : en
Publisher: Edward Elgar Publishing
Release Date : 1999
Stock Markets Speculative Bubbles And Economic Growth written by Mathias Binswanger 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 with Business & Economics categories.
Examining the role of speculative bubbles in the stock market, this text argues that, provided they are sustainable, bubbles may have a positive effect on the market. They may provide additional investment opportunities with the potential to increase aggregate profits and improve economic welfare.
Monetary Theory And Policy The Effects Of Money In An Economy
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Author : Inna Baier
language : en
Publisher: GRIN Verlag
Release Date : 2015-01-30
Monetary Theory And Policy The Effects Of Money In An Economy written by Inna Baier and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-01-30 with Business & Economics categories.
Seminar paper from the year 2013 in the subject Economics - Monetary theory and policy, grade: 1,8, Justus-Liebig-University Giessen, language: English, abstract: This Paper aims to explain the effects of money in an economy. The beginning of the Paper analyses the money supply, the money demand and which variables determinate it or how they influence them. Further the paper analyses how the money stock could be used by the central bank and the government as monetary instrument to invent into economy. At certain stages endnotes will refer to the interest rate theory and try to answer, how strong it influences the money amount.