Financial Markets Asymmetric Information And Macroeconomic Equilibrium

Author : Fabrizio Mattesini
Publisher : Dartmouth Publishing Company
Page : 208 pages
File Size : 44,8 Mb
Release : 1993
Category : Capital market
ISBN : UOM:39015029250852

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Financial Markets, Asymmetric Information, and Macroeconomic Equilibrium by Fabrizio Mattesini Pdf

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.

Author : Indian Economic Association. Annual Conference
Publisher : Deep and Deep Publications
Page : 248 pages
File Size : 43,5 Mb
Release : 2006
Category : Business & Economics
ISBN : 8176298263

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Economics of Asymmetric Information by Indian Economic Association. Annual Conference Pdf

Contributed papers presented at the one of the technical sessions of Indian Economic Association's 85th conference held at the Kerala University in 2002.

Author : R. Glenn Hubbard
Publisher : University of Chicago Press
Page : 354 pages
File Size : 46,5 Mb
Release : 2009-05-15
Category : Business & Economics
ISBN : 9780226355948

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Asymmetric Information, Corporate Finance, and Investment by R. Glenn Hubbard Pdf

In this volume, specialists from traditionally separate areas in economics and finance investigate issues at the conjunction of their fields. They argue that financial decisions of the firm can affect real economic activity—and this is true for enough firms and consumers to have significant aggregate economic effects. They demonstrate that important differences—asymmetries—in access to information between "borrowers" and "lenders" ("insiders" and "outsiders") in financial transactions affect investment decisions of firms and the organization of financial markets. The original research emphasizes the role of information problems in explaining empirically important links between internal finance and investment, as well as their role in accounting for observed variations in mechanisms for corporate control.

Author : B. Hillier
Publisher : Bloomsbury Publishing
Page : 199 pages
File Size : 48,6 Mb
Release : 1997-04-07
Category : Business & Economics
ISBN : 9781349254859

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The Economics of Asymmetric Information by B. Hillier Pdf

This book presents recent developments in the economics of asymmetric information. The problems of selection and moral hazard, with hidden actions or hidden information, are introduced by examining how they affect the market for investment finance. The ideas are then used to analyse the market for insurance, signalling and screening models of education, efficiency wages, industrial regulation, public procurement and auctions. Coverage is thorough while avoiding excessive mathematical detail. Diagrams and verbal reasoning make the ideas accessible to intermediate level undergraduate students and beyond.

Author : Willi Semmler
Publisher : Springer Science & Business Media
Page : 249 pages
File Size : 55,5 Mb
Release : 2007-03-21
Category : Business & Economics
ISBN : 9783540246961

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Asset Prices, Booms and Recessions by Willi Semmler Pdf

"Asset Prices, Booms and Recessions" is a book on Financial Economics from a dynamic perspective. It focuses on the dynamic interaction of financial markets and economic activity. The financial markets to be studied here encompasses the money and bond market, credit market, stock market and foreign exchange market. Economic activity is described by the activity of firms, banks, households, governments and countries. The book shows how economic activity affects asset prices and the financial market and how asset prices and financial market volatility feed back to economic activity. The focus in this book is on theories, dynamic models and empirical evidence. Empirical applications relate to episodes of financial instability and financial crises of the U.S., Latin American, Asian as well as Euro-area countries. The current version of the book has moved to a more extensive coverage of the topics in financial economics by updating the literature in the appropriate chapters. Moreover it gives a more extensive treatment of new and more advanced topics in financial economics such as international portfolio theory, multi-agent and evolutionary approaches, capital asset pricing beyond consumption-based models and dynamic portfolio decisions. Overall, the book presents material that researchers and practitioners in financial engineering need to know about economic dynamics and that economists, practitioners and policy makers need to know about the financial market.

Author : Mr.Giovanni Dell'Ariccia
Publisher : International Monetary Fund
Page : 32 pages
File Size : 48,6 Mb
Release : 1998-06-01
Category : Business & Economics
ISBN : 9781451951547

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Asymmetric Information and the Market Structure of the Banking Industry by Mr.Giovanni Dell'Ariccia Pdf

The paper analyzes the effects of informational asymmetries on the market structure of the banking industry in a multi-period model of spatial competition. All lenders face uncertainty with regard to borrowers’ creditworthiness, but, in the process of lending, incumbent banks gather proprietary information about their clients, acquiring an advantage over potential entrants. These informational asymmetries are an important determinant of the industry structure and may represent a barrier to entry for new banks. The paper shows that, in contrast with traditional models of horizontal differentiation, the steady-state equilibrium is characterized by a finite number of banks even in the absence of fixed costs.

Author : Marcello Messori
Publisher : Edward Elgar Publishing
Page : 264 pages
File Size : 53,8 Mb
Release : 1999-01-01
Category : Business & Economics
ISBN : 1781959986

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Financial Constraints and Market Failures by Marcello Messori Pdf

An Italian study group made up of seven economists report their findings on how the new Keynesian economics has reacted to challenges from new classical economics by strengthening the analytical power of its models. First they discuss the theoretical unde

Author : Steven M. Fazzari,Dimitri B. Papadimitriou
Publisher : M.E. Sharpe
Page : 222 pages
File Size : 40,9 Mb
Release : 1992
Category : Business & Economics
ISBN : 1563240165

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Financial Conditions and Macroeconomic Performance by Steven M. Fazzari,Dimitri B. Papadimitriou Pdf

This collection of papers on financial instability and its impact on macroeconomic performance honours Hyman P. Minsky and his lifelong work. It is based on a conference at Washington University, St. Louis, in 1990 and includes among the authors Benjamin M. Friedman, Charles P. Kindleberger, Jan Kregel and Steven Fazzari. These papers consider Minsky's definitive analysis that yields such a clear and disturbing sequence of financial events: booms, government intervention to prevent debt contraction and new booms that cause a progressive buildup of new debt, eventually leaving the economy much more fragile financially.

Author : Ricardo N. Bebczuk
Publisher : Cambridge University Press
Page : 176 pages
File Size : 44,9 Mb
Release : 2003-08-21
Category : Business & Economics
ISBN : 0521797322

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Asymmetric Information in Financial Markets by Ricardo N. Bebczuk Pdf

Asymmetric information (the fact that borrowers have better information than their lenders) and its theoretical and practical evidence now forms part of the basic tool kit of every financial economist. It is a phenomenon that has major implications for a number of economic and financial issues ranging from both micro and macroeconomic level - corporate debt, investment and dividend policies, the depth and duration of business cycles, the rate of long term economic growth - to the origin of financial and international crises. Asymmetric Information in Financial Markets aims to explain this concept in an accessible way, without jargon and by reducing mathematical complexity. Using elementary algebra and statistics, graphs, and convincing real-world evidence, the author explores the foundations of the problems posed by asymmetries of information in a refreshingly accessible and intuitive way.

Author : Giovanni Dell'Ariccia
Publisher : International Monetary Fund
Page : 38 pages
File Size : 45,5 Mb
Release : 1998-06
Category : Business & Economics
ISBN : UCSD:31822023648363

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Asymmetric Information and the Market Structure of the Banking Industry by Giovanni Dell'Ariccia Pdf

The paper analyzes the effects of informational asymmetries on the market structure of the banking industry in a multi-period model of spatial competition. All lenders face uncertainty with regard to borrowers’ creditworthiness, but, in the process of lending, incumbent banks gather proprietary information about their clients, acquiring an advantage over potential entrants. These informational asymmetries are an important determinant of the industry structure and may represent a barrier to entry for new banks. The paper shows that, in contrast with traditional models of horizontal differentiation, the steady-state equilibrium is characterized by a finite number of banks even in the absence of fixed costs.

Author : Chris Jones
Publisher : Routledge
Page : 336 pages
File Size : 42,6 Mb
Release : 2008-02-05
Category : Business & Economics
ISBN : 9781134185672

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Financial Economics by Chris Jones Pdf

Whilst many undergraduate finance textbooks are largely descriptive in nature, the economic analysis in most graduate texts is too advanced for latter year undergraduates. This book bridges the gap between these two extremes, offering a textbook that studies economic activity in financial markets, focusing on how consumers determine future consumption and on the role of financial securities. Areas covered in include: an examination of the role of finance in the economy using basic economic principles, eventually progressing to introductory graduate analysis a microeconomic study of capital asset pricing when there is risk, inflation, taxes and asymmetric information an emphasis on economic intuition using geometry to explain formal analysis an extended treatment of corporate finance and the evaluation of public policy.

Author : Jiang Wang,Sloan School of Management
Publisher : Franklin Classics
Page : 78 pages
File Size : 49,6 Mb
Release : 2018-10-16
Category : Electronic
ISBN : 0343457601

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A Model of Intertemporal Asset Prices Under Asymmetric Information by Jiang Wang,Sloan School of Management Pdf

This work has been selected by scholars as being culturally important and is part of the knowledge base of civilization as we know it. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. To ensure a quality reading experience, this work has been proofread and republished using a format that seamlessly blends the original graphical elements with text in an easy-to-read typeface. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.

Author : David Gowland
Publisher : Pearson South Africa
Page : 352 pages
File Size : 55,5 Mb
Release : 1991
Category : Inflation (Finance)
ISBN : 1868910466

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Money, Inflation and Unemployment by David Gowland Pdf

Author : R. Glenn Hubbard,National Bureau of Economic Research
Publisher : University of Chicago Press
Page : 420 pages
File Size : 42,9 Mb
Release : 1991-08-13
Category : Business & Economics
ISBN : 0226355888

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Financial Markets and Financial Crises by R. Glenn Hubbard,National Bureau of Economic Research Pdf

Warnings of the threat of an impending financial crisis are not new, but do we really know what constitutes an actual episode of crisis and how, once begun, it can be prevented from escalating into a full-blown economic collapse? Using both historical and contemporary episodes of breakdowns in financial trade, contributors to this volume draw insights from theory and empirical data, from the experience of closed and open economies worldwide, and from detailed case studies. They explore the susceptibility of American corporations to economic downturns; the origins of banking panics; and the behavior of financial markets during periods of crisis. Sever papers specifically address the current thrift crisis—including a detailed analysis of the over 500 FSLIC-insured thrifts in the southeast—and seriously challenge the value of recent measures aimed at preventing future collapse in that industry. Government economists and policy makers, scholars of industry and banking, and many in the business community will find these timely papers an invaluable reference.

Author : Carlos J. Rodríguez Fuentes
Publisher : Psychology Press
Page : 232 pages
File Size : 49,6 Mb
Release : 2006
Category : Business & Economics
ISBN : 0415327636

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Regional Monetary Policy by Carlos J. Rodríguez Fuentes Pdf

The rising star of Spanish economics, Carlos Rodriguez Fuentes, has produced a work of impressive clarity which analyses the effects of regional monetary policy - with particular reference to European Monetary Union.