Pricing Policies Of Financial Intermediaries

Author : J. Dermine
Publisher : Springer Science & Business Media
Page : 184 pages
File Size : 51,6 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9783642694974

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Pricing Policies of Financial Intermediaries by J. Dermine Pdf

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.

Author : Jean Dermine
Publisher : Springer
Page : 174 pages
File Size : 53,7 Mb
Release : 2012-01-24
Category : Business & Economics
ISBN : 3642694985

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Pricing Policies of Financial Intermediaries by Jean Dermine Pdf

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.

Author : Harold L. Cole
Publisher : Oxford University Press
Page : 304 pages
File Size : 40,7 Mb
Release : 2019-03-29
Category : Business & Economics
ISBN : 9780190941727

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Finance and Financial Intermediation by Harold L. Cole Pdf

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.

Author : Nasser Arshadi,Gordon V. Karels
Publisher : Unknown
Page : 540 pages
File Size : 44,7 Mb
Release : 1997
Category : Bankvæsen
ISBN : 0131194704

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Modern Financial Intermediaries and Markets by Nasser Arshadi,Gordon V. Karels Pdf

Examines firms, intermediaries, financial market instruments, and financial risk management.

Author : Luke Drago Spajic
Publisher : American Mathematical Soc.
Page : 250 pages
File Size : 52,8 Mb
Release : 2002-10-31
Category : Business & Economics
ISBN : 1402070098

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Financial Intermediation in Europe by Luke Drago Spajic Pdf

The book explores competition among banks and other financial intermediaries, with specific implications for the asset allocation process and pricing policies in banking. It aims to provide the foundations for an additional perspective on optimal currency area theory (OCA).

Author : A. Carretta,G. Mattarocci
Publisher : Springer
Page : 255 pages
File Size : 46,9 Mb
Release : 2013-02-03
Category : Business & Economics
ISBN : 9781137293770

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Asset Pricing, Real Estate and Public Finance over the Crisis by A. Carretta,G. Mattarocci Pdf

The current financial crisis started from the US real estate market and after, though the increase of risk premium requested by investors and due to the lack of liquidity of all financial markets, it became a world financial crisis. A detailed analysis during the crisis focuses attention on asset management, the real estate and public sector.

Author : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs
Publisher : Unknown
Page : 180 pages
File Size : 51,9 Mb
Release : 1984
Category : Banks and banking
ISBN : PURD:32754066850763

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Federal Reserve Pricing Policy on Check Clearing Services by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs Pdf

Author : OECD
Publisher : OECD Publishing
Page : 424 pages
File Size : 54,6 Mb
Release : 2017-11-06
Category : Electronic
ISBN : 9789264281288

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Understanding Financial Accounts by OECD Pdf

Understanding Financial Accounts seeks to show how a range of questions on financial developments can be answered with the framework of financial accounts and balance sheets, by providing non-technical explanations illustrated with practical examples.

Author : Tobias Adrian
Publisher : DIANE Publishing
Page : 35 pages
File Size : 52,6 Mb
Release : 2011
Category : Business & Economics
ISBN : 9781437930900

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Changing Nature of Financial Intermediation and the Financial Crisis of 2007-09 by Tobias Adrian Pdf

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.

Author : Elisabetta Gualandri
Publisher : Springer Nature
Page : 204 pages
File Size : 55,9 Mb
Release : 2024-06-29
Category : Electronic
ISBN : 9783031548727

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Climate Risk and Financial Intermediaries by Elisabetta Gualandri Pdf

Author : Ioanna T. Kokores
Publisher : Cambridge Scholars Publishing
Page : 497 pages
File Size : 49,6 Mb
Release : 2022-12-08
Category : Business & Economics
ISBN : 9781527591868

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Monetary Policy and Financial Stability by Ioanna T. Kokores Pdf

This book explores how monetary policy contributes to the efficient allocation of resources, with special reference made to the contribution of the effective workings of the financial system. It argues that the stability of the financial system promotes the smooth functioning of the payment systems and the effective transmission of monetary policy, thus promoting the achievement of monetary policy objectives. The interrelated issues addressed here include the ways various monetary policy objectives are achieved, their effective presentation to the public, and the strategic role of money growth in the conduct of monetary policy. The analysis underlines the context of financial-market performance in recent decades and the varied central bank responses to the emergence of the global financial crisis. This book constitutes a useful companion to graduate students in economics, researchers and business and central banking practitioners in understanding the unending quest of the shifting roles of money and financial practices to reconcile growth and stability.

Author : Anjan V. Thakor,Arnoud W. A. Boot
Publisher : Elsevier
Page : 605 pages
File Size : 40,6 Mb
Release : 2008-07-07
Category : Business & Economics
ISBN : 9780080559926

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Handbook of Financial Intermediation and Banking by Anjan V. Thakor,Arnoud W. A. Boot Pdf

The growth of financial intermediation research has yielded a host of questions that have pushed "design" issues to the fore even as the boundary between financial intermediation and corporate finance has blurred. This volume presents review articles on six major topics that are connected by information-theoretic tools and characterized by valuable perspectives and important questions for future research. Touching upon a wide range of issues pertaining to the designs of securities, institutions, trading mechanisms and markets, industry structure, and regulation, this volume will encourage bold new efforts to shape financial intermediaries in the future. Original review articles offer valuable perspectives on research issues appearing in top journals Twenty articles are grouped by six major topics, together defining the leading research edge of financial intermediation Corporate finance researchers will find affinities in the tools, methods, and conclusions featured in these articles

Author : Nicola Acocella
Publisher : Cambridge University Press
Page : 546 pages
File Size : 53,6 Mb
Release : 2005-02-17
Category : Business & Economics
ISBN : 0521540380

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Economic Policy in the Age of Globalisation by Nicola Acocella Pdf

In the age of globalisation both domestic and foreign economic policies play an important role in determining firms' strategies. Understanding such policies is an essential part of the cultural background of managers at all levels of a firm. At the same time, firms' choices have a greater impact on economic policymaking in a global economy, as the range of alternatives open to them expands. In this textbook, Professor Acocella analyses both sides of this relationship. Special emphasis is placed on current issues: in policymaking on the basis of social choice principles and the normative and positive theory of economic policy; and issues concerning the establishment of international public institutions that can match the global reach of the private institutions (markets and firms) that generate many of today's economic challenges. Broad in scope, this book is aimed at students who have completed an introductory course in both micro and macroeconomics.

Author : Jagjit S. Chadha,Sean Holly
Publisher : Cambridge University Press
Page : 293 pages
File Size : 48,8 Mb
Release : 2011-10-27
Category : Business & Economics
ISBN : 9781139505260

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Interest Rates, Prices and Liquidity by Jagjit S. Chadha,Sean Holly Pdf

Many of the assumptions that underpin mainstream macroeconomic models have been challenged as a result of the traumatic events of the recent financial crisis. Thus, until recently, it was widely agreed that although the stock of money had a role to play, in practice it could be ignored as long as we used short-term nominal interest rates as the instrument of policy because money and other credit markets would clear at the given policy rate. However, very early on in the financial crisis interest rates effectively hit zero percent and so central banks had to resort to a wholly new set of largely untested instruments to restore order, including quantitative easing and the purchase of toxic financial assets. This book brings together contributions from economists working in academia, financial markets and central banks to assess the effectiveness of these policy instruments and explore what lessons have so far been learned.

Author : Timothy M. Devinney
Publisher : Springer Science & Business Media
Page : 110 pages
File Size : 43,5 Mb
Release : 2012-12-06
Category : Science
ISBN : 9783642826498

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Rationing in a Theory of the Banking Firm by Timothy M. Devinney Pdf

The existence of non-price rationing in credit markets is a subj ect, not only of paramount importance, but of considerable controversy, which is ultimately linked with our understanding, or lack thereof, of the basic nature of the banking firm. A recognition of this phenomenon is critical to the understanding of the banking firm in its major role as a financial intermediary. The banking firm serves as an intermediary in two important spheres, between borrower and lender, and between spenders and the monetary authorities. The basic economic formulation of borrower-lender behavior, the simple Fisherian consumption loan model, while beautiful in its simplicity, fail s to acknowledge any role for a non-neutral financial intermediary. The bank, in its second intermediary role, leads one to question the assumption of both neoclassical and Keynsian monetary theories that monetary changes are diffused across the economy (the proverbial monetary helicopter). Monetary policy effects on spending and investment will clearly be biased by the policies of the banks. The major focus of the present work is the development of a theory of credit rationing based upon the existence of risk reducing information technologies. Implicit in the analysis is a discussion of the role of the banking firm as something more than a tr·aditional financial intermediary. The present analysis will focus on the bank as an intermediary between borrower and lender. It will be shown that in .