The Market For Money And The Market For Credit

Author : P. Korteweg,P.D. van Loo
Publisher : Springer Science & Business Media
Page : 118 pages
File Size : 46,9 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9781461342458

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The market for money and the market for credit by P. Korteweg,P.D. van Loo Pdf

In most Keynesian-type macroeconomic models the financial sector is modelled in terms of money demand, money supply and money market equilibrium. The market equations for private and government debt, i.e. credit, are implicit in these models by virtue of Walras' Law and need not be explicitly specified. Market equations for existing physical capital, or shares in capital, are absent from these models on the tacit assumption that physical capital cannot be traded and, consequently, has no market price. Money in these models is a substitute for private and government debt, not for current output, let alone for physical capital (or claims thereon). Models with these characteristics have three basic weaknesses. They narrow down the monetary transmission mechanism to a small subset of assets. Moreover, they produce downward-biased estimates of the degree of controllability of money in open economies if money and claims on physical capital are actually substitutes. Finally, these models are ill-suited to analyze adequately the effects of open market operations and of financing government budget deficits which change the stocks of money and debt.

Author : P. Korteweg,P.D. van Loo
Publisher : Springer
Page : 106 pages
File Size : 49,6 Mb
Release : 2011-12-14
Category : Business & Economics
ISBN : 1461342465

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The market for money and the market for credit by P. Korteweg,P.D. van Loo Pdf

In most Keynesian-type macroeconomic models the financial sector is modelled in terms of money demand, money supply and money market equilibrium. The market equations for private and government debt, i.e. credit, are implicit in these models by virtue of Walras' Law and need not be explicitly specified. Market equations for existing physical capital, or shares in capital, are absent from these models on the tacit assumption that physical capital cannot be traded and, consequently, has no market price. Money in these models is a substitute for private and government debt, not for current output, let alone for physical capital (or claims thereon). Models with these characteristics have three basic weaknesses. They narrow down the monetary transmission mechanism to a small subset of assets. Moreover, they produce downward-biased estimates of the degree of controllability of money in open economies if money and claims on physical capital are actually substitutes. Finally, these models are ill-suited to analyze adequately the effects of open market operations and of financing government budget deficits which change the stocks of money and debt.

Author : Pieter Korteweg (author)
Publisher : Unknown
Page : 105 pages
File Size : 52,9 Mb
Release : 2024-07-03
Category : Electronic
ISBN : OCLC:1331027360

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The market for money and the market for credit by Pieter Korteweg (author) Pdf

Author : Alya Guseva,Akos Rona-Tas
Publisher : Stanford University Press
Page : 341 pages
File Size : 50,6 Mb
Release : 2014-02-26
Category : Business & Economics
ISBN : 9780804789592

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Plastic Money by Alya Guseva,Akos Rona-Tas Pdf

In the United States, we now take our ability to pay with plastic for granted. In other parts of the world, however, the establishment of a "credit-card economy" has not been easy. In countries without a history of economic stability, how can banks decide who should be given a credit card? How do markets convince people to use cards, make their transactions visible to authorities, assume the potential risk of fraud, and pay to use their own money? Why should merchants agree to pay extra if customers use cards instead of cash? In Plastic Money, Akos Rona-Tas and Alya Guseva tell the story of how banks overcame these and other quandaries as they constructed markets for credit cards in eight postcommunist countries. We know how markets work once they are built, but this book develops a unique framework for understanding how markets are engineered from the ground up—by selecting key players, ensuring cooperation, and providing conditions for the valuation of a product. Drawing on extensive interviews and fieldwork, the authors chronicle how banks overcame these hurdles and generated a desire for their new product in the midst of a transition from communism to capitalism.

Author : Frank J. Fabozzi,Steven V. Mann,Moorad Choudhry
Publisher : John Wiley & Sons
Page : 338 pages
File Size : 51,9 Mb
Release : 2003-02-03
Category : Business & Economics
ISBN : 9780471445647

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The Global Money Markets by Frank J. Fabozzi,Steven V. Mann,Moorad Choudhry Pdf

An informative look at the world of short-term investing and borrowing The Global Money Markets is the authoritative source on short-term investing and borrowing-from instruments in the U.S. and U.K., to asset-liability management. It also clearly demonstrates the various conventions used for money market calculations and discusses other short-term structured financial products such as asset-backed securities and mortgage-backed securities. Steven V. Mann (Columbia, SC) is Professor of Finance at the Moore School of Business, University of South Carolina. He has coauthored two previous books and numerous articles in the area of investments and works as a consultant to investment/commercial banks throughout the United States. Moorad Choudhry (Surrey, UK) is a Vice President of structured finance services with JPMorganChase in London. Prior to that he worked as a gilt-edged market maker and Treasury trader at ABN Amro Hoare Govett Sterling Bonds Limited, and as a sterling proprietary trader at Hambros Bank Limited. Moorad is a Senior Fellow at the Centre for Mathematical Trading and Finance, City University Business School. John Wiley & Sons, Inc. is proud to be the publisher of the esteemed Frank J. Fabozzi Series. Comprising nearly 100 titles-which include numerous bestsellers—The Frank J. Fabozzi Series is a key resource for finance professionals and academics, strategists and students, and investors. The series is overseen by its eponymous editor, whose expert instruction and presentation of new ideas have been at the forefront of financial publishing for over twenty years. His successful career has provided him with the knowledge, insight, and advice that has led to this comprehensive series. Frank J. Fabozzi, PhD, CFA, CPA, is Editor of the Journal of Portfolio Management, which is read by thousands of institutional investors, as well as editor or author of over 100 books on finance for the professional and academic markets. Currently, Dr. Fabozzi is an adjunct Professor of Finance at Yale University's School of Management and on the board of directors of the Guardian Life family of funds and the Black Rock complex of funds.

Author : Fritz Machlup
Publisher : Ludwig von Mises Institute
Page : 432 pages
File Size : 46,6 Mb
Release : 1940
Category : Capital
ISBN : 9781610163354

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The Stock Market, Credit and Capital Formation by Fritz Machlup Pdf

Author : David S. Kidwell,Richard Lewis Peterson,David W. Blackwell
Publisher : Houghton Mifflin
Page : 940 pages
File Size : 48,7 Mb
Release : 2000
Category : Business & Economics
ISBN : 0030257417

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Financial Institutions, Markets, and Money by David S. Kidwell,Richard Lewis Peterson,David W. Blackwell Pdf

Now in its seventh edition, Financial Institutions, Markets, and Money, continues to lead the market in the introductory course to financial institutions. The text's balanced overview of the U.S. financial system, its primary institutions and markets, coupled with an introduction to international markets, creates a presentation truly reflective of today's global marketplace.

Author : Frederic S. Mishkin
Publisher : Pearson Education
Page : 4 pages
File Size : 44,6 Mb
Release : 2007
Category : Banks and banking
ISBN : 0321454227

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The Economics of Money, Banking, and Financial Markets by Frederic S. Mishkin Pdf

Economics of Money, Banking, and Financial Markets heralded a dramatic shift in the teaching of the money and banking course in its first edition, and today it is still setting the standard. By applying an analytical framework to the patient, stepped-out development of models, Frederic Mishkin draws students into a deeper understanding of modern monetary theory, banking, and policy. His landmark combination of common sense applications with current, real-world events provides authoritative, comprehensive coverage in an informal tone students appreciate.

Author : Juliette Levy
Publisher : Penn State Press
Page : 176 pages
File Size : 42,6 Mb
Release : 2015-11-04
Category : History
ISBN : 9780271058870

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The Making of a Market by Juliette Levy Pdf

During the nineteenth century, Yucatán moved effectively from its colonial past into modernity, transforming from a cattle-ranching and subsistence-farming economy to a booming export-oriented agricultural economy. Yucatán and its economy grew in response to increasing demand from the United States for henequen, the local cordage fiber. This henequen boom has often been seen as another regional and historical example of overdependence on foreign markets and extortionary local elites. In The Making of a Market, Juliette Levy argues instead that local social and economic dynamics are the root of the region’s development. She shows how credit markets contributed to the boom before banks (and bank crises) existed and how people borrowed before the creation of institutions designed specifically to lend. As the intermediaries in this lending process, notaries became unwitting catalysts of Yucatán’s capitalist transformation. By focusing attention on the notaries’ role in structuring the mortgage market rather than on formal institutions such as banks, this study challenges the easy compartmentalization of local and global relationships and of economic and social relationships.

Author : Gordon T. Pepper
Publisher : Palgrave Macmillan
Page : 304 pages
File Size : 46,8 Mb
Release : 1994
Category : Business & Economics
ISBN : 0312120389

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Money, Credit, and Asset Prices by Gordon T. Pepper Pdf

Whereas the prices of individual company stocks respond rationally to unexpected news, movements in the market as a whole often do not behave in the same way. Indeed, they frequently appear perverse. Prices peak when economic news is bad; they respond only to good news when they are rising, or only to bad when they are weak: they overshoot, and then correct violently. Drawing on his hands-on experience, Professor Pepper puts forward the theory that the market is responding to the balance between savings seeking investment and borrowers' need for finance, and not to events. Money sets the mood: the market behaves like a fickle crowd, which can be followed with profit. In challenging conventional theory, this book increases our understanding of financial markets; it is essential reading for economists and practitioners alike.

Author : G. Pepper
Publisher : Springer
Page : 304 pages
File Size : 48,7 Mb
Release : 1994-03-08
Category : Business & Economics
ISBN : 9780230375932

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Money, Credit and Asset Prices by G. Pepper Pdf

'For amateurs and professionals alike wishing to deepen their understanding of the often mysterious and counter-intuitive fluctuations in asset prices, this book provides essential reading.' - Barry Riley, Financial Times 'Really required reading.' - Anthony Harris, Times According to mainstream economic theory, the prices of individual stocks respond rationally to unexpected news. However, real market movements appear to respond to news in more complex and sometimes perverse ways, overshooting or not reacting at all. Drawing on his hands-on experience, Professor Pepper puts forward a new theory based on the analysis of the supply of and demand for investible funds. He shows clearly that price movements are governed not by news but by the financial requirements of investors, requirements which therefore become a powerful forecasting tool.

Author : Marcus Nadler
Publisher : Unknown
Page : 348 pages
File Size : 54,7 Mb
Release : 1955
Category : Credit
ISBN : UOM:39015020822212

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The Money Market and Its Institutions by Marcus Nadler Pdf

Author : Alfred Marshall
Publisher : Unknown
Page : 398 pages
File Size : 52,9 Mb
Release : 1923
Category : Banks and banking
ISBN : UCM:5302742122

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Money, Credit & Commerce by Alfred Marshall Pdf

Supplements the author's "Principles of economics" and "Industry and trade." cf. Pref. Includes bibliographical references and index. Master negative: 2000-10095-6. No. 6 on a reel of 8 titles.

Author : Gunter Dufey,Ian H. Giddy
Publisher : Prentice Hall
Page : 356 pages
File Size : 49,8 Mb
Release : 1994
Category : Business & Economics
ISBN : UOM:39015032945712

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The International Money Market by Gunter Dufey,Ian H. Giddy Pdf

The text offers a fundamental framework for understanding the Euromarkets phenomenon. In addition, it provides analysis and description of the Eurocurrency markets, their linkages to domestic money markets, and to the foreign exchange market, and the techniques of financial institutions in the market. Features include highlighted specialized information, self-contained chapters and the use of a practical perspective, employing the author's applied as well as academic experience to illustrate the analytical matter.

Author : Peter S. Rose
Publisher : Business Publications, Incorporated
Page : 904 pages
File Size : 49,9 Mb
Release : 1986
Category : Business & Economics
ISBN : 0256034346

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Money and Capital Markets by Peter S. Rose Pdf