Credit, Intermediation, and the Macroeconomy
Readings and Perspectives in Modern Financial Theory
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Product details:
- Publisher OUP Oxford
- Date of Publication 25 March 2004
- ISBN 9780199243068
- Binding Paperback
- No. of pages928 pages
- Size 234x156x47 mm
- Weight 1375 g
- Language English
- Illustrations numerous figures & tables 0
Categories
Short description:
Understanding the functioning of the financial sector--and the intermediary institutions comprising it--is of major importance in analysing the allocational efficiency of modern economies, the sources of fluctuations within them, and the possible crises inherent in their structure of interlinkages. This collection of papers, substantial editorial, and discussions by eminent economists brings together some of the most important research in the area of financial theory from the past fifteen years.
MoreLong description:
Developments in theories of financial markets and institutions, using the tools of the economics of uncertainty and of contracts, as well as results in game theory, have, over the last two decades, constituted an exciting and burgeoning field of research. This collection of readings draws together highlights of the 'second generation' literature in this area, emphasizing the theoretical, institutional, and policy-oriented regulatory implications of some of the key modelling techniques in the field.
The collection divides into seven sections covering the monitoring role of banks and other intermediaries; liquidity demand and the role of banks and the government; bank runs and financial crises; bank regulation; inter-bank competition and bank--firm relationships; comparative financial systems; and imperfect credit markets and the macroeconomy. Each section comprises four articles previously published in top-ranking economics and finance journals, plus a discussion by a prominent scholar, who provides a synthesis and critique of the literature, and suggests promising directions for future research and application of results.
Table of Contents:
Introduction
Part I: Monitoring By and Of Banks
Financial Intermediary Coalitions
The Role of Demandable Debt in Structuring Optimal Banking Arrangements
Monitoring, Liquidation, and Security Design
Financial Intermediation with Risk Aversion
Discussion
Part II: Liquidity Provision via Banks and Markets
Liquidity, Banks, and Markets
Private and Public Supply of Liquidity
Financial Intermediation versus Stock Markets in a Dynamic Intertemporal Model
The Governance of Exchanges: Members' Cooperatives versus Outside Ownership
Discussion
Part III: Bank Runs and Financial Crises
Banking Panics, Information and Rational Expectations Equilibrium
Unique Equilibrium in a Model of Self-Fulfilling Currency Attacks
Contagion and Efficiency in Gross and Net Interbank Payment Systems
Discussion
Part IV: Regulation of Financial Intermediaries
Capital Requirements and the Behaviour of Commercial Banks
Is the Glass-Steagall Act Justified? A Study of the U.S. Experience with Universal Banking before 1993
Optimal Design of Bank Bailouts: The case of transition economies
Discussion
Part V: Financial Contracting and Interbank Competition
Reputation and Discretion in Fiancial Contracting
The Effect of Credit Market Competition on Lending Relationships
Long-Term Contracts, Short-Term Investment and Monitoring
Competition Among Financial Intermediaries when Diversification Matters
Discussion
Part VI: Comparative Financial Systems
Credit and Efficiency in Centralized and Decentralized Economies
Proprietary Information, Financial Intermediation, and Research Incentives
Financial System Architecture
Financial Markets, Intermediaries, and Intertemporal Smoothing
Discussion
Part VII: Credit Markets, Intermediation, and the Macroeconomy
Financial Intermediation, Loanable Funds, and the Real Sector
Credit Cycles
Endogenous Cycles in a Stiglitz-Weiss Economy
Discussion
