Download or read book Monetary Economies of Production written by Louis-Philippe Rochon and published by Edward Elgar Publishing. This book was released on 2013 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt: With its central focus on money and its link with the production sphere, this book explores how best to adapt the fundamental ideas of the circulationist perspective to achieve a better understanding of the financialisation of the productive apparatus of contemporary capitalist economies. Perhaps more importantly - and as the recent financial crisis has so forcefully proven - the authors argue that the true challenge ahead is to address how these new emerging forms can be eventually tamed.
Download or read book Essays in Banking and Production written by Pradeep Kumar and published by . This book was released on 2013 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays on the Econometrics of Production Technology in US Commercial Banking written by Liang Liu and published by . This book was released on 2012 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Banking Policy and the Price Level written by Dennis Holme Robertson and published by . This book was released on 1926 with total page 122 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Banking Policy and the Price Level written by Sir Dennis Holme Robertson and published by . This book was released on 1926 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays in Bank Competition and Lending Behavior written by Genuine Martin and published by . This book was released on 2017 with total page 130 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation assesses the competitiveness of Tanzania's banking sector using both structural and non-structural (industrial organization) approaches, assesses the predictors of banks' lending behavior, and investigates the bank lending channel of monetary policy transmission process. The first and the second essays utilize bank-level panel data of commercial banks whereas the third employs aggregate time series data. My work contributes to understanding the underlying factors and processes which explain the nature of competition in the banking sector and the conduct of monetary policy in Tanzania. In the first essay, I use the dynamic regression model to test the hypotheses that the market power of banks in Tanzania leads to higher bank profits, by including the lag of the dependent variable among regressors to test the tendency of profits to persist over time, using the market share of banks to test the relative-market-power (RMP) hypothesis, and using concentration ratios to test the structure-conduct-performance (SCP) hypothesis. Using data drawn from twenty-six commercial banks during the 1998-2015 period, I establish from the results that the lag of the dependent variable, market share of banks, and industry concentration ratios (HHIs) have a positive and statistically significant effect on bank profit. These results support moderate persistence of bank profits over time, RMP and SCP hypotheses, as potential explanations of high bank profits. In the second essay, I also use the dynamic regression model to assess potential predictors of commercial banks' lending behavior and the bank lending channel of monetary policy transmission process. Using quarterly panel data for thirty-one commercial banks for the 1998-2015 period, I establish from the results that bank lending persists significantly over time, hence suggesting that some degree of relationship banking and lock-in-effect for lenders and borrowers exists. Although bank size and capital, and inflation rate are associated with higher bank lending, credit risk, private and foreign bank ownership, market power of banks, and the square of inflation rate, have a negative effect on lending. Results for the bank lending channel show that contractionary monetary policy (higher monetary policy indicators) is associated with higher bank lending, and this positive effect of contractionary monetary policy on bank lending is more pronounced in samples of all the banks and medium-sized banks that are more capitalized, in a sample of large banks with more liquidity and capital but with less assets, and in a sample of small banks with less size and capital. By drawing on a country-specific case of Tanzania, this essay is illuminating because results of studies of this nature differ across countries and regions, depending on the structure of the economy, financial sector development, institutional and regulatory environment. In Amidu (2014), determinants of bank lending are different across economic integrations (Economic Community of West African States [ECOWAS], the East African Community [EAC] and the Southern Africa Development Community [SADC]. In the third essay, I use the dynamic regression model (autoregressive process of order one), which empirically applies the theoretical seminal work of Panzar and Rosse (1987) to estimate an index of banking sector contestability, the H statistic, which is the sum of factor price elasticities of the reduced form revenue equation. Using time series data for the 1998-2015 period, the estimated H statistic of 0.57, characterizes Tanzania's banking sector as monopolistic competitive, in which high industry concentration co-exists with considerable contestable pressure. Bank revenues persist moderately over time, whereby interest revenue generation is a key bank activity. Furthermore, the aftermath of the 2006 second-generation financial sector reforms is associated with improved banking industry competitiveness, based on the moving average estimates of the H statistics, and is associated with changes in the banks' production functions, whereby banks substitute less funds (deposits) and physical capital, with more labor. These results are consistent with the dramatic decline in the interest rate spread and an increase in the proportion of labor costs.
Download or read book Essays in Finance written by Robert Giffen and published by . This book was released on 1886 with total page 492 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays on The Banking Industry written by Hendrith Vanlon Smith, Jr. and published by Mayflower-Plymouth Capital LLC. This book was released on 2016-12-13 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essays on The Banking Industry by Hendrith Smith
Download or read book Essays on Banking written by George Clinton and published by . This book was released on 1829 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Distribution of Products written by Edward Atkinson and published by . This book was released on 1885 with total page 324 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays in the International Economics of Credit and Banking written by Bekele Sinkie Gebregiorgis and published by . This book was released on 2008 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Distribution of Products Or Mechanism the Metaphysics of Exchange written by Edward Atkinson and published by . This book was released on 1890 with total page 464 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays in Monetary Theory written by Sir Dennis Holme Robertson and published by . This book was released on 1956 with total page 262 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays on Banking and Monetary Economics written by Mengbo Zhang and published by . This book was released on 2021 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three chapters on banking and monetary economics. In Chapter 1, I study whether monetary policy is less effective in a low interest-rate environment. To answer this question, I examine how the passthrough of monetary policy to banks' deposit rates has changed, during the secular decline in interest rates in the U.S. over the last decades. In the data, the passthrough increased for about one third of banks, and decreased for the rest. Moreover, the deposit-weighted bank-average passthrough increased under a lower interest rate. I explain this observation in a model where banks have market power over loans and face capital constraints. In the model, when interest rates are low, the passthrough falls as policy rates fall, only in markets where loan competition is high. Hence, the overall passthrough depends on the distribution of loan market power. I confirm the model's prediction using branch-level data of U.S. banks. This channel also impacts the transmission of monetary policy to bank lending under low interest rates. In Chapter 2 (joint with Tsz-Nga Wong), we document a new channel mediating the effects of monetary policy and regulation, the disintermediation channel. When the interest rate on excess reserves (IOER) increases, fewer banks are intermediating in the Fed funds market, and they intermediate less. Thus, the total Fed funds traded decreases. Similarly, disintermediation happens after the balance sheet cost rises, e.g. the introduction of Basel III regulations. The disintermediation channel is significant and supported by empirical evidence on U.S. banks. To explain this channel, we develop a continuous-time search-and-bargaining model of divisible funds and endogenous search intensity that includes the matching model (e.g. Afonso and Lagos, 2015b) and the transaction cost model (e.g. Hamilton, 1996) as special cases. We solve the equilibrium in closed form, derive the dynamic distributions of trades and Fed fund rates, and the stopping times of entry and exit from the Fed fund market. IOER reduces the spread of marginal value of holding reserves, and hence the gain of intermediation. In general, the equilibrium is constrained inefficient, as banks intermediate too much. In Chapter 3 (joint with Saki Bigio and Eduardo Zilberman), we compare the advantages of lump-sum transfers versus a credit policy in response to the Covid-19 crisis. The Covid-19 crisis has lead to a reduction in the demand and supply of sectors that produce goods that need social interaction to be produced or consumed. We interpret the Covid-19 shock as a shock that reduces utility stemming from "social" goods in a two-sector economy with incomplete markets. For the same path of government debt, transfers are preferable when debt limits are tight, whereas credit policy is preferable when they are slack. A credit policy has the advantage of targeting fiscal resources toward agents that matter most for stabilizing demand. We illustrate this result with a calibrated model. We discuss various shortcomings and possible extensions to the model.
Download or read book Money and Production written by Louis-Philippe Rochon and published by . This book was released on 2024-08-28 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this insightful volume, editors Louis-Philippe Rochon and Mario Seccareccia bring together key essays from the influential and highly-regarded journal, Monnaie et Production. Beginning with a new commentary, Rochon and Seccareccia provide a modern perspective, highlighting invaluable insights on both the content and the editor, Alain Parguez. Showcasing 15 classic articles on topics such as money, finance and policy, this book highlights the bridges built between American post-Keynesians and the European heterodox community. The selected essays examine the missing links that history has brought to light and pay tribute to this historic, ground-breaking journal on its 40th anniversary. Highlighting a seminal contribution to heterodox economics, but little known in the English-speaking world, this book provides a unique reference opportunity to view these important historical essays in one place. Scholars of economics interested in post-Keynesian theory and in this important episode in the history of economic thought will find this a vital resource.
Download or read book Essays on Banking Institutions and Macroeconomic Activity written by Kinda Cheryl Hachem and published by . This book was released on 2011 with total page 218 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis investigates the role of institutions in shaping macroeconomic phenomena. The first two chapters focus on financial institutions, formalizing interactions between information and competition in frictional credit markets and providing novel predictions for output and efficiency. The third chapter then presents a new approach for empirically assessing the relationship between political institutions and growth.In Chapter 2, I investigate financial sector inefficiency when banks divide resources between attracting clients and learning about them via screening. I show that banks do not fully internalize the effects that their allocation decisions have on the beliefs and outside options of other lenders. These externalities result in an inefficiently high amount of low-quality credit and thus motivate a tax on activities designed to attract rather than screen borrowers. Steady state results suggest that production exhibits a hump-shaped response to increases in this tax and the model's dynamics indicate that a mild tax can also attenuate business cycle fluctuations.In Chapter 1, I construct a credit-based model of production to analyze how learning through lending relationships affects the monetary transmission mechanism. I examine how monetary policy changes the incentives of borrowers and lenders to engage in relationship lending and how these changes then shape the response of aggregate output. A central finding is that relationship lending induces a smoother steady state output profile and a less volatile response to certain monetary shocks. This result provides a theoretical basis for cross-country transmission differences via a relationship lending channel.Chapter 3 then turns to the interaction between political institutions and economic outcomes. In collaboration with Gordon Anderson, I use a notion of distributional dominance to evaluate intertemporal dependence between polity and growth without hindrance from the mix of discrete and continuous variables in our data set. We also use this notion to measure the joint contribution of polity and growth to wellbeing. The results support the view that institutions promote growth more than growth promotes institutions. They also suggest that polity has dominated growth in determining the evolution of wellbeing over the past few decades.
Download or read book Essays in Economics written by and published by . This book was released on 1964 with total page 698 pages. Available in PDF, EPUB and Kindle. Book excerpt:
