Download or read book Financial Innovation Banking and Monetary Aggregates written by A. W. Mullineux and published by Edward Elgar Publishing. This book was released on 1996-01-01 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial Innovation, Banking and Monetary Aggregates reviews the impact of financial innovation on the measurement of money and presents the first collection of country studies appraising the usefulness of Divisia indices in deriving monetary aggregates. Monetary aggregates are traditionally formed by simply summing various monetary components such as cash and balances in savings and cheque accounts. The monetary usefulness, or 'moneyness', of these components differs and can change as a result of innovation in banking, monetary transmission and payment services. To gauge the importance of such distortions and the merits of alternative weighted monetary indices, particularly Divisia indices, this volume brings together authoritative empirical studies of countries including the US, the UK, Germany, France, Sweden, Italy and Japan. The authors conclude by showing how Divisia monetary indices act as a useful supplement to traditional monetary aggregates.

Download or read book Financial Innovation Ad the Monetary Aggregates written by Federal Reserve System. Board of Governors and published by . This book was released on 1981 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Financial Innovations written by Federal Reserve Bank of St. Louis and published by Springer. This book was released on 1984-06-30 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Financial Innovation and Monetary Policy written by Michael Pawley and published by Routledge. This book was released on 1993-01-01 with total page 253 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Financial Innovation and Monetary Policy written by Bank for International Settlements. Monetary and Economic Department and published by . This book was released on 1984 with total page 310 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Explaining Monetary and Financial Innovation written by Peter Bernholz and published by Springer. This book was released on 2014-06-26 with total page 370 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book discusses theories of monetary and financial innovation and applies them to key monetary and financial innovations in history – starting with the use of silver bars in Mesopotamia and ending with the emergence of the Eurodollar market in London. The key monetary innovations are coinage (Asia minor, China, India), the payment of interest on loans, the bill of exchange and deposit banking (Venice, Antwerp, Amsterdam, London). The main financial innovation is the emergence of bond markets (also starting in Venice). Episodes of innovation are contrasted with relatively stagnant environments (the Persian Empire, the Roman Empire, the Spanish Empire). The comparisons suggest that small, open and competing jurisdictions have been more innovative than large empires – as has been suggested by David Hume in 1742.

Download or read book Financial Innovation and the Control of Monetary Aggregates written by Robert E. Jr Lucas and published by . This book was released on 1983 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents an empirical test of the proposition that control of a monetary aggregate will generate a rise in its velocity.The test is carried out utilizing the Canadian experience of controlling Ml growth from 1975:3 to 1982:3. Section One of the paper presents evidence of the instability of the Canadian demand from Ml money since 1975:3. Section Two develops a specific form of the proposition which emphasizes the role of asset substitution between classes of chartered bank deposits. A relative asset demand equation is derived from a wealth maximization model subject to a technological transactions constraint and this equation is estimated from 1961 through 1982.The results lend support to the proposition that central bank control of Ml generated a rise in Ml velocity.

Download or read book Technological Change Financial Innovation and Diffusion in Banking written by W. Scott Frame and published by DIANE Publishing. This book was released on 2010-08 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: Discusses the technological change and financial innovation that commercial banking has experienced during the past 25 years. Describes the role of the financial system in economies and how technological change and financial innovation can improve social welfare. Surveys the literature relating to several specific financial innovations, which are new products or services, production processes, or organizational forms. The past quarter century has been a period of substantial change in terms of banking products, services, and production technologies. Moreover, while much effort has been devoted to understanding the characteristics of users and adopters of financial innovations, we still know little about how and why financial innovations are initially developed.

Download or read book Financial Innovation Efficiency and Disequilibrium written by Peter D. Spencer and published by Oxford University Press, USA. This book was released on 1986 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: Monetary control has assumed increasing importance in Great Britain as inflationary pressures have intensified and other counter-inflation policies have collapsed. This book is the first complete exposition of the basic Treasury econometric model that was developed for financial cial forecasting and policy analysis. In it, the co-author of the model reviews Britain's experience and analyzes some of the problems that confronted the authorities in their attempts to restrain monetary grown between 1971 and 1981.

Download or read book Financial Innovation and Monetary Policy written by Yoshio Suzuki and published by . This book was released on 1986 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Monetary Aggregation written by Huw Pill and published by International Monetary Fund. This book was released on 1994-10-01 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.

Download or read book Financial Innovation with a particular view on the role of banks written by Volker Schmid and published by GRIN Verlag. This book was released on 2004-08-29 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: Scientific Essay from the year 2004 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 1,7 (A-), University of Teesside (Teesside Business School), course: Money and Finance - Economics, language: English, abstract: Financial markets have always undergone changes . However since the 70s the speed of change has accelerated enormously . New types of financial instruments, financial markets and techniques have been developed. The most significant innovations have been the financial derivatives, e.g. futures, options and swaps and the development of securitisation which have mainly been created to manage risk and provide liquidity. The market for these instruments has become huge – by some estimates in excess of $100 trillion . History shows that financial innovation has been a critical and persistent part of the economic landscape. But why has it been like that? First of all for a better understanding it is necessary to define the term ‘financial innovation’. Financial innovation is described by Van Horne as “the life blood of efficient and responsive capital markets” . He emphasis that it is part of the bedrock of our financial system. Merton views financial innovation as “the engine driving the financial system towards its goal of improving the performance of what economists call the real economy”. Other authors define financial innovation as “the design of new financial instruments and techniques of financial intermediation, structural change in the financial system, with the appearance of new financial markets and changes in organisation and behaviour of institutions” as well as “the design of new financial instruments or the packaging together of existing financial instruments” . There is a general recognition of the particular importance of financial innovations for the wealth of a society. This paper outlines the nature and main features of innovation in financial markets and suggests what factors may stimulate the apparent increase in the rate of innovation since the 1970s with a particular view on the role of banks. The final part discusses the question if financial innovations have been beneficial for borrowers and lenders?

Download or read book Financial Innovation and the Control of Monetary Aggregates written by Robert F. Lucas and published by . This book was released on 1983 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents an empirical test of the proposition that control of a monetary aggregate will generate a rise in its velocity.The test is carried out utilizing the Canadian experience of controlling Ml growth from 1975:3 to 1982:3. Section One of the paper presents evidence of the instability of the Canadian demand from Ml money since 1975:3. Section Two develops a specific form of the proposition which emphasizes the role of asset substitution between classes of chartered bank deposits. A relative asset demand equation is derived from a wealth maximization model subject to a technological transactions constraint and this equation is estimated from 1961 through 1982.The results lend support to the proposition that central bank control of Ml generated a rise in Ml velocity

Download or read book Financial Innovation and Monetary Policy in the UK written by A. W. Mullineux and published by . This book was released on 1994 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Evolution of Monetary Policy and Banking in the US written by Donald D. Hester and published by Springer Science & Business Media. This book was released on 2008-03-30 with total page 205 pages. Available in PDF, EPUB and Kindle. Book excerpt: A concise analysis of the evolution of monetary policy and banking institutions over the past sixty years that stresses the dynamic interactions between the Federal Reserve and banking institutions that resulted from financial market innovations. Institutions were influenced by increasing competition in markets and monetary policies. The book consists of two parts, which are organized chronologically. The first has chapters that correspond with terms of chairmen of the Federal Reserve Board. It critically analyzes decisions taken by the Federal Open Market Committee in each period and argues that innovations forced changes in the design and conduct of monetary policy. The second part analyzes how banking institutions evolved from a very conservative and regulated system in 1945 to highly inventive financial firms and how this evolution has affected the distribution of credit, wealth, and income in the US.

Download or read book Monetary Policy and Financial Innovations in Five IndustrialCountries written by Andrew Gamble and published by Springer. This book was released on 2016-07-27 with total page 185 pages. Available in PDF, EPUB and Kindle. Book excerpt: The objective of this present volume is to analyse the response to the developments and the consequences for the conduct of monetary policy in five industrial countries. Also considered is the stability of hitherto established relationships between economic variables on which the reliability of monetary policy measures depends. The volume further covers some of the international aspects involved and the important implications of the emerging dominant and persistent flows of long-term capital across the exchanges.

Download or read book Money and Banking written by Philip Arestis and published by Springer. This book was released on 1993-11-09 with total page 354 pages. Available in PDF, EPUB and Kindle. Book excerpt: The turbulent 1980s and 1990s have seen important developments in the area of money and banking; these are discussed in this volume, focusing on financial innovations, the EMS and international monetary systems, monetary policy is an interdependent world, liquidity constraints and monetary policy, and monetary problems of developing countries.