Recent Developments on Money and Finance: Exploring Links between Market Frictions, Financial Systems and Monetary Allocations
Springer Science & Business Media, Jan 27, 2006 - Business & Economics - 273 pages
This book assembles current theoretical contributions to monetary theory, banking and finance. The papers published in this collection span a wide variety of themes, from monetary policy to the optimal design of financial systems, from the study of the causes of financial crises to payment systems design. Thereby, the book serves as a useful reference to all researchers interested in the study of financial systems and monetary economics. The papers contribute to two strands of literature: A first group of papers focuses on topics related to the optimality of financial mechanisms, banking regulation, financial crises, financial fragility, and payment systems. A second group of papers is broadly concerned with the efficiency of the decentralized monetary solution in economies characterized by equilibrium heterogeneity.
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Diamond and Dybvig meet
Domestic financial market frictions unrestricted international capital
Inflation growth and exchange rate regimes in small open economies
Aggregate risk sharing and equivalent financial mechanisms in
Asset pricing implications of efficient risk sharing in an endowment
Distributional aspects of the divisibility of money An example
The distribution of money and prices in an equilibrium with lotteries
Money price dispersion and welfare
A simple search model of money with heterogeneous agents and partial
Limited participation private money and credit in a spatial model of money
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allocation assets assume assumption autarky bankers banks follow strategy Berentsen borrowers buyer capital-labor ratio central bank condition consumers consumption Corbae credit rationing denote deposit insurance premia depositors distribution of money domestic dynamic Economic Theory effect endogenous endowment equation exchange rate regime exists fiat currency fiat money financial intermediary fixed exchange rate fraction function funds Hence heterogeneity high-output-low-RER steady household implies increase indivisible inefficient inside money investment itinerary Lemma loan lotteries marginal matrix money balances money growth rate money holdings moral hazard nominal nominal interest rate nonbankers overlapping generations model Pareto optimal period price dispersion produce Proposition rate of inflation reserve requirement result search intensity sector seigniorage seller shoppers single coincidence matches small open economy stationary steady-state stochastic tradable trade transfer Type 1 agents unit of money utility welfare world interest rate young agents