Towards a new paradigm in monetary economics:
"Expanding upon the literature of new institutional economics, the first part of this study stresses the significance of imperfections in information, bankruptcy and banks. The second part examines the policy implications of the new paradigm emphasizing loanable fund demand and supply, and demo...
Gespeichert in:
Hauptverfasser: | , |
---|---|
Format: | Buch |
Sprache: | English |
Veröffentlicht: |
Cambridge [u.a.]
Cambridge Univ. Press
2003
|
Ausgabe: | 1. publ. |
Schriftenreihe: | The Raffaele Mattioli lecture series
|
Schlagworte: | |
Online-Zugang: | Publisher description Table of contents Inhaltsverzeichnis |
Zusammenfassung: | "Expanding upon the literature of new institutional economics, the first part of this study stresses the significance of imperfections in information, bankruptcy and banks. The second part examines the policy implications of the new paradigm emphasizing loanable fund demand and supply, and demonstrates its relevance to our understanding of two recent historical episodes--the East Asian financial crisis and the 1991 U.S. recession and subsequent recovery and boom." http://www.loc.gov/catdir/description/cam051/2004299948.html. |
Beschreibung: | XV, 327 S. graph. Darst. |
ISBN: | 0521810345 0521008050 |
Internformat
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245 | 1 | 0 | |a Towards a new paradigm in monetary economics |c Joseph Stiglitz and Bruce Greenwald |
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650 | 7 | |a Bancos |2 larpcal | |
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Datensatz im Suchindex
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adam_text | Contents
List of figures and table page vii
The Raffaele Mattioli Lectures xi
Preface xiii
Part I The principles of the new paradigm 1
1 Reflections on the current state of
monetary economics 7
2 How finance differs 26
3 The ideal banking system 43
4 Restricted banking (or, the banking system of
today) 90
5 Market equilibrium 104
6 From the corn economy to the monetary
economy 117
7 Towards a general equilibrium theory of credit 137
Part II Applications of the new paradigm 151
8 Monetary policy 154
9 Regulatory policy and the new paradigm 203
10 Financial market liberalization 234
11 Restructuring the banking sector 239
12 Regional downturns and development and
monetary policy 251
v
Vi CONTENTS
13 The East Asia crisis 261
14 The 1991 US recession and the recovery 276
15 The new paradigm and the new economy 284
16 Concluding remarks 293
Bibliography 303
Index 320
Figures and table
FIGURES
1.1 Average annual yield rates for 3 month T bills
and a cash management account, 1992 2001 page 13
1.2 Stock value traded as a percentage of GDP,
various countries 15
1.3 Velocity 17
1.4 Regression of velocity on nominal interest rates 18
1.5 Movements in real interest rates 23
2.1 The interest rate which maximizes expected
return to the bank 28
2.2 Effect of recession on real lending interest rates 32
2.3 The optimal interest rate charged by one bank
may depend on that charged by others 33
2.4 Effect of recession on aggregate demand and
supply curves 41
2.5 Junk Treasury spread, 1988 2000 42
3.1 Loanable funds model, no credit rationing 45
3.2 Loanable funds model with credit rationing 47
3.3 Impact of changing economic conditions on
the equilibrium interest rate with credit rationing 48
3.4 Determining the equilibrium lending activity
with bankruptcy 57
vii
viii LIST OF FIGURES AND TABLE
3.5 Traditional model with no bankruptcy 58
3.6 Interest rate determination with credit
rationing and bankruptcy 59
3.7 Loan opportunity set (mean standard
deviation frontier) 63
3.8 Mean variance model with interest rate
fixed and variable 64
3.9 Mean variance model, credit rationing,
with and without reserve requirement 65
3.10 Mean variance model, credit rationing,
diminishing returns to lending 67
3.11 Mean variance model, no credit rationing 68
3.12 Effects of change in cost of capital when there
are two or more groups in the population 73
3.13 Impact of lower bank wealth on interest rate
charged, bankruptcy model 75
3.14 Impact of lower bank wealth, mean
variance model 76
3.15 Impact of mean preserving spread (increase
in risk) of the borrower s return on lending,
bankruptcy 79
3.16 Effect of mean preserving increase in risk 80
3.17 Impact of increase in reserve requirements,
bankruptcy model 82
3.18 Impact of increase in reserve requirements,
mean variance model 82
3.19 Impact of increase in interest rates 84
3.20 Impact of increase in capital adequacy
requirements 85
3.21 Impact of capital adequacy requirements 87
4.1 Opportunity locus, mean variance model,
restricted banking 97
4.2 Impact of reduced bank wealth, restricted
banking 98
4.3 Impact of increased interest rates, restricted
banking 100
4.4 Impact of increased reserve requirements 102
5.1 Equilibrium interest rate in the corn economy H5
LIST OF FIGURES AND TABLE ix
6.1 Monetary equilibrium 124
6.2 Shift of IS L*M* curves within business cycles 126
6.3 Open market operations 129
7.1 General equilibrium credit relations model 139
7.2 Model of credit interlinkages with three firms 143
8.1 General equilibrium effects of an increase
in reserve requirements 159
8.2 Impact of higher opportunity cost of funds
(expected rate of return on lending rates charged) 161
8.3 Impact of increased reserve requirements,
credit rationing with excess liquidity 163
8.4 Asset effect of monetary policy 169
8.5 Risk effect of monetary policy loans marketable 172
8.6 Risk effect of monetary policy, no secondary
market for loans 173
8.7 Impacts of monetary policy on aggregate
demand and supply 182
8.8 Liquidity trap, traditional version 188
8.9 Liquidity trap, new version 189
8.10 Liquidity trap, corner solution 190
8.11 How lowering interest rates can sometimes
have large positive effects 191
TABLE
12.1 Regression results, industry percentage growth
in employment by state in each year 255
|
any_adam_object | 1 |
author | Stiglitz, Joseph E. 1943- Greenwald, Bruce C. N. 1946- |
author_GND | (DE-588)120068524 (DE-588)128423714 |
author_facet | Stiglitz, Joseph E. 1943- Greenwald, Bruce C. N. 1946- |
author_role | aut aut |
author_sort | Stiglitz, Joseph E. 1943- |
author_variant | j e s je jes b c n g bcn bcng |
building | Verbundindex |
bvnumber | BV014733089 |
callnumber-first | H - Social Science |
callnumber-label | HG226 |
callnumber-raw | HG226.3.S85 2003 |
callnumber-search | HG226.3.S85 2003 |
callnumber-sort | HG 3226.3 S85 42003 |
callnumber-subject | HG - Finance |
classification_rvk | QC 320 QM 300 |
ctrlnum | (OCoLC)50054267 (DE-599)BVBBV014733089 |
dewey-full | 332.4 332.421 |
dewey-hundreds | 300 - Social sciences |
dewey-ones | 332 - Financial economics |
dewey-raw | 332.4 332.4 21 |
dewey-search | 332.4 332.4 21 |
dewey-sort | 3332.4 |
dewey-tens | 330 - Economics |
discipline | Wirtschaftswissenschaften |
edition | 1. publ. |
format | Book |
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id | DE-604.BV014733089 |
illustrated | Illustrated |
indexdate | 2024-07-09T19:05:37Z |
institution | BVB |
isbn | 0521810345 0521008050 |
language | English |
oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-009984656 |
oclc_num | 50054267 |
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physical | XV, 327 S. graph. Darst. |
publishDate | 2003 |
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publisher | Cambridge Univ. Press |
record_format | marc |
series2 | The Raffaele Mattioli lecture series |
spelling | Stiglitz, Joseph E. 1943- Verfasser (DE-588)120068524 aut Towards a new paradigm in monetary economics Joseph Stiglitz and Bruce Greenwald 1. publ. Cambridge [u.a.] Cambridge Univ. Press 2003 XV, 327 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier The Raffaele Mattioli lecture series "Expanding upon the literature of new institutional economics, the first part of this study stresses the significance of imperfections in information, bankruptcy and banks. The second part examines the policy implications of the new paradigm emphasizing loanable fund demand and supply, and demonstrates its relevance to our understanding of two recent historical episodes--the East Asian financial crisis and the 1991 U.S. recession and subsequent recovery and boom." http://www.loc.gov/catdir/description/cam051/2004299948.html. Bancos larpcal Bankwezen gtt Banques Economia monetária larpcal Institutionele economie gtt Moeda (economia) larpcal Monetaire theorie gtt Monnaie Politique monétaire Política monetária larpcal Bank Money Monetary policy Banks and banking Kreditwesen (DE-588)4032950-1 gnd rswk-swf Kreditpolitik (DE-588)4032941-0 gnd rswk-swf Kreditmarkt (DE-588)4073788-3 gnd rswk-swf Bank (DE-588)4004436-1 gnd rswk-swf Geldtheorie (DE-588)4121333-6 gnd rswk-swf Geldpolitik (DE-588)4019902-2 gnd rswk-swf Geldtheorie (DE-588)4121333-6 s Geldpolitik (DE-588)4019902-2 s DE-188 Kreditpolitik (DE-588)4032941-0 s Bank (DE-588)4004436-1 s Kreditwesen (DE-588)4032950-1 s Kreditmarkt (DE-588)4073788-3 s Greenwald, Bruce C. N. 1946- Verfasser (DE-588)128423714 aut http://www.loc.gov/catdir/description/cam051/2004299948.html Publisher description http://www.loc.gov/catdir/toc/fy045/2004299948.html Table of contents HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=009984656&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
spellingShingle | Stiglitz, Joseph E. 1943- Greenwald, Bruce C. N. 1946- Towards a new paradigm in monetary economics Bancos larpcal Bankwezen gtt Banques Economia monetária larpcal Institutionele economie gtt Moeda (economia) larpcal Monetaire theorie gtt Monnaie Politique monétaire Política monetária larpcal Bank Money Monetary policy Banks and banking Kreditwesen (DE-588)4032950-1 gnd Kreditpolitik (DE-588)4032941-0 gnd Kreditmarkt (DE-588)4073788-3 gnd Bank (DE-588)4004436-1 gnd Geldtheorie (DE-588)4121333-6 gnd Geldpolitik (DE-588)4019902-2 gnd |
subject_GND | (DE-588)4032950-1 (DE-588)4032941-0 (DE-588)4073788-3 (DE-588)4004436-1 (DE-588)4121333-6 (DE-588)4019902-2 |
title | Towards a new paradigm in monetary economics |
title_auth | Towards a new paradigm in monetary economics |
title_exact_search | Towards a new paradigm in monetary economics |
title_full | Towards a new paradigm in monetary economics Joseph Stiglitz and Bruce Greenwald |
title_fullStr | Towards a new paradigm in monetary economics Joseph Stiglitz and Bruce Greenwald |
title_full_unstemmed | Towards a new paradigm in monetary economics Joseph Stiglitz and Bruce Greenwald |
title_short | Towards a new paradigm in monetary economics |
title_sort | towards a new paradigm in monetary economics |
topic | Bancos larpcal Bankwezen gtt Banques Economia monetária larpcal Institutionele economie gtt Moeda (economia) larpcal Monetaire theorie gtt Monnaie Politique monétaire Política monetária larpcal Bank Money Monetary policy Banks and banking Kreditwesen (DE-588)4032950-1 gnd Kreditpolitik (DE-588)4032941-0 gnd Kreditmarkt (DE-588)4073788-3 gnd Bank (DE-588)4004436-1 gnd Geldtheorie (DE-588)4121333-6 gnd Geldpolitik (DE-588)4019902-2 gnd |
topic_facet | Bancos Bankwezen Banques Economia monetária Institutionele economie Moeda (economia) Monetaire theorie Monnaie Politique monétaire Política monetária Bank Money Monetary policy Banks and banking Kreditwesen Kreditpolitik Kreditmarkt Geldtheorie Geldpolitik |
url | http://www.loc.gov/catdir/description/cam051/2004299948.html http://www.loc.gov/catdir/toc/fy045/2004299948.html http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=009984656&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
work_keys_str_mv | AT stiglitzjosephe towardsanewparadigminmonetaryeconomics AT greenwaldbrucecn towardsanewparadigminmonetaryeconomics |