Financial assets, debt and liquidity crises: a Keynesian approach
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| Format: | Book |
|---|---|
| Language: | English |
| Published: |
Cambridge [u.a.]
Cambridge Univ. Press
2011
|
| Edition: | 1. publ. |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XXIV, 432 S. graph. Darst. |
| ISBN: | 9781107004931 |
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MARC
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Record in the Search Index
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|---|---|
| adam_text | Contents
List of figures page
χ
List of tables
xiv
Notation
xvi
Preface
xxi
1
Financial crises and the macroeconomy
1
/. /
Open economies, foreign debt and currency crises
2
1.2
Household borrowing, debt default and banking crises
5
1.3
Overleveraging, debt and debt deflation
8
1.4
Plan of the book
10
Part I The non-linear dynamics of credit and debt default
13
2
Currency crisis, credit crunches and large output loss
15
2.1
The emergence of currency crises
15
2.2
Some stylised facts
16
2.3
The Krugman model: an MFT representation
17
2.4
Sectoral budget equations and national accounts
23
2.5
Flexible exchange rates: output and exchange rate dynamics
29
2.6
Fixed exchange rates and the emergence of currency crises
36
2.7
International capital flows: adding capital account dynamics
42
2.8
Conclusions
48
3
Mortgage loans, debt default and the emergence of banking crises
50
3.1
Mortgage and banking crises
50
3.2
A Keynes-Goodwin model with mortgage loans and debt default
52
3.3
Excessive overconsumption and an attracting steady state
55
3.4
Weakly excessive overconsumption and a repelling steady state
62
3.5
Credit rationing, reduced consumption and the emergence of
mortgage crises
65
Contents
3.6
Monetary policy in a mortgage crisis
67
3.7
Adding commercial banking
71
3.8
Conclusions and outlook
77
3.9
Appendix: some simulation studies of the baseline model
78
Debt deflation and the descent into economic depression
85
4.
1 The debt deflation debate
85
4.2 3D
debt accumulation
88
4.3
4D debt deflation
100
4.4
Keynes—
Metzle r-Goodwin
real business fluctuations: the point of
departure
111
4.4.1
The basic framework
112
4.4.2
The
3D
Rose type wage-price dynamics
113
4.4.3
The 2D Metzlerian quantity dynamics and capital stock
growth
116
4.4.4
Putting things together: the KMG growth dynamics
117
4.5
Feedback-motivated stability analysis
119
4.6
Debt deflation in the KMG framework
124
4.6.1
Integrating debt financing of firms
125
4.6.2
Enterprise debt dynamics in the KMG framework
127
4.6.3
Analysis of the model
128
4.7
Conclusions and outlook
132
Part II Theoretical foundations for structural macroeconometric
model building
133
Keynesian macroeconometric model building: a point of departure
135
5. /
Introduction
135
5.2
The real and the financial part of the economy
139
5.2.1
The structure of the real part
139
5.2.2
The structure of the financial part
140
5.3
The structure of the economy from the viewpoint of national
accounting
142
5.3.1
The four sectors of the economy
142
5.3.2
Gross domestic product, savings, investment and further
aggregates
148
5.4
The model
151
5.4.1
Preliminaries
152
5.4.2
Households
155
5.4.3
Firms
161
5.4.4
The government
164
5.4.5
Quantity and price adjustment processes
168
Contents
5.4.6
The dynamics of asset market prices and expectations
171
5.4.7
External accounts and foreign country data
176
5.
5.4.7
External accounts and foreign country data
176
5.5
The next steps
178
6
Intensive form and steady state calculations
180
6.1
Introduction
180
6.2
The real and the financial structure on the intensive form level
181
6.2.1
The real part of the economy
181
6.2.2
The financial part of the economy
182
6.3
The implied 34D dynamics
183
6.3.1
The laws of motion
184
6.3.2
Static relationships
190
6.4
Steady state analysis
192
6.5
The 18D core dynamics of the model
197
6.5.1
The laws of motion
198
6.5.2
Static relationships
200
6.6
Outlook: feedback structures and stability issues
201
7
Partial feedback structures and stability issues
206
7. /
Introduction
206
7.2
National accounting (in intensive form)
207
7.2.1
Firms
207
7.2.2
Asset holders
209
7.2.3
Workers
209
7.2.4
Fiscal and monetary authorities
209
7.2.5
International relationships
210
7.3
The core 18D dynamical system: a recapitulation
211
7.4
A Goodwin wage income/insider-outsider labour market
dynamics
216
7.5
Adding the Rose real wage feedback chain
219
7.6
The Metzlerian expected sales/inventory dynamics
224
7.7
The dynamics of housing supply
228
7.8
The Keynes effect
230
7.9
The Mundell-Tobin effect
232
7.10
The
Blanchard
bond and stock market dynamics
234
7. //
The dynamics of the government budget constraint
240
7.12
Import taxation
242
7.13
The
Dornbusch
exchange rate dynamics mechanism
243
7.14
Conclusions
248
Part III Debt crises: firms, banks and the housing markets
251
8
Debt deflation: from low to high order macrosystems
253
8.1
Introduction
253
Contents
8.2
Reformulating the structure of the economy
260
8.2.1
Changes in the financial sector of the economy
261
8.2.2
Changes from the viewpoint of national accounting
261
8.3
The augmented 18+2D system: investment, debt and price
level dynamics
266
8.4
Intensive form representation of the 20D dynamics
273
8.5
Debt effects and debt deflation
282
8.5.1 3D
debt accumulation
283
8.5.2
4D debt deflation
287
8.6
Numerical simulations: from low to high order dynamics
294
8.6.1
The
3D
dynamics
294
8.6.2
The 4D dynamics
296
8.6.3
The 20D dynamics
300
8.7
Summary and outlook
304
Bankruptcy of firms, debt default and the performance of banks
307
9.
1 Debt targeting, debt default and bankruptcy
309
9.2
Tabular representations of stocks and flows
311
9.3
Commercial banks and pro-cyclical credit supply
ЗІЗ
9.3.1
Firms
313
9.3.2
Commercial banks: credit rationing and money creation
317
9.3.3
Asset holders:
Blanchard
asset market dynamics
320
9.3.4
Public sector
321
9.3.5
Workers
323
9.4
Reduced form equations and steady state
325
9.5
Debt default without and with bankruptcy
327
9.5.1
Debt default without bankruptcy
328
9.5.1.1
The case of a wage-led aggregate demand
330
9.5.1.2
The case of a profit-led aggregate demand
332
9.5.2
Debt default with bankruptcy
333
9.5.2.1
The case of a wage-led aggregate demand
335
9.5.2.2
The case of a profit-led aggregate demand
336
9.6
Simulations: baseline scenarios
338
9.6.1
Debt default and bankruptcy
338
9.6.2
Banks budget constraint
339
9.6.3
Pro-cyclical profits and credit supply
340
9.6.4
Debt default and credit crunch
341
9.6.5
Bank bailouts and loss socialisation
342
9.7
Simulations: extended studies
343
9.7.1
Wage-led aggregate demand
343
9.7.2
Profit-led aggregate demand
346
9.7.3
Debt deflation
347
Contents ix
9.7.4
Interest
rate policy rules
349
9.7.5
Fiscal policy
351
9.8
Conclusions
352
10
Japan s institutional configuration and its financial crisis
354
10.1
A stable profit-led real sector
356
10.2
Pro-cyclical financial markets
360
10.3
Less than optimal fiscal and monetary policies
362
10.4
Debt default without bankruptcy
365
10.5
Bad debt and banking crises
367
10.6
Delayed and weak government response
368
10.6.1
The early response: buy-in of failing banks
370
10.6.2
The ineluctable buy-out of failing banks
372
10.7
Conclusions
378
10.8
Appendix: data sources
379
11
Housing investment cycles, workers debt and debt default
380
//.ƒ
Introduction
380
11.2
Debt relationships in the household sector
382
11.2.1
Worker households
382
11.2.2
Pure asset holder households
385
11.2.3
Wage, price and interest rate adjustment processes
388
11.3
Intensive form derivation of a simplified 9D dynamics
389
11.4
2D,
3D
and 5D subcases of integrated 6D real
subdynamics
397
11.5
Numerical investigation of housing cycles and debt deflation
410
11.6
Debt default and bankruptcy in the private housing market
414
11.7
Conclusions
419
References
420
Index
427
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| spelling | Financial assets, debt and liquidity crises a Keynesian approach Matthieu Charpe ... 1. publ. Cambridge [u.a.] Cambridge Univ. Press 2011 XXIV, 432 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Keynessche Theorie (DE-588)4030426-7 gnd rswk-swf Konjunkturmodell (DE-588)4164996-5 gnd rswk-swf Finanzkrise (DE-588)7635855-0 gnd rswk-swf Schuldenkrise (DE-588)4200280-1 gnd rswk-swf Konjunkturmodell (DE-588)4164996-5 s Schuldenkrise (DE-588)4200280-1 s Finanzkrise (DE-588)7635855-0 s Keynessche Theorie (DE-588)4030426-7 s DE-188 Charpe, Matthieu Sonstige oth Digitalisierung UB Bayreuth application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=022453497&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Financial assets, debt and liquidity crises a Keynesian approach Keynessche Theorie (DE-588)4030426-7 gnd Konjunkturmodell (DE-588)4164996-5 gnd Finanzkrise (DE-588)7635855-0 gnd Schuldenkrise (DE-588)4200280-1 gnd |
| subject_GND | (DE-588)4030426-7 (DE-588)4164996-5 (DE-588)7635855-0 (DE-588)4200280-1 |
| title | Financial assets, debt and liquidity crises a Keynesian approach |
| title_auth | Financial assets, debt and liquidity crises a Keynesian approach |
| title_exact_search | Financial assets, debt and liquidity crises a Keynesian approach |
| title_full | Financial assets, debt and liquidity crises a Keynesian approach Matthieu Charpe ... |
| title_fullStr | Financial assets, debt and liquidity crises a Keynesian approach Matthieu Charpe ... |
| title_full_unstemmed | Financial assets, debt and liquidity crises a Keynesian approach Matthieu Charpe ... |
| title_short | Financial assets, debt and liquidity crises |
| title_sort | financial assets debt and liquidity crises a keynesian approach |
| title_sub | a Keynesian approach |
| topic | Keynessche Theorie (DE-588)4030426-7 gnd Konjunkturmodell (DE-588)4164996-5 gnd Finanzkrise (DE-588)7635855-0 gnd Schuldenkrise (DE-588)4200280-1 gnd |
| topic_facet | Keynessche Theorie Konjunkturmodell Finanzkrise Schuldenkrise |
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