Essays on Credit Frictions, Debt Choice, and the Business Cycle
Author : Julian Karl Douglas Wright
Publisher :
Page : 212 pages
File Size : 25,63 MB
Release : 1995
Category :
ISBN :
Global Waves of Debt
Author : M. Ayhan Kose
Publisher : World Bank Publications
Page : 403 pages
File Size : 10,25 MB
Release : 2021-03-03
Category : Business & Economics
ISBN : 1464815453
Book Description
The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.
The Chicago Plan Revisited
Author : Mr.Jaromir Benes
Publisher : International Monetary Fund
Page : 71 pages
File Size : 50,12 MB
Release : 2012-08-01
Category : Business & Economics
ISBN : 1475505523
Book Description
At the height of the Great Depression a number of leading U.S. economists advanced a proposal for monetary reform that became known as the Chicago Plan. It envisaged the separation of the monetary and credit functions of the banking system, by requiring 100% reserve backing for deposits. Irving Fisher (1936) claimed the following advantages for this plan: (1) Much better control of a major source of business cycle fluctuations, sudden increases and contractions of bank credit and of the supply of bank-created money. (2) Complete elimination of bank runs. (3) Dramatic reduction of the (net) public debt. (4) Dramatic reduction of private debt, as money creation no longer requires simultaneous debt creation. We study these claims by embedding a comprehensive and carefully calibrated model of the banking system in a DSGE model of the U.S. economy. We find support for all four of Fisher's claims. Furthermore, output gains approach 10 percent, and steady state inflation can drop to zero without posing problems for the conduct of monetary policy.
Hysteresis and Business Cycles
Author : Ms.Valerie Cerra
Publisher : International Monetary Fund
Page : 50 pages
File Size : 19,21 MB
Release : 2020-05-29
Category : Business & Economics
ISBN : 1513536990
Book Description
Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economists refer to as “hysteresis,” argues for unifying the analysis of growth and cycles. In this paper, we review the recent empirical and theoretical literature that motivate this paradigm shift. The renewed interest in hysteresis has been sparked by the persistence of the Global Financial Crisis and fears of a slow recovery from the Covid-19 crisis. The findings of the recent literature have far-reaching conceptual and policy implications. In recessions, monetary and fiscal policies need to be more active to avoid the permanent scars of a downturn. And in good times, running a high-pressure economy could have permanent positive effects.
Financial Crises Explanations, Types, and Implications
Author : Mr.Stijn Claessens
Publisher : International Monetary Fund
Page : 66 pages
File Size : 17,93 MB
Release : 2013-01-30
Category : Business & Economics
ISBN : 1475561008
Book Description
This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp fluctuations in asset and credit markets, the paper briefly reviews theoretical and empirical studies on developments in these markets around financial crises. Second, what are the major types of financial crises? The paper focuses on the main theoretical and empirical explanations of four types of financial crises—currency crises, sudden stops, debt crises, and banking crises—and presents a survey of the literature that attempts to identify these episodes. Third, what are the real and financial sector implications of crises? The paper briefly reviews the short- and medium-run implications of crises for the real economy and financial sector. It concludes with a summary of the main lessons from the literature and future research directions.
Essays on Capital Structure and Trade Financing
Author : Klaus Hammes
Publisher : Department of Economics School of Economics and Commercial Law Go
Page : 188 pages
File Size : 31,51 MB
Release : 2003
Category : Capital investments
ISBN :
Book Description
Credit Frictions, Debt Choice and the Transmission of Monetary Policy
Author : Julian Wright
Publisher :
Page : 40 pages
File Size : 22,22 MB
Release : 1996
Category : Credit
ISBN :
Book Description
Macroeconomics and the Financial System
Author : N. Gregory Mankiw
Publisher : Macmillan
Page : 642 pages
File Size : 46,63 MB
Release : 2011
Category : Business & Economics
ISBN : 1429253673
Book Description
Watch this video interview with Greg Mankiw and Larry Ball discussing the future of the intermediate macroeconomics course and their new text. Check out preview content for Macroeconomics and the Financial System here. The financial crisis and subsequent economic downturn of 2008 and 2009 was a dramatic reminder of what economists have long understood: developments in the overall economy and developments in the financial system are inextricably intertwined. Derived and updated from two widely acclaimed textbooks (Greg Mankiw’s Macroeconomics, Seventh Edition and Larry Ball’s Money, Banking, and the Financial System), this groundbreaking text is the first and only intermediate macroeconomics text that provides substantial coverage of the financial system.
Financial Markets and the Real Economy
Author : John H. Cochrane
Publisher : Now Publishers Inc
Page : 117 pages
File Size : 21,29 MB
Release : 2005
Category : Business & Economics
ISBN : 1933019158
Book Description
Financial Markets and the Real Economy reviews the current academic literature on the macroeconomics of finance.
The Economics of World War I
Author : Stephen Broadberry
Publisher : Cambridge University Press
Page : 363 pages
File Size : 10,95 MB
Release : 2005-09-29
Category : History
ISBN : 1139448358
Book Description
This unique volume offers a definitive new history of European economies at war from 1914 to 1918. It studies how European economies mobilised for war, how existing economic institutions stood up under the strain, how economic development influenced outcomes and how wartime experience influenced post-war economic growth. Leading international experts provide the first systematic comparison of economies at war between 1914 and 1918 based on the best available data for Britain, Germany, France, Russia, the USA, Italy, Turkey, Austria-Hungary and the Netherlands. The editors' overview draws some stark lessons about the role of economic development, the importance of markets and the damage done by nationalism and protectionism. A companion volume to the acclaimed The Economics of World War II, this is a major contribution to our understanding of total war.
