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Author: SangKun Bae
Publisher:
ISBN:
Category : Argentina
Languages : en
Pages : 352
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Book Description
This dissertation presents three essays on the financial system, inflation, and growth. The first essay investigates the relationships between financial development, inflation, and economic growth. The cross-section analysis finds that the relationship between inflation and financial development is negative and nonlinear. The time series analysis by stage of inflation crisis finds that further increases in inflation have negative effects on financial development and growth in the beginning of the inflation crisis, while these relationships vanish at the closing stage of the crisis. Thus, these relationships depend on the stage of inflation. This is an advantage in this study, since use of cross-section data can not analyze the relationship between the stage of inflation and financial development. It is also found that, despite during the crises, if the roles of loans to the private sector and of loans by commercial bank can be established, higher growth is occurred. The second essay examines the hypotheses concerning the effects of money on real output using long, low frequency data for Argentina and Brazil. The annual data for Argentina are from 1884 to 1996 and for Brazil are from 1912 to 1995. Study of these countries is particularly interesting, since over the last century their experience has included extended periods of low inflation, decades of high inflation, and periods of hyperinflation. It is found that a rise in money growth is associated with a decline in output in both countries--the opposite of the Tobin effect. The introduction of intercept dummy variables to capture periods of bank insolvencies in Argentina and Brazil indicated that such episodes have a distinct and negative influence on output that is not captured by changes in the growth rate of the money aggregates. The third essay applies an ARFIMA model to investigate long-run neutrality and long-run superneutrality with monthly data including hyperinflation periods in Argentina, Brazil, and Peru. It is found that industrial production series in Argentina and Brazil are fractionally integrated processes as well as three alternative monetary aggregates in Argentina and Peru. Furthermore, in an ARFIMA framework for test of long-run neutrality, the results suggest that long-run neutrality of money holds in Argentina, Brazil, and Peru. Moreover, Peruvian data support long-run superneutrality in the ARFIMA framework.
Author: SangKun Bae
Publisher:
ISBN:
Category : Argentina
Languages : en
Pages : 352
Get Book Here
Book Description
This dissertation presents three essays on the financial system, inflation, and growth. The first essay investigates the relationships between financial development, inflation, and economic growth. The cross-section analysis finds that the relationship between inflation and financial development is negative and nonlinear. The time series analysis by stage of inflation crisis finds that further increases in inflation have negative effects on financial development and growth in the beginning of the inflation crisis, while these relationships vanish at the closing stage of the crisis. Thus, these relationships depend on the stage of inflation. This is an advantage in this study, since use of cross-section data can not analyze the relationship between the stage of inflation and financial development. It is also found that, despite during the crises, if the roles of loans to the private sector and of loans by commercial bank can be established, higher growth is occurred. The second essay examines the hypotheses concerning the effects of money on real output using long, low frequency data for Argentina and Brazil. The annual data for Argentina are from 1884 to 1996 and for Brazil are from 1912 to 1995. Study of these countries is particularly interesting, since over the last century their experience has included extended periods of low inflation, decades of high inflation, and periods of hyperinflation. It is found that a rise in money growth is associated with a decline in output in both countries--the opposite of the Tobin effect. The introduction of intercept dummy variables to capture periods of bank insolvencies in Argentina and Brazil indicated that such episodes have a distinct and negative influence on output that is not captured by changes in the growth rate of the money aggregates. The third essay applies an ARFIMA model to investigate long-run neutrality and long-run superneutrality with monthly data including hyperinflation periods in Argentina, Brazil, and Peru. It is found that industrial production series in Argentina and Brazil are fractionally integrated processes as well as three alternative monetary aggregates in Argentina and Peru. Furthermore, in an ARFIMA framework for test of long-run neutrality, the results suggest that long-run neutrality of money holds in Argentina, Brazil, and Peru. Moreover, Peruvian data support long-run superneutrality in the ARFIMA framework.
Author:
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Author: Michael D. Bordo
Publisher: University of Chicago Press
ISBN: 0226066959
Category : Business & Economics
Languages : en
Pages : 545
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Book Description
Controlling inflation is among the most important objectives of economic policy. By maintaining price stability, policy makers are able to reduce uncertainty, improve price-monitoring mechanisms, and facilitate more efficient planning and allocation of resources, thereby raising productivity. This volume focuses on understanding the causes of the Great Inflation of the 1970s and ’80s, which saw rising inflation in many nations, and which propelled interest rates across the developing world into the double digits. In the decades since, the immediate cause of the period’s rise in inflation has been the subject of considerable debate. Among the areas of contention are the role of monetary policy in driving inflation and the implications this had both for policy design and for evaluating the performance of those who set the policy. Here, contributors map monetary policy from the 1960s to the present, shedding light on the ways in which the lessons of the Great Inflation were absorbed and applied to today’s global and increasingly complex economic environment.
Author: Giuseppe Fontana
Publisher: Springer
ISBN: 0230285589
Category : Business & Economics
Languages : en
Pages : 363
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Book Description
This volume focuses on current issues of debate in the area of modern macroeconomics and money, written from (a broadly interpreted) post Keynesian perspective. The papers connect with Philip Arestis' contributions to macroeconomics and money, and pay tribute to his distinguished career.
Author: Ronald I. McKinnon
Publisher: Marcel Dekker
ISBN:
Category : Business & Economics
Languages : en
Pages : 360
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Book Description
Textbook tracing the role of the monetary system and financial system in economic growth and development - covers financial policy in developing countries, the cost of inflation and approaches to deflation, the effects of economic integration and the international monetary system on local finance and monetary policy, and includes perspectives for coordination within the EC. References.
Author: Harry G. Johnson
Publisher: Routledge
ISBN: 1134623631
Category : Business & Economics
Languages : en
Pages : 284
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Book Description
Reprinting the second edition (which included a new introduction explaining developments which had emerged since first publication) this book discusses explorations in the fundamental theory of a monetary economy, a theoretical critique of the ‘Phillips Curve’ approach to the theory of inflation and the theory of the term structure of interest rates in terms of the theory of forward markets pioneered by David Meiselman.
Author: Ross Levine
Publisher:
ISBN:
Category : Economic development
Languages : en
Pages : 130
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Book Description
"This paper reviews, appraises, and critiques theoretical and empirical research on the connections between the operation of the financial system and economic growth. While subject to ample qualifications and countervailing views, the preponderance of evidence suggests that both financial intermediaries and markets matter for growth and that reverse causality alone is not driving this relationship. Furthermore, theory and evidence imply that better developed financial systems ease external financing constraints facing firms, which illuminates one mechanism through which financial development influences economic growth. The paper highlights many areas needing additional research"--NBER website
Author: Jan A. Kregel
Publisher: Anthem Press
ISBN: 1783083824
Category : Business & Economics
Languages : en
Pages : 376
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Book Description
Jan A. Kregel is considered to be “the best all-round general economist alive” (G. C. Harcourt). This is the first collection of his essays dealing with a wide range of topics reflecting the incredible depth and breadth of Kregel’s work. These essays focus on the role of finance in development and growth. Kregel has expanded Minsky’s original postulate that in capitalist economies stability engenders instability in international economy, and this volume collect’s Kregel’s key works devoted to financial instability, its causes and effects. The volume also contains Kregel’s most recent discussions of the Great Recession beginning in 2008.
Author: Board of Governors of the Federal Reserve System
Publisher:
ISBN: 9780894991967
Category : Banks and Banking
Languages : en
Pages : 0
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Book Description
Provides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the international sphere, supervision and regulation, consumer and community affairs and services offered by Reserve Banks. Contains several appendixes, including a brief explanation of Federal Reserve regulations, a glossary of terms, and a list of additional publications.
Author: Brigitte Granville
Publisher: Skyhorse Publishing
ISBN:
Category : Business & Economics
Languages : en
Pages : 300
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Book Description
Contributors from member organizations of the Tokyo Club discuss the topics "Reflections on the Economies of Three Major Western Players," "Assessment and Responses to Financial Turmoil," "In Search of an Exchange Rate Regime," and "Managing Risks in an Integrating World Financial System." Members of the Tokyo Club include the Brookings Institution (USA), IFO-Institut Fur Wirtschaftsforschung (Germany), Institut Francais des Relations Internationales (France), The Royal Institute of International Affairs (UK), and Nomura Research Institute, Ltd. (Japan).
