Essays in General Equilibrium with Incomplete Financial Markets PDF Download
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Author: Tito Pietra
Publisher:
ISBN:
Category :
Languages : en
Pages : 230
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Author: Tito Pietra
Publisher:
ISBN:
Category :
Languages : en
Pages : 230
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Author: Dirk Ebmeyer
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ISBN:
Category :
Languages : en
Pages : 350
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Author: Zhiyi Wei
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Category : Bank loans
Languages : en
Pages : 150
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Author: Alessandro Citanna
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ISBN:
Category :
Languages : en
Pages : 260
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Author: Piero Gottardi
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Category :
Languages : en
Pages :
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Author: Enrique Lucio Kawamura Ishiy
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Category :
Languages : en
Pages : 302
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Author: Kyu-Chul Jung
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ISBN:
Category :
Languages : en
Pages : 99
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Author: Juan Carlos Aquino Chavez
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Category : Electronic dissertations
Languages : en
Pages : 95
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Essays on Incomplete Markets and Macroeconomics consists of contributions of theoretical and empirical nature in the sub-field of Macroeconomics through two chapters. In the first chapter, titled Liquidity Regulation in a Monetary Economy, although it is commonly argued that the prevention of bank runs is the main reason to regulate banks' asset portfolios, I show that a market failure that justifies such regulation lies on the incompleteness of financial markets when there is risk about the aggregate distribution of transaction types. I develop a framework in which outside (fiat, government-provided) and inside (plastic, bank-created) money co-exist as means of payment under either complete or incomplete financial markets for aggregate risk. The welfare analysis is reduced to comparing only two parameters: the currency-to-liability ratio [delta] which is set by the government and the fraction [rho] of banks' depositors engaged in cash-only transactions (inside money cannot be accepted). In equilibrium, when [delta]
Author: Jung-moh Chang
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ISBN:
Category :
Languages : en
Pages : 112
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Author: Qimou Su
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ISBN:
Category : Derivative securities
Languages : en
Pages : 362
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