Financial Innovation and Price Volatility PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download Financial Innovation and Price Volatility PDF full book. Access full book title Financial Innovation and Price Volatility by Alessandro Citanna. Download full books in PDF and EPUB format.
Author: Alessandro Citanna
Publisher:
ISBN:
Category :
Languages : en
Pages : 29
Get Book Here
Book Description
In a three-period finite competitive exchange economy with incomplete financial markets and retrading, we show the generic existence of financial innovation which decreases equilibrium price volatility (as well as innovation which incresases it). The existence is obtained under conditions of sufficient market incompleteness. The financial innnovation may consist of an asset which is only traded at time zero, or retreded, and with payoffs only at the terminal date. The existence is shown to be robust in the asset payoff space.
Author: Alessandro Citanna
Publisher:
ISBN:
Category :
Languages : en
Pages : 29
Get Book Here
Book Description
In a three-period finite competitive exchange economy with incomplete financial markets and retrading, we show the generic existence of financial innovation which decreases equilibrium price volatility (as well as innovation which incresases it). The existence is obtained under conditions of sufficient market incompleteness. The financial innnovation may consist of an asset which is only traded at time zero, or retreded, and with payoffs only at the terminal date. The existence is shown to be robust in the asset payoff space.
Author: Merton H. Miller
Publisher:
ISBN:
Category : Financial futures
Languages : en
Pages : 18
Get Book Here
Book Description
Author: Alexander Miller
Publisher: Wiley
ISBN: 9781557862525
Category : Business & Economics
Languages : en
Pages : 288
Get Book Here
Book Description
In this book, Nobel Laureate Merton Miller presents a sustained attack on the popular view that modern financial innovations have created excessive market volatility to the detriment of individual savers and business investors, and that regulation is essential in such forms as higher margin requirements, taxes on trading, and perhaps even closing down the future market.
Author: Fernando Zapatero
Publisher:
ISBN:
Category : Equilibrium (Economics)
Languages : en
Pages : 78
Get Book Here
Book Description
Author: Alessandro Citanna
Publisher:
ISBN: 9782854187496
Category :
Languages : en
Pages : 42
Get Book Here
Book Description
Author: Karen E. Dynan
Publisher:
ISBN:
Category : Economic stabilization
Languages : en
Pages : 80
Get Book Here
Book Description
The stabilization of economic activity in the mid 1980s has received considerable attention. Research has focused primarily on the role played by milder economic shocks, improved inventory management, and better monetary policy. This paper explores another potential explanation: financial innovation. Examples of such innovation include developments in lending practices and loan markets that have enhanced the ability of households and firms to borrow and changes in government policy such as the demise of Regulation Q. We employ a variety of simple empirical techniques to identify links between the observed moderation in economic activity and the influence of financial innovation on consumer spending, housing investment, and business fixed investment. Our results suggest that financial innovation should be added to the list of likely contributors to the mid-1980s stabilization.
Author: G. V. Satya Sekhar
Publisher: Vernon Press
ISBN: 1622734076
Category : Business & Economics
Languages : en
Pages : 154
Get Book Here
Book Description
Financial innovation is a regular feature of the global financial system. Financial innovation results in greater economic efficiency over time. In the process of creating a new financial product, besides basic theory of financial management, a financial engineer needs to acquire knowledge of optimization and financial modeling techniques. Modern financial innovation is underpinned by a rich literature including the seminal studies by Levich (1985), Smith, Smithson, and Wilford (1990), Verghese (1990), Merton (1992), Levine (1997), John D Finnerty (2002), Tufano (2003) and Draghi (2008), among many others. This book corresponds to the need to provide an integrated study on financial innovation and the economic regulatory mechanism. A key part of financial innovation covered in the book is the process of creating innovative financial securities and derivative pricing that offers new pay-offs to investors. The book also covers a selection of empirical studies corroborating financial innovation theories. It also exposes myths surrounding performance evaluation models. This book is presented in six chapters. The first chapter outlines important considerations on the application of financial innovation theories. The second chapter presents the theories that underpin financial innovation practice. The third chapter focuses on use of technology for financial modeling. The fourth chapter identifies the relationship between financial innovation and the wider economic system. The fifth chapter discusses the place of financial innovation in the global financial system. The sixth and final chapter presents a comparative analysis of India and the United States.
Author: Umit Hacioglu
Publisher: Springer Nature
ISBN: 3030252752
Category : Business & Economics
Languages : en
Pages : 568
Get Book Here
Book Description
This book discusses various aspects of blockchains in economic systems and investment strategies in crypto markets. It first addresses the topic from a conceptual and theoretical point of view, and then analyzes it from an assessment and investment angle. Further, it examines the opportunities and limitations of the taxation of crypto currency, as well as the political implications, such as regulation of speculation with crypto currencies. The book is intended for academicians and students in the fields of economics and finance.
Author: Michael Haliassos
Publisher: MIT Press
ISBN: 0262018292
Category : Business & Economics
Languages : en
Pages : 275
Get Book Here
Book Description
Prominent economists consider the role of financial innovation in economic crises.
Author: Robert J. Shiller
Publisher: MIT Press
ISBN: 9780262691512
Category : Business & Economics
Languages : en
Pages : 486
Get Book Here
Book Description
Market Volatility proposes an innovative theory, backed by substantial statistical evidence, on the causes of price fluctuations in speculative markets. It challenges the standard efficient markets model for explaining asset prices by emphasizing the significant role that popular opinion or psychology can play in price volatility. Why does the stock market crash from time to time? Why does real estate go in and out of booms? Why do long term borrowing rates suddenly make surprising shifts? Market Volatility represents a culmination of Shiller's research on these questions over the last dozen years. It contains reprints of major papers with new interpretive material for those unfamiliar with the issues, new papers, new surveys of relevant literature, responses to critics, data sets, and reframing of basic conclusions. Included is work authored jointly with John Y. Campbell, Karl E. Case, Sanford J. Grossman, and Jeremy J. Siegel. Market Volatility sets out basic issues relevant to all markets in which prices make movements for speculative reasons and offers detailed analyses of the stock market, the bond market, and the real estate market. It pursues the relations of these speculative prices and extends the analysis of speculative markets to macroeconomic activity in general. In studies of the October 1987 stock market crash and boom and post-boom housing markets, Market Volatility reports on research directly aimed at collecting information about popular models and interpreting the consequences of belief in those models. Shiller asserts that popular models cause people to react incorrectly to economic data and believes that changing popular models themselves contribute significantly to price movements bearing no relation to fundamental shocks.
