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Author: A. W. Mullineux
Publisher: Edward Elgar Publishing
ISBN: 9781781959367
Category : Business & Economics
Languages : en
Pages : 232
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Book Description
Financial Innovation, Banking and Monetary Aggregates reviews the impact of financial innovation on the measurement of money and presents the first collection of country studies appraising the usefulness of Divisia indices in deriving monetary aggregates. Monetary aggregates are traditionally formed by simply summing various monetary components such as cash and balances in savings and cheque accounts. The monetary usefulness, or 'moneyness', of these components differs and can change as a result of innovation in banking, monetary transmission and payment services. To gauge the importance of such distortions and the merits of alternative weighted monetary indices, particularly Divisia indices, this volume brings together authoritative empirical studies of countries including the US, the UK, Germany, France, Sweden, Italy and Japan. The authors conclude by showing how Divisia monetary indices act as a useful supplement to traditional monetary aggregates.
Author: A. W. Mullineux
Publisher: Edward Elgar Publishing
ISBN: 9781781959367
Category : Business & Economics
Languages : en
Pages : 232
Get Book Here
Book Description
Financial Innovation, Banking and Monetary Aggregates reviews the impact of financial innovation on the measurement of money and presents the first collection of country studies appraising the usefulness of Divisia indices in deriving monetary aggregates. Monetary aggregates are traditionally formed by simply summing various monetary components such as cash and balances in savings and cheque accounts. The monetary usefulness, or 'moneyness', of these components differs and can change as a result of innovation in banking, monetary transmission and payment services. To gauge the importance of such distortions and the merits of alternative weighted monetary indices, particularly Divisia indices, this volume brings together authoritative empirical studies of countries including the US, the UK, Germany, France, Sweden, Italy and Japan. The authors conclude by showing how Divisia monetary indices act as a useful supplement to traditional monetary aggregates.
Author: Federal Reserve System. Board of Governors
Publisher:
ISBN:
Category :
Languages : en
Pages : 36
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Book Description
Author: Federal Reserve Bank of St. Louis
Publisher: Springer
ISBN:
Category : Business & Economics
Languages : en
Pages : 200
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Book Description
Author: Michael Pawley
Publisher: Routledge
ISBN: 9780415075039
Category : Business & Economics
Languages : en
Pages : 253
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Book Description
Author: Bank for International Settlements. Monetary and Economic Department
Publisher:
ISBN:
Category : Banks and banking
Languages : en
Pages : 310
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Book Description
Author: Peter Bernholz
Publisher: Springer
ISBN: 3319061097
Category : Business & Economics
Languages : en
Pages : 370
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Book Description
This book discusses theories of monetary and financial innovation and applies them to key monetary and financial innovations in history – starting with the use of silver bars in Mesopotamia and ending with the emergence of the Eurodollar market in London. The key monetary innovations are coinage (Asia minor, China, India), the payment of interest on loans, the bill of exchange and deposit banking (Venice, Antwerp, Amsterdam, London). The main financial innovation is the emergence of bond markets (also starting in Venice). Episodes of innovation are contrasted with relatively stagnant environments (the Persian Empire, the Roman Empire, the Spanish Empire). The comparisons suggest that small, open and competing jurisdictions have been more innovative than large empires – as has been suggested by David Hume in 1742.
Author: Huw Pill
Publisher: International Monetary Fund
ISBN: 1451940750
Category : Business & Economics
Languages : en
Pages : 22
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Book Description
The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.
Author: Robert E. Jr Lucas
Publisher:
ISBN:
Category : Finance
Languages : en
Pages :
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Book Description
This paper presents an empirical test of the proposition that control of a monetary aggregate will generate a rise in its velocity.The test is carried out utilizing the Canadian experience of controlling Ml growth from 1975:3 to 1982:3. Section One of the paper presents evidence of the instability of the Canadian demand from Ml money since 1975:3. Section Two develops a specific form of the proposition which emphasizes the role of asset substitution between classes of chartered bank deposits. A relative asset demand equation is derived from a wealth maximization model subject to a technological transactions constraint and this equation is estimated from 1961 through 1982.The results lend support to the proposition that central bank control of Ml generated a rise in Ml velocity.
Author: W. Scott Frame
Publisher: DIANE Publishing
ISBN: 1437928730
Category : Business & Economics
Languages : en
Pages : 33
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Book Description
Discusses the technological change and financial innovation that commercial banking has experienced during the past 25 years. Describes the role of the financial system in economies and how technological change and financial innovation can improve social welfare. Surveys the literature relating to several specific financial innovations, which are new products or services, production processes, or organizational forms. The past quarter century has been a period of substantial change in terms of banking products, services, and production technologies. Moreover, while much effort has been devoted to understanding the characteristics of users and adopters of financial innovations, we still know little about how and why financial innovations are initially developed.
Author: Peter D. Spencer
Publisher: Oxford University Press, USA
ISBN:
Category : Business & Economics
Languages : en
Pages : 248
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Book Description
Written by the co-author of the basic Treasury econometric model developed for financial forecasting and policy analysis, this book reviews Britain's experience and analyzes some of the problems that confronted the authorities in their attempts to restrain monetary growth from 1971 to 1981.
