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Author: Xiaoming Zhang (Researcher on economics)
Publisher:
ISBN:
Category : Economics
Languages : en
Pages : 0
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Author: Xiaoming Zhang (Researcher on economics)
Publisher:
ISBN:
Category : Economics
Languages : en
Pages : 0
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Author: Mattia Fochesato
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author: J. W. Mason
Publisher:
ISBN:
Category :
Languages : en
Pages : 197
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Following Minsky, an economy can be understood as a set of units linked to each other by flows of money payments and by the commitments to future payments reflected on balance sheets. This dissertation offers three accounts of the historical evolution of the US economy, conceived of a network of balance sheets, over the course of 20th and early 21st century. The first essay looks at changes in the pattern of payment flows between nonfinancial corporations and financial markets associated with the ``shareholder revolution" of the 1980s. It argues that the shift in payouts to shareholders from a quasi-fixed stream of dividends to a claim on every dollar actually or potentially available to the firm, has had important effects on the behavior of aggregate investment; in particular, it has weakened the link between corporate investment, on the one hand, and earnings and credit conditions, on the other. The second essay looks at household debt. It argues that that the evolution of household debt-income ratios must be understood as a monetary phenomenon and not merely the reflection of developments in ``real" expenditure and income. Decomposing the changes in household debt since 1929 using an appropriate accounting framework shows that changes in household behavior account for only a small part of the trajectory of household leverage over the past 80 years. The third essay applies this same broad perspective to the historical evolution of interest rate spreads. It argues that from a Keynesian perspective that regards interest as fundamentally the price of liquidity, there is no conceptual basis for picking out the difference in yield between money and a short-term government bond as``the" interest rate; there are many other pairs of asset yields the difference between which is determined on the same principles, and may have equal macroeconomic significance. This perspective helps make sense of the increasing gap between the policy rate and the interest rates facing most private borrowers.
Author: David Henry Bowman
Publisher:
ISBN:
Category :
Languages : en
Pages : 230
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Author: Michael K. Gavin
Publisher:
ISBN:
Category :
Languages : en
Pages : 414
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Author: Angus Maddison
Publisher: Oxford University Press
ISBN: 0199227217
Category : Business & Economics
Languages : en
Pages : 433
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This book seeks to identify the forces which explain how and why some parts of the world have grown rich and others have lagged behind. Encompassing 2000 years of history, part 1 begins with the Roman Empire and explores the key factors that have influenced economic development in Africa,Asia, the Americas and Europe. Part 2 covers the development of macroeconomic tools of analysis from the 17th century to the present. Part 3 looks to the future and considers what the shape of the world economy might be in 2030. Combining both the close quantitative analysis for which ProfessorMaddison is famous with a more qualitative approach that takes into account the complexity of the forces at work, this book provides students and all interested readers with a totally fascinating overview of world economic history. Professor Maddison has the unique ability to synthesise vast amountsof information into a clear narrative flow that entertains as well as informs, making this text an invaluable resource for all students and scholars, and anyone interested in trying to understand why some parts of the World are so much richer than others.
Author: Jeffrey Malcolm Lacker
Publisher:
ISBN:
Category :
Languages : en
Pages : 192
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Author: Marnix Amand
Publisher:
ISBN:
Category :
Languages : en
Pages : 166
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Author: Stefan Pitschner
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Category :
Languages : en
Pages : 0
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Author: William C. Whitesell
Publisher:
ISBN:
Category :
Languages : en
Pages : 70
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