The Theory of Money and Financial Institutions 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 The Theory of Money and Financial Institutions PDF full book. Access full book title The Theory of Money and Financial Institutions by Martin Shubik. Download full books in PDF and EPUB format.
Author: Martin Shubik
Publisher: MIT Press
ISBN: 9780262693110
Category : Business & Economics
Languages : en
Pages : 472
Get Book Here
Book Description
This first volume in a three-volume exposition of Shubik's vision of "mathematical institutional economics" explores a one-period approach to economic exchange with money, debt, and bankruptcy. This is the first volume in a three-volume exposition of Martin Shubik's vision of "mathematical institutional economics"--a term he coined in 1959 to describe the theoretical underpinnings needed for the construction of an economic dynamics. The goal is to develop a process-oriented theory of money and financial institutions that reconciles micro- and macroeconomics, using as a prime tool the theory of games in strategic and extensive form. The approach involves a search for minimal financial institutions that appear as a logical, technological, and institutional necessity, as part of the "rules of the game." Money and financial institutions are assumed to be the basic elements of the network that transmits the sociopolitical imperatives to the economy. Volume 1 deals with a one-period approach to economic exchange with money, debt, and bankruptcy. Volume 2 explores the new economic features that arise when we consider multi-period finite and infinite horizon economies. Volume 3 will consider the specific role of financial institutions and government, and formulate the economic financial control problem linking micro- and macroeconomics.
Author: Martin Shubik
Publisher: MIT Press
ISBN: 9780262693110
Category : Business & Economics
Languages : en
Pages : 472
Get Book Here
Book Description
This first volume in a three-volume exposition of Shubik's vision of "mathematical institutional economics" explores a one-period approach to economic exchange with money, debt, and bankruptcy. This is the first volume in a three-volume exposition of Martin Shubik's vision of "mathematical institutional economics"--a term he coined in 1959 to describe the theoretical underpinnings needed for the construction of an economic dynamics. The goal is to develop a process-oriented theory of money and financial institutions that reconciles micro- and macroeconomics, using as a prime tool the theory of games in strategic and extensive form. The approach involves a search for minimal financial institutions that appear as a logical, technological, and institutional necessity, as part of the "rules of the game." Money and financial institutions are assumed to be the basic elements of the network that transmits the sociopolitical imperatives to the economy. Volume 1 deals with a one-period approach to economic exchange with money, debt, and bankruptcy. Volume 2 explores the new economic features that arise when we consider multi-period finite and infinite horizon economies. Volume 3 will consider the specific role of financial institutions and government, and formulate the economic financial control problem linking micro- and macroeconomics.
Author: Greg Smith
Publisher: Routledge
ISBN: 1134832265
Category : Social Science
Languages : en
Pages : 255
Get Book Here
Book Description
Erving Goffman is considered by many to have been one of the most important sociologists of the post-war era. His close observation of everyday life and his concern with the ways in which people play roles and manage the impressions they present to each other led to his pioneering creation of a new dramaturgical perspective for sociology. His later analysis explored the field of deviance and many of his works in this area are now considered as sociological classics, including Asylums, The Presentation of the Self in Everyday Life and Stigma. This collection brings together many of today's leading sociologists to pursue and build upon the diverse aspects of Goffman's legacy. The contributors present chapters on key topics of Goffman's work. Issues covered include: * mental illness and institutionalism * the incorporation of literary intertexts in Goffman's writings * Goffman's relationship to ethnomethodology * the singularity of Goffman's ethnography Ranging from his critique of institutionalization to his understanding of the minute details of face-to-face interaction, this collection reveals the richness of Goffman's own work as well as his contribution to sociology today and will be essential reading for students and academics alike.
Author: Erving Goffman
Publisher:
ISBN:
Category : Psychology
Languages : en
Pages : 220
Get Book Here
Book Description
Author: Thomas B. Lawrence
Publisher: Cambridge University Press
ISBN: 0521518555
Category : Business & Economics
Languages : en
Pages : 337
Get Book Here
Book Description
This book contains a series of essays and empirical case studies exploring the nature of institutional work.
Author: Byong-Ju Lee
Publisher: Stanford University
ISBN:
Category :
Languages : en
Pages : 132
Get Book Here
Book Description
This thesis consists of three essays on international finance. The first essay is "Exchange rates and Fundamentals". A new open interest rate parity condition that takes account of economic fundamentals is developed from stochastic discount factors (SDFs) of two countries. Through this parity condition, business cycles or fundamentals are linked to exchange rates. Key empirical findings from this parity condition are as follows. First, this model beats the random walk hypothesis: economic fundamentals explain exchange rate movements for high interest rate currencies. Exchange rates of low interest rate currencies act like a random walk because they are less correlated with fundamentals owing to their low risk. For example, U.S. business cycles explain the direction of changes in exchange rates against the dollar. The same thing is true for Japan. Second, this model resolves the forward premium puzzle: the forward premium puzzle is not a general characteristic as regarded in previous studies. It happens when the risk awareness of investors is low, during economic expansions and for low risk currencies. The second essay is "Carry Trade and Global Financial Instability". Carry trade, an opportunistic investment strategy that takes advantage of interest rate differential across countries, is identified the cause of the large-scale depreciations of peripheral currencies in the later half of 2008. A simultaneous equations model, which is derived from a conceptual partial equilibrium model for a local foreign exchange market, is estimated from a cross-sectional sample. The results suggest that the larger appreciation of the yen than the dollar was brought about by a lack of the local supply of the yen rather than a more severe crunch of yen credits. The third essay is "The Economic Origin of Letters of Credit". This essay discusses the economic origin of letters of credit, an instrument widely used in international trade. A game theoretical analysis shows that letters of credit improve efficiency in trade settlements, increasing returns in trade. A few notable facts on letters of credit are discussed. First, the new institution is adopted by merchant banks to maximize their profits and in the process, an improvement in efficiency of international transactions is obtained. Second, the organization established by the legacy institution, bills of exchange, played a critical role in adopting the new institution. Third, the legal enforcement is not essential in this economic institution. Finally, two drivers are identified that improve efficiency of transactions: concentration and projection.
Author: Jane Stapleton
Publisher: Oxford University Press
ISBN: 0192645838
Category : Law
Languages : en
Pages : 129
Get Book Here
Book Description
This book of essays champions tort scholarship that puts judges at centre stage: what they do, how they understand their role, the heterogeneous reasons they give for their decisions, and their constitutional responsibility to identify and articulate the 'living' and 'evolving' common law. This is 'reflexive tort scholarship'. Reflexive tort scholars seek dialogue with Bench and Bar. Their approach is very different from the currently fashionable academic search for 'grand theories' that descriptively assert that tort law is fundamentally 'all about one thing', a unifying idea that alone explains and justifies the whole of tort law. This book illustrates the advantages and pay-offs of the reflexive style of scholarship by showing how it illuminates key features of tort law. The first essay contrasts the reflexive approach with the Grand Theory approach, while the second essay identifies a principle of tort law (the 'cooperative principle'), that is latent in the cases and that vindicates the value of collaborative human arrangements. Identifying this principle calls into question, in disputes between commercial parties, the reasoning used to support one of the most entrenched lines of authority in tort law - that based on the famous case of Hedley Byrne v Heller. The final essay deploys the reflexive method to argue that the iconic 'but-for' test of factual causation is inadequate and narrower than the concept actually utilized in the cases. Application of the method also prompts a reassessment of the 'scope of duty' concept and of the appropriate characterisation of the much-discussed decision in SAAMCO. These essays, based on the 2018 Clarendon Law Lectures given at Oxford University, clearly demonstrate the value of scholarship that 'takes the judges seriously'.
Author: David Russell Hansen
Publisher: Stanford University
ISBN:
Category :
Languages : en
Pages : 147
Get Book Here
Book Description
This dissertation is composed of three chapters. All three deal with topics in development economics. The first chapter examines the effects on village institutions of introducing formal financial institution options into the village. The second addresses the effects of government policy on educational investment and crime. The third tests the explanatory power of various explanations of the gender gap in math test scores. The first chapter examines the effects of a transition from a ``traditional'' economy based on an uncertain source of income, with risk fully insured away by one's neighbors in a social network through costly network ties, to a ``modern'' economy in which some agents have access to partial insurance at a lower cost. A theoretical model is used to show that village social networks can break down as some members of the village no longer need the insurance the social network provides, producing a reduction in welfare (if the costs of reducing moral hazard are not too high) for at least some individuals and possibly the village as a whole. This loss of welfare can occur even when networks provide other benefits to those belonging to them and is likely to be heterogeneous, depending on the opportunities and networks available to individuals. This paper tests these predictions using Indonesian data to examine the effect of a change in the banking institutions available to a community on the strength of social networks (measured by community participation) and welfare (measured by household expenditure and by child health). The analysis finds that changing financial institution availability in general does not influence community participation or welfare, but that financial institutions that primarily serve certain groups do relatively reduce the welfare of households not in those groups, which is consistent with the hypotheses generated by the model. Crime is an important feature of economic life in many countries, especially in the developing world. Crime distorts many economic decisions because it acts like an unpredictable tax on earnings. In particular, the threat of crime may influence people's willingness to invest in schooling or physical capital. The second chapter explores the questions "What influence do crime rates and levels of investment have on one another?" and "How do government policies affect the relationship between investment and crime?" by creating a simple structural model of crime and educational investment and attempting to fit this model to Mexican data. A method of simulated moments procedure is used to estimate parameters of the model and the estimated parameters are then used to carry out policy simulations. The simulations show that increasing spending on police or increasing the severity of punishment reduces crime but has little effect on educational investment. Increased educational subsidies increase educational investment but reduce crime only slightly. Thus, one type of policy is insufficient to accomplish the goals of both reducing crime and increasing education. The third chapter is joint work with Prashant Bharadwaj, Giacomo De Giorgi, and Christopher Neilson. Boys tend to have better performances than girls in mathematical testing; in particular, there are significantly more boys than girls among high achievers and the score distribution appears to have a longer right tail for boys. We confirm such results on several low- and middle-income countries. In particular we find that the gender gap is already present by age 10 and substantially increases by age 14 and 15. We propose and try to test a series of explanations for such a gap: (i) parental investment, (ii) ability, (iii) school resources, (iv) individual investment and effort (not tested directly), (v) competitive environment, and (vi) cultural norms. We conclude that none of our proposed explanations can account for a substantial portion of the gap.
Author: Thomas Sowell
Publisher: Hoover Press
ISBN: 0817992669
Category : Political Science
Languages : en
Pages : 284
Get Book Here
Book Description
Sowell challenges all the assumptions of contemporary liberalism on issues ranging from the economy to race to education in this collection of controversial essays, and captures his thoughts on politics, race, and common sense with a section at the end for thought-provoking quotes.
Author: Sigmund Freud
Publisher: E-Kitap Projesi & Cheapest Books
ISBN: 6057566793
Category : Psychology
Languages : en
Pages : 93
Get Book Here
Book Description
In his later work, Freud proposed that the human psyche could be divided into three parts: Id, ego and super-ego. Freud discussed this model in the 1920 essay Beyond the Pleasure Principle, and fully elaborated upon it in The Ego and the Id (1923), in which he developed it as an alternative to his previous topographic schema (i.e., conscious, unconscious and preconscious). The id is the completely unconscious, impulsive, childlike portion of the psyche that operates on the "pleasure principle" and is the source of basic impulses and drives; it seeks immediate pleasure and gratification. Freud acknowledged that his use of the term Id (das Es, "the It") derives from the writings of Georg Groddeck. The super-ego is the moral component of the psyche, which takes into account no special circumstances in which the morally right thing may not be right for a given situation. The rational ego attempts to exact a balance between the impractical hedonism of the id and the equally impractical moralism of the super-ego; it is the part of the psyche that is usually reflected most directly in a person's actions. When overburdened or threatened by its tasks, it may employ defense mechanisms including denial repression, undoing, rationalization, repression, and displacement. This concept is usually represented by the "Iceberg Model". This model represents the roles the Id, Ego, and Super Ego play in relation to conscious and unconscious thought. Freud compared the relationship between the ego and the id to that between a charioteer and his horses: the horses provide the energy and drive, while the charioteer provides direction.
Author: Matt Andrews
Publisher: Cambridge University Press
ISBN: 1139619640
Category : Business & Economics
Languages : en
Pages : 267
Get Book Here
Book Description
Developing countries commonly adopt reforms to improve their governments yet they usually fail to produce more functional and effective governments. Andrews argues that reforms often fail to make governments better because they are introduced as signals to gain short-term support. These signals introduce unrealistic best practices that do not fit developing country contexts and are not considered relevant by implementing agents. The result is a set of new forms that do not function. However, there are realistic solutions emerging from institutional reforms in some developing countries. Lessons from these experiences suggest that reform limits, although challenging to adopt, can be overcome by focusing change on problem solving through an incremental process that involves multiple agents.
