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Security issuance and the business cycle
Dia, Enzo; Casalin, Fabrizio - In: Economics Bulletin 33 (2013) 3, pp. 1751-1761
We use a simple model of investment and external finance to analyze the relationship among the issuance of securities …, financial market valuations and, alternatively, aggregate investment or cash flows. We find that issuance is driven by market … valuations, and does not influence aggregate investment, whereas investment has a negative impact on equity issuance. Moreover …
Persistent link: https://www.econbiz.de/10010676225
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On the Sensitivity of Banking Activity Shocks: Evidence from the CEMAC Sub-region
Lambert, Nguena Christian; Roger, Tsafack Nanfosso - In: Economics Bulletin 34 (2014) 1, pp. 354-372
This paper qualitatively and quantitatively assesses the degree of resilience in the financial intermediary sector of the Economic and Monetary Community of Central African States (CEMAC) to macroeconomic shocks and discusses the relevant policy implications. Using GMM and a battery of...
Persistent link: https://www.econbiz.de/10010836198
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Indeterminacy of equilibrium price of money, market price of risk and interest rates
Tanaka, Keiichi - In: Economics Bulletin 7 (2003) 4, pp. 1-11
This paper shows that a market price of nominal risk plays an important role in the determinacy of the price of money under a stochastic continuous-time monetary economy. It is presented that a sufficient condition for the determinacy of the price of money is either an exogenously given nominal...
Persistent link: https://www.econbiz.de/10005110597
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Indeterminacy of equilibrium price of money, market price of risk and interest rates
Tanaka, Keiichi - In: Economics Bulletin 7 (2003) 4, pp. 1-11
This paper shows that a market price of nominal risk plays an important role in the determinacy of the price of money under a stochastic continuous-time monetary economy. It is presented that a sufficient condition for the determinacy of the price of money is either an exogenously given nominal...
Persistent link: https://www.econbiz.de/10010629355
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Identifying interdependency among monetary policy, exchange rates, reits and stock markets during the period of global financial crisis in oecd countries.
Kazi, Irfan Akbar; Wagan, Hakimzadi; Akbar, Farhan - In: Economics Bulletin 31 (2011) 3, pp. 42-42
This study examines the Time Varying Dynamic Conditional Correlations (TVDCC)among the returns of short term Money Market Rates, Real Effective Exchange Rates, and of other asset classes including, Stock Market (SM) indices and REIT indices during the Dot-com Bubble (2000) and Recent Global...
Persistent link: https://www.econbiz.de/10010629894
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Financial instability and ECB monetary policy
Albulescu, Claudiu T; Goyeau, Daniel; Pépin, Dominique - In: Economics Bulletin 33 (2013) 1, pp. 388-400
This paper proposes an assessment of the monetary policy performed by the European Central Bank (ECB) and, more specifically this paper investigates to what extent the ECB monetary policy decisions were guided by financial instability signals. Our assessment is achieved by estimating a Taylor's...
Persistent link: https://www.econbiz.de/10011278678
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Optimal monetary policy in an economy with real rigidity
Ida, Daisuke - In: Economics Bulletin 32 (2012) 3, pp. 2281-2292
Several studies address the importance of the effect of real rigidity on macroeconomic variables. The presence of real rigidity might change the property of optimal monetary policy suggested by the canonical new Keynesian model. We examine optimal monetary policy in an economy with real...
Persistent link: https://www.econbiz.de/10011278753
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Cointegrated money in production function: evidence from a developing country
Nasir, Muhammad; Jan, Qasim; Javid, Muhammad - In: Economics Bulletin 31 (2011) 4, pp. 2996-3005
The notion that real money balances is a factor input has attracted considerable amount of attention from researchers and academicians. However, the debate is controversial and the consensus has yet to be developed. This issue becomes more important when a country follows contractionary monetary...
Persistent link: https://www.econbiz.de/10009324134
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Financial Innovation and Stability of Money Demand Function in Post–reform period in India
Singh, Prakash; Pandey, Manoj Kumar - In: Economics Bulletin 30 (2010) 4, pp. 2895-2905
Innovation in financial sector, financial reforms and changes in the policy environment are the factors responsible for instability in the money demanded in an economy. The dawn of 1991 balance of payment crisis in India brought much needed reforms in the economy and financial sector and...
Persistent link: https://www.econbiz.de/10008692048
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Examining the role of monetary aggregates in China
Sánchez-Fung, José R - In: Economics Bulletin 33 (2013) 2, pp. 1290-1299
The paper examines the relative significance of monetary aggregates and interest rates in China using the information approach to monetary policy. The analysis reveals the superiority and robustness of a narrow monetary aggregate in contributing information about future movements in inflation.
Persistent link: https://www.econbiz.de/10010835816