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Financial Innovation and the Management and Regulation of Financial Institutions
Merton, Robert C. - 1995
New security designs, improvements in computer telecommunications technology and advances in the theory of finance have led to revolutionary changes in the structure of financial markets and institutions. This paper provides a functional perspective on the dynamics of institutional change and...
Persistent link: https://www.econbiz.de/10012473791
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Durable Financial Regulation : Monitoring Financial Instruments as a Counterpart to Regulating Financial Institutions
Nakamura, Leonard - 2011
This paper sets forth a discussion framework for the information requirements of systemic financial regulation. It …
Persistent link: https://www.econbiz.de/10012461652
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The Common Development of Institutional Change as Measured by Income Velocity : A Century of Evidence from Industrialized Countries
Bordo, Michael D. - 1993
countries considered are Canada, the U.S., the U.K.. Norway. and Sweden. We are relying on a sample of annual observations from … than before World War 11. However, before World War II, common features in velocity are more apparent for the U.S. and … Canada. and separately, for Norway and Sweden. Finally. we find that only a model which includes institutional change proxies …
Persistent link: https://www.econbiz.de/10012474574
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Financial Sector Regulation and Reforms in Emerging Markets : An Overview
Prasad, Eswar S. - 2010
as they attempt to reform their frameworks for financial regulation. These economies are striving to balance the quest … objectives can in fact reinforce one another. I also discuss aspects of macroeconomic policies and cross-border regulation that …
Persistent link: https://www.econbiz.de/10012462228
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Financial development and growth in the short and long run
Fisman, Raymond - 2004
"We analyze the relationship between financial development and inter-industry resource allocation in the short- and long-run. We suggest that in the long-run, economies with high rates of financial development will devote relatively more resources to industries with a 'natural' reliance on...
Persistent link: https://www.econbiz.de/10010523015
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Financial Systems, Economic Growth, and Globalization
Rousseau, Peter L. - 2001
This paper brings together two strands of the economic literature -- that on the finance-growth nexus and that on capital market integration -- and explores key issues surrounding each strand through both institutional/country histories and formal quantitative analysis. We begin with studies of...
Persistent link: https://www.econbiz.de/10012470401
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Financial Dependence and Growth
Rajan, Raghuram G. - 1996
Does finance affect economic growth? A number of studies have identified a positive correlation between the level of development of a country's financial sector and the rate of growth of its per capita income. As has been noted elsewhere, the observed correlation does not necessarily imply a...
Persistent link: https://www.econbiz.de/10012473076
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Finance and Business Cycles : The Credit-Driven Household Demand Channel
Mian, Atif R. - 2018
Every major financial crisis leaves its unique footprint on economic thought. The early banking crises taught us the importance of financial sector liquidity and the lender of last resort. The Great Depression highlighted the devastating effects of bank failures and the need for counter-cyclical...
Persistent link: https://www.econbiz.de/10012453392
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Central Banks and the Financial System
Giavazzi, Francesco - 2010
Financial systems are inherently fragile because of the very function which makes them valuable: liquidity transformation. Regulatory reforms can strengthen the financial system and decrease the risk of liquidity crises, but they cannot eliminate it completely. This leaves monetary policy with a...
Persistent link: https://www.econbiz.de/10012462427
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Econometric Measures of Systemic Risk in the Finance and Insurance Sectors
Billio, Monica - 2010
We propose several econometric measures of systemic risk to capture the interconnectedness among the monthly returns of hedge funds, banks, brokers, and insurance companies based on principal components analysis and Granger-causality tests. We find that all four sectors have become highly...
Persistent link: https://www.econbiz.de/10012462432