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The impact of treasury supply on financial sector lending and stability
Krishnamurthy, Arvind; Vissing-Jørgensen, Annette - 2015
We present a theory in which the key driver of short-term debt issued by the financial sector is the portfolio demand for safe and liquid assets by the nonfinancial sector. This demand drives a premium on safe and liquid assets that the financial sector exploits by owning risky and illiquid...
Persistent link: https://www.econbiz.de/10011412482
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Bailout Uncertainty in a Microfounded General Equilibrium Model of the Financial System
Cukierman, Alex - 2011
This paper develops a micro-founded general equilibrium model of the financial system composed of ultimate borrowers, ultimate lenders and financial intermediaries. The model is used to investigate the impact of uncertainty about the likelihood of governmental bailouts on leverage, interest...
Persistent link: https://www.econbiz.de/10013122330
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Three Essays on the Theory of Money and Financial Institutions Essay 2 : The Exchange Economy, Money, and Markets
Shubik, Martin - 2016
This essay is the second of three. The first is nontechnical and in part autobiographical describing the evolution of my approach to developing a micro economic theory of money and financial institutions. This essay is devoted to a mathematical sketch of a closed economic exchange system with...
Persistent link: https://www.econbiz.de/10012978478
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On the Stability of an Islamic Financial System
Askari, Hossein - 2014
In an Islamic economy, the financial sector functions to support the real sector. There are no interest rate based debt instruments. Financial assets are based on risk and return sharing and are contingent claims. Real as well as monetary forces determine the rate of return. As in traditional...
Persistent link: https://www.econbiz.de/10013045874
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The Islamisation of Saudi Arabian Monetary Agency (SAMA) and the Financial System in the Kingdom of Saudi Arabia, Experience from Selected Muslim Countries
Alhozaimy, Yousef - 2010
One of the most important factors for economic growth, development and stability is the financial system. The more stable, strong and developed is the financial system in a country; the more likely is that country's economy to be solid and able to maintain long-term growth. This research will...
Persistent link: https://www.econbiz.de/10013146641
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Is central bank currency fundamental to the monetary system?
Armelius, Hanna; Claussen, Carl Andreas; Hendry, Scott - 2020
In this paper, we discuss whether the ability of individuals to convert commercial bank money (i.e., bank deposits) into central bank money is fundamentally important for the monetary system. This is a significant question since the use of cash - the only form of central bank money that the...
Persistent link: https://www.econbiz.de/10012214507
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The Financial (In)Stability Real Interest Rate, R**
Akinci, Ozge; Benigno, Gianluca; Del Negro, Marco; … - 2022
We introduce the concept of a financial stability real interest rate using a macroeconomic banking model with an occasionally binding financing constraint, as in Gertler and Kiyotaki (2010). The financial stability interest rate, r**, is the threshold interest rate that triggers the constraint...
Persistent link: https://www.econbiz.de/10014239222
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Money and banking in Africa
Onoh, J.K. - 1982
Persistent link: https://www.econbiz.de/10000014751
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On the determinant of financial development in Africa : geography, institutions and macroeconomic policy relevance
Adekunle, Ibrahim A.; Yinusa, Olumuyiwa Ganiyu; … - 2021
in the structural relations between varied causative factors is more pronounced in Africa where conditions for growth and … determinant of financial development in Africa could have culminated into the misalignment of the continent financialisation … reach conclusions that can redefine policy and research on Africa's financialisation objectives. We compared result along …
Persistent link: https://www.econbiz.de/10012603080
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Introduction and background: a historical perspective of the role of financial institutions in Africa's development
Amin, Aloysius Ajab; Nsang Chiabi Tawah, Regina; … - In: Monetary and Financial Systems in Africa : Integration …, (pp. 3-39). 2022
Persistent link: https://www.econbiz.de/10013288161