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Money

Mario Amendola and Jean‐Luc Gaffard

in Out of Equilibrium

Published in print:
1998
Published Online:
November 2003
ISBN:
9780198293804
eISBN:
9780191595851
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198293801.003.0003
Subject:
Economics and Finance, Macro- and Monetary Economics

Money is essential in structural changes taking place through out‐of‐equilibrium processes. The restructuring of productive capacity, the backbone of these processes, implies distortions of the ... More


The Liquidity Approach to Financial Crises<sup>1</sup>

Guillermo Calvo

in Macroeconomics in Times of Liquidity Crises: Searching for Economic Essentials

Published in print:
2016
Published Online:
May 2017
ISBN:
9780262035415
eISBN:
9780262336017
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262035415.003.0002
Subject:
Economics and Finance, Macro- and Monetary Economics

The chapter focuses sharply on liquid assets, and is the heart of the book. It distinguishes between intrinsic and extrinsic liquidity, centering on the latter. Extrinsic liquidity may break down on ... More


Macroeconomics in Times of Liquidity Crises: Searching for Economic Essentials

Guillermo A. Calvo

Published in print:
2016
Published Online:
May 2017
ISBN:
9780262035415
eISBN:
9780262336017
Item type:
book
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262035415.001.0001
Subject:
Economics and Finance, Macro- and Monetary Economics

The book claims that liquidity issues are at the heart of recent financial crises, and their analysis helps to explain phenomena that are alien to mainstream macroeconomic models. To make this point, ... More


The 1990s and Early 2000s

Assaf Razin

in Understanding Global Crises: An Emerging Paradigm

Published in print:
2015
Published Online:
May 2016
ISBN:
9780262028592
eISBN:
9780262327701
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262028592.003.0002
Subject:
Economics and Finance, International

The chapter surveys major financial crises that took place in the 1990s and early 2000s: (a) the credit implosion leading to a severe banking crisis in Japan and a long lasting liquidity trap; (b) ... More


Leveraging, De-leveraging, and the Liquidity Trap

Assaf Razin

in Understanding Global Crises: An Emerging Paradigm

Published in print:
2015
Published Online:
May 2016
ISBN:
9780262028592
eISBN:
9780262327701
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262028592.003.0012
Subject:
Economics and Finance, International

The chapter presents a credit-friction New Keynesian model with heterogeneous agents, where patient agents lend and impatient agents borrow subject to a collateral constraint. If, for some reason, ... More


Liquidity Crunch/Trap: Some Unconventional Output/Employment/Growth Implications<sup>1</sup>

Guillermo Calvo

in Macroeconomics in Times of Liquidity Crises: Searching for Economic Essentials

Published in print:
2016
Published Online:
May 2017
ISBN:
9780262035415
eISBN:
9780262336017
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262035415.003.0005
Subject:
Economics and Finance, Macro- and Monetary Economics

The chapter shows that a sudden and sufficiently large contraction of bonds' liquidity could generate a fall in output, liquidity trap and price deflation, suggesting that there is no contradiction ... More


Insolvency Uncertainty, Banking Tax, and Macroprudential Regulation

Jin Cao

in Taxation and Regulation of the Financial Sector

Published in print:
2015
Published Online:
May 2015
ISBN:
9780262027977
eISBN:
9780262321099
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262027977.003.0005
Subject:
Economics and Finance, Financial Economics

This chapter discusses the role of banking tax, jointly with the other macroprudential policies in maintaining financial stability under systemic liquidity and solvency shocks. The co-existence of ... More


Other Risks in Frontier Markets

Marko Dimitrijević and Timothy Mistele

in Frontier Investor: How to Prosper in the Next Emerging Markets

Published in print:
2016
Published Online:
September 2017
ISBN:
9780231170444
eISBN:
9780231542357
Item type:
chapter
Publisher:
Columbia University Press
DOI:
10.7312/columbia/9780231170444.003.0013
Subject:
Business and Management, Strategy

Looks at the macro- and microeconomic and “headline” risks of investing in frontier markets.


The Economic Rationale for the HOLC

Price Fishback, Jonathan Rose, and Kenneth Snowden

in Well Worth Saving: How the New Deal Safeguarded Home Ownership

Published in print:
2013
Published Online:
May 2014
ISBN:
9780226082448
eISBN:
9780226082585
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226082585.003.0005
Subject:
Economics and Finance, Economic History

This chapter examines the rationale for the HOLC from a public policy perspective. The HOLC intervened in the credit and real estate markets by refinancing some distressed loans that private lenders ... More


Contagion

Xavier Freixas, Luc Laeven, and José-Luis Peydró

in "Systemic Risk, Crises, and Macroprudential Regulation"

Published in print:
2015
Published Online:
September 2016
ISBN:
9780262028691
eISBN:
9780262328609
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262028691.003.0005
Subject:
Economics and Finance, Public and Welfare

This chapter gives an overview of the literature on financial contagion, with special emphasis on interconnectedness and liquidity risk. Not only direct contagion is analyzed, but also the so-called ... More


Understanding Inflation-Indexed Bond Markets

Michael Haliassos

in Financial Innovation: Too Much or Too Little?

Published in print:
2013
Published Online:
January 2015
ISBN:
9780262018296
eISBN:
9780262305495
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262018296.003.0003
Subject:
Economics and Finance, Financial Economics

This chapter explores the history of inflation-indexed bond markets in the United States and the United Kingdom. It documents a massive decline in long-term real interest rates from the 1990s until ... More


Monetary Theory: Overview and Liquidity Extensions

Guillermo Calvo

in Macroeconomics in Times of Liquidity Crises: Searching for Economic Essentials

Published in print:
2016
Published Online:
May 2017
ISBN:
9780262035415
eISBN:
9780262336017
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262035415.003.0003
Subject:
Economics and Finance, Macro- and Monetary Economics

The chapter points out some deficiencies of the mainstream model utilized by many central banks. It also reviews the Fiscal Theory of the Price level. Extending the barebones version of the central ... More


The Troika, Ireland, and Portugal

C. Randall Henning

in Tangled Governance: International Regime Complexity, the Troika, and the Euro Crisis

Published in print:
2017
Published Online:
May 2017
ISBN:
9780198801801
eISBN:
9780191840388
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198801801.003.0006
Subject:
Political Science, Political Economy, European Union

This chapter examines the organization of the troika as it was constituted for the first Greek program and then renewed for the programs for Ireland in late 2010 and Portugal in spring 2011. It ... More


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