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Modeling Credit Markets

Phillippe Aghion and Abhijit Banerjee

in Volatility and Growth

Published in print:
2005
Published Online:
January 2007
ISBN:
9780199248612
eISBN:
9780191714719
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199248612.003.0002
Subject:
Economics and Finance, Development, Growth, and Environmental

One of the core assumptions of the neoclassical model is that there is a single market interest rate and every firm invests to the point where their marginal product is equal to this rate. There is a ... More


Open Economy Complications

Joseph E. Stiglitz, José Antonio Ocampo, Shari Spiegel, Ricardo Ffrench-Davis, and Deepak Nayyar

in Stability with Growth: Macroeconomics, Liberalization and Development

Published in print:
2006
Published Online:
September 2006
ISBN:
9780199288144
eISBN:
9780191603884
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199288143.003.0006
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter extends the analysis of the previous chapter to an open economy by introducing exchange rate policy; analyzing the complex relationships between exchange rate, fiscal, and monetary ... More


A Critique of Monetary Policy: Theory and British Experience

J. C. R. Dow and I. D. Saville

Published in print:
1990
Published Online:
November 2003
ISBN:
9780198283195
eISBN:
9780191596186
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/0198283199.001.0001
Subject:
Economics and Finance, Macro- and Monetary Economics

This book has been written to work on two levels. On the one hand, it provides a theory of monetary policy, focusing on the role of the central bank in determining and effecting policy. It also ... More


Economics of Time

John P. Burkett

in Microeconomics: Optimization, Experiments, and Behavior

Published in print:
2006
Published Online:
October 2011
ISBN:
9780195189629
eISBN:
9780199850778
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195189629.003.0016
Subject:
Economics and Finance, Microeconomics

This chapter examines issues related to the economics of time. It explains that in addition to its application in the calculation of interest rate or the price for the use of money for a period of ... More


Risk-based pricing

Lyn C. Thomas

in Consumer Credit Models: Pricing, Profit and Portfolios

Published in print:
2009
Published Online:
May 2009
ISBN:
9780199232130
eISBN:
9780191715914
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199232130.003.0003
Subject:
Mathematics, Applied Mathematics, Mathematical Finance

This chapter builds models to determine the ‘price’ (interest rate) a lender should charge on a loan to maximize the expected profit, taking into account both the default risk of the borrower and the ... More


Domestic Financing of Business and Public Investments

Young‐Iob Chung

in South Korea in the Fast Lane: Economic Development and Capital Formation

Published in print:
2007
Published Online:
September 2007
ISBN:
9780195325454
eISBN:
9780199783908
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195325454.003.0005
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter analyzes the sources, magnitude, and means of financing investments in public and private enterprises after the Korean War. The analysis considers the credit policies relative to ... More


Imperfect Knowledge, Asset Price Swings, and Structural Slumps: A Cointegrated Vector Autoregressive Analysis of Their Interdependence

Katarina Juselius

in Rethinking Expectations: The Way Forward for Macroeconomics

Published in print:
2013
Published Online:
October 2017
ISBN:
9780691155234
eISBN:
9781400846450
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691155234.003.0011
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter examines the relationship between speculation in the currency markets and aggregate activity in the real economy by drawing on the Structural Slumps theory and the theory of Imperfect ... More


Credit *

Jean Drèze, Peter Lanjouw, and Naresh Sharma

in Economic Development in Palanpur over Five Decades

Published in print:
1998
Published Online:
November 2003
ISBN:
9780198288329
eISBN:
9780191596599
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198288328.003.0009
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter studies the credit market in Palanpur. Credit sources in the village are analysed and it is shown that the market in Palanpur is highly segmented. Both public and private sources of ... More


Epilogue: The Banking Crisis of 2007–2008

Hans Degryse, Moshe Kim, and Steven Ongena

in Microeconometrics of Banking: Methods, Applications, and Results

Published in print:
2009
Published Online:
October 2011
ISBN:
9780195340471
eISBN:
9780199852406
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195340471.003.0011
Subject:
Economics and Finance, Microeconomics

This chapter provides an epilogue on the banking crisis of 2007–2008. It briefly discusses empirical work that investigates one of the root causes of the banking crisis: the abundance of liquidity ... More


The Behaviour of Interest Rates Continued

J. C. R. Dow and I. D. Saville

in A Critique of Monetary Policy: Theory and British Experience

Published in print:
1990
Published Online:
November 2003
ISBN:
9780198283195
eISBN:
9780191596186
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198283199.003.0004
Subject:
Economics and Finance, Macro- and Monetary Economics

This is a continuation of the previous chapter, but focuses on the institutional process at work in a central bank rather than theory. It examines the effects of central‐bank policy on base interest ... More


The Natural Real Exchange Rate of the United States Dollar, and Determinants of Capital Flows

Jerome L. Stein

in Fundamental Determinants of Exchange Rates

Published in print:
1998
Published Online:
November 2003
ISBN:
9780198293064
eISBN:
9780191596940
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198293062.003.0002
Subject:
Economics and Finance, Macro- and Monetary Economics, International

To what extent has the real exchange rate of the US dollar been as stable as is justified by the ”fundamentals” – fiscal policy, private saving ratio, productivity, rate of return on investment, real ... More


The Behaviour of Interest Rates: The Theoretical Background

J. C. R. Dow and I. D. Saville

in A Critique of Monetary Policy: Theory and British Experience

Published in print:
1990
Published Online:
November 2003
ISBN:
9780198283195
eISBN:
9780191596186
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198283199.003.0003
Subject:
Economics and Finance, Macro- and Monetary Economics

A theoretical discussion on central‐bank effects on interest rates forms the substance of this chapter. It focuses on the actions that effect interest rates in the short term. This is at odds with ... More


Supply of annuities

Edmund Cannon and Ian Tonks

in Annuity Markets

Published in print:
2008
Published Online:
January 2009
ISBN:
9780199216994
eISBN:
9780191711978
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199216994.003.0010
Subject:
Business and Management, Pensions and Pension Management

This chapter examines the supply of annuities, and discusses the regulatory framework. It discusses the market share of annuity business in the UK and the risk-management of annuity contracts by ... More


The Dynamics of the Real Exchange Rate and Current Account in a Small Open Economy: Australia

Guay C. Lim and Jerome L. Stein

in Fundamental Determinants of Exchange Rates

Published in print:
1998
Published Online:
November 2003
ISBN:
9780198293064
eISBN:
9780191596940
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198293062.003.0003
Subject:
Economics and Finance, Macro- and Monetary Economics, International

The underlying movements in the equilibrium real exchange rate – NATREX – in Australia are explained by the evolution of the fundamentals. They are: the terms of trade, the private saving ratio, ... More


Consumption, Growth, and Interest

Angus Deaton

in Understanding Consumption

Published in print:
1992
Published Online:
November 2003
ISBN:
9780198288244
eISBN:
9780191596131
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198288247.003.0002
Subject:
Economics and Finance, Macro- and Monetary Economics

Presents both theoretical and empirical evidence for the claim that growth in earnings generates higher saving (the growth‐to‐saving hypothesis). It also presents a number of theoretical and ... More


The Place of Financial Markets in the Economy

Hendrik S. Houthakker and Peter J. Williamson

in The Economics of Financial Markets

Published in print:
1996
Published Online:
November 2003
ISBN:
9780195044072
eISBN:
9780199832958
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/019504407X.003.0002
Subject:
Economics and Finance, Financial Economics

Some of the frameworks and concepts of macroeconomics are deployed to explore the place of financial markets in the US economy, and various important questions are introduced (such as how interest ... More


Do China's Capital Controls Still Bind?

Guonan Ma and Robert N. McCauley

in China, Asia, and the New World Economy

Published in print:
2008
Published Online:
May 2008
ISBN:
9780199235889
eISBN:
9780191717109
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199235889.003.0012
Subject:
Economics and Finance, South and East Asia

This chapter examines both price and flow evidence to determine how effective China's capital controls have been in the past and remain at present. Section 12.2 describes the increasing openness of ... More


Fixed Income Modelling

Claus Munk

Published in print:
2011
Published Online:
September 2011
ISBN:
9780199575084
eISBN:
9780191728648
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199575084.001.0001
Subject:
Economics and Finance, Financial Economics

This book offers a unified presentation of dynamic term structure models and their applications to the pricing and risk management of fixed income securities. The basic fixed income securities and ... More


Central Bank Rate as an Instrument of Monetary Control

J. C. R. Dow and I. D. Saville

in A Critique of Monetary Policy: Theory and British Experience

Published in print:
1990
Published Online:
November 2003
ISBN:
9780198283195
eISBN:
9780191596186
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198283199.003.0008
Subject:
Economics and Finance, Macro- and Monetary Economics

The use of bank rates acting as a source of control is the focus of this chapter. It examines the imposition of the Minimum Lending Rate in 1972. The role of the central bank in setting rates and ... More


Financial Sector Reform

Vijay Joshi and I. M. D. Little

in India's Economic Reforms, 1991-2001

Published in print:
1996
Published Online:
November 2003
ISBN:
9780198290780
eISBN:
9780191596506
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198290780.003.0004
Subject:
Economics and Finance, Development, Growth, and Environmental

Examines the financial sector, with the major focus being on India's banking institution. It provides a brief overview of the poor state of the banks in 1991, with the financial system on the brink ... More


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