Financial Innovation, Banking, and Monetary Aggregates
Title | Financial Innovation, Banking, and Monetary Aggregates PDF eBook |
Author | A. W. Mullineux |
Publisher | Edward Elgar Publishing |
Pages | 232 |
Release | 1996-01-01 |
Genre | Business & Economics |
ISBN | 9781781959367 |
Financial Innovation, Banking and Monetary Aggregates reviews the impact of financial innovation on the measurement of money and presents the first collection of country studies appraising the usefulness of Divisia indices in deriving monetary aggregates. Monetary aggregates are traditionally formed by simply summing various monetary components such as cash and balances in savings and cheque accounts. The monetary usefulness, or 'moneyness', of these components differs and can change as a result of innovation in banking, monetary transmission and payment services. To gauge the importance of such distortions and the merits of alternative weighted monetary indices, particularly Divisia indices, this volume brings together authoritative empirical studies of countries including the US, the UK, Germany, France, Sweden, Italy and Japan. The authors conclude by showing how Divisia monetary indices act as a useful supplement to traditional monetary aggregates.
Financial Innovation Ad the Monetary Aggregates
Title | Financial Innovation Ad the Monetary Aggregates PDF eBook |
Author | Federal Reserve System. Board of Governors |
Publisher | |
Pages | 36 |
Release | 1981 |
Genre | |
ISBN |
Financial Innovations
Title | Financial Innovations PDF eBook |
Author | Federal Reserve Bank of St. Louis |
Publisher | Springer |
Pages | 200 |
Release | 1984-06-30 |
Genre | Business & Economics |
ISBN |
Financial Innovation and Monetary Policy
Title | Financial Innovation and Monetary Policy PDF eBook |
Author | Michael Pawley |
Publisher | Routledge |
Pages | 253 |
Release | 1993-01-01 |
Genre | Business & Economics |
ISBN | 9780415075039 |
Financial Innovation and Monetary Policy
Title | Financial Innovation and Monetary Policy PDF eBook |
Author | Bank for International Settlements. Monetary and Economic Department |
Publisher | |
Pages | 310 |
Release | 1984 |
Genre | Banks and banking |
ISBN |
Explaining Monetary and Financial Innovation
Title | Explaining Monetary and Financial Innovation PDF eBook |
Author | Peter Bernholz |
Publisher | Springer |
Pages | 370 |
Release | 2014-06-26 |
Genre | Business & Economics |
ISBN | 3319061097 |
This book discusses theories of monetary and financial innovation and applies them to key monetary and financial innovations in history – starting with the use of silver bars in Mesopotamia and ending with the emergence of the Eurodollar market in London. The key monetary innovations are coinage (Asia minor, China, India), the payment of interest on loans, the bill of exchange and deposit banking (Venice, Antwerp, Amsterdam, London). The main financial innovation is the emergence of bond markets (also starting in Venice). Episodes of innovation are contrasted with relatively stagnant environments (the Persian Empire, the Roman Empire, the Spanish Empire). The comparisons suggest that small, open and competing jurisdictions have been more innovative than large empires – as has been suggested by David Hume in 1742.
Financial Innovation and the Control of Monetary Aggregates
Title | Financial Innovation and the Control of Monetary Aggregates PDF eBook |
Author | Robert E. Jr Lucas |
Publisher | |
Pages | |
Release | 1983 |
Genre | Finance |
ISBN |
This paper presents an empirical test of the proposition that control of a monetary aggregate will generate a rise in its velocity.The test is carried out utilizing the Canadian experience of controlling Ml growth from 1975:3 to 1982:3. Section One of the paper presents evidence of the instability of the Canadian demand from Ml money since 1975:3. Section Two develops a specific form of the proposition which emphasizes the role of asset substitution between classes of chartered bank deposits. A relative asset demand equation is derived from a wealth maximization model subject to a technological transactions constraint and this equation is estimated from 1961 through 1982.The results lend support to the proposition that central bank control of Ml generated a rise in Ml velocity.