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17
Inside Money, Credit, and Investment
, 2006
"... This paper presents a monetary explanation for several business-cycle facts: (i) household and business investment are procyclical, (ii) business investment lags house-hold investment, (iii) household investment is positively correlated with M1, and (iv) household credit outstanding is positively co ..."
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Cited by 2 (0 self)
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correlated with and more volatile than house-hold investment. We develop a dynamic general equilibrium model that features finan-cial intermediaries accepting deposits and providing loans, credit-producing firms, and inside (bank-created) money. It is shown that the transmission of monetary shocks
Institutional investor power and heterogeneity: Implications for agency and stakeholder theories
- Business & Society
, 2003
"... This article examines the implications of the escalation in institutional investor power and heterogeneity for two dominant theories of corporate governance: agency theory and stakeholder theory. From this analysis, a new view of the agency relationship between institutional investors and their port ..."
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Cited by 8 (0 self)
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and their portfolio firms emerges, which recognizes the institutions’market power, complex role as finan-cial intermediaries, and possible involvement in simultaneous and opposing agency contracts. We also conclude that stakeholder theorists should reconsider these newly empowered shareholders’moral standing
2011): “Bad Advice: Explaining the Persistence of Whole Life Insurance,” Discussion paper
"... We conduct a series of field experiments to evaluate two competing views of the role of finan-cial intermediaries in providing product recommendations to potentially uninformed consumers. The first argues that financial intermediaries may provide valuable product education, helping consumers decide ..."
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Cited by 2 (0 self)
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We conduct a series of field experiments to evaluate two competing views of the role of finan-cial intermediaries in providing product recommendations to potentially uninformed consumers. The first argues that financial intermediaries may provide valuable product education, helping consumers decide
Geographic Diversification and Firm Value in the Financial Services Industry, " working paper
, 2008
"... This paper investigates whether geographic diversification is value-enhancing or value-destroying in the financial services sector, broadly defined. Our dataset comprises approxi-mately 3,579 observations over the period from 1985 to 2004 and covers the entire range of U.S. financial intermediaries ..."
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Cited by 1 (0 self)
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-domestic operations, and (3) a sales-based Herfindahl-Hirschman index (HHI). Our results indicate that on a stand-alone ba-sis geographic diversification, as measured by the dummy variable or the percentage of sales from non-domestic operations, is not associated with a significant valuation discount in finan-cial
Developing Country Capital Structures and Emerging Stock
, 1992
"... Are debt and equity finance complements or substitutes? Prob-ably complements, which means that the existence of active stock markets should increase the volume of business for finan-cial intermediaries. Policy ResearchWorkingPapers disseninatethe frndings of work in prgress and encourage the ochang ..."
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Are debt and equity finance complements or substitutes? Prob-ably complements, which means that the existence of active stock markets should increase the volume of business for finan-cial intermediaries. Policy ResearchWorkingPapers disseninatethe frndings of work in prgress and encourage
ABSTRACT Title of dissertation: ESSAYS ON FINANCIAL INTERMEDIARIES, BUSINESS CYCLES AND MACROPRUDENTIAL POLICIES
"... This study conducts a quantitative analysis of the role of financial shocks and credit frictions affecting the banking sector in driving business cycles as well as the role of reserve requirements as a macroprudential policy tool. In the first chapter, I first empirically document three stylized bus ..."
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business cycle facts of aggregate finan-cial variables in the U.S. commercial banking sector for the period 1987-2010: (i) Bank credit, deposits and loan spread are less volatile than output, while net worth and leverage ratio are more volatile, (ii) bank credit and net worth are procyclical, while
Chapter 1: Intermediary-Determined Exchange Rates
, 2015
"... all rights reserved. Essays on International Finance I study the exchange rate disconnect puzzle in a two-country DSGE framework that features a finan-cial intermediation sector. An intermediary is subject to two types of financing constraints: 1. a seg-mented deposit market restricted to local hous ..."
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all rights reserved. Essays on International Finance I study the exchange rate disconnect puzzle in a two-country DSGE framework that features a finan-cial intermediation sector. An intermediary is subject to two types of financing constraints: 1. a seg-mented deposit market restricted to local
Recent Financial Innovations: Causes, Consequences for the Payments System and Implications for Monetary Control.” Economic Review, Federal Reserve Bank of Richmond
, 1980
"... The past two decades have been characterized by a number of significant innovations in the U. S. finan-cial system, which today differs greatly from the system existing at the beginning of the 1960’s. Today’s financial intermediaries, including commer-cial banks, handle a much larger volume of busin ..."
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The past two decades have been characterized by a number of significant innovations in the U. S. finan-cial system, which today differs greatly from the system existing at the beginning of the 1960’s. Today’s financial intermediaries, including commer-cial banks, handle a much larger volume
RURAL FINANCE CONTEXT OF AGRICULTURAL FINANCE IN
"... Increase of economic activities in rural areas is restrained by underdeveloped financial infrastructure. At the same time, formal financial institutions are aimed mostly at mobilization of rural population’s resources, but not at providing loans because of their small amounts, high risks and high mo ..."
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and structural changes by smoothing of consumption patterns and reduction in risks. Because of the cyclical changes in incomes of most rural residents, finan-cial infrastructure is crucial for savings and allocation of financial resources. Moreover, access to short-term and long-term loans can accelerate
Financial Development and Convergence Clubs∗
, 2010
"... This paper studies the economic development process, measured by Gross Domestic Product (GDP), for a large panel of countries. We propose a methodology that identifies groups of countries (convergence clubs) that show similar GDP structures, while allowing for changes in club memberships over time. ..."
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. As a second step we analyze the short-run and long-run effects of finan-cial development (measured by financial intermediary development and stock market development) on the GDP process, and the composition of the conver-gence clubs. We find that the club memberships are quite persistent, but still
Results 1 - 10
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17
