Credit, Intermediation, and the Macroeconomy: Readings and Perspectives in Modern Financial Theory

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Understanding the functioning of the financial sector-and the intermediary institutions comprising it--is of major importance in analyzing the allocation efficiency of modern economies, the sources of fluctuations within them, and the possible crises inherent in their structure of interlinkages. This collection of papers, substantial editorial, and discussions by eminent economists brings together some of the most important research in the area of financial theory from the past...
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Overview


Understanding the functioning of the financial sector-and the intermediary institutions comprising it--is of major importance in analyzing the allocation efficiency of modern economies, the sources of fluctuations within them, and the possible crises inherent in their structure of interlinkages. This collection of papers, substantial editorial, and discussions by eminent economists brings together some of the most important research in the area of financial theory from the past fifteen years.
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Product Details

  • ISBN-13: 9780199242948
  • Publisher: Oxford University Press, USA
  • Publication date: 6/28/2004
  • Pages: 928
  • Product dimensions: 9.30 (w) x 6.50 (h) x 2.20 (d)

Meet the Author

Sudipto Bhattacharya is currently Professor of Finance in the Department of Accounting and Finance at the London School of Economics and Political Science. Previously, he has taught at the Universities of Chicago, Stanford, Berkeley, Michigan, and Delhi.

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Table of Contents

Acknowledgments
List of contributors
Introduction 1
1 Financial Intermediary-Coalitions 15
2 The Role of Demandable Debt in Structuring Optimal Banking Arrangements 36
3 Monitoring, Liquidation, and Security Design 69
4 Financial Intermediation with Risk Aversion 92
Monitoring by and of Banks: A Discussion 122
5 Liquidity, Banks, and Markets 135
6 Private and Public Supply of Liquidity 162
7 Financial Intermediation versus Stock Markets in a Dynamic Intertemporal Model 198
8 The Governance of Exchanges: Members' Cooperatives versus Outside Ownership 225
Liquidity Provision via Banks and Markets: A Discussion 249
9 Banking Panics, Information, and Rational Expectations Equilibrium 265
10 Unique Equilibrium in a Model of Self-Fulfilling Currency Attacks 280
11 Contagion and Efficiency in Gross and Net Interbank Payment Systems 297
Bank Runs and Financial Crises: A Discussion 324
12 Capital Requirements and the Behavior of Commercial Banks 339
13 Is the Glass-Steagall Act Justified? A Study of the U.S. Experience with Universal Banking Before 1933 374
14 Optimal Design of Bank Bailouts: The Case of Transition Economies 405
Regulation of Financial Intermediaries: A Discussion 424
15 Reputation and Discretion in Financial Contracting 449
16 The Effect of Credit Market Competition on Lending Relationships 474
17 Long-term Contracts, Short-term Investment, and Monitoring 507
18 Competition among Financial Intermediaries when Diversification Matters 531
Financial Contracting and Interbank Competition: A Discussion 569
19 Credit and Efficiency in Centralized and Decentralized Economies 591
20 Proprietary Information, Financial Intermediation, and Research Incentives 610
21 Financial System Architecture 638
22 Financial Markets, Intermediaries, and Intertemporal Smoothing 676
Comparative Financial Systems: A Discussion 699
23 Financial Intermediation, Loanable Funds, and the Real Sector 773
24 Credit Cycles 798
25 Endogenous Cycles in a Stiglitz-Weiss Economy 833
Credit Markets, Intermediation, and the Macroeconomy: A Discussion 856
Index 893
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