Monetary Economics: Financial System & Institutions eJournal最新文献_第2页

Strategic Default and Optimal Audit Resources with Costly State Verification 具有高成本状态验证的策略默认和最优审计资源

Monetary Economics: Financial System & Institutions eJournal Pub Date : 2021-05-20 DOI: 10.2139/ssrn.3850123

Andreas Krause

引用次数: 0

Exchange Rate Shocks in Multicurrency Interbank Markets 多币种银行间市场的汇率冲击

Monetary Economics: Financial System & Institutions eJournal Pub Date : 2021-05-10 DOI: 10.2139/ssrn.3842658

P. Siklos, Martin Stefan

引用次数: 1

The Capital Asset Pricing Model as Modern Austrian Business Cycle Theory 资本资产定价模型作为现代奥地利经济周期理论

Monetary Economics: Financial System & Institutions eJournal Pub Date : 2021-05-04 DOI: 10.2139/ssrn.3839747

Robert E. Krainer

{"title":"The Capital Asset Pricing Model as Modern Austrian Business Cycle Theory","authors":"Robert E. Krainer","doi":"10.2139/ssrn.3839747","DOIUrl":"https://doi.org/10.2139/ssrn.3839747","url":null,"abstract":"According to Austrian macroeconomic theory, capital accumulation today generates supply tomorrow. Will that supply match tomorrows demand? In this paper we study this question in a multi-good and risky environment with an efficient financial system. Towards this end we develop a model based on the Capital Asset Pricing Model (CAPM), Rational Expectations, and Linear Homogeneous Production Functions. Within this framework we show how the financial system in the form of CAPM allocates resources across the different sectors in the economy so as to maximize the ratio of expected returns to a measure of risk like the standard deviation of returns for some initial time period t=0. In t=1 a Linear Homogeneous Production Function subject to a random productivity shock determines actual output and the structure of production. The link between t=0 and t=1 is Rational Expectations, the assumption that the subjective probability distribution in t=0 on which real investment decision are made is equivalent to the objective distribution generating the actual output/income in t=1. If total output is more (or less) than expected in t=0, we have a cyclical expansion (or recession) the magnitude of which depends on the spread of the subjective probably distribution in t=0. With this model we discuss: 1) monetary policy under a full reserve banking system with Central bank digital accounts for all; 2) an all-inclusive transaction tax to substitute for the U.S. present tax system; 3) the trade-off between economic growth and the cyclical volatility of the economy; and 4) the advantages and disadvantages of trade deficits.","PeriodicalId":275096,"journal":{"name":"Monetary Economics: Financial System & Institutions eJournal","volume":"250 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123029673","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Bank Competition and Local Labor Markets 银行竞争与当地劳动力市场

Monetary Economics: Financial System & Institutions eJournal Pub Date : 2021-03-23 DOI: 10.2139/ssrn.3810774

Roberta F. Mann

引用次数: 0

Big Banks, Household Credit Access, and Intergenerational Economic Mobility 大银行、家庭信贷渠道和代际经济流动性

Monetary Economics: Financial System & Institutions eJournal Pub Date : 2021-03-22 DOI: 10.2139/ssrn.3816308

Erik J. Mayer

引用次数: 5

The Wealth of Our Commonwealth: Money and Capital in the Productive Republic 我们联邦的财富:生产型共和国的货币与资本

Monetary Economics: Financial System & Institutions eJournal Pub Date : 2021-03-20 DOI: 10.2139/SSRN.3808790

R. Hockett

{"title":"The Wealth of Our Commonwealth: Money and Capital in the Productive Republic","authors":"R. Hockett","doi":"10.2139/SSRN.3808790","DOIUrl":"https://doi.org/10.2139/SSRN.3808790","url":null,"abstract":"There is a share of the investment capital available in any society that is generated by the public. In contemporary societies with well-developed payments systems and effective public governance, this share tends to grow large in comparison to that originated by non-public sources. For the latter is intermediated and thus must be pre-accumulated, while the former is generated and is the source of what is accumulated. \u0000 \u0000In spite of these truths, the US outsources management of its public capital stock to private sector financial institutions. This is a practice which a host of under-appreciated collective action predicaments endemic to decentralized market exchange, most of them recursive and hence iteratively self-worsening without limit, ensures will result in misallocation and, therefore, poor modulation of credit aggregates as well. What is needed to draw public capital out of bubble-inflation and back into productive investment is to bring it back under public management, a project for which the present exposition provides a full architecture. \u0000 \u0000This architecture is modeled as a stylized public balance sheet, taking the US Treasury and Federal Reserve System as consolidated case study. Public liabilities take the form of Democratic Digital Dollars issued through interest-bearing digital Business and Citizen Wallets. Public assets take the form of public credit extended by Treasury’s Federal Financing Bank (‘FFB’) and a newly ‘Spread Fed’ only for productive, not speculative, projects. \u0000 \u0000A National Reconstruction & Development Council (‘NRDC’) and Price Stabilization Fund (‘The People’s Portfolio’) complete the picture, respectively affording democratic guidance as to what counts socially as ‘productive’ and collaring volatility among Systemically Important Prices and Indices (‘SIPIs’). \u0000 \u0000Our public capital stock is a public resource in need of public management, which must be managed productively by and for the community.","PeriodicalId":275096,"journal":{"name":"Monetary Economics: Financial System & Institutions eJournal","volume":"114 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133550915","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Liquidity Management and Asset Sales by Bond Funds in the Face of Investor Redemptions in March 2020 2020年3月债券基金面对投资者赎回的流动性管理与资产出售

Monetary Economics: Financial System & Institutions eJournal Pub Date : 2021-03-17 DOI: 10.2139/ssrn.3799868

A. Schrimpf, Ilhyock Shim, H. Shin

引用次数: 9

Disbursement Delays Impact on Uzbekistan Growth in Asian Development Bank (ADB) Loan Projects 支付延迟对亚洲开发银行(ADB)贷款项目乌兹别克斯坦增长的影响

Monetary Economics: Financial System & Institutions eJournal Pub Date : 2021-03-12 DOI: 10.2139/ssrn.3896239

M. Ingratubun

{"title":"Disbursement Delays Impact on Uzbekistan Growth in Asian Development Bank (ADB) Loan Projects","authors":"M. Ingratubun","doi":"10.2139/ssrn.3896239","DOIUrl":"https://doi.org/10.2139/ssrn.3896239","url":null,"abstract":"Compared with commercial banks that take one day, ADB loans take over 5-year before they are fully disbursed after the borrower signed the loan agreements, because of conditionalities. During which, the funds stay in the banks and gain compounded interest disfavoring Uzbekistan and affects its economic growth. These gains and their impacts have been mostly overlooked in development aid studies. We reviewed the financial costs of delays during project implementation in Uzbekistan and their impacts on GDP growth involving 67 loan projects, from 1996 to 2019 totaled over $6.7 billion. We applied a non-econometric and quantitative attribution methodology, adopting project and portfolio management principles combined with stochastic simulations. The results show that even 'if disbursed 100% in year-1', for each 1%-GDP of ADB loans, it reduces growth by 1.24%. It worsens growth as ADB loans increase and delays prolong. It costs a minimum of 1.2%-GDP for 5-year disbursement delays. Uzbekistan suffers a capital loss of $0.6 - $11 per $1 loan or equivalent to 0.91-8.6%-GDP per year because of disbursement delays under today's prevalent banking practices. Endogenizing these losses, ADB loans have severe negative impacts as growth suffers about 200% volatility as a result of disbursement delays. Fixing this is simple but requires a fundamental change.","PeriodicalId":275096,"journal":{"name":"Monetary Economics: Financial System & Institutions eJournal","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131409819","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Keynes’s Theories of the Business Cycle: Evolution and Contemporary Relevance 凯恩斯的经济周期理论:演变及其当代意义

Monetary Economics: Financial System & Institutions eJournal Pub Date : 2021-03-10 DOI: 10.2139/ssrn.3802035

P. Bortz

{"title":"Keynes’s Theories of the Business Cycle: Evolution and Contemporary Relevance","authors":"P. Bortz","doi":"10.2139/ssrn.3802035","DOIUrl":"https://doi.org/10.2139/ssrn.3802035","url":null,"abstract":"\u0000 This paper traces the evolution of John Maynard Keynes’s theory of the business cycle from his early writings in 1913 to his policy prescriptions for the control of fluctuations in the early 1940s. The paper identifies six different ‘theories’ of business fluctuations. With different theoretical frameworks in a 30-year span, the driver of fluctuations, namely cyclical changes in expectations about future returns, remained substantially the same. The banking system also played a pivotal role throughout the different versions, by financing and influencing the behaviour of return expectations. There are four major changes in the evolution of Keynes’s business cycle theories: (i) the saving–investment framework to understand changes in economic fluctuations; (ii) the capabilities of the banking system to moderate the business cycle; (iii) the effectiveness of monetary policy to fine tune the business cycle through the control of the short-term interest rate or credit conditions; and (iv) the role of a comprehensive fiscal policy and investment policy to attenuate fluctuations. Finally, we draw some conclusions about the present relevance of the policy mix Keynes promoted for ensuring macroeconomic stability.","PeriodicalId":275096,"journal":{"name":"Monetary Economics: Financial System & Institutions eJournal","volume":"109 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128084400","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

Factors Impeding Mobile Money Expansion in Zambia 阻碍赞比亚移动货币扩张的因素

Monetary Economics: Financial System & Institutions eJournal Pub Date : 2021-02-27 DOI: 10.31033/IJEMR.11.1.24

Natalie Chipa, B. Mwanza

引用次数: 2