Financial Factors in Economic Stabilization and Growth

ISBN-13: 9780521480505 / Angielski / Twarda / 1996 / 270 str.

Mario I. Blejer; Evi Eckstein; Zvi Hercowitz

Opis

With the advent of increased capital mobility in the past two decades, financial factors have become of key importance for the processes of stabilization and growth in developing, developed, and transforming economies. The size of international capital movements and the financial intermediation industry has become so large that these factors could become the dominant impulses for individual economies and the global economy in the 1990s and beyond. This book collects essays by well-known analysts in international economics and finance who treat these issues from relatively new perspectives.

Recenzje

"...this volume brings together a wide variety of empirical and theoretical models of financial factors and monetaru policy....The wide-ranging set of essays in the volume's middle present a series of ideas that may ultimately prove useful in bridging this gap." Timothy S. Fuerst, Journal pf Economic Literature

Spis treści

Part I. Introduction: Mario I. Blejer, Zvi Eckstein, Zvi Hercowitz and Leonardo Leiderman; Part II. Transmission of Credit Policy: 1. The role of credit market imperfections in the monetary transmission mechanism: arguments and evidence Mark Gertler and Simon Gilchrist; 2. Identification and the effects of monetary policy shocks Lawrence J. Christiano, Martin Eichenbaum and Charles Evans; 3. Credit market imperfections and low-output equilibria in economies in transition Guillermo A. Calvo and Fabrizio Coricelli; Part III. International Financial Factors: 4. Transparency and the evolution of exchange rate flexibility in the aftermath of disinflation Alex Cukierman, Miguel Kiguel and Leonardo Leiderman; 5. Cross-border banking Jonathon Eaton; 6. Immigration and growth under imperfect capital mobility: the case of Israel Zvi Hercowitz, Nirit Kantor and Leora Meridor; Part IV. Financial Innovation and Growth: 7. Interpreting monetary stabilization in a growth model with credit goods production Rao Aiyagari and Zvi Eckstein; 8. The macroeconomic effects of financial innovation: the case of Israel Rafael Melnik and Eran Yashiv.