By Kevin Dowd, Mervyn K. Lewis
In universal with different volumes within the sequence, this ebook includes essays that evaluation fresh advancements in a big box of economics, as a consequence monetary and financial economics. the problems lined comprise monetary intermediation and the operation of economic markets.
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Additional info for Current Issues in Financial and Monetary Economics
3 The New Theory of Financial Intermediation * JOHN CHANT Financial institutions that borrow from ultimate lenders and lend to ultimate borrowers are prominent features of any modern economy, yet present an apparent paradox. The lenders could lend directly to the borrowers without the use of the intermediary, and indeed many do. The purpose of this chapter is to contribute to the understanding of the workings of financial institutions and the benefits that they provide to lenders and borrowers.
In consequence, both the elasticity of the response of monetary aggregates, and the possibility of imposing a credit squeeze, foJlowing interest-rate adjustments, have diminished. Particularly in those countries allowing tax advantages and offsets for borrowers, the resulting volatility and average level of interest rates increased. Another partial consequence of this was that much of the effect of domestic monetary targetry was transmitted through exchangerate adjustments. g. UK, 1980--1; USA, 1982-5) was reflected in an appreciation in the real effective exchange-rate to levels that appeared grossly out of alignment with existing fundamentals.
For example, a rise in nominal income is composed of an increase in output, wh ich is a good thing, and an increase in prices, which is a bad thing. How can you combine a good and a bad into a single target? To put the same point better, one may weil want to react to a shock to prices by encouraging though policy measures a (partial) offset to output, in pursuit of stability. But if there was a shock to output, say it fell suddenlyon account of a bad harvest, would one consciously seek higher prices in order to attain a nominal incomes target?
Current Issues in Financial and Monetary Economics by Kevin Dowd, Mervyn K. Lewis