Credit, intermediation, and the macroeconomy : readings and perspectives in modern financial theory / edited by Sudipto Bhattacharya, Arnoud W.A. Boot and Anjan V. Thakor.

Format:

Book

Contributor:

Bhattacharya, Sudipto.

Boot, Arnoud W. A. (Willem Alexander), 1960-

Thakor, Anjan V.

Language:

English

Subjects (All):

Intermediation (Finance).

Credit--Mathematical models.

Credit.

Credit--Management--Mathematical models.

Credit--Management.

Physical Description:

xii, 916 pages : illustrations ; 24 cm

Place of Publication:

Oxford ; New York : Oxford University Press, 2004.

Summary:

Understanding the functioning of the financial sector--and the intermediary institutions comprising it--is of major importance in analyzing the allocational 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.

Contents:

Part I Monitoring by and of Banks

1 Financial Intermediary-Coalitions / John H. Boyd, Edward C. Prescott 15

2 The Role of Demandable Debt in Structuring Optimal Banking Arrangements / Charles W. Calomiris, Charles M. Kahn 36

3 Monitoring, Liquidation, and Security Design / Rafael Repullo, Javier Suarez 69

4 Financial Intermediation with Risk Aversion / Martin F. Hellwig 92

Monitoring by and of Banks: A Discussion / Sudipto Bhattacharya, Arnoud W. A. Boot, Anjan V. Thakor 122

Part II Liquidity Provision via Banks and Markets

5 Liquidity, Banks, and Markets / Douglas W. Diamond 135

6 Private and Public Supply of Liquidity / Bengt Holmstrom, Jean Tirole 162

7 Financial Intermediation versus Stock Markets in a Dynamic Intertemporal Model / Sudipto Bhattacharya, Paolo Fulghieri, Riccardo Rovelli 198

8 The Governance of Exchanges: Members' Cooperatives versus Outside Ownership / Oliver Hart, John Hardman-Moore 225

Liquidity Provision via Banks and Markets: A Discussion / Ernst-Ludwig von Thadden 249

Part III Bank Runs and Financial Crises

9 Banking Panics, Information, and Rational Expectations Equilibrium / V. V. Chari, Ravi Jagannathan 265

10 Unique Equilibrium in a Model of Self-Fulfilling Currency Attacks / Stephen Morris, Hyun-Song Shin 280

11 Contagion and Efficiency in Gross and Net Interbank Payment Systems / Xavier Freixas, Bruno Parigi 297

Bank Runs and Financial Crises: A Discussion / Jean-Charles Rochet 324

Part IV Regulation of Financial Intermediaries

12 Capital Requirements and the Behavior of Commercial Banks / Jean-Charles Rochet 339

13 Is the Glass-Steagall Act Justified? A Study of the U.S. Experience with Universal Banking Before 1933 / Randall S. Kroszner, Raghuram G. Rajan 374

14 Optimal Design of Bank Bailouts: The Case of Transition Economies / Philippe Aghion, Patrick Bolton, Steven Fries 405

Regulation of Financial Intermediaries: A Discussion / Xavier Freixas, Anthony M. Santomero 424

Part V Financial Contracting and Interbank Competition

15 Reputation and Discretion in Financial Contracting / Arnoud W. A. Boot, Stuart I. Greenbaum, Anjan V. Thakor 449

16 The Effect of Credit Market Competition on Lending Relationships / Mitchell A. Petersen, Raghuram G. Rajan 474

17 Long-term Contracts, Short-term Investment, and Monitoring / Ernst-Ludwig von Thadden 507

18 Competition among Financial Intermediaries when Diversification Matters / Andrew Winton 531

Financial Contracting and Interbank Competition: A Discussion / Andrew Winton 569

Part VI Comparative Financial Systems

19 Credit and Efficiency in Centralized and Decentralized Economies / Mathias Dewatripont, Eric Maskin 591

20 Proprietary Information, Financial Intermediation, and Research Incentives / Sudipto Bhattacharya, Gabriella Chiesa 610

21 Financial System Architecture / Arnoud W.A. Boot, Anjan V. Thakor 638

22 Financial Markets, Intermediaries, and Intertemporal Smoothing / Franklin Allen, Douglas Gale 676

Comparative Financial Systems: A Discussion / Franklin Allen, Douglas Gale 699

Part VII Credit Markets, Intermediation, and the Macroeconomy

23 Financial Intermediation, Loanable Funds, and the Real Sector / Bengt Holmstrom, Jean Tirole 773

24 Credit Cycles / Nobuhiro Kiyotaki, John Hardman-Moore 798

25 Endogenous Cycles in a Stiglitz-Weiss Economy / Javier Suarez, Oren Sussman 833

Credit Markets, Intermediation, and the Macroeconomy: A Discussion / Pietro Reichlin 856.

Notes:

Includes bibliographical references and index.

ISBN:

0199242941

0199243069

OCLC:

55028133