عنوان
پدید آورنده
موضوع
رده
کتابخانه
محل استقرار
شماره کتابشناسی ملی
شماره
T936
زبان اثر
زبان متن نوشتاري يا گفتاري و مانند آن
انگلیسی
عنوان و نام پديدآور
عنوان اصلي
The role of financial intermediaries in macroeconomics
نام عام مواد
[Thesis]
نام ساير پديدآوران
;supervisor: Evans, Martin D. D.
وضعیت نشر و پخش و غیره
نام ناشر، پخش کننده و غيره
Georgetown University: United States -- District of Columbia
تاریخ نشرو بخش و غیره
: 2012
مشخصات ظاهری
نام خاص و کميت اثر
130 Pages
یادداشتهای مربوط به پایان نامه ها
جزئيات پايان نامه و نوع درجه آن
Ph.D.
یادداشتهای مربوط به خلاصه یا چکیده
متن يادداشت
Since its inception, the Modigliani-Miller capital structure irrelevancy principle has limited researchers' interest in the role of financial intermediaries in macroeconomics. However, due to the spread of financial crises in emerging markets in the 1980s and 1990s, and the global financial collapse of 2008, the focus of much academic work has turned to rigorously modeling these entities. Chapter one surveys the past and current literature on all types of financial intermediaries (market makers, traditional banks, and hedge funds, among others) and discusses their role in dissemination of asymmetric information, real business cycle fluctuations, and financial crashes and contagion. In chapter two, I build a two-frequency sequential trade model which generates sharp endogenous asset price movements caused by slow dissemination of asymmetric information about economic fundamentals. The key mechanism used in the model employs a Glosten-Migrom market maker who gradually infers the value of the fundamental by trading with both uninformed and imperfectly informed agents. Information becomes "trapped" as purchases by the uninformed agent mask informative sales; a sudden price correction occurs as soon as the market maker discovers the true value of the fundamental. I also study the factors that influence the duration of the information dissemination process. In chapter three, I build a two-country DSGE model with multiple assets, incomplete markets, and an endogenous optimizing banking sector, that is capable of recreating some of the important trends and linkages observed in the financial data. International financial markets during the past several decades have been characterized by a significant rise in gross international equity flows, increased prominence of non-traditional financial institutions, and globalization of the banking sector. In particular, I demonstrate that financial liberalization leads to an increase in a country's gross international asset holdings and to a positive net equity position. Finally, the model lays the groundwork for addressing many of the global banking regulation issues (for example, capital requirements and bankruptcy resolutions) that are now emerging in the field of international finance.
موضوع (اسم عام یاعبارت اسمی عام)
موضوع مستند نشده
Finance
موضوع مستند نشده
Economic theory
اصطلاحهای موضوعی کنترل نشده
اصطلاح موضوعی
Social sciences
اصطلاح موضوعی
Asymmetric information
اصطلاح موضوعی
Banking
اصطلاح موضوعی
Market maker
اصطلاح موضوعی
Market microstructure
اصطلاح موضوعی
Portfolio choice
اصطلاح موضوعی
Regulation
اصطلاح موضوعی
Financial intermediaries
نام شخص به منزله سر شناسه - (مسئولیت معنوی درجه اول )
مستند نام اشخاص تاييد نشده
Staveley-O'Carroll, James Ormonde
نام شخص - ( مسئولیت معنوی درجه دوم )
مستند نام اشخاص تاييد نشده
Evans, Martin D. D., supervisor
دسترسی و محل الکترونیکی
تاريخ و ساعت مذاکره و دسترسي
TL936.pdf
متن ارتباطي
لببیلبیلبیلیب
وضعیت انتشار
فرمت انتشار
e
اطلاعات رکورد کتابشناسی
نوع ماده
TL
کد کاربرگه
254359
اطلاعات دسترسی رکورد
سطح دسترسي
a
تكميل شده
Y
