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-crisis period. Fourth, the net effect from the: pre-crisis period is lower on money supply and banking system efficiency; post …
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We present a theory in which the key driver of short-term debt issued by the financial sector is the portfolio demand for safe and liquid assets by the nonfinancial sector. This demand drives a premium on safe and liquid assets that the financial sector exploits by owning risky and illiquid...
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Introduction -- 1 What is money? -- A History of Money and Banking -- 2 Money from the very beginning -- 3 Banks enter … the scene -- 4 The dawn of modern banking -- 5 The creation of a paper currency -- 6 Modern banking comes of age -- 7 The …This book explores the nature of money and banking throughout their history, and applies this to the study of financial …
Persistent link: https://www.econbiz.de/10013167256
We propose a methodology for measuring the market-implied capital of banks by subtracting from the market value of equity (market capitalization) a credit-spread-based correction for the value of shareholders' default option. We show that without such a correction, the estimated impact of a...
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