By Kevin Dowd
Competition and Finance deals a brand new, unified remedy of the fields of monetary and financial economics. the 1st half integrates contemporary advancements in enterprise concept and data economics right into a unified monetary idea of the enterprise. A evaluate of contemporary advancements within the economics of banking after which financial economics ends up in a end assessing present-day platforms of critical banking and presenting monetary and fiscal reform.
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Additional resources for Competition and Finance: A Reinterpretation of Financial and Monetary Economics
We find that pledges of one sort or another generally help to alleviate contracting problems, but in the presence of limits to what can be pledged they do not eliminate them entirely. , he would ration credit). , covenants) being written into the contract. , the right to foreclose on the project) if these restrictions are violated. , call clauses), the extent to which contracts might involve the lender monitoring a loan, and so on. We then take a closer look at bankruptcy issues in these more sophisticated environments and discuss the main features of optimal bankruptcy law, the extent of debtor liability, and so on.
Directly convertible systems are relatively easy to understand. Should the marlcet price of the anchor deviate from its par price maintained by the banks, individual agents will exploit the opportunity to make arbitrage profits and in so doing set in motion changes in the supply of currency that return the market price of the anchor back to par. However, convertible systems have the drawbacks that a single commodity (or Introduction 33 whatever) is unlikely to be the most efficient anchor and the most efficient redemption medium, and they also have the potential to destabilise the financial system in the face of shocks to the demand for the redemption-medium/anchor.
Runs are generally restricted to individual banks or groups of banks that have discernible problems such as bad loans, and there is little evidence of bank run contagion that might turn runs on weak banks into runs on the banking system as a whole. The available evidence on the costs of bank failures also suggests these costs are lower than used to be thought, and indeed, not that much different from the costs imposed by the failures of other comparably-sized firms. Chapter 8 then discusses the structure of the banking industry.