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Modern Financial Macroeconomics : Panics, Crashes, and Crises by Todd A. Knoop (2008, Trade Paperback)

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About this product

Product Identifiers

PublisherWiley & Sons, Incorporated, John

ISBN-101405161817

ISBN-139781405161817

eBay Product ID (ePID)61174295

Product Key Features

Number of Pages288 Pages

LanguageEnglish

Publication NameModern Financial Macroeconomics : Panics, Crashes, and Crises

Publication Year2008

SubjectFinance / General, Economics / Macroeconomics, Industries / Financial Services

TypeTextbook

Subject AreaBusiness & Economics

AuthorTodd A. Knoop

FormatTrade Paperback

Dimensions

Item Height0.7 in

Item Weight14.7 Oz

Item Length9.1 in

Item Width6 in

Additional Product Features

Intended AudienceCollege Audience

LCCN2007-048188

Reviews"This is a good book and one that would be suitable for undergraduate courses on this topic." ( CHOICE )

Dewey Edition22

IllustratedYes

Dewey Decimal339

Table Of ContentList of Figures ix List of Tables x List of Case Studies xi Preface xiii Introduction 1 Part I An Introduction to Finance and Macroeconomics 11 1 The Basics of Financial Markets and Financial Institutions 13 Introduction 13 What is Financial Intermediation and Why is It Different from Other Economic Transactions? 14 What is Money? 16 The Importance of Financial Systems in Stimulating Long-Run Growth 17 The Empirical Evidence on Financial Development and Growth 21 The Four Primary Forms of Financial Intermediation 25 Conclusions 33 2 A Brief History of Financial Development 35 Introduction 35 A Brief History of Banking, Financial Markets, and Central Banking 36 Modern Central Banking 40 A Brief History of International Capital Flows 42 Globalization and Financial Development in the 1990s 44 Conclusions 55 Part II Macroeconomic Theory and The Role Of Finance 57 3 Business Cycles and Early Macroeconomic Theories of Finance 59 Introduction 59 Business Cycle Definitions 60 Financial Indicators of Business Cycles 64 The Sunspot Theory 66 Early Monetary Theories 67 The Classical Model 69 The Debt-Deflation Theory 72 Conclusions 74 4 Keynesian, Monetarist, and Neoclassical Theories 75 Introduction 75 Keynes'' General Theory 76 Keynesian Economics and the IS-LM Model 82 The Financial Instability Hypothesis 84 The Monetarist Model 86 Principles of the Monetarist model 86 Neoclassical Theories 91 Conclusions 100 5 New Institutional Theories of Finance: Models of Risk and the Costs of Credit Intermediation 102 Introduction 102 What is Meant by "New Institutional" Theories of Finance? 103 The Financial Accelerator Model and the Role of Credit in Business Cycles 106 The Financial Accelerator and Monetary Policy 111 The Empirical Evidence on the Financial Accelerator Model 112 Conclusions 120 6 New Institutional Theories of Finance: Models of Credit Rationing 123 Introduction 123 Two Models of Credit Rationing 125 Equity Rationing 129 Empirical Evidence on Models of Credit Rationing 131 Conclusions 137 Part III Financial Volatility and Economic [In]Stability 139 7 The Role of Financial Systems in Monetary and Stabilization Policy 141 Introduction 141 Why Does Money Matter? Traditional Theories of the Monetary Transmission Mechanism 142 Balance Sheet Channels and the Monetary Transmission Mechanism 145 Empirical Studies of the Balance Sheet Channels of Monetary Transmission 147 Is Monetary Policy Still Powerful? A Look at the Empirical Evidence 148 Old Debates over the Effectiveness of Stabilization Policy 152 New Debates over the Effectiveness of Stabilization Policy 154 Conclusions 161 8 Banking Crises and Asset Bubbles 163 Introduction 163 The Causes and Prevention of Banking Crises 165 Empirical Evidence on Banking Crises 169 The Causes and Prevention of Asset Bubbles 173 Empirical Evidence on Asset Bubbles 178 Conclusions 188 Part IV International Finance and Financial Crises 191 9 Capital Flight and the Causes of International Financial Crises 193 Introduction 193 The Causes of Capital Flight and Currency Crises 195 Contagion 198 Empirical Evidence on Capital Flows, Currency Crises, and Contagion 200 The Causes and Costs of Twin Crises 202 The Currency and Banking Crises in East Asia 205 Conclusions 213 10 International Financial Crises: Policies and Prevention 215 Introduction 215 The Benefits and Costs of Financial Liberalization 216 Guidelines for Domestic Financial Regulation 219 The Pros and Cons of Capital Controls 222 International Financial Regulation 224 The IMF, Its Policies, and Its Critics 225 Reforming the IMF 233 Conclusions 234 Part V Conclusions 237 11 What We have Learned, What We Still Need to Learn about Financial Macroeconomics 239 A Brief Review 239 What We Have Learned about Financial Macroeconomics 241 What We Do Not Know 247 Concluding Conclusions 254 Bibliography 255 Index 265

SynopsisThis one-of-a-kind text examines the role that financial markets and institutions play in modern macroeconomics. Traditional economics downplays the function of financial systems in macroeconomic thought., This timely text examines the role that financial markets and institutions play in modern macroeconomics. Over the last couple of decades there has been a fair amount of research on microeconomic models of market failure and the impact of such failures on business cycles and other macroeconomic phenomena. Recessions and depressions are examined afresh in detail. Financial panics and meltdowns like the currency crashes of the 1990s are examined for macroeconomic impact and recoveries. Last but not least, the current Bush Crash of 07-08 is discussed as it has unfolded, including the bank run and demise of the Northern Rock bank in the UK. The inexpensive paperback version can be used as a supplement to Money & Banking and Intermediate Macro courses, since the text assumes knowledge of only simple macroeconomic/microeconomic principles., Modern Financial Macroeconomics takes a non-technical approach in examining the role that financial markets and institutions play in shaping outcomes in the modern macro economy. Reviews historical and contemporary macroeconomic theory Examines governmental influence on moderating (or exacerbating) economic fluctuations Discusses both empirical and theoretical links between financial systems and economic performance, as well as case studies detailing the role of finance in specific business cycle episodes

LC Classification NumberHB172.5