The Theory of Money and Financial Institutions
The Theory of Money and Financial Institutions

Author: Martin Shubik

Publisher: MIT Press

Published: 1999

Total Pages: 472

ISBN-13: 9780262693110

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This first volume in a three-volume exposition of Shubik's vision of "mathematical institutional economics" explores a one-period approach to economic exchange with money, debt, and bankruptcy. This is the first volume in a three-volume exposition of Martin Shubik's vision of "mathematical institutional economics"--a term he coined in 1959 to describe the theoretical underpinnings needed for the construction of an economic dynamics. The goal is to develop a process-oriented theory of money and financial institutions that reconciles micro- and macroeconomics, using as a prime tool the theory of games in strategic and extensive form. The approach involves a search for minimal financial institutions that appear as a logical, technological, and institutional necessity, as part of the "rules of the game." Money and financial institutions are assumed to be the basic elements of the network that transmits the sociopolitical imperatives to the economy. Volume 1 deals with a one-period approach to economic exchange with money, debt, and bankruptcy. Volume 2 explores the new economic features that arise when we consider multi-period finite and infinite horizon economies. Volume 3 will consider the specific role of financial institutions and government, and formulate the economic financial control problem linking micro- and macroeconomics.

Risk Topography
Risk Topography

Author: Markus Brunnermeier

Publisher: University of Chicago Press

Published: 2014-10-17

Total Pages: 286

ISBN-13: 022609264X

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The recent financial crisis and the difficulty of using mainstream macroeconomic models to accurately monitor and assess systemic risk have stimulated new analyses of how we measure economic activity and the development of more sophisticated models in which the financial sector plays a greater role. Markus Brunnermeier and Arvind Krishnamurthy have assembled contributions from leading academic researchers, central bankers, and other financial-market experts to explore the possibilities for advancing macroeconomic modeling in order to achieve more accurate economic measurement. Essays in this volume focus on the development of models capable of highlighting the vulnerabilities that leave the economy susceptible to adverse feedback loops and liquidity spirals. While these types of vulnerabilities have often been identified, they have not been consistently measured. In a financial world of increasing complexity and uncertainty, this volume is an invaluable resource for policymakers working to improve current measurement systems and for academics concerned with conceptualizing effective measurement.

Powering the Digital Economy: Opportunities and Risks of Artificial Intelligence in Finance
Powering the Digital Economy: Opportunities and Risks of Artificial Intelligence in Finance

Author: El Bachir Boukherouaa

Publisher: International Monetary Fund

Published: 2021-10-22

Total Pages: 35

ISBN-13: 1589063953

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This paper discusses the impact of the rapid adoption of artificial intelligence (AI) and machine learning (ML) in the financial sector. It highlights the benefits these technologies bring in terms of financial deepening and efficiency, while raising concerns about its potential in widening the digital divide between advanced and developing economies. The paper advances the discussion on the impact of this technology by distilling and categorizing the unique risks that it could pose to the integrity and stability of the financial system, policy challenges, and potential regulatory approaches. The evolving nature of this technology and its application in finance means that the full extent of its strengths and weaknesses is yet to be fully understood. Given the risk of unexpected pitfalls, countries will need to strengthen prudential oversight.

Macroeconomics in the Small and the Large
Macroeconomics in the Small and the Large

Author: Axel Leijonhufvud

Publisher: Edward Elgar Publishing

Published: 2009-01-01

Total Pages: 207

ISBN-13: 1848446020

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Roger Farmer is to be congratulated for editing this splendid set of essays in honour of Axel Leijonhufvud. . . I am sure that most of the readers of these essays will be excited and stimulated by their contents. Economic Record This book honors the work of the influential economist Axel Leijonhufvud. His work in macroeconomics, monetary theory and European economic history has spurred great discussion over many years, and the authors of this book comprise some of the very best economists active today. The broad influence of his work is evident in the variety of subjects his readers address. The topics range from Keynesian economics and the economics of high inflation to the micro-foundations of macroeconomics and economic history. The reader will find an intriguing compilation of ideas ranging from bankruptcy and collateral debt, the macroeconomics of broken promises, interest rate setting, growth patterns of macro models, innovation history to macroeconomics with intelligent autonomous agents. Scholars and students of economic history, Keynesian economics and alternative monetary theory will be delighted with the work inspired by this influential thinker.

Portfolio Selection and Asset Pricing
Portfolio Selection and Asset Pricing

Author: Shouyang Wang

Publisher: Springer Science & Business Media

Published: 2012-12-06

Total Pages: 260

ISBN-13: 3642559344

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In our daily life, almost every family owns a portfolio of assets. This portfolio could contain real assets such as a car, or a house, as well as financial assets such as stocks, bonds or futures. Portfolio theory deals with how to form a satisfied portfolio among an enormous number of assets. Originally proposed by H. Markowtiz in 1952, the mean-variance methodology for portfolio optimization has been central to the research activities in this area and has served as a basis for the development of modem financial theory during the past four decades. Follow-on work with this approach has born much fruit for this field of study. Among all those research fruits, the most important is the capital asset pricing model (CAPM) proposed by Sharpe in 1964. This model greatly simplifies the input for portfolio selection and makes the mean-variance methodology into a practical application. Consequently, lots of models were proposed to price the capital assets. In this book, some of the most important progresses in portfolio theory are surveyed and a few new models for portfolio selection are presented. Models for asset pricing are illustrated and the empirical tests of CAPM for China's stock markets are made. The first chapter surveys ideas and principles of modeling the investment decision process of economic agents. It starts with the Markowitz criteria of formulating return and risk as mean and variance and then looks into other related criteria which are based on probability assumptions on future prices of securities.

Mission-Oriented Finance for Innovation
Mission-Oriented Finance for Innovation

Author: Mariana Mazzucato

Publisher: Rowman & Littlefield

Published: 2015-03-06

Total Pages: 175

ISBN-13: 1783484969

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The role of the state in modern capitalism has gone beyond fixing market failures. Those regions and countries that have succeeded in achieving “smart” innovation-led growth have benefited from long-term visionary “mission-oriented” policies—from putting a man on the moon to tackling societal challenges such as climate change and the wellbeing of an ageing population. This book collects the experience of different types of mission-oriented public institutions around the world, together with thought-provoking chapters from leading economists. As the global debate on deficits and debt levels continues to roar, the book offers a challenge to the conventional narrative—asking what kinds of visionary fiscal policies we need to help promote "smart” innovation-led, inclusive, and sustainable growth.

Techno-economic Paradigms
Techno-economic Paradigms

Author: Wolfgang J. M. Drechsler

Publisher: Anthem Press

Published: 2009

Total Pages: 443

ISBN-13: 1843317850

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'Techno-Economic Paradigms' presents a series of essays discussing one of the most interesting and talked-about socio-economic theories of our times: techno-economic paradigm shifts.

Financial Conditions and Macroeconomic Performance
Financial Conditions and Macroeconomic Performance

Author: Steven M. Fazzari

Publisher: Routledge

Published: 2015-06-05

Total Pages: 193

ISBN-13: 1317470567

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This collection of papers on financial instability and its impact on macroeconomic performance honours Hyman P. Minsky and his lifelong work. It is based on a conference at Washington University, St. Louis, in 1990 and includes among the authors Benjamin M. Friedman, Charles P. Kindleberger, Jan Kregel and Steven Fazzari. These papers consider Minsky's definitive analysis that yields such a clear and disturbing sequence of financial events: booms, government intervention to prevent debt contraction and new booms that cause a progressive buildup of new debt, eventually leaving the economy much more fragile financially.

Global Entrepreneurship & Innovation
Global Entrepreneurship & Innovation

Author: Sarika Pruthi

Publisher: SAGE

Published: 2023-04-05

Total Pages: 545

ISBN-13: 1529765250

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In a globalised world, entrepreneurial ventures and innovation projects today tend to function internationally across a range of different countries and regions in order to be successful. It is vital therefore for entrepreneurs, innovators and indeed all business professionals to be thinking and acting with a global mindset. This comprehensive textbook helps you to develop such a mindset by drawing on theory, research, examples and case studies. There is a strong focus on developing countries and emerging economies throughout the text given the centrality of these markets to successful business today. Dedicated chapters shine a unique spotlight on timely topics such as migration, immigration, ethnicity and digitalisation in relation to entrepreneurship. Case studies and examples are included from around the world and include small start-ups, SMEs and well-known international brands such as Amazon, Dyson and Uber. Written in an accessible style for readers, there are additionally a wide range of learning features in each chapter including learning outcomes, summaries and discussion questions, alongside visual aids. This text is essential reading for university and college courses related to international entrepreneurship and global innovation. Sarika Pruthi is Associate Professor in the School of Global Innovation and Leadership at Lucas College and Graduate School of Business, San José State University, USA. Jay Mitra is Professor of Business Enterprise and Innovation and Director of the Venture Academy at Essex Business School, University of Essex, UK, and Visiting Professor at Luneburg University, Germany.