Financial Innovation, Banking, and Monetary Aggregates
Financial Innovation, Banking, and Monetary Aggregates

Author: A. W. Mullineux

Publisher: Edward Elgar Publishing

Published: 1996-01-01

Total Pages: 232

ISBN-13: 9781781959367

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Financial Innovation, Banking and Monetary Aggregates reviews the impact of financial innovation on the measurement of money and presents the first collection of country studies appraising the usefulness of Divisia indices in deriving monetary aggregates. Monetary aggregates are traditionally formed by simply summing various monetary components such as cash and balances in savings and cheque accounts. The monetary usefulness, or 'moneyness', of these components differs and can change as a result of innovation in banking, monetary transmission and payment services. To gauge the importance of such distortions and the merits of alternative weighted monetary indices, particularly Divisia indices, this volume brings together authoritative empirical studies of countries including the US, the UK, Germany, France, Sweden, Italy and Japan. The authors conclude by showing how Divisia monetary indices act as a useful supplement to traditional monetary aggregates.

Explaining Monetary and Financial Innovation
Explaining Monetary and Financial Innovation

Author: Peter Bernholz

Publisher: Springer

Published: 2014-06-26

Total Pages: 370

ISBN-13: 3319061097

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This book discusses theories of monetary and financial innovation and applies them to key monetary and financial innovations in history – starting with the use of silver bars in Mesopotamia and ending with the emergence of the Eurodollar market in London. The key monetary innovations are coinage (Asia minor, China, India), the payment of interest on loans, the bill of exchange and deposit banking (Venice, Antwerp, Amsterdam, London). The main financial innovation is the emergence of bond markets (also starting in Venice). Episodes of innovation are contrasted with relatively stagnant environments (the Persian Empire, the Roman Empire, the Spanish Empire). The comparisons suggest that small, open and competing jurisdictions have been more innovative than large empires – as has been suggested by David Hume in 1742.

Financial Innovation and the Control of Monetary Aggregates
Financial Innovation and the Control of Monetary Aggregates

Author: Robert E. Jr Lucas

Publisher:

Published: 1983

Total Pages:

ISBN-13:

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This paper presents an empirical test of the proposition that control of a monetary aggregate will generate a rise in its velocity.The test is carried out utilizing the Canadian experience of controlling Ml growth from 1975:3 to 1982:3. Section One of the paper presents evidence of the instability of the Canadian demand from Ml money since 1975:3. Section Two develops a specific form of the proposition which emphasizes the role of asset substitution between classes of chartered bank deposits. A relative asset demand equation is derived from a wealth maximization model subject to a technological transactions constraint and this equation is estimated from 1961 through 1982.The results lend support to the proposition that central bank control of Ml generated a rise in Ml velocity.

Technological Change, Financial Innovation, and Diffusion in Banking
Technological Change, Financial Innovation, and Diffusion in Banking

Author: W. Scott Frame

Publisher: DIANE Publishing

Published: 2010-08

Total Pages: 33

ISBN-13: 1437928730

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Discusses the technological change and financial innovation that commercial banking has experienced during the past 25 years. Describes the role of the financial system in economies and how technological change and financial innovation can improve social welfare. Surveys the literature relating to several specific financial innovations, which are new products or services, production processes, or organizational forms. The past quarter century has been a period of substantial change in terms of banking products, services, and production technologies. Moreover, while much effort has been devoted to understanding the characteristics of users and adopters of financial innovations, we still know little about how and why financial innovations are initially developed.

Financial Innovation, Efficiency, and Disequilibrium
Financial Innovation, Efficiency, and Disequilibrium

Author: Peter D. Spencer

Publisher: Oxford University Press, USA

Published: 1986

Total Pages: 248

ISBN-13:

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Monetary control has assumed increasing importance in Great Britain as inflationary pressures have intensified and other counter-inflation policies have collapsed. This book is the first complete exposition of the basic Treasury econometric model that was developed for financial cial forecasting and policy analysis. In it, the co-author of the model reviews Britain's experience and analyzes some of the problems that confronted the authorities in their attempts to restrain monetary grown between 1971 and 1981.