This book relates the literatures of finance, industrial economics and investment to the theoretical framework of the 'credit view'. Firstly it is assumed that banks' decisions concerning their assets are seen as at least as relevant as their decisions concerning their liabilities. Secondly, securities and bank credit are considered to be highly imperfect substitutes. In this regard it is important to investigate the way industrial and financial sectors interact. In particular, how is the macroeconomy affected by the phenomenon of 'securitization' and by exogenous changes in the industrial structure of the credit market. The interactions between real and financial sectors are also analysed from the point of view of the industrial firm, in a model where the investment and financial decisions of the firm are taken simultaneously.
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Preface and Acknowledgements; 1. Introduction; Part I. Banks, Credits and the Macroeconomy: A Puzzle: 2. Credit, financial markets and the macroeconomy: different approaches and a proposed perspective; 3. Securitization and the empirics of bank credit; Part II. Interactions between Credit and Industry: Firms Market Power and Banks Liquidity Preference: 4. Investments and monetary policy with oligopsony in the market for credit; 5. Banks' assets and liquidity preference, an empirical investigation based on the free liquidity ratio for commercial banks; Part III. 'Inside the Firm': Interactions between Finance and Investments: 6. Investments with firm-specific financial costs and 'transaction' adjustment costs; 7. Are investments and financial structure two faces of the same decision, a qualitative approach; Summing up; Bibliography; Index.
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Includes innovative attempts to investigate the causal links among macroeconomic models, institutional phenomena and industrial structure.

Produktdetaljer

ISBN
9780521584111
Publisert
1998-01-22
Utgiver
Cambridge University Press
Vekt
470 gr
Høyde
236 mm
Bredde
162 mm
Dybde
21 mm
Aldersnivå
P, 06
Språk
Product language
Engelsk
Format
Product format
Innbundet
Antall sider
232

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