Download A Flow-of-Funds Perspective on the Financial Crisis: Volume by A. Van Riet , Peter Bull Bernhard Winkler PDF

By A. Van Riet , Peter Bull Bernhard Winkler

Presents a entire evaluate of a vast diversity of makes use of of the stream of cash in the important financial institution neighborhood in addition to within the educational box, ready via overseas specialists within the box. in accordance with the hindrance adventure, it bargains an outline of classes for macrofinancial research and monetary balance.

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Extra resources for A Flow-of-Funds Perspective on the Financial Crisis: Volume I: Money, Credit and Sectoral Balance Sheets

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S. banking system’, IMF Working Paper, WP/11/190. Sargent, T. and P. Surico (2011) ‘Two illustrations of the quantity theory of money: breakdowns and revivals’, American Economic Review, 101 (1), 109–28. Stein, J. (2011) ‘Central banking and financial stability’, Paolo Baffi Lecture, Banca d’Italia, 30 November. Werner, R. (2011) ‘Economics as if banks mattered: a contribution based on the inductive methodology’ in Future of Macroeconomics (The Manchester School), 25–33. Winkler, B. (2010) ‘Cross-checking and the flow of funds’ in L.

But it is not the only type, and is often dwarfed by the other two types: credit for GDP transactions that are not of an income-generating type (such as consumer credit), and credit for financial transactions, which may generate capital gains. These types are thus intrinsically unsustainable. Concerning financial transactions, in aggregate and over time capital gains from them are zero. 6), determines and in this example pushes up asset prices, and hence generates further credit-driven capital gains without any underlying increase in income streams.

The lack of need for velocity in FoF analysis is a reflection of the greater precision customarily required in the FoF approach. Irrespective of its original connection to the gold standard and its meaning of the number of times gold circulated within a given time period, in practice a scale factor or coefficient such as velocity has remained necessary in empirical macroeconomic models due to their greater degree of imprecision concerning monetary quantities. In other words, a formulation including velocities may be considered to be less stringent in its data requirements, and hence easier to fill with data than the above equations without velocity.

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