Credit, Intermediation, and the Macroeconomy: Readings and Perspectives in Modern Financial Theory

Paperback | April 8, 2004

EditorSudipto Bhattacharya, Arnoud Boot, Anjan Thakor

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Developments in theories of financial markets and institutions, using the tools of the economics of uncertainty and of contracts, as well as results in game theory, have, over the last two decades, constituted an exciting and burgeoning field of research. This collection of readings drawstogether highlights of the 'second generation' literature in this area, emphasizing the theoretical, institutional, and policy-oriented regulatory implications of some of the key modelling techniques in the field.The collection divides into seven sections covering the monitoring role of banks and other intermediaries; liquidity demand and the role of banks and the government; bank runs and financial crises; bank regulation; inter-bank competition and bank--firm relationships; comparative financial systems;and imperfect credit markets and the macroeconomy. Each section comprises four articles previously published in top-ranking economics and finance journals, plus a discussion by a prominent scholar, who provides a synthesis and critique of the literature, and suggests promising directions for futureresearch and application of results.

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Developments in theories of financial markets and institutions, using the tools of the economics of uncertainty and of contracts, as well as results in game theory, have, over the last two decades, constituted an exciting and burgeoning field of research. This collection of readings drawstogether highlights of the 'second generation' l...

Sudipto Bhattacharya is currently Professor of Finance in the Department of Accounting and Finance at the London School of Economics and Political Science. Previously, he has taught at the Universities of Chicago, Stanford, Berkeley, Michigan, and Delhi. Arnoud Boot is Professor of Corporate Finance and Financial Markets at the Facult...
Format:PaperbackDimensions:928 pages, 9.21 × 6.14 × 1.86 inPublished:April 8, 2004Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199243069

ISBN - 13:9780199243068

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Table of Contents

Sudipto Bhattacharya, Arnoud W. A. Boot, and Anjan V. Thakor: IntroductionPart I: Monitoring By and Of Banks1. John Boyd and Edward C. Prescott: Financial Intermediary Coalitions2. Charles W. Calomiris and Charles M. Kahn: The Role of Demandable Debt in Structuring Optimal Banking Arrangements3. Rafael Repullo and Javier Suarez: Monitoring, Liquidation, and Security Design4. Martin Hellwig: Financial Intermediation with Risk AversionSudipto Bhattacharya, Arnoud W. A. Boot, and Anjan V. Thakor: DiscussionPart II: Liquidity Provision via Banks and Markets5. Douglas W. Diamond: Liquidity, Banks, and Markets6. Bengt Holmstrom and Jean Tirole: Private and Public Supply of Liquidity7. Sudipto Bhattacharya, Paolo Fulghieri, and Riccardo Rovelli: Financial Intermediation versus Stock Markets in a Dynamic Intertemporal Model8. Oliver Hart and John Hardman-Moore: The Governance of Exchanges: Members' Cooperatives versus Outside OwnershipErnst-Ludwig von Thadden: DiscussionPart III: Bank Runs and Financial Crises9. V. V. Chari and Ravi Jagannathan: Banking Panics, Information and Rational Expectations Equilibrium10. Hyun-Song Shin and Steven Morris: Unique Equilibrium in a Model of Self-Fulfilling Currency Attacks11. Xavier Freixas and Bruno Parigi: Contagion and Efficiency in Gross and Net Interbank Payment SystemsJean-Charles Rochet: DiscussionPart IV: Regulation of Financial Intermediaries12. Jean-Charles Rochet: Capital Requirements and the Behaviour of Commercial Banks13. Randal Kroszner and Raghuram Rajan: Is the Glass-Steagall Act Justified? A Study of the U.S. Experience with Universal Banking before 199314. Philippe Aghion, Patrick Bolton, and Steven Fries: Optimal Design of Bank Bailouts: The case of transition economiesXavier Freixas and Anthony Santomero: DiscussionPart V: Financial Contracting and Interbank Competition15. Arnoud Boot, Stuart Greenbaum, and Anjan Thakor: Reputation and Discretion in Fiancial Contracting16. Mitchell Petersen and Raghuram Rajan: The Effect of Credit Market Competition on Lending Relationships17. Ernst-Ludwig von Thadden: Long-Term Contracts, Short-Term Investment and Monitoring18. Andrew Winton: Competition Among Financial Intermediaries when Diversification MattersAndrew Winton: DiscussionPart VI: Comparative Financial Systems19. Mathias Dewatripont and Eric Maskin: Credit and Efficiency in Centralized and Decentralized Economies20. Sudipto Bhattacharya and Gabriella Chiesa: Proprietary Information, Financial Intermediation, and Research Incentives21. Arnoud Boot and Anjan Thakor: Financial System Architecture22. Franklin Allen and Douglas Gale: Financial Markets, Intermediaries, and Intertemporal SmoothingFranklin Allen and Douglas Gale: DiscussionPart VII: Credit Markets, Intermediation, and the Macroeconomy23. Bengt Holmstrom and Jean Tirole: Financial Intermediation, Loanable Funds, and the Real Sector24. Nobuhiro Kiyotaki and John Hardman-Moore: Credit Cycles25. Javier Suarez and Oren Sussman: Endogenous Cycles in a Stiglitz-Weiss EconomyPietro Reichlin: Discussion