Financial innovation and monetary policy
著者
書誌事項
Financial innovation and monetary policy
Routledge, 1993
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注記
Includes bibliographical references (p. [227]-247) and index
内容説明・目次
内容説明
How far is it beneficial to try and control the supply of money while the financial system is changing and evolving so rapidly? With the development of financial innovation and the rapid re-regulation of the financial institutions in the UK, the effects on monetary policy are far reaching. Looking at the context of both banks and building societies, this book characterizes financial innovations in order to illustrate the way they behave in the monetary system and show that they have played an important part in the inability of economists to forecast the economy in the 1980s and 1990s. Covering such topics as credit liberalization, market-led interest rates, consumers' expenditure function, definitions of money, internationalization and demand for money, this study offers a full, up-to-date account of monetary policy. This examination of the changes in the behaviour of financial institutions draws out important theoretical implications for monetary theory and policy. Using empirical data and econometric models to test his conclusions, Michael Pawley shows that financial innovation has, in many ways, made monetarism redundant.
目次
- Monetary control - theory, practice and financial change
- building society and bank developments 1970-1979
- re-regulation, competition and innovation by building societies and banks 1980-1990
- financial innovation and the monetary aggregates
- competition, mortgage lending and the money-income relationship
- financial innovation and the effectiveness of monetary control
- financial innovation, the demand for money, the demand for credit and the consumption function
- econometric evaluation
- econometric evaluation - the consumers' expenditure function
- the move to a new regime - concluding thoughts.
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