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Current Developments in Monetary and Financial Law, Vol. 3
The Legal Department and the Institute of the IMF held their eighth biennial seminar for legal advisers of central banks of member countries on May 7-17,2000. The papers presented in this volume are based on presentations made by the seminar participants. The seminar covered a broad range of topics, including activities of the IMF and other international financial institutions, sovereign debt restructuring, the architecture of the international financial system, and money laundering and the financing of terrorism. In addition, participants addressed the role of central banks, payment systems, securities, technology in the financial sector, and monetary arrangements.
Money, Payments, and Liquidity, second edition
A new edition of a book presenting a unified framework for studying the role of money and liquid assets in the economy, revised and updated. In Money, Payments, and Liquidity, Guillaume Rocheteau and Ed Nosal provide a comprehensive investigation into the economics of money, liquidity, and payments by explicitly modeling the mechanics of trade and its various frictions (including search, private information, and limited commitment). Adopting the last generation of the New Monetarist framework developed by Ricardo Lagos and Randall Wright, among others, Nosal and Rocheteau provide a dynamic general equilibrium framework to examine the frictions in the economy that make money and liquid assets...
Nearsighted Justice
Chapter 11 structures complex negotiations between creditors and debtors that are overseen by a bankruptcy court. This paper identifies conditions under which it is optimal for the court to sometimes err in determining whether a firm should be liquidated. Such errors can affect the optimal action choices by both good and bad entrepreneurs. The authors first characterize the optimal error rate without renegotiation, providing conditions under which it is optimal for the court both to sometimes mistakenly liquidate good firms, but not bad firms. When creditors and debtors can renegotiate to circumvent an error-riven court and creditors have all of the bargaining power, the authors show that for a broad class of action choices, a blind court - one that ignores all information and hence is equally likely to liquidate a good firm as a bad one - is optimal. For another class of action choices, the optimal court design places the burden of proof on the entrepreneur. The robust feature is that in the optimal court design, the court sometimes errs in determining whether a firm should be liquidated.
Governing the Firm
Table of contents
The Labor-Managed Firm
This book uses economic theory to argue that worker-controlled firms are rare due to market failures rather than inherent organizational defects. The book will be of interest to scholarly researchers, graduate students, and advanced undergraduates in economics, especially in industrial organization, labor economics, comparative economics, organizational economics, and finance.
Complex Mortgages (CM)
CM became a popular borrowing instrument during the bullish housing market of the early 2000s but vanished rapidly during the subsequent downturn. These non-traditional loans (interest only, negative amortization, and teaser mortgages) enable households to postpone loan repayment compared to traditional mortgages and hence relax borrowing constraints. But, they increase household leverage and heighten dependence on mortgage refinancing. CM were chosen by prime borrowers with high income levels seeking to purchase expensive houses relative to their incomes. Borrowers with CM experience substantially higher ex post default rates than borrowers with traditional mortgages with similar characteristics. Illus. This is a print on demand report.
The ECB’s Future Monetary Policy Operational Framework: Corridor Or Floor?
This paper reviews the trade-offs involved in the choice of the ECB’s monetary policy operational framework. As long as the ECB’s supply of reserves remains well in excess of the banks’ demand, the ECB will likely continue to employ a floor system for implementing the target interest rate in money markets. Once the supply of reserves declines and approaches the steep part of the reserves demand function, the ECB will face a choice between a corridor system and some variant of a floor system. There are distinct pros and cons associated with each option. A corridor would be consistent with a smaller ECB balance sheet size, encourage banks to manage their liquidity buffers more tightly, a...
Federal Reserve Policies and Financial Market Conditions During the Crisis
During the recent financial crisis, the Fed implemented a series of extraordinary and unconventional policies to alleviate the impact of the crisis on financial markets and the economy. This paper examines the effects of these policies on broad financial market conditions. The Fed was more likely to initiate or expand new programs when financial market conditions were tighter than usual and economic conditions deteriorating. The Fed¿s policies improved broad financial market conditions significantly at announcement and that the improvements were associated primarily with program initiations and expansions. Charts and tables. This is a print on demand edition of an important, hard-to-find publication.
Cosmopolitan Power in International Relations
How can nations optimize their power in the modern world system? Realist theory has underscored the importance of hard power as the ultimate path to national strength. In this vision, nations require the muscle and strategies to compel compliance and achieve their full power potential. But in fact, changes in world politics have increasingly encouraged national leaders to complement traditional power resources with more enlightened strategies oriented around the use of soft power resources. The resources to compel compliance have to be increasingly integrated with the resources to cultivate compliance. Only through this integration of hard and soft power can nations truly achieve their greatest strength in modern world politics, and this realization carries important implications for competing paradigms of international relations. The idea of power optimization can only be delivered through the integration of the three leading paradigms of international relations: Realism, Neoliberalism, and Constructivism.
Forex for Beginners
"Backed by a comprehensive list of studies, this book is a brilliant contribution on the connections between exchange rates and economics."—Francesc Riverola, CEO and Founder of FXstreet.com "Adam Kritzer has been covering the forex market for years as a prominent but accessible industry expert. In a market sector full of pitfalls for the novice, this book will help many new traders avoid costly mistakes and get started on the path to success."—Andy Hagans, Co-founder of ETF Database "Adam Kritzer is not only one of my favorite forex writers but also one of the best ... This book will likely become required reading for those getting into the forex market."—Zachary Storella, Founder of ...
