Overview

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 draws together 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 future research and application of results.

Full Product Details

Author:   Sudipto Bhattacharya (, Arizona State University and London School of Economics and Political Science, UK) ,  Arnoud Boot (, Universiteit van Amsterdam, The Netherlands) ,  Anjan Thakor (, University of Michigan Business School, USA)
Publisher:   Oxford University Press
Imprint:   Oxford University Press
Dimensions:   Width: 15.60cm , Height: 4.70cm , Length: 23.40cm
Weight:   1.375kg
ISBN:  

9780199243068

ISBN 10:   0199243069
Pages:   928
Publication Date:   25 March 2004
Audience:   Professional and scholarly ,  Professional & Vocational
Format:   Paperback
Publisher's Status:   Active
Availability:   To order  
Stock availability from the supplier is unknown. We will order it for you and ship this item to you once it is received by us.

Table of Contents

Sudipto Bhattacharya, Arnoud W. A. Boot, and Anjan V. Thakor: Introduction Part I: Monitoring By and Of Banks 1: John Boyd and Edward C. Prescott: Financial Intermediary Coalitions 2: Charles W. Calomiris and Charles M. Kahn: The Role of Demandable Debt in Structuring Optimal Banking Arrangements 3: Rafael Repullo and Javier Suarez: Monitoring, Liquidation, and Security Design 4: Martin Hellwig: Financial Intermediation with Risk Aversion Sudipto Bhattacharya, Arnoud W. A. Boot, and Anjan V. Thakor: Discussion Part II: Liquidity Provision via Banks and Markets 5: Douglas W. Diamond: Liquidity, Banks, and Markets 6: Bengt Holmstrom and Jean Tirole: Private and Public Supply of Liquidity 7: Sudipto Bhattacharya, Paolo Fulghieri, and Riccardo Rovelli: Financial Intermediation versus Stock Markets in a Dynamic Intertemporal Model 8: Oliver Hart and John Hardman-Moore: The Governance of Exchanges: Members' Cooperatives versus Outside Ownership Ernst-Ludwig von Thadden: Discussion Part III: Bank Runs and Financial Crises 9: V. V. Chari and Ravi Jagannathan: Banking Panics, Information and Rational Expectations Equilibrium 10: Hyun-Song Shin and Steven Morris: Unique Equilibrium in a Model of Self-Fulfilling Currency Attacks 11: Xavier Freixas and Bruno Parigi: Contagion and Efficiency in Gross and Net Interbank Payment Systems Jean-Charles Rochet: Discussion Part IV: Regulation of Financial Intermediaries 12: Jean-Charles Rochet: Capital Requirements and the Behaviour of Commercial Banks 13: Randal Kroszner and Raghuram Rajan: Is the Glass-Steagall Act Justified? A Study of the U.S. Experience with Universal Banking before 1993 14: Philippe Aghion, Patrick Bolton, and Steven Fries: Optimal Design of Bank Bailouts: The case of transition economies Xavier Freixas and Anthony Santomero: Discussion Part V: Financial Contracting and Interbank Competition 15: Arnoud Boot, Stuart Greenbaum, and Anjan Thakor: Reputation and Discretion in Fiancial Contracting 16: Mitchell Petersen and Raghuram Rajan: The Effect of Credit Market Competition on Lending Relationships 17: Ernst-Ludwig von Thadden: Long-Term Contracts, Short-Term Investment and Monitoring 18: Andrew Winton: Competition Among Financial Intermediaries when Diversification Matters Andrew Winton: Discussion Part VI: Comparative Financial Systems 19: Mathias Dewatripont and Eric Maskin: Credit and Efficiency in Centralized and Decentralized Economies 20: Sudipto Bhattacharya and Gabriella Chiesa: Proprietary Information, Financial Intermediation, and Research Incentives 21: Arnoud Boot and Anjan Thakor: Financial System Architecture 22: Franklin Allen and Douglas Gale: Financial Markets, Intermediaries, and Intertemporal Smoothing Franklin Allen and Douglas Gale: Discussion Part VII: Credit Markets, Intermediation, and the Macroeconomy 23: Bengt Holmstrom and Jean Tirole: Financial Intermediation, Loanable Funds, and the Real Sector 24: Nobuhiro Kiyotaki and John Hardman-Moore: Credit Cycles 25: Javier Suarez and Oren Sussman: Endogenous Cycles in a Stiglitz-Weiss Economy Pietro Reichlin: Discussion

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Author Information

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 Faculty of Economics and Econometrics at the University of Amsterdam and advisor to the Riksbanken (Central Bank of Sweden). He is also Research Fellow at the Centre for Economic Policy Research (CEPR) in London and at the Davidson Institute of the University of Michigan. Anjan Thakor is Edward J. Frey Professor of Banking and Finance at the University of Michigan Business School. He previously held appointments at Indiana University and UCLA.

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