The Challenge of Financial Stability "A New Model and Its Applications"

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Goodhart, Charles

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ISBN:9781847208941
Editorial: Edward Elgar
Fecha de la edición:2012
Encuadernación:
Nº Pág.:368
Idiomas:Español

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/ Sistema Financiero

The achievement of financial stability is one of the most pressing issues today. This timely and innovative book provides an analytical framework to assess financial (in)stability as an equilibrium phenomenon compatible with the orderly functioning of a modern market economy. The authors expertly show how good regulatory policy can be implemented and that its effects on the real as well as the nominal side of the economy can be properly analysed. The core of their approach is to take realistic account of the interaction between endogenous default, agent heterogeneity and money and liquidity, and suggests how a quantifiable metric of financial fragility could be developed. This insightful book will serve as a basis for future work on financial stability management for both academics and policy-makers and provide guidance on how to undertake crisis prevention and resolution.

Contents: 1. Introduction PART I: OVERVIEW 2. 'Analysis of Financial Stability' (Charles A.E. Goodhart and Dimitrios P. Tsomocos) 3. 'Evaluation of Macroeconomic Models for Financial Stability Analysis', (Gunnar Bardsen, Kjersti-Gro Lindquist and Dimitrios P. Tsomocos) PART II: THEORY 4. 'Equilibrium Analysis, Banking and Financial Instability' (Dimitrios P. Tsomocos) 5. 'A Model to Analyse Financial Fragility' (with Charles A.E. Goodhart, Pojanart Sunirand, and Dimitrious P. Tsomocos) 6. 'On Modelling Endogenous Default' (Dimitrios P. Tsomocos and Lea Zicchino) 7. 'Banks, Relative Performance, and Sequential Contagion' (with Dimitrios P. Tsomocos, Sudipto Bhattacharya, Charles A.E. Goodhart and Pojanart Sunirand) PART III: APPLICATIONS 8. 'A Model To Analysis Financial Fragility: Applications' (Charles A.E. Goodhart, Dimitrios P. Tsomocos,and Pojanart Sunirand) 9. 'A Risk Assessment Model For Banks' (Charles A.E. Goodhart, Pojanart Sunirand, and Dimitrious P. Tsomocos) 10. 'A Time Series Analysis of Financial Fragility in the UK Banking System' (C.A.E. Goodhart , P. Sunirand and D.P.Tsomocos) 11. 'An Equilibrium Approach to Financial Stability Analysis: The Colombian Case' (Agustin Saade, Daniel Osorio, Dairo Estrada) 12. 'A model of Financial Fragility' (Kevin James) PART IV: LIQUIDITY AND COLLATERAL 13. 'Modeling a Housing and Mortgage Crisis' (Charles A. E. Goodhart, Dimitrios P. Tsomocos, Alexandros P. Vardoulakis) 14. State Prices, Liquidity, and Default' (Raphael A. Espinoza, Charles A.E. Goodhart, Dimitrios P. Tsomocos) PART V: CONCLUSION 15. Conclusion