Financial Factors in Economic Stabilization and Growth

by Edited by Mario I. Blejer , Zvi Eckstein , Zvi Hercowitz , Leonardo Leiderman

• ISBN13: 9780521088190
• ISBN10: 0521088194
• Edition: 1st
• Format: Paperback
• Copyright: 2008-10-30
• Publisher: Cambridge University Press

Summary

With the advent of increased capital mobility in the past two decades, financial factors have become of key importance for the processes of stabilization and growth in developing, developed, and transforming economies. The size of international capital movements and the financial intermediation industry has become so large that these factors could become the dominant impulses for individual economies and the global economy in the 1990s and beyond. This book collects essays by well-known analysts in international economics and finance who treat these issues from relatively new perspectives.

Table of Contents

Introduction

Transmission of Credit Policy

The role of credit market imperfections in the monetary transmission mechanism: arguments and evidence

Identification and the effects of monetary policy shocks

Credit market imperfections and low-output equilibria in economies in transition

International Financial Factors

Transparency and the evolution of exchange rate flexibility in the aftermath of disinflation Alex Cukierman

Cross-border banking

Immigration and growth under imperfect capital mobility: the case of

Financial Innovation and Growth

Interpreting monetary stabilization in a growth model with credit goods production

The macroeconomic effects of financial innovation: the case of Israel

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