By A. Van Riet , Peter Bull Bernhard Winkler
Presents a accomplished evaluate of a wide variety of makes use of of the circulate of cash in the vital financial institution neighborhood in addition to within the educational box, ready via foreign specialists within the box. according to the main issue event, it bargains an summary of classes for macrofinancial research and monetary balance.
Read or Download A Flow-of-Funds Perspective on the Financial Crisis: Volume I: Money, Credit and Sectoral Balance Sheets PDF
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Additional resources for A Flow-of-Funds Perspective on the Financial Crisis: Volume I: Money, Credit and Sectoral Balance Sheets
This, indeed, is a fundamental difference from the ﬁnancial accounts and ﬁnancial transactions: they are not linked to underlying genuine income streams. 6). But capital gains are a zero-sum game, while national income is a positive sum game. This has implications for sustainability and stability. One implication is that only credit to fund income-generating transactions that contribute to GDP is sustainable, since the income can be used to service the debt and repay the principal. This is the type of credit that Schumpeter (1912) considered.
Introduction and Overview 7 households have evolved dramatically in France and Germany over the period 1978–2009; however, at the end of the sample, both aggregate household portfolios display somewhat similar structures in the two countries. The authors also study the portfolio choices of German and French households, by estimating a Financial Almost Ideal Demand System (FAIDS) model. The analysis of cross-interest rate elasticities allows them to assess substitution effects between asset shares in the aggregate ﬁnancial portfolios of households.
Credit creation for non-GDP transactions, that is, ﬁnancial credit. It is unsustainable, since it is not linked to sustainable income streams The Quantity Theory of Credit 33 (but capital gains). 6). 6). Asset prices are a function of continued increases in bank credit for asset transactions. As soon as such ﬁnancial circulation credit slows or stops, asset prices will not rise further. As late-coming speculators fail to achieve capital gains, they cannot service their loans and start to liquidate their positions.