A Flow-of-Funds Perspective on the Financial Crisis: Volume - download pdf or read online

By A. Van Riet , Peter Bull Bernhard Winkler

ISBN-10: 1137352981

ISBN-13: 9781137352989

ISBN-10: 1349469440

ISBN-13: 9781349469444

ISBN-10: 1791801811

ISBN-13: 9781791801816

Presents a complete assessment of a huge diversity of makes use of of the movement of money in the vital financial institution neighborhood in addition to within the educational box, ready via overseas specialists within the box. in line with the predicament adventure, it bargains an summary of classes for macrofinancial research and fiscal balance.

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Additional info for A Flow-of-Funds Perspective on the Financial Crisis: Volume I: Money, Credit and Sectoral Balance Sheets

Example text

If ‘money’ is a larger aggregate and we observed only the growth of one component, we were simply victims of a fallacy of observation. This larger aggregate could be due to the increase of financial instruments with cash-equivalent The Quantity Theory of Money Revisited 15 functions (Poszar, 2011), or to financial integration, due to which one should look at monetary and real aggregates of groups of integrated countries (De Santis, 2012). • Velocity: for the whole economy, its evolution is a puzzle.

Aggregating these data within a framework such as the flow of funds would give researchers some very useful information about changing patterns of the financial system. For the moment we can further develop the flow-of-funds approach, which allows us to look into intra-financial sector transactions, albeit aggregated by sub-sectors. This way we can keep track of liquidity even as the distinction between banks and market-based vehicles becomes more blurred, and we can see how credit underwritten by some sectors becomes debt in others and monitor the build-up of macrofinancial imbalances.

The above formulation thus assumes such velocities to be unitary. The lack of need for velocity in FoF analysis is a reflection of the greater precision customarily required in the FoF approach. Irrespective of its original connection to the gold standard and its meaning of the number of times gold circulated within a given time period, in practice a scale factor or coefficient such as velocity has remained necessary in empirical macroeconomic models due to their greater degree of imprecision concerning monetary quantities.

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A Flow-of-Funds Perspective on the Financial Crisis: Volume I: Money, Credit and Sectoral Balance Sheets by A. Van Riet , Peter Bull Bernhard Winkler


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