By A. Van Riet , Peter Bull Bernhard Winkler
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
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.
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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