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Asset markets, financial intermediaries and growth in emerging markets and beyond

机译：资产市场，金融中介机构以及新兴市场及其他地区的增长

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来源
《International economics and economic policy》 |2018年第2期|255-259|共5页
作者
Ansgar Belke; George Chortareas;
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作者单位

University of Duisburg-Essen,Centre for European Policy Studies;

King’s College;

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正文语种 eng
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专利

1. The Emerging Role of Financial Intermediaries in the Financial Market ofGhana [J] . Nii Ardey Tagoe Business and Economics Journal . 2016,第4期

机译：金融中介机构在加纳金融市场中的新兴作用
2. The Asset Growth Effect and Investor Protection in Emerging Markets: The Role of the Global Financial Crisis [J] . Gonenc Halit, Ursu Silviu Emerging Markets Finance & Trade . 2018,第1a3期

机译：新兴市场中的资产增长效应和投资者保护：全球金融危机的作用
3. Asset Quality Misrepresentation by Financial Intermediaries: Evidence from the RMBS Market [J] . Piskorski Tomasz, Seru Amit, Witkin James Journal of Finance . 2015,第6期

机译：金融中介机构对资产质量的虚假陈述：RMBS市场的证据
4. Chaotic Recurrence of the Fixed Assets-Infrastructure Influence on Financial Health of the Hospitality Industry in Emerging Markets [C] . FERNANDO JUAREZ WSEAS International Conference on Business Administration . 2014

机译：新兴市场在热门市场经济体育运动力影响的固定资产 - 基础设施的混沌再次发生
5. Essays on financial crises in emerging markets: Role of capital inflow, financial intermediaries and the dynamics of contagion. [D] . Baig, Taimur. 1999

机译：关于新兴市场金融危机的论文：资本流入，金融中介机构和传染病动态的作用。
6. Does the Adaptive Market Hypothesis explain the evolution of emerging markets efficiency? Evidence from the Moroccan financial market [O] . Mostafa Lekhal, Ahmed El Oubani 2020

机译：自适应市场假设是否解释了新兴市场效率的演变？来自摩洛哥金融市场的证据
7. Financial Development and the Distributional Effects of Monetary Policy Do the distributional consequences of monetary policy depend on the extent of financial development? Should optimal monetary policy vary across countries? In order to answer these questions, we develop a monetary growth production model with heterogeneous agents. In our economy, optimal policy needs to weigh the effects of policy across two groups — capital owners and individuals who hold liquid assets. While banks help limit the exposure to inflation, there are limits because money alleviates the frictions of private information and limited communication. In this environment, we compare two economies that are identical in every aspect except for their level of financial development. In a country with limited financial development, a stock market is absent. In the other, an equity market is active. In either economy, inflation adversely affects capital formation and output. Individuals who hold liquid assets are always adversely affected by inflation, but the attitude of capital owners depends on the level of financial development. In particular, in the presence of a stock market, the impact of inflation on the welfare of capital owners is non-monotonic. Nevertheless, optimal monetary policy is always more conservative at higher levels of financial development. [O] . TINA M. Edgar A. Ghossoub, TINA M. Robert R. Reedy 100

机译：金融发展和货币政策的分配效应货币政策的分配后果是否取决于金融发展的程度？各国的最优货币政策应该不同吗？为了回答这些问题，我们开发了一个具有异构代理的货币增长生产模型。在我们的经济中，最优政策需要权衡两个群体的政策效应 - 资本所有者和持有流动资产的个人。虽然银行帮助限制通胀风险，但存在限制，因为资金减轻了私人信息的摩擦和有限的沟通。在这种环境下，我们比较两个经济体在各个方面都是相同的，除了它们的金融发展水平。在金融发展有限的国家，缺乏股票市场。另一方面，股票市场活跃。在任一经济体中，通胀都会对资本形成和产出产生不利影响持有流动资产的个人总是受到通货膨胀的不利影响，但资本所有者的态度取决于金融发展的水平。特别是，在股票市场存在的情况下，通货膨胀对资本所有者福利的影响是非单调的。尽管如此，在较高的金融发展水平下，最优货币政策总是更加保守。

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