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Author: Wolfgang Franz Publisher: Mohr Siebeck ISBN: 9783161487767 Category : Business & Economics Languages : de Pages : 304
Book Description
English summary: This series, edited by the Ottobeuren Seminar on Economics, publishes those papers which are given at the seminars in Ottobeuren. The purpose of these seminars is to present new theoretical approaches as well as new empirical findings to a group of experts and to discuss the political-economic conclusions with them. This volume contains the papers and supplementary papers given at the 34th Seminar on Economics on the subject of 'financial crises' from September 12 - 15, 2004. The objective of the seminar was to discuss current issues involving financial markets and the economy in the fields of corporate governance, banks and stock markets as well as the causes and the consequences of international financial crises. German description: Das Wirtschaftswissenschaftliche Seminar Ottobeuren ist eine traditionsreiche Institution fur wirtschaftswissenschaftliche Forschung. In jedem Jahr trifft sich ein kleiner Kreis ausgewiesener Experten eines speziellen Forschungsgebietes zu einem Symposium in Ottobeuren. In diesem Tagungsband werden die Referate und Korreferate des 34. Wirtschaftswissenschaftlichen Seminars vom 12. - 15. September 2004 zum Thema 'Finanzkrisen' veroffentlicht. Ziel des Seminars war es, aktuelle finanzmarktokonomische Fragen in den Bereichen Corporate Governance, Banken und Borsen sowie Ursachen und Folgen internationaler Finanzkrisen zu diskutieren.
Author: Wolfgang Franz Publisher: Mohr Siebeck ISBN: 9783161487767 Category : Business & Economics Languages : de Pages : 304
Book Description
English summary: This series, edited by the Ottobeuren Seminar on Economics, publishes those papers which are given at the seminars in Ottobeuren. The purpose of these seminars is to present new theoretical approaches as well as new empirical findings to a group of experts and to discuss the political-economic conclusions with them. This volume contains the papers and supplementary papers given at the 34th Seminar on Economics on the subject of 'financial crises' from September 12 - 15, 2004. The objective of the seminar was to discuss current issues involving financial markets and the economy in the fields of corporate governance, banks and stock markets as well as the causes and the consequences of international financial crises. German description: Das Wirtschaftswissenschaftliche Seminar Ottobeuren ist eine traditionsreiche Institution fur wirtschaftswissenschaftliche Forschung. In jedem Jahr trifft sich ein kleiner Kreis ausgewiesener Experten eines speziellen Forschungsgebietes zu einem Symposium in Ottobeuren. In diesem Tagungsband werden die Referate und Korreferate des 34. Wirtschaftswissenschaftlichen Seminars vom 12. - 15. September 2004 zum Thema 'Finanzkrisen' veroffentlicht. Ziel des Seminars war es, aktuelle finanzmarktokonomische Fragen in den Bereichen Corporate Governance, Banken und Borsen sowie Ursachen und Folgen internationaler Finanzkrisen zu diskutieren.
Author: Thierry Foucault Publisher: Oxford University Press ISBN: 0197542069 Category : Capital market Languages : en Pages : 531
Book Description
"The process by which securities are traded is very different from the idealized picture of a frictionless and self-equilibrating market offered by the typical finance textbook. This book offers a more accurate and authoritative take on this process. The book starts from the assumption that not everyone is present at all times simultaneously on the market, and that participants have quite diverse information about the security's fundamentals. As a result, the order flow is a complex mix of information and noise, and a consensus price only emerges gradually over time as the trading process evolves and the participants interpret the actions of other traders. Thus, a security's actual transaction price may deviate from its fundamental value, as it would be assessed by a fully informed set of investors. The book takes these deviations seriously, and explains why and how they emerge in the trading process and are eventually eliminated. The authors draw on a vast body of theoretical insights and empirical findings on security price formation that have come to form a well-defined field within financial economics known as "market microstructure." Focusing on liquidity and price discovery, the book analyzes the tension between the two, pointing out that when price-relevant information reaches the market through trading pressure rather than through a public announcement, liquidity may suffer. It also confronts many striking phenomena in securities markets and uses the analytical tools and empirical methods of market microstructure to understand them. These include issues such as why liquidity changes over time and differs across securities, why large trades move prices up or down, and why these price changes are subsequently reversed, and why we observe temporary deviations from asset fair values"--
Author: Martin Feldstein Publisher: University of Chicago Press ISBN: 0226241769 Category : Business & Economics Languages : en Pages : 374
Book Description
In recent years, the Federal Reserve and central banks worldwide have enjoyed remarkable success in their battle against inflation. The challenge now confronting the Fed and its counterparts is how to proceed in this newly benign economic environment: Should monetary policy seek to maintain a rate of low-level inflation or eliminate inflation altogether in an effort to attain full price stability? In a seminal article published in 1997, Martin Feldstein developed a framework for calculating the gains in economic welfare that might result from a move from a low level of inflation to full price stability. The present volume extends that analysis, focusing on the likely costs and benefits of achieving price stability not only in the United States, but in Germany, Spain, and the United Kingdom as well. The results show that even small changes in already low inflation rates can have a substantial impact on the economic performance of different countries, and that variations in national tax rules can affect the level of gain from disinflation.
Author: Wolfgang Franz
Author: Wolfgang Franz
Author: Georg Schanz
Author: Thierry Foucault
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Author: Peter Bofinger
Author: Werner Ehrlicher
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Author: Martin Feldstein
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Author: Rolf Caesar