IDEAS home Printed from https://ideas.repec.org/b/rif/abooks/12.html
   My bibliography  Save this book

Analysis of Financial Markets and Central Bank Policy in the Flow-of-Funds Framework. An Application to the Case of Finland

Author

Listed:
  • Alho, Kari

Abstract

No abstract is available for this item.

Suggested Citation

  • Alho, Kari, . "Analysis of Financial Markets and Central Bank Policy in the Flow-of-Funds Framework. An Application to the Case of Finland," ETLA A, The Research Institute of the Finnish Economy, number 12.
  • Handle: RePEc:rif:abooks:12
    as

    Download full text from publisher

    File URL: http://www.etla.fi/wp-content/uploads/A12.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Purvis, Douglas D, 1978. "Dynamic Models of Portfolio Behavior: More on Pitfalls in Financial Model Building," American Economic Review, American Economic Association, vol. 68(3), pages 403-409, June.
    2. Begg, David K H, 1984. "Rational Expectations and Bond Pricing: Modelling the Term Structure with and without Certainty Equivalence," Economic Journal, Royal Economic Society, vol. 94(376a), pages 45-58, Supplemen.
    3. Blinder, Alan S. & Mankiw, N. Gregory, 1984. "Aggregation and stabilization policy in a multi-contract economy," Journal of Monetary Economics, Elsevier, vol. 13(1), pages 67-86, January.
    4. Jaffee, Dwight M & Modigliani, Franco, 1969. "A Theory and Test of Credit Rationing," American Economic Review, American Economic Association, vol. 59(5), pages 850-872, December.
    5. Sneessens, H. R., 1983. "A macroeconomic rationing model of the belgian economy," European Economic Review, Elsevier, vol. 20(1-3), pages 193-215, January.
    6. M. S. Feldstein & J. S. Flemming, 1971. "Tax Policy, Corporate Saving and Investment Behaviour in Britain," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 38(4), pages 415-434.
    7. Malinvaud, Edmond, 1982. "Wages and Unemployment," Economic Journal, Royal Economic Society, vol. 92(365), pages 1-12, March.
    8. Mishkin, Frederic S, 1982. "Does Anticipated Monetary Policy Matter? An Econometric Investigation," Journal of Political Economy, University of Chicago Press, vol. 90(1), pages 22-51, February.
    9. Branson, William H. & Henderson, Dale W., 1985. "The specification and influence of asset markets," Handbook of International Economics, in: R. W. Jones & P. B. Kenen (ed.), Handbook of International Economics, edition 1, volume 2, chapter 15, pages 749-805, Elsevier.
    10. Blanchard, Olivier J, 1981. "Output, the Stock Market, and Interest Rates," American Economic Review, American Economic Association, vol. 71(1), pages 132-143, March.
    11. Anderson, G J & Blundell, R W, 1982. "Estimation and Hypothesis Testing in Dynamic Singular Equation Systems," Econometrica, Econometric Society, vol. 50(6), pages 1559-1571, November.
    12. Muellbauer, John & Portes, Richard, 1978. "Macroeconomic Models with Quantity Rationing," Economic Journal, Royal Economic Society, vol. 88(352), pages 788-821, December.
    13. Greenwald, B & Stiglitz, Joseph E, 1987. "Keynesian, New Keynesian and New Classical Economics," Oxford Economic Papers, Oxford University Press, vol. 39(1), pages 119-133, March.
    14. Friedman, Benjamin Morton, 1977. "Financial Flow Variables and the Short-Run Determination of Long-Term Interest Rates," Scholarly Articles 4554309, Harvard University Department of Economics.
    15. Antoine d'Autume & Philippe Michel, 1987. "Transversality conditions, budget constraints and the determinacy of a perfect foresight equilibrium in a monetary growth model," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00452495, HAL.
    16. Backus, David & Purvis, Douglas, 1980. "An Integrated Model of Household Flow-of-Funds Allocations," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 12(2), pages 400-421, Special I.
    17. Fama, Eugene F, 1970. "Multiperiod Consumption-Investment Decisions," American Economic Review, American Economic Association, vol. 60(1), pages 163-174, March.
    18. Smith, Gary, 1975. "Pitfalls in Financial Model Building: A Clarification," American Economic Review, American Economic Association, vol. 65(3), pages 510-516, June.
    19. Neary, J. P. & Roberts, K. W. S., 1980. "The theory of household behaviour under rationing," European Economic Review, Elsevier, vol. 13(1), pages 25-42, January.
    20. Green, Christopher, 1984. "Preliminary results from a five-sector flow of funds model of the United Kingdom, 1972-77," Economic Modelling, Elsevier, vol. 1(3), pages 304-326, July.
    21. Papademos, Lucas & Modigliani, Franco, 1983. "Inflation, financial and fiscal structure, and the monetary mechanism," European Economic Review, Elsevier, vol. 21(1-2), pages 203-250.
    22. Mankiw, N Gregory & Summers, Lawrence H, 1986. "Money Demand and the Effects of Fiscal Policies," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 18(4), pages 415-429, November.
    23. Turnovsky, Stephen J., 1985. "Domestic and foreign disturbances in an optimizing model of exchange-rate determination," Journal of International Money and Finance, Elsevier, vol. 4(1), pages 151-171, March.
    24. Bester, Helmut, 1987. "The role of collateral in credit markets with imperfect information," European Economic Review, Elsevier, vol. 31(4), pages 887-899, June.
    25. Costrell, Robert M, 1983. "Profitability and Aggregate Investment under Demand Uncertainty," Economic Journal, Royal Economic Society, vol. 93(369), pages 166-181, March.
    26. Ito, Takatoshi, 1980. "Methods of Estimation for Multi-Market Disequilibrium Models," Econometrica, Econometric Society, vol. 48(1), pages 97-125, January.
    27. Arzac, Enrique R & Schwartz, Robert A & Whitcomb, David K, 1981. "A Theory and Test of Credit Rationing: Some Further Results," American Economic Review, American Economic Association, vol. 71(4), pages 735-737, September.
    28. Hunt, B F & Upcher, M R, 1979. "Generalized Adjustment of Asset Equations," Australian Economic Papers, Wiley Blackwell, vol. 18(33), pages 308-321, December.
    29. Roley, V Vance, 1980. "The Role of Commercial Banks' Portfolio Behavior in the Determination of Treasury Security Yields," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 12(2), pages 353-369, Special I.
    30. Christopher A. Pissarides, 1978. "Liquidity Considerations in the Theory of Consumption," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 92(2), pages 279-296.
    31. Bernanke, Ben S & Blinder, Alan S, 1988. "Credit, Money, and Aggregate Demand," American Economic Review, American Economic Association, vol. 78(2), pages 435-439, May.
    32. Mishkin, Frederic S, 1980. "Is the Preferred-Habitat Model of the Term Structure Inconsistent with Financial Market Efficiency?," Journal of Political Economy, University of Chicago Press, vol. 88(2), pages 406-411, April.
    33. Koskela, Erkki & Viren, Matti, 1985. "Anticipated versus 'surprise' inflation in household consumption behaviour," Economics Letters, Elsevier, vol. 17(1-2), pages 77-81.
    34. Sargent, Thomas J & Wallace, Neil, 1975. ""Rational" Expectations, the Optimal Monetary Instrument, and the Optimal Money Supply Rule," Journal of Political Economy, University of Chicago Press, vol. 83(2), pages 241-254, April.
    35. Friedman, Benjamin M & Roley, V Vance, 1979. "Investors' Portfolio Behavior under Alternative Models of Long-Term Interest Rate Expectations: Unitary, Rational, or Autoregressive," Econometrica, Econometric Society, vol. 47(6), pages 1475-1497, November.
    36. Tobin, James, 1982. "Money and Finance in the Macroeconomic Process," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 14(2), pages 171-204, May.
    37. Kennan, John, 1979. "The Estimation of Partial Adjustment Models with Rational Expectations," Econometrica, Econometric Society, vol. 47(6), pages 1441-1455, November.
    38. Deaton,Angus & Muellbauer,John, 1980. "Economics and Consumer Behavior," Cambridge Books, Cambridge University Press, number 9780521296762.
    39. Backus, David, et al, 1980. "A Model of U.S. Financial and Nonfinancial Economic Behavior," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 12(2), pages 259-293, Special I.
    40. Kenen, Peter B., 1985. "Macroeconomic theory and policy: How the closed economy was opened," Handbook of International Economics, in: R. W. Jones & P. B. Kenen (ed.), Handbook of International Economics, edition 1, volume 2, chapter 13, pages 625-677, Elsevier.
    41. Greenwald, Bruce C. & Stiglitz, Joseph E., 1987. "Imperfect information, credit markets and unemployment," European Economic Review, Elsevier, vol. 31(1-2), pages 444-456.
    42. William C. Brainard & James Tobin, 1968. "Pitfalls in Financial Model-Building," Cowles Foundation Discussion Papers 244, Cowles Foundation for Research in Economics, Yale University.
    43. Smith, Gary N & Brainard, William C, 1976. "The Value of A Priori Information in Estimating a Financial Model," Journal of Finance, American Finance Association, vol. 31(5), pages 1299-1322, December.
    44. Smith, Vernon L, 1972. "A Theory and Test of Credit Rationing: Some Generalizations," American Economic Review, American Economic Association, vol. 62(3), pages 477-483, June.
    45. Blinder, Alan S, 1987. "Credit Rationing and Effective Supply Failures," Economic Journal, Royal Economic Society, vol. 97(386), pages 327-352, June.
    46. Shinkai, Yoichi, 1975. "Stabilization Policies in an Open Economy: A Taxonomic Discussion," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 16(3), pages 662-681, October.
    47. Paul A. Samuelson, 2011. "Lifetime Portfolio Selection by Dynamic Stochastic Programming," World Scientific Book Chapters, in: Leonard C MacLean & Edward O Thorp & William T Ziemba (ed.), THE KELLY CAPITAL GROWTH INVESTMENT CRITERION THEORY and PRACTICE, chapter 31, pages 465-472, World Scientific Publishing Co. Pte. Ltd..
    48. Pindyck, Robert S & Rotemberg, Julio J, 1983. " Dynamic Factor Demands under Rational Expectations," Scandinavian Journal of Economics, Wiley Blackwell, vol. 85(2), pages 223-238.
    49. Alho, Kari, 1989. "Deregulation of Financial Markets: A General Equilibrium Analysis of Finland," Discussion Papers 292, The Research Institute of the Finnish Economy.
    50. G.H. Holtham & H. Kato, 1986. "Wealth and Inflation Effects in the Aggregate Consumption Function," OECD Economics Department Working Papers 35, OECD Publishing.
    51. Friedman, Benjamin M, 1977. "Financial Flow Variables and the Short-Run Determination of Long-Term Interest Rates," Journal of Political Economy, University of Chicago Press, vol. 85(4), pages 661-689, August.
    52. Steigum, Erling, Jr, 1983. "A Financial Theory of Investment Behavior," Econometrica, Econometric Society, vol. 51(3), pages 637-645, May.
    53. Duesenberry, James S, 1980. "Comment on A Model of U.S. Financial and Nonfinancial Economic Behavior," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 12(2), pages 317-320, Special I.
    54. Neusser, Klaus, 1985. "Multiple partial adjustment of portfolios under rational expectations," Economics Letters, Elsevier, vol. 19(4), pages 373-376.
    55. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
    56. Kanniainen, Vesa, 1984. "On Offsetting Capital Flows and Monetary Autonomy of a Small Open Economy," Economica, London School of Economics and Political Science, vol. 51(202), pages 177-186, May.
    57. Merton, Robert C, 1969. "Lifetime Portfolio Selection under Uncertainty: The Continuous-Time Case," The Review of Economics and Statistics, MIT Press, vol. 51(3), pages 247-257, August.
    58. Koskela, Erkki & Viren, Matti, 1985. "Consumption Function, Labour Supply Rationing and Borrowing Constraints," Oxford Economic Papers, Oxford University Press, vol. 37(3), pages 500-509, September.
    59. Courakis, Anthony S, 1988. "Modelling Portfolio Selection," Economic Journal, Royal Economic Society, vol. 98(392), pages 619-642, September.
    60. Jorgenson, Dale W, 1971. "Econometric Studies of Investment Behavior: A Survey," Journal of Economic Literature, American Economic Association, vol. 9(4), pages 1111-1147, December.
    61. M. Parkin, 1970. "Discount House Portfolio and Debt Selection," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 37(4), pages 469-497.
    62. Benjamin M. Friedman, 1983. "The Substitutability of Debt and Equity Securities," NBER Working Papers 1130, National Bureau of Economic Research, Inc.
    63. Schworm, William E, 1980. "Financial Constraints and Capital Accumulation," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 21(3), pages 643-660, October.
    64. Melton, William C. & Vance Roley, V., 1981. "Imperfect asset elasticities and financial model building," Journal of Econometrics, Elsevier, vol. 15(1), pages 139-154, January.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Christopher J. Green & Victor Murinde, 2003. "Flow of funds: implications for research on financial sector development and the real economy," Journal of International Development, John Wiley & Sons, Ltd., vol. 15(8), pages 1015-1036.
    2. Benjamin M. Friedman, 1978. "Price Inflation, Portfolio Choice, and Nominal Interest Rates," NBER Working Papers 0235, National Bureau of Economic Research, Inc.
    3. Benjamin M. Friedman, 1978. "Who Puts the Inflation Premium Into Nominal Interests Rates?," NBER Working Papers 0231, National Bureau of Economic Research, Inc.
    4. Willem H. Buiter, 2003. "James Tobin: An Appreciation of his Contribution to Economics," Economic Journal, Royal Economic Society, vol. 113(491), pages 585-631, November.
    5. V. Vance Roley, 1980. "The Effect of Federal Debt Management Policy on Corporate Bond and Equity Yields," NBER Working Papers 0586, National Bureau of Economic Research, Inc.
    6. Benjamin M. Friedman & V. Vance Roley, 1981. "Structural Models of Interest Rate Determination and Portfolio Behavior in the Corporate and Government Bond Markets," NBER Working Papers 0205, National Bureau of Economic Research, Inc.
    7. Jeffrey A. Frankel, 1983. "A Test of Portfolio Crowding-Out and Related Issues in Finance," NBER Working Papers 1205, National Bureau of Economic Research, Inc.
    8. V. Vance Roley, 1980. "A Disaggregated Structural Model of the Treasury Securities, Corporate Bond, and Equity Markets: Estimation and Simulation Results," NBER Technical Working Papers 0007, National Bureau of Economic Research, Inc.
    9. Georgios Argitis, 2008. "Finance, Investment and Macroeconomic Performance," European Research Studies Journal, European Research Studies Journal, vol. 0(1-2), pages 71-88.
    10. Akhand Akhtar Hossain, 2009. "Central Banking and Monetary Policy in the Asia-Pacific," Books, Edward Elgar Publishing, number 12777.
    11. Joseph E. Stiglitz, 1988. "Money, Credit, and Business Fluctuations," The Economic Record, The Economic Society of Australia, vol. 64(4), pages 307-322, December.
    12. Benjamin M. Friedman & V. Vance Roley, 1985. "Aspects of Investor Behavior Under Risk," NBER Working Papers 1611, National Bureau of Economic Research, Inc.
    13. Bos, Jaap & Li, Runliang & Sanders, Mark, 2018. "Hazardous Lending: The Impact of Natural Disasters on Banks'Asset Portfolio," Research Memorandum 021, Maastricht University, Graduate School of Business and Economics (GSBE).
    14. Benjamin M. Friedman, 1980. "The Effect of Shifting Wealth Ownership on the Term Structure of Interest Rates," NBER Working Papers 0239, National Bureau of Economic Research, Inc.
    15. V. Vance Roley, 1980. "Symmetry Restrictions in a System of Financial Asset Demands: A Theoretical and Empirical Analysis," NBER Working Papers 0593, National Bureau of Economic Research, Inc.
    16. Shiller, Robert J. & Huston McCulloch, J., 1990. "The term structure of interest rates," Handbook of Monetary Economics, in: B. M. Friedman & F. H. Hahn (ed.), Handbook of Monetary Economics, edition 1, volume 1, chapter 13, pages 627-722, Elsevier.
    17. Benjamin M. Friedman, 1985. "The Substitutability of Debt and Equity Securities," NBER Chapters, in: Corporate Capital Structures in the United States, pages 197-238, National Bureau of Economic Research, Inc.
    18. Juan Luis Vega, 1992. "El papel del crédito en el mecanismo de transmisión monetaria," Estudios Económicos, Banco de España, number 48.
    19. Carl E. Walsh, 1981. "Measurement Error and the Flow of Funds Accounts: Estimates of HouseholdAsset Demand Equations," NBER Working Papers 0732, National Bureau of Economic Research, Inc.
    20. Stijn Claessens & M Ayhan Kose, 2018. "Frontiers of macrofinancial linkages," BIS Papers, Bank for International Settlements, number 95.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:rif:abooks:12. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Kaija Hyvönen-Rajecki (email available below). General contact details of provider: https://edirc.repec.org/data/etlaafi.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.