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Inflation and Intermediation by Depository Institutions

In: Monetary Theory and Economic Institutions

Author

Listed:
  • Donald D. Hester

    (University of Wisconsin)

Abstract

The last twenty-five years have witnessed extraordinary changes in financial markets in the United States and in the Western world. These changes are a consequence of improvements in information processing, imbalances in growth rates of different countries, changes in convertibility and exchange-rate régimes, domestic regulatory and policy initiatives, and, of course, inflation and variations in other rates of return on assets. It is likely that inflation both caused institutional changes and was a consequence of them, but this paper focuses only on the former linkage.2 While the paper emphasises the connection between inflation and portfolio behaviour by depository institutions in the United States, I believe there are counterparts in other countries represented at this conference.

Suggested Citation

  • Donald D. Hester, 1987. "Inflation and Intermediation by Depository Institutions," International Economic Association Series, in: Marcello Cecco & Jean-Paul Fitoussi (ed.), Monetary Theory and Economic Institutions, chapter 7, pages 163-181, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-08781-5_7
    DOI: 10.1007/978-1-349-08781-5_7
    as

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