The second edition of an essential text on the microeconomic foundations of banking surveys the latest research in banking theory, with new material that covers recent developments in the field. Over the last thirty years, a new paradigm in banking theory has overturned economists' traditional vision of the banking sector. The asymmetric information model, extremely powerful in many areas of economic theory, has proven useful in banking theory both for explaining the role of banks in the economy and for pointing out structural weaknesses in the banking sector that may justify government intervention. In the past, banking courses in most doctoral programs in economics, business, or finance focused either on management or monetary issues and their macroeconomic consequences; a microeconomic theory of banking did not exist because the Arrow-Debreu general equilibrium model of complete contingent markets (the standard reference at the time) was unable to explain the role of banks in the economy. This text provides students with a guide to the microeconomic theory of banking that has emerged since then, examining the main issues and offering the necessary tools for understanding how they have been modeled. This second edition covers the recent dramatic developments in academic research on the microeconomics of banking, with a focus on four important topics: the theory of two-sided markets and its implications for the payment card industry; “non-price competition” and its effect on the competition-stability tradeoff and the entry of new banks; the transmission of monetary policy and the effect on the functioning of the credit market of capital requirements for banks; and the theoretical foundations of banking regulation, which have been clarified, although recent developments in risk modeling have not yet led to a significant parallel development of economic modeling. Praise for the first edition: "The book is a major contribution to the literature on the theory of banking and intermediation. It brings together and synthesizes a broad range of material in an accessible way. I recommend it to all serious scholars and students of the subject. The authors are to be congratulated on a superb achievement."—Franklin Allen, Nippon Life Professor of Finance and Economics, Wharton School, University of Pennsylvania "This book provides the first comprehensive treatment of the microeconomics of banking. It gives an impressive synthesis of an enormous body of research developed over the last twenty years. It is clearly written and apleasure to read. What I found particularly useful is the great effort that Xavier Freixas and Jean-Charles Rochet have taken to systematically integrate the theory of financial intermediation into classical microeconomics and finance theory. This book is likely to become essential reading for all graduate students in economics, business, and finance."—Patrick Bolton, Barbara and David Zalaznick Professor of Business, Columbia University Graduate School of Business "The authors have provided an extremely thorough and up-to-date survey of microeconomic theories of financial intermediation. This work manages to be both rigorous and pleasant to read. Such a book was long overdue and shouldbe required reading for anybody interested in the economics of banking and finance."—Mathias Dewatripont, Professor of Economics, ECARES, Universit
The third edition of a leading text on the microeconomic foundations of banking, comprehensively updated with new coverage of the 2008 Global Financial Crisis, fintech, and the latest research in banking theory. The banking industry has undergone seismic change in the twenty-first century, from the overhaul of regulation in the wake of the 2008 Global Financial Crisis to the digitalization of the economy and the disruption of traditional business models by ascendant tech giants. Now in a comprehensively updated third edition, this essential graduate-level text on the microeconomic foundations of banking provides the rigorous theoretical approach required to understand these new structures and norms, functioning as a user’s guide to recent academic literature. Microeconomics of Banking offers a comprehensive view of the evolution of banking theory and the rapidly changing realm of financial intermediation, examining the central issues and offering the necessary tools for understanding how they have been modeled. New edition highlights: Up-to-date coverage of the latest research in banking theory as well as the events of the global financial crisis and resultant Basel III regulatory framework New chapters on liquidity and systemic risk New material throughout on cryptocurrencies, fintech, and other facets of a digitalized economy
This report first analyzes what lies behind the historic segmentation of EU financial markets because a clear view about these issues is needed to predict the changes that EMU will bring about. The authors then examine the policy implications of these changes and propose measures to address the problems that may be encountered.
A “wonderfully readable” study of the importance of human connection and how we form intimate relationships, from two pioneering psychiatrists (Psychiatric Times) In The Healing Connection, best-selling author Jean Baker Miller, M.D., and Irene Stiver, Ph.D., argue that relationships are the integral source of psychological health. In so doing they offer a new understanding of human development that points a way to change in all of our institutions—work, community, school, and family—and is sure to transform lives.
Almost every country in the world has sophisticated systems to prevent banking crises. Yet such crises--and the massive financial and social damage they can cause--remain common throughout the world. Does deposit insurance encourage depositors and bankers to take excessive risks? Are banking regulations poorly designed? Or are banking regulators incompetent? Jean-Charles Rochet, one of the world's leading authorities on banking regulation, argues that the answer in each case is "no." In Why Are There So Many Banking Crises?, he makes the case that, although many banking crises are precipitated by financial deregulation and globalization, political interference often causes--and almost always exacerbates--banking crises. If, for example, political authorities are allowed to pressure banking regulators into bailing out banks that should be allowed to fail, then regulation will lack credibility and market discipline won't work. Only by insuring the independence of banking regulators, Rochet says, can market forces work and banking crises be prevented and minimized. In this important collection of essays, Rochet examines the causes of banking crises around the world in recent decades, focusing on the lender of last resort; prudential regulation and the management of risk; and solvency regulations. His proposals for reforms that could limit the frequency and severity of banking crises should interest a wide range of academic economists and those working for central and private banks and financial services authorities.
The human lung is a complex and highly specialized organ with over 40 differentiated cell types. Optimal lung function is determined prenatally and an in utero adverse event may interfere with the delicate lung development process and lead to variable degrees of pulmonary hypoplasia. Fetal lung underdevelopment is a major concern for obstetricians and pediatricians since pulmonary hypoplasia (PH) may lead to severe respiratory distress immediately after birth and even to neonatal death or potential long-term morbidity. During a five year period, the author had the opportunity to conduct in experienced teams several studies on different fetal malformations that dealt with multiple aspects in the wide spectrum of PH: gastroschisis (GAS), giant omphalocele (GO), low obstructive uropathies (LUTO) and congenital diaphragmatic hernia (CDH). The thesis, which focuses on four papers published as first author, reviews important features of PH for a fetal medicine specialist. Three other publications as co-author are presented at the end of the manuscript as "additional contributions".
Practical GI Endoscopy provides an illustrated concise guide to the use of endoscopy in the diagnosis and management of disorders in the upper and lower gastrointestinal tract. There is a clinical “hands on emphasis throughout with expert advice on the practical aspects of performing endoscopic techniques in both diagnosis and therapy, tips for avoiding complications and how best to deal with them if and when encountered. Written by the leading international names in gastrointestinal endoscopy, the text has been expertly edited into a succinct, instructive format. Presented in short paragraphs structured with headings, subheadings and bullet points and richly illustrated throughout with full-color photographs and line drawings the book will be an invaluable companion to the busy practicing gastroenterologist. Practical approach taken throughout, with step by step guides to performing procedures Clear algorithms included throughout to summarize the clinical decision making process. Detailed coverage of two specific procedures: endosonography and ERCP that provides an ideal resource for trainee and established endoscopists. Outstanding full color illustrations incorporated throughout. Provides an accurate visual guide to the endoscopic approaches and techniques under discussion World class team of international expert contributing authors from Europe and North America. Therapeutic options and preferred methods of treatment are drawn from all over the world and not just the US. Endosonography and ERCP Radiofrequency Ablation for early Barrett’s neoplasia Advanced imaging techniques: confocal endomicroscopy, autofluorescence, narrow band imaging, magnification endoscopy. Endoscopic mucosal resection techniques Small bowel endoscopy – capsule and enteroscopy Endoscopy and obesity
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