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On the monetary role of banks.

Seydel, Carolyn.

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On the monetary role of banks.

Record Type:	Electronic resources : Monograph/item
Title/Author:	On the monetary role of banks./
Author:	Seydel, Carolyn.
Description:	164 p.
Notes:	Source: Dissertation Abstracts International, Volume: 64-02, Section: A, page: 0585.
Contained By:	Dissertation Abstracts International64-02A.
Subject:	Economics, General. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3081172

On the monetary role of banks.
Seydel, Carolyn.

On the monetary role of banks. - 164 p.

Source: Dissertation Abstracts International, Volume: 64-02, Section: A, page: 0585.

Thesis (Ph.D.)--University of California, Los Angeles, 2003.

I study the monetary role of financial institutions using the techniques established by models that investigate the transaction role of money. Transaction role of money models (e.g. OLG, turnpike and search models) have a common driving force: agents buy and sell at different points in time. My theoretic paper is based on a stage game where with probability one-half agents must buy first and then sell and with probability one-half agents must first sell and then buy. This transaction friction is sufficient to create a role for money in the stage game.Subjects--Topical Terms:

1017424
Economics, General.

On the monetary role of banks.
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035 $a (UnM)AAI3081172
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100 1 $a Seydel, Carolyn. $3 1950377
245 1 0 $a On the monetary role of banks.
300 $a 164 p.
500 $a Source: Dissertation Abstracts International, Volume: 64-02, Section: A, page: 0585.
500 $a Chair: Joseph M. Ostroy.
502 $a Thesis (Ph.D.)--University of California, Los Angeles, 2003.
520 $a I study the monetary role of financial institutions using the techniques established by models that investigate the transaction role of money. Transaction role of money models (e.g. OLG, turnpike and search models) have a common driving force: agents buy and sell at different points in time. My theoretic paper is based on a stage game where with probability one-half agents must buy first and then sell and with probability one-half agents must first sell and then buy. This transaction friction is sufficient to create a role for money in the stage game.
520 $a In a frictional environment where agents may need to buy before they sell, both paper and commodity money produce a cash-in-advance constraint. (Note that this friction does not exist in standard OLG and turnpike models.) Thus a form of money that is based on the keeping of accounts will be more efficient.
520 $a My first paper is an economic history paper that traces the development of private "bank" money in Western Europe during the half millennium that preceded the industrial revolution in England. I observe that Britain was the first economy to develop a nation-wide network of local banking houses in the third quarter of the 18th century. I argue that the foundation and evolution of the Bank of England made this network possible.
520 $a My second paper assumes that financial intermediaries are a commitment device which makes the repayment of debt credible and gives an agent's debt currency. I consider the effects of giving only a fraction of the population access to financial services. I consider an optimal growth model with my transaction friction nested in each period and with the additional assumption that labor productivity growth takes place due to specialization of production. In this environment I find that the rate of growth depends on the level of financial services and that capital deepening takes place as a by-product of increasing labor productivity.
590 $a School code: 0031.
650 4 $a Economics, General. $3 1017424
650 4 $a Business Administration, Banking. $3 1018458
650 4 $a Economics, History. $3 1017418
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710 2 0 $a University of California, Los Angeles. $3 626622
773 0 $t Dissertation Abstracts International $g 64-02A.
790 1 0 $a Ostroy, Joseph M., $e advisor
790 $a 0031
791 $a Ph.D.
792 $a 2003
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3081172