Search results for "Innovations financières"
showing 2 items of 2 documents
Monnaie endogène, refinancement bancaire et offre de crédit
1993
Post Keynesians have developped the view that credit availability is fundamentally determined by demand-side pressures. However, two aproaches o f money supply endogeneity are here distinguished : full and partial accommodation by central banks of reserve needs arising from bank lending. In the first case, central banks only set the supply price but not the supply quantity of reserves, in the second they can and do control reserve quantities. We examine the major implications of these theories on short term interest rates determination, management practices (particularly liability management) of commercial banks, financial innovations and quantity rationing by banks. We try to show that bot…
Systèmes financiers et canaux de transmission de la politique monétaire
2010
This dissertation analyses the consequences of transformations in the financial sphere on the transmission channels of decisions in monetary policy in industrialized countries over the past several years. We observe that as a result of these transformations, banking institutions have evolved from an originate to hold model to an originate to distribute model. This has enabled banks to turn more toward derivative products and credit risk transfer instruments. We demonstrate that these techniques of active/passive management have completely revolutionized the theoretical foundations of traditional channels and in particular the credit channel. Our analysis of these landmark changes is organiz…