Money (Theory, Policy, Application) Prof. Dr. Nur Keyder - Kitap

Money

(Theory, Policy, Application)

1. Baskı, 
Ekim 2002
Kitabın Detayları
Dili:
Türkçe
Ebat:
16x24
Sayfa:
476
Barkod:
9789753475303
Kapak Türü:
Karton Kapaklı
Yayınevi:
Seçkin Yayıncılık
Kitabın Fiyatı:
445,00₺
İndirimli (%83):
75,00₺
24 saat içerisinde temin edilir.
Kitabın Açıklaması
This book is intended as a text book as well as a reference book. Throughout the book, besides theory and policy, application is highly emphasized. Turkey, which could be accepted as a representative of the group called developing countries, is taken as the country of reference. University students and people, working in the field of money/bankingfinance are the target group of this book.
Kitabın Konu Başlıkları
.
Basic Concepts
.
The Financial System
.
Money Supply Analysis
.
Demand For Money
.
Interest Rate
.
Money And Income Determination
.
Monetary Policy Regimes
Yorumlar
Kitabın İçindekileri
Preface 
vii
List Of Symbols 
xiii
Chapter 1: INTRODUCTION 
1
1.1. NEED FOR MONETARY POLICY 
1
PART IBASIC CONCEPTS
Chapter 2: DEFINITIONS AND CONCEPTS 
39
3.1 THE CENTRAL BANK OF THE REPUBLIC OF TURKEY (CBRT OR C.B. IN SHORT) 
40
3.2 MONETARY POLICY TOOLS 
46
3.2.1 Reserve Requirement Ratio 
47
3.2.2 Bank Liquidity Requirement 
58
3.2.3 Open Market Operations 
72
3.2.4 Discount Rate 
75
3.2.5 Interest Rate On Deposits 
80
3.2.6 Moral Suasion 
85
3.2.7 Import Deposits 
85
3.2.8 Margin Requirements 
86
3.2.9 Selective Credit Control 
86
3.2.10 Foreign Currency Surrender Ratio 
88
Appendix 1: INTERBANK MONEY MARKET - FOREIGN EXCHANGEMARKET - GOLD MARKET 
91
Appendix 2: MAJOR POLICY CHANGES AND THE RELATEDSTABILIZATION PACKAGES 
99
Chapter 4: TURKISH FINANCIAL SYSTEM OUTSIDE OF THE CBRT 
129
4.1 DEPOSITORY INSTITUTIONS 
129
4.1.1. State Banks 
136
4.1.2. Private Banks 
136
4.1.3. Foreign Banks 
138
4.2 FINANCIAL SERVICE INSTITUTIONS 
138
4.2.1 Stock Exchanges 
138
4.2.2. The Money Lending Brokers 
152
4.3 OTHER FINANCIAL INSTITUTIONS WHICH HAVE NO AUTHORITY TO CREATEMONEY 
154
4.3.1 Investment and Development Banks 
154
4.3.2 Credit Cooperatives 
166
4.3.3 Insurance Companies 
166
4.3.4 Mutual Funds 
166
4.3.5 Investment Trusts 
170
4.3.6 Venture Capital Investment Trust 
171
4.3.7. Real Estate Investment Trust 
173
4.4. SEMIFINANCIAL INSTITUTIONS 
174
PART IIIMONEY SUPPLY ANALYSIS
Chapter 5: MONEY SUPPLY 
181
5.1. DEFINITION OF MONEY 
181
5.1.1. The Conventional Approach 
181
5.1.2. The Chicago Approach 
182
5.1.3. The Gurley and Shaw Approach 
182
5.2. MONETARY ANALYSIS AND THE ESTIMATION OF MONEY SUPPLY IN TURKEY 
184
5.3. MONEY STOCK DEFINITIONS USED BY THE CENTRAL BANK OF THE REPUBLICOF TURKEY 
185
Chapter 6: RESERVE MONEY – MONETARY BASE AND THE CENTRALBANK MONEY 
193
6.1. C.B. BALANCE SHEET (Statement) 
199
6.1.1 Assets 
199
6.1.2. Liabilities 
203
6.2 RESERVE MONEY-MONETARY BASE-CENTRAL BANK MONEY 
219
6.2.1 General Mechanism 
223
6.2.2. C.B. Balance Sheet And Derivation Of Alternative Monetary Aggregates For Turkey 
224
6.3. AVERAGE AND RELATIVE CONTRIBUTIONS OF ITS COMPONENTS TO THECHANGE IN RESERVE MONEY 
229
6.4 CHOOSING THE MONETARY AGGREGATE TO BE MONITORED 
230
6.4.1 Monetary Aggregate Monitored by the Central Bank 
231
6.5. TARGETS OF THE 1990 MONETARY PROGRAM REGARDING THE C.B.BALANCE SHEET 
232
Appendix 1: CONVERTIBLE TURKISH LIRA DEPOSIT ACCOUNTS (CTLDs) 
233
Chapter 7: MONETARY EXPANSION MECHANISM 
239
7.1 DEPOSIT AND LOAN MULTIPLIERS 
239
7.1.1 Deposit Multiplier 
239
7.1.2 Loan Multiplier 
243
7.1.3 Relaxing Assumptions and the Deposit and Loan Multipliers 
244
7.1.3.1 Deposit Multiplier 
244
7.1.3.2 Loan Multiplier 
249
7.2 MONEY MULTIPLIER 
252
7.2.1 Money Multiplier in General 
252
7.2.1.1 Money Multiplier for M1 
252
7.2.1.2 Money Multiplier for M2 
252
7.2.2 Money Supply Prediction Using the Multiplier 
253
7.2.2.1 Money Supply Prediction Using Reserves 
253
7.2.2.2 Money Supply Prediction Using The High Powered Money 
253
7.2.3 Money Multiplier for the Special Case of Turkey 
254
7.2.3.1 Role of Government Deposits In The Money Multiplier 
254
7.2.3.2 Derivation Of The Formulae Of The Money Multiplier For Turkey 
255
7.3 DETERMINANTS OF THE MONEY SUPPLY 
257
7.4 DERIVATION OF THE FORMULAE TO ESTIMATE THE SOURCES OF THE CHANGE INTHE MONEY STOCK 
258
Chapter 8: AN APPLICATION THE MONEY STOCK DETERMINATION IN TURKEY (19962001) 
265
8.1 BASE MONEY (RESERVE MONEY (RM)) 
268
8.2 THE MONEY MULTIPLIER 
277
8.3 MONEY MULTIPLIER-MONEY SUPPLY ESTIMATION AND CONTRIBUTION OF ITS DETERMINANTS TO THE CHANGE IN MONEY SUPPLY 
278
PART IVDEMAND FOR MONEY
Chapter 9: THEORIES OF THE DEMAND FOR MONEY 
291
9.1 THE MONETARIST APPROACH 
291
9.1.1 Classical Quantity Theory 
292
9.1.1.1 Irving Fisher's Version of the Classical Quantity Theory 
292
9.1.1.2 Cambridge Approach (A.C. Pigou's version of the Classical Quantity Theory) 
296
9.1.2 Modern Quantity Theory 
298
9.2. NEOKEYNESIAN THEORIES 
303
9.2.1 The Liquidity Preference Approach 
304
9.2.1.1. The Liquidity Preference Approach Generally Stated 
304
9.2.1.2 Regressive Expectations Model 
308
9.2.1.3 Refinement in the Liquidity Preference Theory 
312
9.2.2 Portfolio Balance Approach 
312
9.2.3 Wealth Adjustment Approach 
314
9.2.3.1 The Demand For Money Equation In The Wealth Adjustment Approach 
314
9.2.3.2 Prediction of "V" and Income 
315
9.3 COMPARISON OF THE DIFFERENT THEORIES OF THE DEMAND FOR MONEY 
315
Chapter 10: DEMAND FOR MONEY EQUATION 
321
10.1 SPECIFICATION OF THE DEMAND FOR MONEY EQUATION 
321
10.2 MONEY DEMANDVELOCITYMONETARY TARGETING 
324
10.2.1 ShortRun And LongRun Demand For Money Functions 
325
10.2.2. The Velocity (V) Function 
328
10.2.3. Velocity and Monetary Targeting 
329
10.3 DATA AND EMPIRICAL PROBLEMS 
329
10.3.1 Demand For Money Equation and the Identification Problem 
329
10.3.2. Data 
330
10.4 THE DEMAND FOR MONEY EQUATION FOR TURKEY 
336
PART VINTEREST RATE
Chapter 11: THE INTEREST RATE THEORY AND MATHEMATICS OFFINANCIAL ANALYSIS 
359
11.1 THE THEORY ON THE DETERMINATION AND FUNCTIONS OF INTEREST RATE 
359
11.1.1 The Classical Interest Rate Theory 
359
11.1.2 Wicksell's Loanable Funds Theory 
359
11.1.3 Keynesian Interest Rate Theory 
360
11.1.4 HicksHansen's NeoKeynesian Synthesis 
361
11.1.5 Tobin's Portfolio Theory of Interest Rate 
361
11.2 MATHEMATICS OF FINANCIAL ANALYSIS 
361
11.3 INTEREST RATE DIVERGENCY ON ALTERNATIVE ASSETS 
374
PART VIMONEY AND INCOME DETERMINATION
Chapter 12: MONETARY TRANSMISSION 
379
12.1 THE CHANNELS 
379
12.1.1 The Interest Rate Channel 
379
12.1.2. Wealth Effect Channel 
382
12.1.3 Credit Rationing Channel 
383
12.2. MONETARY TRANSMISSION MECHANISM UNDER DIFFERENT APPROACHES 
383
12.2.1. Transmission Mechanisms under the Monetarist School 
383
12.2.2 The Monetary Transmission Mechanisms in NeoKeynesian Approach 
388
12.3 IMPLICATIONS OF THE ALTERNATIVE DEMAND FOR MONEY THEORIES 
393
Appendix 1: DERIVATION OF IS AND LM CURVES 
395
Chapter 13: THE MONETARY APPROACH TO BALANCE OF PAYMENTS 
403
13.1. THE RELATIONSHIP BETWEEN MONEY AND THE BALANCE OF PAYMENTS 
404
13.3. A SIMPLE MODEL 
405
Chapter 14: MONEY IN MACRO MODELS 
407
14.1. AN INTRODUCTION TO MACRO MODELS 
407
14.2 SELECTED MACRO MODELS 
410
14.2.1. Examples To Monetarist Models 
411
14.2.1.1 The St. Louis Model (Money Exogenous) 
411
14.2.1.2 The AghevliKhan Model (Money Endogenous) 
415
14.2.2 A NeoKeynesian Model: "The FRBMIT Model" 
417
14.2.3 Polak Model (Monetary Approach to Balance of Payments) 
420
14.2.3.1 The Model 
420
14.2.3.2. Derivation of the Reduced Form of the Model 
423
14.2.3.3. Using the Model for Prediction 
425
14.2.3.4 The Application of the Polak Model to Turkey 
429
PART VIIMONETARY POLICY REGIMES
Chapter 15: STABILIZATION PROGRAMS AND MONETARY POLICY 
437
15.1 EXCHANGE RATE TARGETING 
437
15.2 MONETARY TARGETING (MONETARY AGGREGATE TARGETING) 
443
5.3 INFLATION TARGETING 
450
5.4 IMPLICIT BUT NOT EXPLICIT TARGETING 
452
Bibliography 
453
Author Index 
463
Subject Index 
465
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