Titlebook: Competition and Finance; A Reinterpretation o Kevin Dowd Book 1996 Kevin Dowd 1996 financial policy.growth.monetary economics

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Capital Structure and Corporate Financial Policy,eatment of contracting theory to encompass contracts involving three or more types of agent. Instead of there being just equity-holders and a single class of undifferentiated debtholders, we now consider cases where there might be equity-holders and two classes of debt-holder (i.e., one with a senio

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Why Financial Intermediaries Exist,intermediaries exist because they improve on unintermediated markets in which the ‘ultimate’ parties (such as borrowers and savers, or firms and investors) deal directly with each other without the use of any intermediary. An intermediary might be useful in a situation where investors want informati

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Broker Intermediaries,., Ramakrishnan and Thakor, 1984; Chant, 1987, 3, 11, 21–2; Lewis and Davis, 1987, Chapter 2; and Allen, 1990). There are many different kinds of brokers — search specialists who bring buyers and sellers together, insurance brokers, credit-rating agencies, forecasting units, financial consultants, i

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The Economics of the Unit of Account, of a unit of account. The UA is a unit of that commodity or asset — the . (MOA) — in terms of whose units ‘prices are quoted and accounts are kept’ (Niehans, 1978, 118). The UA is that to which the numbers refer in price tags. The medium of account has a name — the dollar, the pound, or whatever —

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The Mechanics of Convertibility,of a ... We can talk of the convertibility of a monetary system in two different senses. In a weaker and less familiar sense, convertibility involves a commitment by one or more banks of issue to maintain continuously or every so often a pre-announced exchange rate between the MOE they issue and som

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Monometallic, Bimetallic and Related Monetary Standards, of one or more ‘real’ commodities. However, before we can discuss such systems, we need first to clarify what the term monetary standard actually means. Too many writers launch off into detailed discussions . monetary standards without ever specifying what a monetary standard . actually is. As Maso

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Commodity-basket Monetary Standards, bimetallism and the systems related to it might provide some protection for the price level in the face of ‘excessive’ fluctuations in the relative value of the anchor commodity, there is a strong argument that the price level would be more stable if it were tied to a basket of gold and silver rath