Suchergebnisse

This study highlights the growing interdependence that exists between the financial markets of industrial and developing nations, by determining the role the Euromarkets have played in creating this dependence and by examining its effect on the stability of the international monetary system

This book looks at the implications of financial liberalization for three southern European countries - Greece, Portugal and Spain. These countries have been carrying out their own financial liberalization and have also to respond to pressures for financial liberalization emanating from EC-wide measures. This book examines the relationship between domestic and international financial liberalization. In particular, it considers the implications for the real economy, for the stability and structure of the financial system and for macroeconomic policy in these countries.

Contains a statement of balance-of-payments accounting, and a critical appraisal of balance-of-payments adjustment theory. The book also features chapters on the capital account of balance-of-payments and the theory of exchange rate determination in the United Kingdom.

This paper examines the cash flow sensitivity of investment using a panel of UK manufacturing firms to investigate the existence of a balance sheet channel. In addition to examining the impact of cash flow in different subsamples based on company size or financial policy, we investigate the extent to which investment becomes more sensitive to cash flow in periods of monetary tightness by employing a narrative indicator constructed for the United Kingdom. The results indicate that cash flow sensitivity in financially constrained firms is higher during periods of tight monetary policy and that financial constraints weaken with financial market sophistication.