We present a general equilibrium model of intermediation designed to capture some of the key features of the modern financial system. The model incorporates financial constraints and state-contingent contracts, and captures the spillovers associated with asset fire sales during periods of stress. If a sufficiently severe shock occurs during a credit expansion, these spillovers can potentially g...

Previous articleNext article No AccessDynamic Bank Expansion: Spatial Growth, Financial Access, and InequalityYan Ji, Songyuan Teng, Robert M. TownsendYan Ji Search for more articles by this author , Teng Townsend PDFPDF PLUS Add to favoritesDownload CitationTrack CitationsPermissionsReprints Share onFacebookTwitterLinkedInRedditEmail SectionsMoreDetailsFiguresReferencesCited Journal of Politic...

This paper explains the application of ontologies in financial domains to a query expansion process. The final goal is to improve financial information retrieval effectiveness. The system is composed of an ontology and a Lucene index that stores and retrieves natural language concepts. An initial evaluation with a limited number of queries has been performed. Obtained results show that ambiguit...

Third, the shortfall in Chinese economic growth derives from the exhaustion of strong investment in low productivity sectors, which was part of the Chinese response to the global financial crisis. The Committee placed great emphasis on the large credit expansion, which was channeled mostly through institutions outside the traditional financial system (known as shadow banking). Given this factor...

Financial instability can have large adverse effects on an economy. One major cause of instability is asset price bubbles. This paper starts by considering how such bubbles can arise due to the expansion of money and credit. The ways in which subsequent financial instability occurs are then discussed. Banking crises can arise due to panics or as a result of the business cycle. Contagion and fin...

considering the expansion of global poverty and its resulting concerns, the objectives of the millennium development goals (mdgs) may not be achieved unless a solution is found for this widespread phenomenon. therefore finding a solution for poverty reduction and improving the welfare of the vulnerable group has become a universal objective. this paper discusses the poor performance of formal f...