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Published in 1999. The issue of financial volatility, especially
since financial deregulation, has given rise to concerns regarding
the effects of increased financial volatility on real economic
activity. Two issues represent a substantial challenge to financial
economists with respect to these concerns. The first relates to the
identification of the causes of increased volatility in financial
markets. Identification is a first step towards increasing both
financial economists' and policy-makers' understanding of the
interrelated causes of financial volatility. The second requires
linking the effects of increased financial volatility to the real
sector of the economy by examining the channels through which
financial volatility influences fundamental economic variables. In
order to address these two issues, the analysis initially develops
and estimates a model which is capable of explaining the financial
and business cycle determinates of movements in the conditional
volatility of the Australian All Industrials stock market index.
Evidence suggests that a significant linkage exists between the
conditional volatility of the money supply. Models are then
developed to examine how monetary volatility is transmitted to the
volatility of financial asset prices, inflation and real output in
an open economy. The results indicate that while financial
volatility has increased to some extent since the late 1980s, this
has been transferred non-uniformly towards increasing volatility of
both real and financial activity.
Published in 1999. The issue of financial volatility, especially
since financial deregulation, has given rise to concerns regarding
the effects of increased financial volatility on real economic
activity. Two issues represent a substantial challenge to financial
economists with respect to these concerns. The first relates to the
identification of the causes of increased volatility in financial
markets. Identification is a first step towards increasing both
financial economists' and policy-makers' understanding of the
interrelated causes of financial volatility. The second requires
linking the effects of increased financial volatility to the real
sector of the economy by examining the channels through which
financial volatility influences fundamental economic variables. In
order to address these two issues, the analysis initially develops
and estimates a model which is capable of explaining the financial
and business cycle determinates of movements in the conditional
volatility of the Australian All Industrials stock market index.
Evidence suggests that a significant linkage exists between the
conditional volatility of the money supply. Models are then
developed to examine how monetary volatility is transmitted to the
volatility of financial asset prices, inflation and real output in
an open economy. The results indicate that while financial
volatility has increased to some extent since the late 1980s, this
has been transferred non-uniformly towards increasing volatility of
both real and financial activity.
This book analyses the processes through which the modern forms of
large fortunes are amassed. Despite the recent spate of
governmental and non-governmental interest in inequality (be it
wealth or income), the most privileged and fortunate have not
generated much interest in mainstream economics. As the issue of
wealth accumulation is multifaceted, the proposed book will not
merely be an exercise in business history but deals with the issue
from multiple perspectives, accordingly employing alternative
research methods. Broadly, the trends and dynamics in high-tier
wealth accumulation are coupled to the economic, political and
social mechanisms that have been in play for at least half a
century or more in some parts of the world. This approach leads to
potential policy implications since much of the debate on wealth
distribution centres on the extent to which wealth has been
'justly' attained. Further, how wealth is distributed in the
capitalist system can have an impact upon economic growth.This book
offers an alternative perspective on why we have witnessed the
growth of a new social class of ultra rich. This book will be of
interest to academics and researchers in international economic
bodies.
This book analyses the processes through which the modern forms of
large fortunes are amassed. Despite the recent spate of
governmental and non-governmental interest in inequality (be it
wealth or income), the most privileged and fortunate have not
generated much interest in mainstream economics. As the issue of
wealth accumulation is multifaceted, the proposed book will not
merely be an exercise in business history but deals with the issue
from multiple perspectives, accordingly employing alternative
research methods. Broadly, the trends and dynamics in high-tier
wealth accumulation are coupled to the economic, political and
social mechanisms that have been in play for at least half a
century or more in some parts of the world. This approach leads to
potential policy implications since much of the debate on wealth
distribution centres on the extent to which wealth has been
'justly' attained. Further, how wealth is distributed in the
capitalist system can have an impact upon economic growth.This book
offers an alternative perspective on why we have witnessed the
growth of a new social class of ultra rich. This book will be of
interest to academics and researchers in international economic
bodies.
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