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Innovations in Financial Markets and Institutions

A Theory of Production for the Financial Firm

Authors: Hancock, Diana

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About this book

Furthermore, if the effects of regulations on user costs are excluded, it is impossible to analyze monetary policy effects. Chapter 2 examines the principal areas of regulation that affect user costs. For example, reserve requirements, as administered by the Federal Reserve, act as a tax on financial firms so covered. Required reserves earn no return to the financial firm and there is foregone revenue. Deposit insurance increases the user cost of servicing deposits to the banks. Interest rate regulations place limits on interest rates on time de­ posits, or prohibit payments on demand deposits during part of the period studied. Underlying all these are the open market operations of the Federal Reserve, and their effects on interest rates and the quantities of financial goods. Chapter 2 reveals that previous work on the estimation of bank tech­ nologies is incomplete, and that the regulations require modelling as a part of the profit maximizing structure. 1.3 User Cost Derivation Chapter 3 discusses the construction of user costs. These are derived for the services from all assets or liabilities on a bank balance sheet or appearing on the income statement. The user cost formulation permits goods to be classified as outputs and inputs. Those with a positive user cost, where expenditures per unit exceed revenues per unit, are inputs. The unit for financial goods such as loans or deposits is one dollar per period. Goods with a negative user cost, with expenditures falling below revenue per unit, are outputs.

Table of contents (7 chapters)

Table of contents (7 chapters)

Buy this book

eBook 67,82 €
price for Spain (gross)
  • ISBN 978-94-011-3870-3
  • Digitally watermarked, DRM-free
  • Included format: PDF
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Hardcover 155,99 €
price for Spain (gross)
  • ISBN 978-0-7923-9140-1
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
  • The final prices may differ from the prices shown due to specifics of VAT rules
Softcover 83,19 €
price for Spain (gross)
  • ISBN 978-94-010-5722-6
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
  • The final prices may differ from the prices shown due to specifics of VAT rules
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Bibliographic Information

Bibliographic Information
Book Title
A Theory of Production for the Financial Firm
Authors
Series Title
Innovations in Financial Markets and Institutions
Series Volume
4
Copyright
1991
Publisher
Springer Netherlands
Copyright Holder
Springer Science+Business Media New York
eBook ISBN
978-94-011-3870-3
DOI
10.1007/978-94-011-3870-3
Hardcover ISBN
978-0-7923-9140-1
Softcover ISBN
978-94-010-5722-6
Edition Number
1
Number of Pages
IX, 157
Topics