Twenty years ago, most banking courses focused on either management or monetary aspects of banking, with no connecting. Since then, a microeconomic theory of banking has developed, mainly through a switch of emphasis from the modeling of risk to the modeling of imperfect information. This asymmetric information model is based on the assumption that different economic agents possess different pieces of information on relevant economic variables, and that they will use the information for their own profit. The model has been extremely useful in explaining the role of banks in the economy. It has also been useful in pointing out structural weaknesses of the banking sector that may justify government intervention--for example, exposure to runs and panics, the persistence of rationing in the credit market, and solvency problems.Microeconomics of Banking provides a guide to the new theory. Topics include why financial intermediaries exist, the industrial organization approach to banking, optimal contracting between lenders and borrowers, the equilibrium of the credit market, macroeconomic consequences of financial imperfections, individual bank runs and systemic risk, risk management inside the banking firm, and bank regulation. Each chapter ends with a detailed problem set and solutions.
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Editorial Reviews
Review
"The authors have provided an extremely thorough and up-to-date survey ofmicroeconomic theories of financial intermediation. This work manages to beboth rigorous and pleasant to read. Such a book was long overdue and shouldbe required reading for anybody interested in the economics of banking andfinance." Mathias Dewatripont , Professor of Economics, ECARE, Université Libre deBruxelles
About the Author
Xavier Freixas is Dean of the Undergraduate School of Economics and Business Administration and Professor at the Universitat Pompeu Fabra, Barcelona.
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Most Helpful Customer Reviews
5 of 6 people found the following review helpful:
5.0 out of 5 stars
SEMINAL,
By John Bryant (Houston, Texas United States) - See all my reviews
This review is from: Microeconomics of Banking (Hardcover)
Do you want to understand the Asian Crisis or the crisis in Argentina? This book is already a classic of modern economics. As such, it is a must read for anyone with a serious interest in economics, as well as in finance, or monetary fragility, for that matter. It is the first comprehensive, as well as comprehensible, coherent, well organized and well written, presentation of a revolution in our understanding of monetary, banking and financial markets which has developed over the past twenty years. Further, using this book, in combination with Champ and Freeman, Modeling Monetary Economies, and Cooper, Coordination Games: Complementarities and Macroeconomics, it is finally possible to present sensible economics to the advanced undergraduate/junior graduate student. Truly pathbreaking.
4.0 out of 5 stars
A fine literature review,
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This review is from: Microeconomics of Banking (Hardcover)
This book illustrates the "microeconomic theory" behind the functioning of banking institutions. It is in the format of an academic literature review on this subject. The level is for upper undergrads or grad students. Ideal for use with a "topics in advanced microeconomics" Or "asymmetric information" course. Yet as concise as it might be, the book lacks motivation to the reader. The results can be better put into context.
3 of 5 people found the following review helpful:
5.0 out of 5 stars
Excelent!!!,
By A Customer
This review is from: Microeconomics of Banking (Hardcover)
Un excelente libro para los estudiantes de economía que quieran adentrarse en tópicos bancarios, en especial en los riesgos en que incurren estas instituciones y los problemas de agencia que existen en esta industria. Muy útil para reguladores. Solo lamento que este concentrado en Banca Comercial y deje un poco de lado el análisis de la Banca Universal.
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47
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- International Banking Crises: Large-Scale Failures, Massive Government Interventions by Benton E. Gup on page 198, and page 217
- Too Big to Fail: Policies and Practices in Government Bailouts by Benton E. Gup on page 137, and page 150
- Paying with Plastic: The Digital Revolution in Buying and Borrowing by David S. Evans in Back Matter (1), and Back Matter (2)
- Why the Poor Pay More: How to Stop Predatory Lending by Gregory D. Squires on page 127, and page 130
- Antitrust, Regulation and Competition (Central Issues in Contemporary Economic Theory and Policy) by Mario Baldassarri on page 291
See all 47 books citing this book
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