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The last decade has seen widespread deregulation of domestic financial markets in the United Kingdom. This paper uses regional household data to investigate the connection between consumption and financial innovation. It is concluded that deregulation has led to a significant increase in the forward looking nature of consumption.
Discusses the technological change and financial innovation that commercial banking has experienced during the past 25 years. Describes the role of the financial system in economies and how technological change and financial innovation can improve social welfare. Surveys the literature relating to several specific financial innovations, which are new products or services, production processes, or organizational forms. The past quarter century has been a period of substantial change in terms of banking products, services, and production technologies. Moreover, while much effort has been devoted to understanding the characteristics of users and adopters of financial innovations, we still know little about how and why financial innovations are initially developed.
The last decade has seen widespread deregulation of domestic financial markets in the United Kingdom. This paper uses regional household data to investigate the connection between consumption and financial innovation. It is concluded that deregulation has led to a significant increase in the forward looking nature of consumption.
PISA 2006: Science Competencies for Tomorrow’s World presents the results from the most recent PISA survey, which focused on science and also assessed mathematics and reading. It is divided into two volumes: the first offers an analysis of the results, the second contains the underlying data.
Commissioned and brought tohgether for the research project by the world-renowned Council on Foreign Relations, the authors have produced an important compendia in applied economics.
Financial Innovation, Banking and Monetary Aggregates reviews the impact of financial innovation on the measurement of money and presents the first collection of country studies appraising the usefulness of Divisia indices in deriving monetary aggregates. Monetary aggregates are traditionally formed by simply summing various monetary components such as cash and balances in savings and cheque accounts. The monetary usefulness, or 'moneyness', of these components differs and can change as a result of innovation in banking, monetary transmission and payment services. To gauge the importance of such distortions and the merits of alternative weighted monetary indices, particularly Divisia indices, this volume brings together authoritative empirical studies of countries including the US, the UK, Germany, France, Sweden, Italy and Japan. The authors conclude by showing how Divisia monetary indices act as a useful supplement to traditional monetary aggregates.
This Selected Issues paper focuses on the housing and business cycles in the United Kingdom. The UK housing cycle is highly volatile as a result of tight housing supply constraints and fluctuations in credit conditions. Housing supply-side constraints can be alleviated through changes to the planning system and tax reforms. The new National Planning Policy Framework introduced by the government is creating the incentives for local councils to increase available land for construction. There are early signs that this change in the planning system is contributing to the recovery in housing construction. Targeted macroprudential policies could address financial stability risks stemming from the housing market. Although mortgage credit as a share of gross domestic product has been declining in the current housing recovery, there are signs that there is a build-up of financial risks: loan-to-income ratios are increasing in London and among first time buyers.
This issue features a timely paper by Vladimir Klyuev and Paul Mills on the role of personal wealth and home equity withdrawal in the decline in the U.S. saving rate. Lusine Lusinyan and Leo Bonato explain how work absence in 18 European countries affects labor supply and demand. And a paper by Paolo Manasse (University of Bologna) entitled "Deficit Limits and Fiscal Rules for Dummies" examines fiscal frameworks.
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