Author(s):
Silva, Diogo Martinho da 
Date: 2013
Persistent ID: http://hdl.handle.net/10400.5/5383
Origin: Repositório da UTL
Subject(s): financial costs; market segmentation; money demand; welfare
Document details
On the welfare effects of financial development
Description
Master Monetary and Financial Economics The aim of this paper is to show how the evolution of financial technology affects the welfare in the economy. On the empirical side, I construct a time series for the costs of financial services, and I find that the evolution shows a decreasing trend in the period analyzed. In addition, the new statistical tool goes a long way to explaining US M1 money demand. I find that the financial costs became significantly lower after major financial innovation events had taken place. Then I study how financial innovation, understood as a decrease in portfolio adjustment costs, affects macro variables and welfare.
Master Monetary and Financial Economics The aim of this paper is to show how the evolution of financial technology affects the welfare in the economy. On the empirical side, I construct a time series for the costs of financial services, and I find that the evolution shows a decreasing trend in the period analyzed. In addition, the new statistical tool goes a long way to explaining US M1 money demand. I find that the financial costs became significantly lower after major financial innovation events had taken place. Then I study how financial innovation, understood as a decrease in portfolio adjustment costs, affects macro variables and welfare.
Document Type
Master Thesis
Language English
Advisor(s) Adão, Bernardino
Language English
Advisor(s) Adão, Bernardino
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