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Microeconomics of Banking, second edition Hardcover – 14 March 2008

by Xavier Freixas (Author)
4.5 out of 5 stars 23
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Microeconomics of Banking, third edition
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The second edition of an essential text on the microeconomic foundations of banking surveys the latest research in banking theory, with new material that covers recent developments in the field.Over the last thirty years, a new paradigm in banking theory has overturned economists' traditional vision of the banking sector. The asymmetric information model, extremely powerful in many areas of economic theory, has proven useful in banking theory both for explaining the role of banks in the economy and for pointing out structural weaknesses in the banking sector that may justify government intervention. In the past, banking courses in most doctoral programs in economics, business, or finance focused either on management or monetary issues and their macroeconomic consequences; a microeconomic theory of banking did not exist because the Arrow-Debreu general equilibrium model of complete contingent markets (the standard reference at the time) was unable to explain the role of banks in the economy. This text provides students with a guide to the microeconomic theory of banking that has emerged since then, examining the main issues and offering the necessary tools for understanding how they have been modeled.
This second edition covers the recent dramatic developments in academic research on the microeconomics of banking, with a focus on four important topics- the theory of two-sided markets and its implications for the payment card industry; "non-price competition" and its effect on the competition-stability tradeoff and the entry of new banks; the transmission of monetary policy and the effect on the functioning of the credit market of capital requirements for banks; and the theoretical foundations of banking regulation, which have been clarified, although recent developments in risk modeling have not yet led to a significant parallel development of economic modeling.

Praise for the first edition-
"The book is a major contribution to the literature on the theory of banking and intermediation. It brings together and synthesizes a broad range of material in an accessible way. I recommend it to all serious scholars and students of the subject. The authors are to be congratulated on a superb achievement."-Franklin Allen, Nippon Life Professor of Finance and Economics, Wharton School, University of Pennsylvania
"This book provides the first comprehensive treatment of the microeconomics of banking. It gives an impressive synthesis of an enormous body of research developed over the last twenty years. It is clearly written and apleasure to read. What I found particularly useful is the great effort that Xavier Freixas and Jean-Charles Rochet have taken to systematically integrate the theory of financial intermediation into classical microeconomics and finance theory. This book is likely to become essential reading for all graduate students in economics, business, and finance."-Patrick Bolton, Barbara and David Zalaznick Professor of Business, Columbia University Graduate School of Business
"The authors have provided an extremely thorough and up-to-date survey of microeconomic theories of financial intermediation. This work manages to be both rigorous and pleasant to read. Such a book was long overdue and shouldbe required reading for anybody interested in the economics of banking and finance."-Mathias Dewatripont, Professor of Economics, ECARES, Universit
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  1. Print length
    392 pages
  2. Language
    English
  3. Publisher
    MIT Press Academic
  4. Publication date
    14 March 2008
  5. Reading age
    18 years and up
  6. Dimensions
    18.42 x 2.34 x 23.65 cm
  7. ISBN-10
    0262062704
  8. ISBN-13
    978-0262062701
  9. See all details
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Review

""The Microeconomics of Banking" will be a real boon to all lecturers and students studying banking at the graduate level in economics and finance. Carefully presented by two of the very best banking theorists in the world, Freixas and Rochet's text surveys the most advanced theories of banking behavior, and of the rationale for regulation. Each main chapter comes complete with testing problems and their solutions. Highly recommended."--Charles Goodhart, London School of Economics

"The events of the summer and fall of 2007 underline the importance of the role played by banks in the economy. "The Microeconomics of Banking" provides an outstanding exposition of the theory of banking. The second edition is even better than the first. Freixas and Rochet are exceptional scholars who have contributed significantly to the field. They have managed to explain banking in a comprehensive and comprehensible way. This book is essential reading for anybody who wishes to understand banking."--Franklin Allen, Wharton School of Business, University of Pennsylvania

"This is an excellent introduction to the theory of banking. It assumes little prior knowledge but quickly takes the reader to the frontiers of the field. It should be required reading in any Ph.D level course on banking, as also for anybody who has an interest in the theoretical foundations of banking."--Raghuram G. Rajan, Eric Gleacher Distinguished Service Professor, Graduate School of Business, University of Chicago

Praise for the first edition: "The authors have provided an extremely thorough and up-to-date survey of microeconomic theories of financial intermediation. This work manages to be both rigorous and pleasant to read. Such a book was long overdue and should be required reading for anybody interested in the economics of banking and finance."--Mathias Dewatripont, Professor of Economics, ECARES, Universite Libre de Bruxelles

Praise for the first edition: "The book is a major contribution to the literature on the theory of banking and intermediation. It brings together and synthesizes a broad range of material in an accessible way. I recommend it to all serious scholars and students of the subject. The authors are to be congratulated on a superb achievement."--Franklin Allen, Nippon Life Professor of Finance and Economics, Wharton School, University of Pennsylvania

Praise for the first edition: "This book provides the first comprehensive treatment of the microeconomics of banking. It gives an impressive synthesis of an enormous body of research developed over the last twenty years. It is clearly written and a pleasure to read. What I found particularly useful is the great effort that Xavier Freixas and Jean-Charles Rochet have taken to systematically integrate the theory of financial intermediation into classical microeconomics and finance theory. This book is likely to become essential reading for all graduate students in economics, business, and finance."--Patrick Bolton, Barbara and David Zalaznick Professor of Business, Columbia University Graduate School of Business

"

Praise for the first edition:

"At last the profession has an advanced book on the theory of banking. Freixas and Rochet make a real contribution to the profession by integrating a disparate but growing literature on intermediation. They show the role that these institutions play in the economy and the complex nature of optical decision making in an imperfect capital market. The book should be required reading for serious students in the area." --Anthony M. Santomero, Richard K. Mellon Professor of Finance, Wharton School, University of Pennsylvania

About the Author

Xavier Freixas is Professor at the Universitat Pompeu Fabra, and Barcelona Graduate School of Economics and coauthor of Microeconomics of Banking (MIT Press).

Jean-Charles Rochet is Professor of Mathematics and Economics at the University of Toulouse School of Economics.

Product details

  • Publisher ‏ : ‎ MIT Press Academic; 2nd ed. edition (14 March 2008)
  • Language ‏ : ‎ English
  • Hardcover ‏ : ‎ 392 pages
  • ISBN-10 ‏ : ‎ 0262062704
  • ISBN-13 ‏ : ‎ 978-0262062701
  • Reading age ‏ : ‎ 18 years and up
  • Dimensions ‏ : ‎ 18.42 x 2.34 x 23.65 cm
  • Customer Reviews:
    4.5 out of 5 stars 23

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  1. Xavier Freixas

    Xavier Freixas

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  2. Jean-Charles Rochet

    Jean-Charles Rochet

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    Jean-Charles Rochet is a former student of Ecole Normale Supérieure (Paris) and holds a Ph.D.in Mathematical Economics from Paris–Dauphine University. His dissertation won the Arconati-Visconti award. He has taught in Paris, London,(B.P. visiting professor, London School of Economics, 2001-02), and Toulouse (1988-2011). He is now SFI Professor of Banking in the Banking and Finance Institute at Zürich University. Rochet has visited many universities and central banks all over the world. He is a Fellow of the Econometric Society since 1995 and has been elected Vice President for 2011 (and will become President in 2012). He has also been council member of European Economic Association, and associate editor of Econometrica. He has written more than 60 articles in international scientific journals and 7 books , including “Microeconomics of Banking” (with X. FREIXAS), MIT Press, ‘When Insurers Go Bust” (with G. PLANTIN), Princeton UP, “Why are there so Many banking Crises?”, Princeton UP and “Risk Management in Turbulent Times” (with G.BENEPLANC), Oxford UP. His research interests include financial stability, payments economics, industrial organization of financial markets, risk management, contract theory, and solvency regulations for financial institutions.

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stefano
5.0 out of 5 stars Excellent conditions
Reviewed in Germany on 15 December 2021
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The book is in excellent conditions at a competitive price.
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Mindelo Fargis
5.0 out of 5 stars A beautiful exposition of the current state of banking theory
Reviewed in the United States on 20 February 2018
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Clear, precise. A beautiful exposition of the current state of banking theory.
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Sylvestre O.
4.0 out of 5 stars Bon achat
Reviewed in France on 6 July 2018
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Renforcement théorique
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GalacticSlime
5.0 out of 5 stars Nice book!
Reviewed in the United Kingdom on 23 March 2018
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Very new book apart from some notes.
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Marco Marinucci
4.0 out of 5 stars Very good!
Reviewed in Italy on 28 May 2014
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Very good book. I think it's the best way to understand the basic theoretical features of this specific sector. .
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