Shadow Banks and Macroeconomic Instability

被引：54

作者：

Meeks, Roland ^{[1
]}

Nelson, Benjamin ^{[1
]}

Alessandri, Piergiorgio ^{[2
]}

机构：

[1] Bank England, Monetary Anal Directorate, London, England

[2] Banca Italia, Financial Stabil Directorate, Rome, Italy

来源：

JOURNAL OF MONEY CREDIT AND BANKING | 2017年 / 49卷 / 07期

关键词：

credit cycles; shadow banking; securitization; central bank asset purchases; FINANCIAL CRISIS; MONETARY-POLICY; DSGE MODEL; INTERMEDIATION; CREDIT;

D O I：

10.1111/jmcb.12422

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We develop a macroeconomic model in which commercial banks can offload risky loans to a "shadow" banking sector, and financial intermediaries trade in securitized assets. The model can account both for the business cycle comovement between output, traditional bank, and shadow bank credit, and for the behavior of macroeconomic variables in a liquidity crisis centered on shadow banks. We find that following a liquidity shock, stabilization policy aimed solely at the market in securitized assets is relatively ineffective.

引用

页码：1483 / 1516

页数：34

共 50 条

[31] Study on Risk Spillover Effects of Shadow Banks on Traditional Banks in China
Ma, Lin
2017 4TH INTERNATIONAL CONFERENCE ON INDUSTRIAL ECONOMICS SYSTEM AND INDUSTRIAL SECURITY ENGINEERING (IEIS), 2017,
[32] Private Supply of Safe Assets: Shadow Banks versus Traditional Banks
Gissler, Stefan
Macchiavelli, Marco
Narajabad, Borghan
AEA PAPERS AND PROCEEDINGS, 2020, 110 : 477 - 481
[33] INTERFACE GROWTH WITH A SHADOW INSTABILITY
ROLAND, C
GUO, H
PHYSICAL REVIEW LETTERS, 1991, 66 (16) : 2104 - 2107
[34] Macroeconomic policies, instability and growth in the world
Elbadawi, I
Schmidt-Hebbel, K
JOURNAL OF AFRICAN ECONOMIES, 1998, 7 : 116 - 168
[35] Total factor productivity and macroeconomic instability
Berument, Hakan
Dincer, N. Nergiz
Mustafaoglu, Zafer
JOURNAL OF INTERNATIONAL TRADE & ECONOMIC DEVELOPMENT, 2011, 20 (05): : 605 - 629
[36] Network approach for detecting macroeconomic instability
Grilli, Ruggero
Tedeschi, Gabriele
Gallegati, Mauro
10TH INTERNATIONAL CONFERENCE ON SIGNAL-IMAGE TECHNOLOGY AND INTERNET-BASED SYSTEMS SITIS 2014, 2014, : 440 - 446
[37] PROGRESSIVE INCOME TAXES AND MACROECONOMIC INSTABILITY
Ismael, Mohanad
MONTENEGRIN JOURNAL OF ECONOMICS, 2014, 10 (02) : 49 - 61
[38] Financial Intermediation, Leverage, and Macroeconomic Instability
Phelan, Gregory
AMERICAN ECONOMIC JOURNAL-MACROECONOMICS, 2016, 8 (04) : 199 - 224
[39] CREDIT MARKET IMPERFECTIONS AND MACROECONOMIC INSTABILITY
Kunieda, Takuma
Shibata, Akihisa
PACIFIC ECONOMIC REVIEW, 2014, 19 (05) : 592 - 611
[40] Macroeconomic Instability and the Phillips Curve in Italy
Del Boca, Alessandra
Fratianni, Michele
Spinelli, Franco
Trecroci, Carmine
ECONOMIA POLITICA, 2012, 29 (01) : 19 - 44

← 1 2 3 4 5 →