Financial intermediaries
In: The international library of critical writings in economics 43
In: An Elgar reference collection
1458 Ergebnisse
Sortierung:
In: The international library of critical writings in economics 43
In: An Elgar reference collection
In: The World of Economics, S. 261-278
In: [2014] New Zealand Law Journal 129
SSRN
We reconsider the role of financial intermediaries in monetary economics. We explore the hypothesis that financial intermediaries drive the business cycle by way of their role in determining the price of risk. In this framework, balance sheet quantities emerge as a key indicator of risk appetite and hence of the 'risk-taking channel' of monetary policy. We document evidence that the balance sheets of financial intermediaries reflect the transmission of monetary policy through capital market conditions. We find short-term interest rates to be important in influencing the size of financial intermediary balance sheets. Our findings suggest that the traditional focus on the money stock for the conduct of monetary policy may have more modern counterparts, and we suggest the importance of tracking balance sheet quantities for the conduct of monetary policy.
BASE
In: American economic review, Band 109, Heft 1, S. 271-313
ISSN: 1944-7981
I characterize the optimal financial regulation policy in an economy where financial intermediaries trade capital assets on behalf of households, but must retain an equity stake to align incentives. Financial regulation is necessary because intermediaries cannot be excluded from privately trading in capital markets. They don't internalize that high asset prices force everyone to bear more risk. The socially optimal allocation can be implemented with a tax on asset holdings. I derive a sufficient statistic for the externality and use market data on leverage and volatility of intermediaries' equity to measure it. (JEL D82, G01, G12, G20, G31, H25)
In: Bundesbank Series 1 Discussion Paper No. 2005,03
SSRN
In: Studies in comparative corporate and financial law 8
In: CESifo Working Paper Series No. 5452
SSRN
In: Discussion paper
In: Studies in contemporary economics 5
In: Avangard Prima, Sofia, 2017, 155 pages ISBN 978-619-160-849-2
SSRN
In: NBER Working Paper No. w23586
SSRN
Working paper
In: Journal of Monetary Economics, Band 8, Heft 2, S. 145-163