| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP7524
|
| DP7524 Regulatory Competition and Bank Risk Taking |
| Itai Agur
|
| 发表日期 | 2009-10-25
|
| 出版年 | 2009
|
| 语种 | 英语
|
| 摘要 | Financial innovation is widely believed to be at least partly responsible for the recent financial crisis. At the same time, there are empirical and theoretical arguments that support the view that changes in financial markets played a role in the "great moderation". If both are true, then the price of reducing the likelihood of another crisis, e.g., through new regulation, could be giving up another episode of sustained growth and low volatility. However, this paper questions empirical evidence supporting the view that innovation in consumer credit and home mortgages reduced cyclical variations of key economic variables. We find that especially the behaviour of aggregate home mortgages changed less during the great moderation than is typically believed. For example, aggregate home mortgages declined during monetary tightenings, both before and during the great moderation. A remarkable change we do find is that monetary tightenings became episodes during which financial institutions other than banks increased their holdings in mortgages. Once can question the desirability of such strong substitutions of ownership during economic downturns. |
| 主题 | International Macroeconomics
|
| 关键词 | Consumer credit
Impulse response functions
Mortgages
|
| URL | https://cepr.org/publications/dp7524
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
|
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/536360
|
推荐引用方式
GB/T 7714 |
Itai Agur. DP7524 Regulatory Competition and Bank Risk Taking. 2009.
|
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
