| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8175 |
| DP8175 Financial Crisis and Macro-Prudential Policies | |
| Alessandro Rebucci; Gianluca Benigno; Christopher Otrok; Huigang Chen; Eric Young | |
| 发表日期 | 2011-01-03 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | Stochastic general equilibrium models of small open economies with occasionally binding financial frictions are capable of mimicking both the business cycles and the crisis events associated with the sudden stop in access to credit markets (Mendoza, 2010). In this paper we study the inefficiencies associated with borrowing decisions in a two-sector small open production economy. We find that this economy is much more likely to display "under-borrowing" rather than "over-borrowing" in normal times. As a result, macro-prudential policies (i.e. Tobin taxes or economy-wide controls on capital inflows) are costly in welfare terms in our economy. Moreover, we show that macro-prudential policies aimed at minimizing the probability of the crisis event might be welfare-reducing. Our analysis shows that there is a much larger scope for welfare gains from policy interventions during financial crises. That is to say that, within our modelling approach, ex post or crisis-management policies dominate ex ante or macro-prudential ones. |
| 主题 | International Macroeconomics |
| 关键词 | Bailouts Capital controls Crises Financial frictions Macro prudential policies Overborrowing |
| URL | https://cepr.org/publications/dp8175 |
| 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/537012 |
| 推荐引用方式 GB/T 7714 | Alessandro Rebucci,Gianluca Benigno,Christopher Otrok,et al. DP8175 Financial Crisis and Macro-Prudential Policies. 2011. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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