| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8199 |
| DP8199 Monetary Policy, Leverage, and Bank Risk-taking | |
| Giovanni Dell'Ariccia; Luc Laeven; Robert Marquez | |
| 发表日期 | 2011-01-24 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | The recent global financial crisis has ignited a debate on whether easy monetary conditions can lead to greater bank risk-taking. We study this issue in a model of leveraged financial intermediaries that endogenously choose the riskiness of their portfolios. When banks can adjust their capital structures, monetary easing unequivocally leads to greater leverage and higher risk. However, if the capital structure is fixed, the effect depends on the degree of leverage: following a policy rate cut, well capitalized banks increase risk, while highly levered banks decrease it. Further, the capitalization cutoff depends on the degree of bank competition. It is therefore expected to vary across countries and over time. |
| 主题 | Financial Economics ; International Macroeconomics |
| 关键词 | Banking Leverage monetary policy Risk taking |
| URL | https://cepr.org/publications/dp8199 |
| 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/537048 |
| 推荐引用方式 GB/T 7714 | Giovanni Dell'Ariccia,Luc Laeven,Robert Marquez. DP8199 Monetary Policy, Leverage, and Bank Risk-taking. 2011. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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